What Is Gross Processing Margin (GPM)?

什么是生产毛利率(GPM)？

The gross processing margin (GPM) is the difference between the cost of a raw commodity and the income it generates once sold as a finished product. The gross processing margin is affected by supply and demand. The prices for raw commodities fluctuate, creating an ever-changing spread between the raw inputs and the processed products.

生产毛利率(GPM)是一种原材料的成本和它作为成品出售后产生的收入之间的差额。生产毛利率受供应和需求的影响。原材料价格波动，造成原材料和加工产品之间不断变化的差价。

Investors, traders, and speculators are able to trade futures based on the price difference between a raw commodity and the final product it produces. For example, a trader can go long on the commodity and short on the finished product of it.

投资者、交易者和投机者能够根据原材料和最终产品之间的差价进行期货交易。例如，交易者可以做多商品，做空成品。

Understanding Gross Processing Margin (GPM)

关于生产毛利率(GPM)

The gross processing margin can go from generous to thin on a seasonal basis, as well as from unexpected weather events or regional turmoil in an area that is a significant producer of a commodity. When the spread for the gross processing margin widens, meaning that the pricing of the outputs is exceeding the cost of the inputs, that is generally seen as a signal for production capacity expansion.

生产毛利率可能会随着季节的变化而从高变低，也可能会因为某一商品的重要产地发生意外天气事件或地区动荡而变低。当生产毛利率的差距扩大时，意味着产出的定价超过了投入的成本，这通常被视为产能扩张的信号。

The gross processing margin usually increases for one of two reasons. One, the input commodity sees a glut, possibly due to overproduction or simply luck, and therefore the price weakens significantly. Two, the price for the processed products rises due to increasing demand. For the health of the whole value chain, investors generally want to see the GPM increasing for the latter reason as it represents more sustainable industry growth.

生产毛利率的增加通常有两个原因。第一，投入商品供过于求，这可能是由于生产过剩或仅仅是运气，因此价格大幅下跌。第二，由于需求增加，加工产品的价格上涨。为了整个价值链的健康，投资者通常希望看到GPM增长，因为代表了更可持续的行业增长。

Gross Processing Margin (GPM) and the Type of Processor

生产毛利率(GPM)和生产商类型

The gross processing margin for two businesses using the same raw commodity can be very different depending on the end product mix. This applies to everything from soybeans to crude, but it is easiest to understand in terms of livestock and meat. Two pork processors are working with the same raw commodity, but if one simply sells whole cuts frozen and the other sells a range of value-added products including bacon, sausages, and marinated loins, then their gross processing margins will likely reflect that product variance.

根据最终产品组合的不同，使用相同原材料的两个企业的生产毛利率可能会有很大差异。这适用于从大豆到原油的所有东西，但在牲畜和肉类方面最容易理解。两个猪肉生产商都在加工同一种原料商品，但是如果一个只是销售冷冻的整块猪肉，而另一个销售一系列附加值产品，包括熏肉、香肠和腌猪腰肉，那么他们的生产毛利率可能会反映出产品差异。

The frozen wholesaler has lower costs of production but similar procurement costs. The value-add focused processor puts more cost and time into the meat but should see a much higher premium upon sale.

冷冻批发商的生产成本较低，但采购成本相似。注重附加值的生产商在肉类上投入了更多的成本和时间，但在销售时应该会看到更高的溢价。

Trading Gross Processing Margin (GPM)

交易生产毛利率(GPM)

Let's use the example of crack spreads to explain trading GPM. crack spreads are covering the oil refinement margins and as such are heavily influenced by geopolitical issues. If there were to be a reduction in oil supply due to regional instabilities, the price of crude oil would rise. This would affect the crack spread by narrowing the spread, or margin.

让我们用差价的例子来解释交易GPM。裂解价差覆盖了炼油利润，因此受到地缘政治问题的严重影响。如果由于地区不稳定导致石油供应减少，原油价格将会上涨。这将通过缩小价差或利率来影响裂解价差。

A trader would determine that the price of the refined product, in this case, petroleum, is higher than the crude price, the margin is considered positive. However, traders expect that crude prices will fall once stability is regained in the region, so they will place their trades assuming the price of crude will fall, and the spread will widen.

交易者将确定精炼产品的价格，在这种情况下，石油，高于原油价格，利润被认为是积极的。但是，交易员预计，一旦该地区恢复稳定，原油价格将会下跌，因此他们将在假设原油价格下跌的情况下进行交易，价差将会扩大。

What Is the Difference Between Gross Processing Margin and Gross Profit Margin?

生产毛利率和毛利率有什么区别？

Gross processing margin is the difference between a raw commodity and the price of its finished product when sold. Gross profit margin is the amount of money left over from product sales after subtracting the cost of goods sold (COGS). COGS can also be referred to as "cost of sales" and includes all of the costs and expenses directly related to the production of goods.

生产毛利率是一种原材料和其成品销售价格之间的差额。毛利率是产品销售减去商品销售成本(COGS)后剩余的金额。商品销售成本(COGS)也可以称为“销售成本”，包括与商品生产直接相关的所有成本和费用。

Can Gross Processing Margin Be Too High?

生产毛利率会不会太高？

Although gross processing margins fluctuate continuously, a high GPM can be dangerous for both the business dealing with the commodity itself and the trader. However, large swings in GPM can be advantageous for strategic positioning, especially when hedging long-term positions.

尽管生产毛利率不断波动，但高GPM对从事商品交易的企业和交易商来说都是危险的。但是，GPM的大幅波动可能有利于战略定位，尤其是在对冲长期头寸时。

The Bottom Line

底线

Gross processing margin (GPM) is the margin resulting from the subtraction of the raw product's cost from the finished product's sale price. This margin is in a constant state of flux due to the economic pressures of supply and demand. This price action makes GPM an attractive play for certain traders who understand the commodities they are trading, and how to benefit from the spread.

生产毛利率(GPM)是从成品销售价格中减去原材料成本后的利润。由于供给和需求的经济压力，这一差额处于不断变化的状态。这种价格行为使得GPM对某些了解他们交易的商品以及如何从差价中获利的交易者来说是一种有吸引力的玩法。

（英文来源：Investopedia）