海大集团（002311）：饲料主业表现亮眼，养殖业务扭亏为盈

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1146.01 billion CNY in 2024, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 45.04 billion CNY, an increase of 64.30% year-on-year [2][3] - The feed business showed resilience with a market share increase, while the aquaculture segment turned profitable [3][4] - The company is focusing on a light-asset breeding model and has made significant progress in international markets, with overseas feed sales growing by approximately 40% [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1146.01 billion CNY, with a year-on-year decline of 1.31%. The feed segment generated 957.75 billion CNY, down 4.82%, while the aquaculture segment saw revenue of 188.26 billion CNY, up 21.52% [2][3] - For Q1 2025, the company reported a revenue of 256.29 billion CNY, a year-on-year increase of 10.60%, and a net profit of 12.82 billion CNY, up 48.99% year-on-year [2] Business Segments - The feed business accounted for 83.57% of total revenue, with a gross margin of 9.94%, an increase of 1.12 percentage points year-on-year. The aquaculture business contributed 16.43% to total revenue, with a gross margin of 18.28%, up 12.05 percentage points [3] - The company sold 26.52 million tons of feed in 2024, a 9% increase year-on-year, with significant growth in poultry and aquaculture feed sales [3] Growth Strategy - The company is implementing a strategy that includes partnerships with large-scale farmers and food companies to expand market share. The international strategy has led to a notable increase in overseas sales, particularly in Vietnam, Indonesia, and Egypt [3][4] - The aquaculture segment has improved significantly, with the company focusing on shrimp and other specialty aquatic products, leading to a reduction in production costs [4] Profitability Forecast - The company expects revenue growth to continue, with projected revenues of 1288.84 billion CNY in 2025 and 1453.02 billion CNY in 2026. The net profit is forecasted to reach 50.98 billion CNY in 2025 and 55.78 billion CNY in 2026 [5][6] - The earnings per share (EPS) are projected to be 3.06 CNY in 2025 and 3.35 CNY in 2026, with a price-to-earnings (PE) ratio of 17 for 2025 [6][8]