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]

Group 1: Business Performance - In 2024, the company's total feed sales reached approximately 26.5 million tons, a year-on-year increase of about 9% [2] - External sales of poultry feed were approximately 12.7 million tons, up about 12% year-on-year [2] - External sales of pig feed were approximately 5.6 million tons, showing a slight decline of about 3% year-on-year [2] - External sales of aquatic feed reached approximately 5.8 million tons, a year-on-year increase of about 11% [2] - International feed sales reached approximately 2.4 million tons, a significant year-on-year increase of about 40% [2] Group 2: Future Goals - The short-term target for feed business is to achieve an additional 3 million tons by 2025 [4] - The mid-term target is to reach 51.5 million tons in sales by 2030, including 5 million tons for self-use and overseas sales [4] - The overseas feed sales target for 2030 is projected to reach 7.2 million tons [4] Group 3: International Expansion - The largest overseas feed sales region is Vietnam, with sales also occurring in Indonesia, Ecuador, and Egypt [5] - The company plans to expand into Southeast Asia, focusing on Indonesia, Bangladesh, and Malaysia, and into North and East Africa from Egypt [7] Group 4: Cost Management and Operations - The company is focusing on building its own breeding pig system, which is gradually taking shape [8] - The comprehensive breeding costs have shown significant improvement due to the integration of feed research and scale advantages [9] - The company is exploring a light-asset, low-risk, and stable pig breeding model [10] Group 5: Market Trends and Challenges - The company anticipates that the prices of some raw materials will gradually rise, influenced by macroeconomic factors [12] - The feed industry is experiencing intense competition, with ongoing consolidation and a shift towards companies that emphasize technological innovation and service [13] Group 6: Capital Expenditure - Future capital expenditures will focus on overseas capacity construction and expansion, while domestic efforts will be directed towards upgrading and modifying existing capacities [14] Group 7: Product Development - The company is expanding its seedling offerings beyond the competitive South American white shrimp to include tilapia, grass carp, and other traditional species [15]

Group 1 - A new company, Changsha Zhonglvmeng Agricultural Technology Co., Ltd., has been established with a registered capital of 5 million yuan [1] - The legal representative of the company is Peng Xiangping, and its business scope includes research and development of carbon reduction, carbon conversion, carbon capture, and carbon storage technologies [1] - The company also provides services related to agricultural production operations, including technology, information, and facility construction and operation [1] Group 2 - The company is jointly held by Haida Group and other shareholders [2]

Group 1 - The core point of the article is the establishment of Foshan Ronghai Seedling Technology Co., Ltd., which focuses on agricultural research and development, as well as various aspects of aquatic product trading [1] - The company has a registered capital of 1 million yuan, indicating a modest initial investment [1] - The legal representative of the company is Ji Lei, suggesting a key individual responsible for its operations [1] Group 2 - The business scope of the company includes agricultural scientific research, retail and wholesale of aquatic products, and import-export of aquatic seedlings [1] - The company is jointly held by Guangzhou Ronghai Aquaculture Technology Co., Ltd., which is a subsidiary of Haida Group, indicating a strategic partnership in the aquaculture industry [1]

Financial Performance - Total revenue for 2024 was approximately CNY 11.47 billion, a decrease of 1.23% compared to the previous year[3] - Operating profit increased by 53.72% to CNY 545.97 million, while total profit rose by 52.63% to CNY 536.97 million[3] - Net profit attributable to shareholders increased by 64.73% to CNY 451.56 million, with a basic earnings per share of CNY 2.72, up 63.86%[3] Sales and Market Share - The company sold approximately 26.5 million tons of feed products, a year-on-year increase of about 9%, with a market share further improved[5] - International feed sales reached approximately 2.4 million tons, a significant increase of 40% year-on-year[5] Assets and Equity - Total assets at the end of the reporting period were CNY 48.22 billion, up 7.77% from the beginning of the year[5] - Shareholders' equity attributable to the company increased by 21.84% to CNY 23.94 billion, with net assets per share rising to CNY 14.39, an increase of 21.85%[5] Future Goals and Expansion - The company aims to achieve a short-term target of 3 million tons increase in feed business by 2025 and a mid-term target of 51.5 million tons by 2030[6] - The company plans to expand its light-asset pig farming model and factory-style shrimp farming as future main businesses[6]

Investment Rating - The report assigns a "Buy" rating for the company, Hai Da Group, marking its first coverage [5][9]. Core Insights - Hai Da Group has faced significant challenges over the past two decades, yet its feed sales have increased nearly 15 times from 2009 to 2024, making it the largest feed producer in China and the world [5][34]. - The company has demonstrated resilience through various market cycles, with a historical record of 13 out of 16 years of stock price increases since its IPO [5][34]. - The report emphasizes the importance of Hai Da's integrated value chain, which includes seed, feed, animal health, and services, positioning it well for future growth [6][11]. Summary by Sections Market Performance - As of January 27, 2025, the closing price of the stock is 49.66 CNY, with a market capitalization of approximately 82.62 billion CNY [3]. Financial Forecast and Valuation - The projected revenue for 2024 is 115.79 billion CNY, with a year-on-year growth rate of -0.28%. The net profit for the same year is expected to be 4.40 billion CNY, reflecting a significant increase of 60.44% compared to 2023 [7][8]. - The report forecasts net profits of 4.4 billion CNY in 2024, 4.7 billion CNY in 2025, and 5.5 billion CNY in 2026, with corresponding P/E ratios of 19, 18, and 15 [9][11]. Industry Overview - The feed industry is characterized by a long cycle and significant opportunities for efficiency improvements, with a market size of over 1 trillion CNY [6][19]. - The report notes that the industry has entered a low-growth phase, with increasing concentration among leading firms, indicating a shift towards oligopolistic competition [23][28]. Company Development - Hai Da Group has transformed significantly since facing homogenization challenges in 2013, achieving a compound annual growth rate of 17% in feed sales from 2013 to 2023, outpacing the industry average [6][34]. - The company has successfully navigated various crises, enhancing its operational resilience and competitive advantages [34][37]. Competitive Advantages - The report highlights Hai Da's strong R&D capabilities and its ability to adapt to market changes, which have been crucial for maintaining its leadership position in the feed industry [6][11]. - The company's strategic focus on niche markets, particularly in aquaculture, has allowed it to capture significant market share in specialized feed products [40].

证券代码：002311 证券简称：海大集团 公告编号：2025-003 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 广东省广州市番禺区南村镇万博四 | 广东省广州市番禺区化龙镇龙泰 | | | 路42号海大大厦2座701房 | 街8号海大科学园1栋 | | 邮政编码 | 511445 | 511434 | 除上述变更内容外，公司的联系电话、传真号码、电子邮箱及公司网站等均 保持不变。敬请广大投资者注意，若由此给您带来不便，敬请谅解。 特此公告。 广东海大集团股份有限公司董事会 二 O 二五年一月二十五日 广东海大集团股份有限公司 关于办公地址变更的公告 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。 为满足公司业务发展的办公及研发等需要，广东海大集团股份有限公司（以 下简称"公司"）于近日搬迁至新的办公地址，现将公司办公地址的变更情况公 告如下： ...

Group 1: Company Overview - The company focuses on the feed industry, achieving a feed sales volume of approximately 26.5 million tons in 2024, a year-on-year increase of about 9% [1] - The net profit attributable to shareholders for 2024 is projected to be between 4.25 billion and 4.8 billion CNY, representing a year-on-year growth of 55.04% to 75.10% [1] Group 2: Market Trends - The prices of livestock feed have decreased due to the decline in prices of major energy and plant protein raw materials [2] - The company’s overseas feed sales continued to grow in Q4 2024, following the trend of the previous three quarters [3] Group 3: Future Plans - The company plans to expand its operations in Southeast Asia, focusing on Vietnam and extending to Indonesia, Bangladesh, and Malaysia [4] - In Africa, the company aims to use Egypt as a base to expand into North and East Africa [4] - The company is exploring a light-asset, low-risk, and stable pig farming model, with a clearer strategy emerging [6] Group 4: Cost Management and Production - The company has made significant progress in reducing pig farming costs through the establishment of its own breeding system and leveraging feed research and scale advantages [5] - The company is controlling the scale of fish farming while continuously enhancing its professional capabilities [7] Group 5: Capital Expenditure - Future capital expenditures will focus on overseas capacity construction and expansion, while domestic investments will prioritize upgrading and renovating existing capacities [8]

Summary of Conference Call Notes Company and Industry - The discussion primarily revolves around the **agriculture industry**, with a specific focus on **Hai Da**, a company within this sector [2][10]. Core Points and Arguments - The agriculture sector is perceived as challenging to grasp, but it fundamentally revolves around identifying growth and value opportunities based on market conditions [2][3]. - Hai Da's growth trajectory is highlighted, with an emphasis on its potential in overseas markets, particularly in Southeast Asia, where the market size is estimated to be over **40 million tons** [4][5]. - The expected growth rate for Hai Da is projected at around **30%** by **2025**, indicating strong growth potential [5]. - The competitive landscape in Southeast Asia is favorable for Hai Da, as domestic competitors are exiting the market, leading to higher profit margins and better capacity utilization compared to domestic markets [5][6]. - The current market environment is characterized by a positive cycle of supply and demand, with a shift from low profitability to a more favorable pricing environment [6][7]. - The agriculture sector is experiencing a recovery phase, with expectations of a transition from a downward spiral to an upward spiral in terms of market dynamics [7][8]. - The valuation of the consumer sector is undergoing a repair process, which, combined with enhanced growth attributes, presents a promising outlook for Hai Da [8][9]. - Hai Da is positioned as a top choice within the agriculture sector, with recommendations for investors to actively consider this stock [10]. Other Important but Possibly Overlooked Content - The discussion emphasizes the importance of historical experience and a top-down approach in analyzing the agriculture sector, suggesting that investors should remain aware of broader market trends and dynamics [3][10]. - The potential for Hai Da to exceed theoretical valuation ranges is acknowledged, indicating a bullish sentiment towards the company's future performance [9].

Investment Rating - The report maintains a "Strongly Recommend" rating for Haid Group (002311 SZ) [4][6] Core Views - Haid Group's feed business continues to gain market share both domestically and internationally, with overseas sales opening new growth opportunities [2] - The company is expected to achieve simultaneous growth in domestic and international feed businesses in 2025 [3] - The company's core cost advantage will continue to support its main feed business and further increase market share [4] - The overseas market is expected to replicate domestic success and contribute new growth increments [4] - The company's aquaculture business has shown improved professional capabilities, with low-risk and light-asset operations keeping risks under control [4] Financial Performance - For 2024, the company expects net profit attributable to shareholders of 4 25-4 8 billion yuan, a year-on-year increase of 55 04%-75 10% [2] - The company achieved feed sales of 26 5 million tons in 2024, a 9% year-on-year increase, including 2 1 million tons for internal breeding consumption [2] - In the first half of 2024, the company achieved overseas feed sales of over 1 million tons, a 30% year-on-year increase [3] - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 4 501, 5 101, and 5 822 billion yuan, respectively, with EPS of 2 71, 3 07, and 3 50 yuan [4] - The company's PE ratio for 2024-2026 is expected to be 18, 16, and 14 times, respectively [4] Business Outlook - Domestic feed business is expected to benefit from steady growth in pig inventory and slaughter volume, as well as recovery in aquatic product seedling volume in 2025 [3] - Overseas feed business is expected to continue expanding production capacity and market development in 2025, replicating domestic advantages [3] - The company's pig breeding business has optimized costs significantly in 2024, with a low-risk operating model expected to show relative advantages during the 2025 pig price downturn [3] - The company's high-margin aquatic feed business is expected to bottom out and rebound, with overall feed business expected to achieve both volume and profit growth [4] Market Position - Haid Group's feed sales grew against the trend in 2024, with market share further increasing [2] - The company has achieved production and sales in key aquaculture regions across the country [7]