HAID GROUP(002311) 国信证券·2024-04-25 01:00Investment Rating - The investment rating for the company is "Buy" [5][14]. Core Insights - The company reported a steady revenue growth in 2023, with total revenue reaching 116.12 billion yuan, an increase of 10.89% year-on-year. However, the net profit decreased by 7.31% year-on-year to 2.74 billion yuan due to a sluggish breeding market [1][6]. - The feed segment showed robust performance with a revenue increase of 13.03% year-on-year, achieving a gross margin of 8.53%. The total feed sales volume reached 22.6 million tons, up by 236 thousand tons [1][6]. - The company is exploring new operational models in pig farming to mitigate risks and reduce costs, with a focus on purchasing piglets and collaborating with family farms [1][6]. - In Q1 2024, the company demonstrated strong performance with a revenue of 23.17 billion yuan, a slight decrease of 0.80% year-on-year, but net profit surged by 111% to 861 million yuan [1][6]. Financial Performance Summary - In 2023, the company’s total revenue was 116.12 billion yuan, with a year-on-year growth of 10.89%. The net profit was 2.74 billion yuan, reflecting a decline of 7.31% [1][3]. - The feed segment's revenue in 2023 was 13.03% higher than the previous year, with a gross margin increase of 0.48 percentage points [1][6]. - The company’s Q1 2024 performance showed a gross margin of 10.75%, an increase of 2.28 percentage points compared to the full year of 2023 [1][6]. Business Segment Analysis - The feed business accounted for a significant portion of the revenue, with various types of feed experiencing growth rates of 13% for aquatic feed, 13% for poultry feed, 17% for pig feed, and 70% for ruminant feed [1][6]. - The agricultural products sales segment saw a revenue increase of 24.37% in 2023, although the gross margin decreased by 10.64 percentage points [1][6]. - The company faced challenges in the aquaculture segment, resulting in a loss exceeding 300 million yuan due to market downturns [1][6]. Future Outlook - The company is optimistic about the recovery of the pig farming market in the second half of 2024, expecting related segments to benefit from improved market conditions [1][6]. - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 3.78 billion yuan, 4.38 billion yuan, and 5.03 billion yuan respectively [2][12].