公 司 研 证券研究报告 究 ＃industryId＃ 饲料 ＃investSuggestion＃ ＃ ＃d 海yCo 大mp 集any＃团 （ 002311 ） investSug 买入 ( 维ges持tion ）Ch 002311 主业 优势仍在 ，＃tit Qle 1＃ 养猪 逆势盈利 ange＃ ＃ createTime1＃ 2024年 04月 28日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 2023年公司实现营收1161.2亿元（同比+10.9%），归母净利润27.4 司 市场数据日期 2024-04-26 亿元（同比-7.3%），扣非净利润25.4亿元（同比-11.9%）。其中单四季度， 点 收盘价（元） 50.00 公司营收291.9亿元（同比+13.3%），归母净利润4.9亿元（同比-42.8%）。 评 总股本（百万股） 1663.75 2024年一季度，公司实现营收231.7亿元（同比-0.8%），归母净利润8.6 报 流通股本（百万股） 1662.56 亿元（同比+111.0%）。公司拟向全体股东每 10 股派发现金红利 5.00 元 净资产 ...

证券代码：002311 证券简称：海大集团 公告编号：2024-043 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质押展期的公告 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新增及展期质押手续，具体事项如下： 上述质押股份（含质押展期）不存在负担重大资产重组等业绩补偿义务。 2、股东股份累计质押基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 名称 | 持股数量 （股） | 持股比例 | 累计质押数量 （股） | 持股份 比例 | 总股本 比例 | 已质押 股份限 | 占已质 押股份 | 未质押 股份限 | 占未质 押股份 | | | | | ...

[Table_MainInfo] 公司研究/农业/养殖业 证券研究报告 海大集团（002311）公司年报点评 2024年04月26日 [Table_InvestInfo] 投资评级 优于大市 维持 饲料业务量利齐升，龙头优势持续彰显 股票数据 [Table_Summary] 0[4Ta月b2le5_日S收to盘ck价（In元fo）] 49.82 投资要点： 52周股价波动（元） 37.08-55.10 总股本/流通A股（百万股） 1664/1663 总市值/流通市值（百万元） 82888/82829  海大集团发布23年报及24年一季报：公司23年实现营业收入1161.2亿元 相关研究 （同比+10.89%），归母净利润27.4亿元（同比-7.31%）。每股收益为1.66 [《Ta饲b料le主_R业e依p旧or亮tIn眼fo，] 养殖业务边际改善》 元，加权ROE为14.53%。24Q1实现营业收入231.7亿元（同比-0.8%）， 归母净利润 8.6 亿元（同比+111%），毛利率为 10.75%。分红方面，每 10 2023.10.23 《困境下稳健依旧，各板块多点开花》 股派发现金红利5.0元（含税） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the feed business of the company is developing steadily, with a significant improvement in Q1 2024 performance compared to the previous year [1][4] - The company achieved a total revenue of 116.12 billion yuan in 2023, representing a year-on-year growth of 10.89%, while the net profit attributable to shareholders was 2.74 billion yuan, a decrease of 7.31% [3][4] - In Q1 2024, the company reported a total revenue of 23.17 billion yuan, a year-on-year decline of 0.8%, but the net profit attributable to shareholders was 861 million yuan, showing a remarkable growth of 111% [3][4] Summary by Sections Business Performance - The company sold 24.4 million tons of feed in 2023, a year-on-year increase of 13%, with external sales of 22.6 million tons, up by 236,000 tons [2] - The external sales of aquatic feed reached 5.24 million tons, a 2% increase year-on-year, with a notable improvement in product structure [2] - Poultry feed external sales were 11.3 million tons, also up by 13%, as the poultry industry began to recover from previous losses [2] - Pig feed external sales increased by 17% to 5.79 million tons, supported by ongoing R&D investments [2] Financial Forecasts - Revenue projections for 2024-2026 are adjusted to 131.58 billion yuan, 148.94 billion yuan, and 166.44 billion yuan, respectively, with net profits expected to be 4.04 billion yuan, 4.95 billion yuan, and 5.97 billion yuan [5][6] - The report anticipates a significant recovery in net profit growth rates, with forecasts of 47%, 23%, and 21% for the years 2024, 2025, and 2026, respectively [6][7] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 20, 17, and 14 for the years 2024, 2025, and 2026, respectively [5][6] - The return on equity (ROE) is projected to improve from 14% in 2023 to 18% in 2024, stabilizing at 19% in the following years [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned to benefit from the reversal of the pig cycle and is expected to see significant performance improvement due to the decline in feed raw material prices and the anticipated recovery in the pig cycle in the second half of 2024 [6] - The company's revenue for 2023 was 116.12 billion yuan, an increase of 10.89%, while the net profit attributable to shareholders was 2.74 billion yuan, a decrease of 7.31% [6] - For Q1 2024, the company reported revenue of 23.17 billion yuan, a slight decrease of 0.80%, but a substantial increase in net profit to 861 million yuan, up 111% [6] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.59 billion yuan, 5.28 billion yuan, and 5.39 billion yuan respectively, with corresponding EPS of 2.76 yuan, 3.17 yuan, and 3.24 yuan [6] Summary by Sections Company Overview - The company is a leading player in the feed industry, with a focus on continuous growth and expansion in various feed segments [6][7] Financial Performance - In 2023, the feed business generated revenue of 95.96 billion yuan, a growth of 13.03%, with a gross profit of 8.18 billion yuan and a gross margin of 8.53% [7] - Total feed sales reached 24.4 million tons, an increase of 13%, with significant growth in pig feed and poultry feed sales [7] - The company sold 4.6 million pigs in 2023, a 43.75% increase, and expects to sell 5 million pigs in 2024 [8] Market Position - The company has a strong competitive advantage in the feed market, with expanding sales in aquaculture feed and steady growth in livestock feed [7] - The overseas feed sales increased by 24%, indicating strong growth momentum [7] Future Outlook - The company is expected to benefit from the reversal of the pig cycle and improved profitability in the coming years, with a focus on cost reduction and efficiency in pig farming [8]

Investment 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].

证券研究报告 | 年报点评报告 2024年04月24日 海大集团（002311.SZ） 24Q1 业绩超预期，行业与经营拐点共振 公司发布2023年年报和2024年一季报。公司2023年实现营收1161亿 买入（维持） 元，同比增长10.89%，实现归母净利润27.41亿元，同比增长-7.31%；2024 股票信息 年一季度实现营收232亿元，同比增长-0.8%，实现归母净利润8.61亿元， 同比增长111%。 行业 饲料 前次评级 买入 主业饲料销量双位数增长，盈利能力、市占率进一步提升；2023 年公司实 4月23日收盘价(元) 50.30 现饲料销量2440万吨，同比增长13%，市场份额进一步提升，其中水产饲 总市值(百万元) 83,686.62 料外销量524万吨，同比增长2%，禽饲料外销量1130万吨，同比增长13%， 总股本(百万股) 1,663.75 猪饲料外销量 579 万吨，同比增长 17%。公司水产饲料盈利能力有较大提 其中自由流通股(%) 99.93 升，主要得益于水产饲料产品结构优化和技术优势的不断转化，2023 年特 30日日均成交量(百万股) 5.34 水料销量同比增长13%，普水 ...

感谢大家参加本次会议会议即将开始 请稍后 点则声明本次电话会内容仅供广发证券客户参考在任何情况下本次电话会内容不构成对任何人的投资建议除非法律法规有明确规定在任何情况下广发证券不对应使用本次电话会内容而引致的任何损失承担任何责任相关人员不应以本次电话会内容取代其独立判断或仅根据本次电话会内容作出决策未经广发证券事先说明 和形式复制、刊登、传播和引用本次电话会内容包括未经授权对会内容进行录音复制未经授权制作或传播会计要内容等否则由此造成的一切不良后果及法律责任由私自复制、刊登、传播和引用者承担 广发证券将对未经授权复制制作刊登传播电话会议内容的人员暂停白名单呈现事情可暂停所在机构白名单呈现直至相关不良影响得以消除 好的,大家下午好,我是广泛农业研究员资影青,欢迎参加海大集团二三年年报和二四年预计报解读第二会议。昨天的晚上,公司发布了年报和预计报,从公司的业绩以及各项财务指标,我们可以看到公司还是保持一贯的优秀水平,但饲料行业紧急下行,包括外部环境存在比较大的不确定的压力之下呢,还是给出了一个让投资者满意的答卷了。 特别是24年的一季报,我们可以看到公司不仅在产品的优势之下实现了四大杆根脑力的提升,包括费用端的下 ...

证券研究报告 公 2024年04月24日 司 报 告 海大集团(002311) │ 行 业： 农林牧渔/饲料 公 投资评级： 买入（维持） 司 当前价格： 50.30元 年 23 年主业表现稳健，24Q1 业绩增长显著 目标价格： 60.76元 报 点 事件： 评 基本数据 公司披露 2023年报，实现营收1161.17亿元，同比增长10.89%；归母净 总股本/流通股本(百万股) 1,663.75/1,662.56 利润27.41亿元，同比下降7.31%；拟向股东每 10 股派发现金股利 5.00 流通A股市值(百万元) 83,626.79 元（含税）。 每股净资产(元) 11.90 公司披露2024年一季报，实现营收231.72亿元，同比下降0.80%，环比下 资产负债率(%) 53.20 降20.62%；归母净利润8.61亿元，同比增长111.00%，环比增长75.77%。 一年内最高/最低(元) 55.10/37.08 ➢ 养殖行业低迷，23年公司业绩略微承压 2023 年公司销售毛利率为 8.47%（同比-0.80pcts），销售净利率为 2.47% 股价相对走势 （同比-0.55pcts）。202 ...

饲料加工 海大集团（002311.SZ） 买入-A(维持) 公司基本面有望进入回升周期 2024年4月24日 公司研究/公司快报 公司近一年市场表现  公司披露 2023 年年报和 2024 年 1 季报。公司 2023 年实现营业收入 1161.17亿元，同比增长10.89%，归属净利润27.41亿元，同比小幅下滑7.31%， EPS1.66元，加权平均ROE14.53%，同比下滑3.94个百分点，利润分配预案 为：每10股派发现金红利5.00元（含税）。公司2024年1季度实现营业收 入231.71亿元，同比-0.80%，归属净利润8.61亿元，同比增长111%，EPS0.52 元，加权平均ROE4.29%，同比上升2.03个百分点。  公司2023年饲料业务市场占有率进一步提升。根据中国饲料工业协会 的披露，2023年全国工业饲料总产量同比增长6.6%，其中猪饲料同比增长 市场数据：2024年4月23日 10.1%、蛋禽饲料同比增长2.0%、肉禽饲料同比增长6.6%、反刍动物饲料同 收盘价（元）： 50.30 比增长3.4%、水产饲料同比下降4.9%。在此行业大环境下，公司2023年饲 年内最高/最 ...