出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 逆势增长来自哪里？ 海大集团是国内饲料行业龙头，在新牧网发布的《2024中国饲料产销20强榜单》中产量仅次于新希望六 和排第二。 目前国内饲料公司可以分为三个梯队，第一梯队为饲料年产量超1000万吨的企业，共7家，包括新希望 六和、海大、牧原、温氏、双胞胎、力源和正大。第二梯队为饲料年产量500万吨-1000万吨的企业，共 7家。第三梯队为饲料年产量270万吨-400万吨的企业，共6家。 2024年下游养殖端产能调整影响到上游，导致饲料总产量有所下降。行业龙头新希望饲料销量减少近 10%，不过海大、双胞胎和力源这三家公司出现逆势增长，其中海大集团2024年饲料销量约2650万吨， 同比增长约9%。 具体来看，主要是禽料和水产料带动了海大集团总销量的增长。根据业绩快报披露的数据，海大集团去 年猪料外销量下滑约3%，禽料外销量同比增长约12%（1270万吨），水产料外销量同比增长约 11%（580万吨）。同时，海外地区饲料销量约240万吨，同比增长约40%，也成为重要的增长引擎。 对水产料和禽料的布局，一定程度上对冲了猪料的下滑。而在海外市场，近几年海大集团通 ...

证券研究报告 | 公司点评 gszqdatemark 2025 04 10 年 月 日 海大集团（002311.SZ） 公司发布 2025 年第一季度业绩预告，预计 2025 年第一季度实现归母净 利润 12-13 亿元，同比增长 39.42%-51.04%，扣非净利润 12-13 亿元， 同比增长 57.96%-71.13%，一季度业绩超预期。 业绩表现亮眼，饲料主业销量实现较好增长。一季度公司饲料外销量约 595 万吨，同比增长约 25%，同时公司积极开拓海外市场，通过在越南、 印尼、厄瓜多尔、埃及等目标市场当地建厂，海外业务不断取得进展。展 望未来，公司将坚定不移向短期 2025 年 300 万吨外销增量、中期 2030 年有望达到 5150 万吨，目标清晰，可兑现度高。 生猪利润超预期，养殖业务稳健推进。专业能力持续提升，公司摸索并推 行"外购仔猪公司+家庭农场、锁定利润、对冲风险"的运营模式，生猪 套保业务实现良好利润。在生猪养殖成本逐步下降下，2025 年全年公司 生猪养殖业务有望实现较好利润。 另外，公司饲料行业受关税政策对产业影响较少。近年来，饲料行业供应 链条安全、可控，原材料玉米以国内自产 ...

证券研究报告 | 公司点评 gszqdatemark 2025 04 10 年 月 日 海大集团（002311.SZ） 业绩表现亮眼，公司长期增长空间仍存 公司发布 2025 年第一季度业绩预告，预计 2025 年第一季度实现归母净 利润 12-13 亿元，同比增长 39.42%-51.04%，扣非净利润 12-13 亿元， 同比增长 57.96%-71.13%，一季度业绩超预期。 业绩表现亮眼，饲料主业销量实现较好增长。一季度公司饲料外销量约 595 万吨，同比增长约 25%，同时公司积极开拓海外市场，通过在越南、 印尼、厄瓜多尔、埃及等目标市场当地建厂，海外业务不断取得进展。展 望未来，公司将坚定不移向短期 2025 年 300 万吨外销增量、中期 2030 年有望达到 5150 万吨，目标清晰，可兑现度高。 生猪利润超预期，养殖业务稳健推进。专业能力持续提升，公司摸索并推 行"外购仔猪公司+家庭农场、锁定利润、对冲风险"的运营模式，生猪 套保业务实现良好利润。在生猪养殖成本逐步下降下，2025 年全年公司 生猪养殖业务有望实现较好利润。 另外，公司饲料行业受关税政策对产业影响较少。近年来，饲料行业供应 ...

打包市场龙头，抢反弹就买指数ETF>> 海大集团（002311）涨幅扩大至7.76%，畜牧ETF(159867)持有该股票10.86%，当前涨幅为0.48%，最新 价创60日新高，成交额1.16亿元，较昨日此时放量303.22%，3日融资净流入，净流入495.03万，近1月 份额减少6600万份。 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-006 基于对公司未来发展前景的坚定信心和长期价值的高度认可，为与全体股东 分享公司发展的经营成果，增强投资者信心，在符合《公司章程》及股东回报规 划的规定、在保证公司正常经营和长远发展的前提下，现就公司2024年度利润分 配提议如下： 以实施 2024 年度分配方案时股权登记日的总股本为基数（扣除回购账户中 的股份），向全体股东每 10 股派发现金股利人民币 11.00 元（含税）。在实施权 益分派的股权登记日前，公司总股本或应分配股份基数发生变动的，提议按分配 比例不变、调整分派总额的原则进行相应调整。以截至 2024 年 12 月 31 日的公 司总股本为基数测算，预计合计派发现金股利约 18.30 亿元（含税）。 本人承诺将在相关会议审议上述提议的利润分配方案时投赞成票。 二、其他说明 广东海大集团股份有限公司 关于收到董事长 2024 年度利润分配提议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）近日收到公司实际控制人、 董事长、总裁 ...

Financial Performance - The company expects a net profit attributable to shareholders for Q1 2025 to be between 120,000.00 million and 130,000.00 million yuan, representing a year-on-year growth of 39.42% to 51.04%[2] - The net profit after deducting non-recurring gains and losses is also projected to be between 120,000.00 million and 130,000.00 million yuan, reflecting a growth of 57.96% to 71.13% compared to the same period last year[2] - The basic earnings per share are estimated to be between 0.72 yuan and 0.78 yuan, compared to 0.52 yuan in the previous year[2] - The financial data presented is preliminary and subject to final confirmation in the official Q1 2025 report[6] - Investors are advised to be aware of investment risks as the financial data is not yet audited[6] Sales and Market Expansion - The company achieved a feed sales volume of approximately 5.95 million tons in Q1 2025, marking a year-on-year increase of about 25%[5] - The company aims to increase its export volume to 3 million tons in the short term by 2025 and reach a total sales volume of 51.5 million tons by 2030[5] - The company is actively expanding its overseas market presence by establishing local factories in Vietnam, Indonesia, Ecuador, and Egypt[5] Supply Chain and Technology Optimization - The feed industry has seen continuous improvement in the supply chain, with reduced reliance on single countries for imports, particularly for corn and soybeans[4] - The company focuses on optimizing technology, including low-protein formula and raw material substitution techniques, to decrease dependence on imported soybeans[5]

Core Viewpoint - The announcement details the pledge and release of shares by the controlling shareholder of Haida Group, highlighting the specific numbers and percentages involved in these transactions [1][2]. Group 1: Share Pledge and Release Details - Haida Group's controlling shareholder, Haida Investment, pledged 4,500,000 shares, representing 0.49% of its holdings and 0.27% of the company's total shares, to Huatai Securities on June 12, 2024 [1]. - On September 12, 2024, Haida Investment supplemented the pledge with an additional 500,000 shares [2]. - The total pledged shares by Haida Investment amounted to 52,700,000 shares, which is 5.79% of its holdings and 3.17% of the company's total shares [2]. Group 2: Release of Pledged Shares - The total pledged shares were fully released on March 25, 2025 [2]. - As of the announcement date, Haida Investment held a total of 910,589,359 shares, accounting for 54.73% of the company [2].

证券代码：002311 证券简称：海大集团 公告编号：2025-005 广东海大集团股份有限公司 关于控股股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）于近日接到公司控股股东 广州市海灏投资有限公司（以下简称"海灏投资"）函告，获悉海灏投资将其所 持有公司的部分股份办理了质押及解除质押手续，具体事项如下： 一、股东股份质押及解除质押的基本情况 | | 是否为控股股 | 本次质押 | | | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 东或第一大股 | 数量 | 占其所持 | 占公司总 | 为限 | 为补 | 质押 | 质押 | 质权人 | 质押用途 | | 名称 | 东及其一致行 | （股） | 股份比例 | 股本比例 | 售股 | 充 | 起始日 | 到期日 | | | | | 动人 | | | | | 质押 | | | | | | 海灏投 ...

Group 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]

Group 1: Company Overview - The company is Guangdong Haida Group Co., Ltd., with stock code 002311 [1] - The investor relations activity took place in Wuhan, attended by 15 investors from various institutions [2] Group 2: Business Performance - In 2024, the company's feed business showed steady growth, with total sales increasing by approximately 9% year-on-year [2] - Specific feed product sales saw double-digit growth in poultry and aquaculture feeds, while pig feed experienced a slight decline of about 3% [2][3] - Internationally, the company achieved significant breakthroughs, with overseas feed sales reaching approximately 2.4 million tons, a year-on-year increase of about 40% [2][3] Group 3: Overseas Market Insights - In 2024, overseas feed sales were approximately 2.4 million tons, with Vietnam being the largest market, followed by Indonesia [4] - The product structure of overseas feed sales is comprehensive, with aquaculture feed having the highest share, followed by poultry feed [5] - The company aims to reach an overseas feed sales target of 7.2 million tons by 2030, employing targeted market expansion strategies [6] Group 4: Competitive Advantages and Future Plans - The company's competitive advantage in overseas markets stems from its comprehensive capabilities across feed, seed, animal health, and service systems [7][8] - Future plans include matching high-quality seeds and animal health products to customer needs, enhancing overall solutions [8] - The company prioritizes regions with large populations, stable development environments, and rich breeding resources for overseas expansion [9] Group 5: Market Challenges and Capital Expenditure - The company faces competition from large foreign feed brands in overseas markets, including traditional brands from Southeast Asia and Europe [9] - There is an expectation of rising prices for certain raw materials, influenced by macroeconomic factors [9] - Future capital expenditure will focus on expanding overseas production capacity and upgrading domestic facilities to improve efficiency [9]