HAID GROUP(002311) 新浪财经·2025-04-21 19:48Core Viewpoint - Guangdong Haid Group Co., Ltd. reported a significant increase in net profit for 2024, while cash flow from operating activities saw a notable decline, indicating a mixed financial performance that warrants investor attention [1] Revenue Performance - In 2024, the company's revenue was approximately 114.60 billion yuan, a decrease of 1.31% from 2023's 116.12 billion yuan [2] - Despite the slight revenue decline, the company achieved record-high feed sales of 26.52 million tons, a year-on-year increase of about 9%, indicating strong market competitiveness [2] - Domestic feed sales reached 22.06 million tons, up approximately 5%, while overseas feed sales surged by 40% to 2.36 million tons [2] Profitability - The net profit attributable to shareholders was approximately 4.50 billion yuan, a 64.30% increase from 2.74 billion yuan in 2023 [3] - The net profit after deducting non-recurring gains and losses was about 4.54 billion yuan, reflecting a growth of 78.60% compared to 2.54 billion yuan in 2023 [3] - Basic earnings per share rose to 2.71 yuan, up 63.25% from 1.66 yuan in 2023 [3] Cost and Expense Management - Sales expenses increased by 15.46% to approximately 2.61 billion yuan, driven by expanded sales scale and increased personnel costs [4] - Management expenses rose by 21.81% to about 3.19 billion yuan, necessitating a review of internal management efficiency [4] - Financial expenses decreased by 27.86% to approximately 369.71 million yuan, positively impacting profit growth [4] Research and Development - R&D investment amounted to approximately 911.81 million yuan, representing 0.80% of revenue, with a 9.50% increase in R&D personnel to 3,860 [5] - The company is advancing multiple R&D projects aimed at enhancing its competitive edge in the market [5] Cash Flow Analysis - The net cash flow from operating activities was approximately 7.99 billion yuan, a decrease of 37.03% from 12.70 billion yuan in 2023, primarily due to increased inventory and cash payments [6] - The net cash flow from investing activities was -6.41 billion yuan, a 67.68% increase in outflow compared to -3.82 billion yuan in 2023 [6] - The net cash flow from financing activities improved by 36.13% to -3.61 billion yuan, reflecting a reduction in loan repayments [6] Risk Factors - The company faces risks from weather anomalies and animal diseases that could impact feed demand [7][8] - Fluctuations in raw material prices, particularly for corn and soybeans, pose a risk to procurement costs [8] - Environmental policy changes may affect the industry’s capacity and market share [8] Management Compensation - The chairman received a pre-tax remuneration of 4.58 million yuan, with other executives also receiving significant compensation, reflecting the responsibility to drive company performance [9]