Analysis of Tianbang Food Stock Price Movement
Source | Times Business School
Author | Chen Jiaxin
Edit | Zheng Shaona
After holding an open attitude towards various possible “reorganizations”, the stock price of Tianbang Food (002124.SZ) rose sharply in two consecutive days.
Following the daily limit of the stock price on March 21, on March 22, the opening price of Tianbang Food opened again, and then opened the daily limit board. On the day, it closed at 3.46 yuan/share, up 5.81%, and the total market value reached 7.688 billion yuan.Two days ago, on March 20, Tianbang Food disclosed in the investor interactive platform that the current pre -reorganization application is in its infancy.Fang maintains positive communication.
Following the release of reorganizations after listed pig companies Ainon Biological (603363.SH) and*ST Zhengbang (002157.SZ, hereinafter referred to as “Zhengbang Technology”), Tianbang Food is the third in 2023.On March 19, Tianbang Food announced that the company applied to the court for reorganization due to unpaid capacity.
Since 2023, after a long period of time for pig prices and large expansion in the early stage, a number of large pig companies including Tianbang Foods have debt crisis, and the pig farming industry may experience a large shuffle.
Research on Times Business School found that with reference to the reorganization case of Zhengbang Technology and Twin (Group) Co., Ltd. (hereinafter referred to as “twin groups”) last year, peer pig companies are important potential reorganization participants of Tianbang Food.
In addition, Tianbang Food’s creditor is a natural reorganization potential participant. The 2023 semi -annual report showed that Tianbang Food still owed Tongwei (600438.SH) 2.092 billion yuan of feed, and before the application was reorganized, it was reorganized.Tongwei has acquired Tianbang Food Subsidies to “blood transfusion” to it.Two companies have close relationships, and Tongwei may also become the “white knight” of Tianbang Food.
Times Business School called the Secretary of the Board of Food of Tianbang Food’s Board of Directors, but it was unable to connect many times.
According to the financial report, in 2022, Tianbang Food revenue was 9.571 billion yuan, close to 10 billion yuan.In 2023, the company is expected to lose a net profit of 2.6 billion to 2.9 billion yuan, a year -on -year decrease of 631.7%to 693.05%.
Pig companies are expected to go public backdoor
For Tianbang Foods, the reorganization case of Zhengbang Technology in 2023 is of great reference significance.
After the creditor’s application was reorganized, on August 4, 2023, Zhengbang Technology announced the reorganization plan (draft).The plan shows that Zhengbang Technology and Manager will sign a reorganized investment agreement with Jiangxi twin agricultural Co., Ltd. (hereinafter referred to as “twin agriculture”).The twin agriculture is an investment entity that the twin group participates in the reorganization of Zhengbang Technology and is also an industrial investor for the reorganization.
The reorganization plan (draft) shows that the reorganization investors will provide a total of 4.340 billion yuan for Zhengbang Technology to pay for the reorganization costs of Zhengbang Technology and Zhengbang Breeding Series, co -benefiting debts, settlement of various debts, and supplementing Zhengbang Technology’s liquidity.wait.In addition, Zhengbang Technology will be used to settle the debt of Zhengbang Technology and the Zhengbon Breeding series of corporate debt by debt in debt.
The official website shows that the twin group is a national large -scale agricultural and animal husbandry enterprise specializing in pig breeding, pig farming services, feed sales, corn collection and storage, and pig slaughter.In 2023, twin group feed sales reached 13.66 million tons, pigs were listed at 13.52 million heads, and operating income was 86.8 billion yuan.
According to the reorganization plan (draft), the twin group promised that after the reorganization was completed, it will gradually place it into Zhengbang Technology into its own pig farming, feed and other business assets, and complete the overall listing of related business and assets within 4 years.
After the two reorganizations, Zhengbang Technology is expected to become the top three pig companies in the country.According to statistics from the new pig faction, in 2023, the number of pigs in the twin group ranked fourth in the country; Zhengbang Technology was 5.48 million, ranking tenth in the country.After the assets are settled, the twin groups will also achieve the curve listing.
From the perspective of asset quality, the Tianbang Food Assets Liability Rate ratio of Tianbang Food Assets, which has taken the initiative to apply for reorganization, is significantly better than Zhengbang Technology. It may be more attractive to pig companies, especially unlisted pig companies.
According to Flush iFind data, as of the end of the third quarter of 2023, Zhengbang’s total assets of science and technology were 20.897 billion yuan, total liabilities were 33.981 billion yuan, and the asset -liability ratio was 162.61%.100 million yuan, total liabilities of 16.233 billion yuan, asset -liability ratio of 87.03%, asset -liability structures are significantly better.
The amount of Tianbang Food is also higher than that of Zhengbang Technology.The announcement shows that the number of raw pigs in Tianbang Food in 2023 was 7.12 million, which was higher than 5.48 million heads of Zhengbang Technology.
At present, there is only one unlisted pig company that is higher than Tianbang Foods. The company is only in the company in March 2023, but it will be listed on the main board of the Shanghai Stock Exchange in March 2023, but more than half a year later (October 2023) terminate the IPO declaration.It is not ruled out that the company’s possibility of participating in the reorganization of Tianbang Foods and borrowing.
However, compared with Zhengbang Technology, due to the continuous downturn of pig prices since 2023, after a longer loss of pig companies, whether it has experienced funds to participate in the reorganization of Tianbang Food after a longer loss.
Debield Tongwei shares are expected to take the opportunity to improve the industrial chain
Compared to peer pig companies, the creditor’s rights party is a natural reorganized potential participant.
According to the 2023 semi -annual report, as of the end of the first half of 2023, Tianbang Food’s liabilities reached 16.461 billion yuan, which included 2.092 billion yuan in feed on Tongwei.
In recent years, Tianbang Food has been closely related to Tongwei. Tongwei shares have transferred some of Tianbang Food’s ownership and subsidiary equity. Tongwei shares are also the main purchaser of Tianbang Food and pig feed.
On July 5, 2021, Tongwei signed a strategic cooperation agreement with Tianbang Food.According to the agreement, in terms of aquatic feed, Tianbang Food will entrust all the assets and businesses of its aquatic feed to Tongwei.In terms of pig feed, Tianbang Food transferred 51%of the total assets and businesses of the pig feed to Tongwei. In the future, all the feed demand for Tianbang Food will be entrusted to the joint venture between the two parties and Tongwei shares.
Shortly before the reorganization of Tianbang Food Application, on March 7, 2024, Tongwei Agricultural Development Co., Ltd., a subsidiary of Tongwei Co., Ltd., acquired the Historical Biotechnology Co., Ltd. (hereinafter referred to as “”Historical Bio “) 30%equity.
The same flower Shunian data shows that Tongwei Co., Ltd. is a large private technology listed company with dual -main business of agriculture and new energy.In terms of the main agricultural industry, the company takes the feed industry as its core, with an annual feed production capacity of more than 10 million tons; in terms of the main industry of new energy, Tongwei has become the production of high -pure crystal silicon in upstream, the production of high -efficiency solar cells in the middle reaches, to the production of high -efficiency solar battery films, to to the end ofTerminal photovoltaic power plant construction and operation photovoltaic enterprises.
Although the current Tongwei’s agricultural sector is mainly feed business, in the semi -annual report of 2023, Tongwei mentioned: “Around the main business of the feed, the company also actively carried out the breeding, including breeding and breeding.Breeding, Dynamic insurance, food processing and trade, etc., further improve the supporting industrial chain support, and enhance the comprehensive competitiveness of the enterprise.”
