HAID GROUP(002311) 开源证券·2025-04-23 08:23Investment 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 reach 4.504 billion yuan [4] - The overseas feed business showed remarkable growth, prompting an upward revision of profit forecasts for 2025-2026 and the introduction of a new forecast for 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 the net profit attributable to shareholders was 4.504 billion yuan, an increase of 64.30% [4][7] - 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% [4] - In Q1 2025, revenue reached 25.629 billion yuan, a year-on-year increase of 10.60%, with net profit of 1.282 billion yuan, up 48.99% [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%, with a market share increase [5] - The pig farming business generated revenue of 18.826 billion yuan, up 21.52% year-on-year, with a gross margin of 18.28%, an increase of 12.05 percentage points [6] Profit Forecasts - The projected net profits for 2025-2027 are 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][7] - The current stock price corresponds to P/E ratios of 17.7, 15.9, and 14.7 for 2025, 2026, and 2027 respectively [4][7]