HAID GROUP(002311)2025-03-16 04:22Group 1: Company Overview - The company, Guangdong Haida Group Co., Ltd., reported a 9% year-on-year growth in total feed sales for 2024, surpassing the industry average [2][3] - The poultry and aquaculture feed segments achieved double-digit growth, while pig feed sales experienced a slight decline [2][3] Group 2: Strategic Planning - The company aims to enhance its core capabilities and expand its scale in the feed business, which is its primary focus [3] - The second core business includes breeding and animal health, with plans to invest more resources to expand product varieties, regions, and scale [3] - The company is exploring a light-asset pig farming model and industrialized shrimp farming, which will become key future business areas [3] Group 3: Market Insights - The price of common freshwater fish has been on an upward trend since the beginning of the year, while prices for specific varieties have shown some differentiation [4] - The recent price increase for common freshwater fish is attributed to a prolonged period of low prices and significant capacity reduction in 2023 [5] Group 4: Customer Structure and Adaptation - The company is adapting to the trend of smallholders exiting the pig farming market by enhancing its capabilities and adjusting its customer structure [7] - The focus is on developing partnerships with family farms that have strong farming advantages and profitability, as well as targeting medium to large-scale farming companies [7] Group 5: International Expansion - The company has set a target to achieve 7.2 million tons in overseas feed sales by 2030, employing targeted market expansion strategies in different regions [8] - Factors influencing overseas market selection include population size, stable development environment, rich farming resources, and potential demand for protein [8] Group 6: Risk Management - The company employs foreign exchange hedging to mitigate risks associated with currency and interest rate fluctuations [8]