牧原股份(002714.SZ):中誠信國際將密切關注公司經營和財務狀況
格隆匯 3 月 21日丨牧原股份(002714.SZ)公佈,公司發行了“19牧原01”和“20牧原D1”,由中誠信國際信用評級有限責任公司(“中誠信國際”)進行相關評級工作。
2021年以來,隨着國內生豬產能的持續恢復,生豬價格整體呈下行態勢。據農業農村部信息,截至2020年末,國內生豬和能繁母豬存欄量分別升至4.07億頭和4,161萬頭,生豬存欄最遲至2021年上半年會恢復到常年水平。隨着行業產能的回升,2021年以來國內生豬價格整體呈下行態勢,22個省市生豬平均價格由年初的35.41元/公斤降至3月中旬的28.17元/公斤。
2020年以來,公司加速發展生豬養殖業務,投資規模快速上升,且在建項目尚需較大規模資本投入。2020年前三季度,生豬業務收入佔公司營業總收入的比重達98.11%,公司經營業績受生豬價格波動影響大。同期,公司投資活動現金淨流出309.73億元;截至2020年9月末,主要在建項目計劃總投資額為603.06億元,尚需投入252.17億元。同時,公司債務規模快速攀升,截至2020年9月末總債務為329.72億元,短期債務佔比較高。
2021年1~2月,公司商品豬銷售均價26.95元/公斤,較2020年12月下降10.61%。若生豬價格進一步下滑,較大規模的債務以及持續的投入將對公司成本管控和資金管理能力提出更高要求。
中誠信國際將密切關注公司經營和財務狀況,且與公司保持密切溝通,對其信用狀況進行跟蹤評估並及時披露相關信息。
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