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温氏股份(300498.SZ):從數據上看,目前行業產能去化尚未充分,產能去化主要集中在中小規模參與者
格隆匯 05-29 09:09

格隆匯5月29日丨温氏股份(300498.SZ)近期組織多場路演活動,問答環節中,就“目前行業產能去化速度如何?若行業參與者出現資金緊張,產能是否會立即退出?”,公司回覆稱,根據市場第三方調研數據來看,目前低迷豬價背景下,中小散養户產能去化較快,大企業產能去化較慢,多數大企業仍在努力堅持,生存能力較強。相反,從各上市企業披露的銷售簡報可以發現,大部分上市企業月度銷售量環比和同比均處於增長狀態。因此,從數據上看,目前行業產能去化尚未充分,產能去化主要集中在中小規模參與者。

截至目前,豬價已持續低迷較長時間,大企業也會面臨資金和現金流的壓力,行業負債率總體提升,部分企業開始通過處置資產等各種方式回籠資金。對於中小規模養殖户而言,目前肉豬養殖難度加大,資本開支加大,若出現資金緊張則無以為繼,一般可能會直接退出市場。但對於大企業而言,若出現資金緊張、融資困難等情況,可以通過出售相關資產,如廠房、土地、仔豬和各種非標體重的肉豬等,通過降低飼養規模,回籠部分資金,支撐現金流正常運轉,緩解資金壓力,這種做法以損失市場佔有率的方式延緩企業退出市場的時間。同時,大企業往往擁有較為豐富的融資渠道和融資工具,除非出現資金鍊突然斷裂等極端情況,否則直接退出行業的可能性較小。

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