HAID GROUP(002311) 开源证券·2025-04-23 06:26Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for 2024, driven by a recovery in the pig farming business, with a year-on-year growth of 64.30% to 4.504 billion yuan [4] - The overseas feed business showed remarkable growth, prompting an upward revision of profit forecasts for 2025-2027 [4] - The company plans to distribute a cash dividend of 11 yuan per 10 shares, totaling 1.83 billion yuan [4] Financial Performance Summary - In 2024, the company's revenue was 114.601 billion yuan, a decrease of 1.31% year-on-year, while net profit reached 4.504 billion yuan, an increase of 64.30% [4] - For Q4 2024, revenue was 29.740 billion yuan, up 1.88% year-on-year, and net profit was 880 million yuan, up 79.74% year-on-year [4] - In Q1 2025, revenue was 25.629 billion yuan, an increase of 10.60% year-on-year, and net profit was 1.282 billion yuan, up 48.99% year-on-year [4] Business Segment Performance - The feed business generated revenue of 91.202 billion yuan in 2024, down 4.95% year-on-year, with a gross margin of 9.74%, up 1.21 percentage points [5] - The company sold 26.52 million tons of feed in 2024, a year-on-year increase of approximately 9% [5] - The pig farming business generated revenue of 18.826 billion yuan in 2024, an increase of 21.52% year-on-year, with a gross margin of 18.28%, up 12.05 percentage points [6] Profit Forecasts - The company expects net profits for 2025, 2026, and 2027 to be 5.144 billion yuan, 5.728 billion yuan, and 6.167 billion yuan respectively, with corresponding EPS of 3.09 yuan, 3.44 yuan, and 3.71 yuan [4] - The current stock price corresponds to P/E ratios of 17.7, 15.9, and 14.7 for 2025, 2026, and 2027 respectively [4] Market Position - The company has increased its market share in the domestic feed market, with domestic feed sales reaching 22.06 million tons in 2024, up 5% year-on-year [5] - Overseas feed sales reached 2.36 million tons, a significant increase of 40% year-on-year, with notable growth in aquatic feed and poultry feed [5]