萬洲國際(00288.HK)一季度生物公允價值調整前純利2.93億美元 同比減少17%
格隆匯 4 月 27日丨萬洲國際(00288.HK)公吿，2021年一季度，公司收入66.1億美元，同比增長5.2%；公司擁有人應占利潤2.93億美元（生物公允價值調整前），同比減少17%；每股盈利1.99美仙。
作為全球最大的豬肉企業，公司業務與各經營所在地的生豬行業緊密相關。供需情況決定生豬和豬肉價格的變動，從而影響我們的投入(成)和產出(銷售)。在期間內，由於非洲豬瘟造成的供應短缺有所改善，中華人民共和國("中國")平均生豬價格為每公斤人民幣31.7元(相等於約4.9美元)，較截至2020年3月31日止三個月("2020年三個月"或"比較期間")的平均生豬價格下跌12.6%。至於美利堅合眾國，期間內的平均生豬價格及豬肉價值分別上升32.3%至每公斤1.3美元及28.2%至每公斤2.0美元，此乃由於國內及出口需求強勁所致。
至於歐洲，歐盟成員國的平均白條價格於期間內為每公斤1.4歐元(相等於約1.7美元)，較比較期間下跌12.6%，原因是非洲豬瘟爆發令出口受到限制。
於期間內，肉製品的銷量為83.8萬公噸，較比較期間上升7.3%。於中國，銷量受農曆新年時點，以及中式醃製熟食和餐飲食材等若干新產品類別所帶動而上升10.7%。於美國，雖然餐飲服務需求下跌，但零售需求強勁，加上覆活節時點的助力，銷量上升4.3%。歐洲的銷量亦有機增長4.0%。
由於銷量上升，期間的肉製品收入增加6.9%。經營利潤大幅上升22.8%。於中國，我們受惠於產量擴充及原材料成下降，經營利潤上升15.8%。於美國，雖然原材料成上漲，但期間內2019冠狀病毒病("冠狀病毒")相關的成減少。因此，我們的經營利潤上升24.4%。於歐洲，由於銷量增加、產品組合改善及原材料成下跌，我們的經營利潤按年增加一倍。
豬肉銷量於期間上升7.2%至101.2萬公噸。於中國，由於屠宰及進口量增加，銷量上升7.4%至33.2萬公噸。於美國，由於需求旺盛，銷量上升2.4%至52.7萬公噸。於歐洲，因波蘭的併購項目，銷量上升26.7%至15.3萬公噸。期間收入與比較期間相比保持平穩。
此乃由於雖然期間內的總銷量上升及美國的豬肉價值上漲，但中國及歐洲的豬肉價值下降，而且對沖收入減少。經營利潤由2.09億美元大幅下跌70.3%至6,200萬美元。於中國，下跌19.4%主要是銷售庫存的利潤下降所致。
於美國，下跌93.4%主要是因為原材料成(包括穀物飼料及市場生豬)提高，而其漲幅大於豬肉價值。於歐洲，經營利潤下跌87.8%乃主要由於穀物飼料成上升及豬肉價值相對生豬價格有所下降。
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