HAID GROUP(002311) 东兴证券·2025-04-25 02:28Investment Rating - The report maintains a "Strong Buy" rating for the company [10] Core Views - The company achieved a revenue of 1146.01 billion yuan in 2024, a year-on-year decrease of 1.31%, while the net profit attributable to shareholders reached 45.04 billion yuan, reflecting a year-on-year increase of 64.30% [1] - In Q1 2025, the company reported a revenue of 256.29 billion yuan, up 10.60% year-on-year, and a net profit of 12.82 billion yuan, an increase of 48.99% year-on-year [1] - The feed business volume and profit are expected to rise, with overseas sales opening new growth opportunities [2] - The company is focusing on optimizing breeding costs and adopting a light-asset operation model, which enhances its risk resistance [3] - The company is projected to have net profits of 50.71 billion yuan, 57.87 billion yuan, and 65.84 billion yuan for the years 2025 to 2027, with corresponding EPS of 3.05, 3.48, and 3.96 yuan, and PE ratios of 17, 15, and 13 times respectively [3] Summary by Sections Financial Performance - In 2024, the company achieved feed sales of 26.5 million tons, a 9% increase year-on-year, with significant growth in poultry and aquaculture feed exports [2] - The company’s net profit for 2024 was 45.04 billion yuan, a 64.30% increase from the previous year [4] - The projected revenue for 2025 is 125.12 billion yuan, with a growth rate of 9.18% [4] Business Strategy - The company is actively expanding its overseas market presence, with a 40% year-on-year increase in overseas sales in 2024 [2] - The light-asset operation model in pig farming has led to a turnaround in profitability, with 6 million pigs sold in 2024 [3] - The company aims to deepen integration with large-scale farming entities domestically while accelerating market expansion internationally [2][3] Market Outlook - The report anticipates that the company will continue to enhance its market share in the feed business, with a focus on cost advantages amid fluctuating raw material prices [3] - The company is expected to replicate its domestic success in overseas markets, contributing to additional growth [3]