Core Viewpoint - Haida Group (002311.SZ) continues to experience growth in performance, with a projected net profit of between 2.5 billion and 2.8 billion yuan for the first half of 2025, representing a year-on-year increase of 17.64% to 31.76% [1][2] Business Performance - The main drivers for Haida Group's performance increase are significant growth in feed sales and substantial profits from pig farming operations [1][2] - The company achieved a revenue of 25.629 billion yuan in Q1 2025, with a net profit of 1.282 billion yuan, indicating an expected net profit of between 1.218 billion and 1.518 billion yuan for Q2 2025 [2] - The company focuses on its core feed business, aiming to enhance domestic feed capacity utilization and market share, with an expected feed export volume of approximately 13.65 million tons for the first half of 2025, a year-on-year increase of 26% [2][3] Financial Stability - Despite market fluctuations, Haida Group has maintained strong profitability, with net profits of 2.957 billion yuan and 2.741 billion yuan in 2022 and 2023, respectively [3] - In 2024, the company reported a revenue of 114.601 billion yuan, a slight decline of 1.31% year-on-year, but net profit surged by 64.3% to 4.504 billion yuan [3] - As of March 2025, the company's debt-to-asset ratio stood at 46.12%, with cash reserves of 3.542 billion yuan [3] International Expansion - Haida Group has been actively expanding its international presence, with a focus on Southeast Asia, Africa, and South America [5] - In 2024, the company achieved an overseas feed export volume of 2.36 million tons, a year-on-year increase of approximately 40% [5][6] - The company aims to reach a short-term target of over 3 million tons in export growth by 2025 and a mid-term target of 51.5 million tons in total sales by 2030 [6] Product and Market Strategy - The core business segments of Haida Group include feed, quality animal breeding, and animal health, which together account for over 80% of the company's revenue [2][4] - The company has seen a steady increase in feed sales, with a total of 26.52 million tons sold in 2024, marking a year-on-year growth of approximately 9% [4] - The company is also expanding its production capacity in key overseas markets, with significant growth in Vietnam and Indonesia, where feed sales are expected to increase by 25-30% and over 40%, respectively, in 2024 [5][6]

Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture, Forestry, Animal Husbandry, and Fishery, which increased by 1.35% and 0.65% respectively [2] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [2] - The Electronic sector saw the largest net outflow, amounting to 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [2] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The Agriculture, Forestry, Animal Husbandry, and Fishery sector rose by 0.65% despite a net capital outflow of 437 million yuan [3] - Out of 103 stocks in this sector, 40 stocks increased, with one hitting the daily limit, while 55 stocks declined [3] - The top three stocks with net inflows were Xinwufeng (31.4665 million yuan), Haida Group (28.3706 million yuan), and Juxing Agriculture (21.9941 million yuan) [3][4] Top Gainers and Losers in Agriculture, Forestry, Animal Husbandry, and Fishery - **Top Gainers**: - Xinwufeng: +0.65%, 4.20% turnover, 31.4665 million yuan inflow [4] - Juxing Agriculture: +0.76%, 4.49% turnover, 21.9941 million yuan inflow [4] - **Top Losers**: - Muyuan Foods: -3.27%, 1.81% turnover, 71.5922 million yuan outflow [5] - Guolian Aquatic Products: -1.76%, 8.74% turnover, 45.2607 million yuan outflow [5]

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, driven by strong sales growth in its feed business and improved operational efficiency [1][2]. Financial Performance Summary - The estimated net profit for the first half of 2025 is projected to be between 250 million and 280 million yuan, representing a year-on-year growth of 17.64% to 31.76% [1][2]. - The estimated net profit after deducting non-recurring gains is expected to be between 251 million and 281 million yuan, with a year-on-year growth of 23.48% to 38.23% [1][2]. - The basic earnings per share are projected to be between 1.50 yuan and 1.68 yuan, compared to 1.28 yuan in the same period last year [1][2]. Operational Highlights - The company achieved a feed sales volume of approximately 13.65 million tons in the first half of 2025, an increase of 2.84 million tons, or about 26% year-on-year [2]. - Sales in overseas markets grew by approximately 40% year-on-year, indicating strong international demand [2]. - The company has improved domestic feed production capacity utilization and market share, enhancing its competitive advantage through operational efficiency and cost savings [2]. Business Segment Performance - The company's pig farming business remains profitable under a light-asset and risk-controlled model [2]. - However, the poultry slaughtering segment recorded losses due to low poultry prices in the first half of the year [2].

Key Points - Juhua Co., Ltd. expects a net profit of 1.97 billion to 2.13 billion yuan for the first half of 2025, representing a year-on-year increase of 136% to 155% [1] - The main reasons for the significant profit growth include the continuous recovery in the prices of fluorinated refrigerants and stable growth in production and sales of core products [2] - Haida Group anticipates a net profit of 2.5 billion to 2.8 billion yuan for the first half of 2025, reflecting a year-on-year increase of 17.64% to 31.76% [3][4] - Huagong Technology expects a net profit of 890 million to 950 million yuan for the first half of 2025, indicating a year-on-year growth of 42.43% to 52.03% [5][6] - Yun Aluminum Co., Ltd. forecasts a net profit of 2.7 billion to 2.8 billion yuan for the first half of 2025, showing a year-on-year increase of 7.19% to 11.16% [7][8] - Saint Farm anticipates a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [13] - Dinglong Co., Ltd. expects a net profit of 290 million to 320 million yuan for the first half of 2025, reflecting a year-on-year increase of 33.12% to 46.9% [14] - Yuxiu Capital forecasts a net profit of 1.473 billion to 1.575 billion yuan for the first half of 2025, indicating a year-on-year growth of 45% to 55% [15] - Haohua Technology expects a net profit of 590 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 59.30% to 75.50% [16] - Huace Navigation anticipates a net profit of 320 million to 335 million yuan for the first half of 2025, indicating a year-on-year growth of 27.37% to 33.34% [18] - Dajin Heavy Industry expects a net profit of 510 million to 570 million yuan for the first half of 2025, reflecting a year-on-year increase of 193.32% to 227.83% [20] - Shandong Steel anticipates a net profit of approximately 12.71 million yuan for the first half of 2025, marking a turnaround from loss to profit [22]

海大集团（002311）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为25亿元– 28亿元，比上年同期的21.25亿元增长17.64%-31.76%。 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-034 广东海大集团股份有限公司 2025 年半年度业绩预告 2、业绩预告情况 （1）2025 年半年度预计业绩情况 □扭亏为盈 同向上升 □同向下降 | 项 目 | 本报告期 | | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | | （2025 | 年 1-6 | 月） | | （2024 年 1-6 | 月） | | 归属于上市公司 | 盈利： 250,000.00 | | 万元–280,000.00 | 万元 | 盈利：212,504.84 | 万元 | | 股东的净利润 | 比上年同期增长： | 17.64% | - | 31.76% | | | | 扣除非经常性损 益后的净利润 | 盈利：251,000.00 | | 万元–281,000.00 | 万元 | 盈利：203,279.46 | 万元 | | | 比上年同期增长： | 23.48% | - | 38.23% | | | | 基本每股收益 | 盈利：1.50 元/股 - | 1.68 | 元/股 | | 盈 ...

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Investment Rating - The report maintains a "Buy" rating for Haid Group with a target price of RMB67.00, indicating a potential upside of 14.4% from the current price of RMB58.59 [5][9][32]. Core Insights - The hog weight reduction has had a limited impact on prices in 2025, with an increase in average hog weight observed in May 2025. This trend is driven by higher profits from larger hogs compared to smaller ones [3][10]. - Stable sow inventories are reported, with a slight month-on-month increase of 0.1% to 40.42 million heads as of the end of May 2025. This stability suggests an abundant hog supply, contributing to a downward trend in hog prices [4][13]. - The Hog Breeding Index has risen approximately 5% since the end of May 2025, indicating profitability in hog breeding during the first half of 2025, which is expected to maintain or increase sow inventories [4][13]. Summary by Sections Hog Weight and Prices - The average hog weight in China increased in May 2025, driven by profit motivations. Farmers are unlikely to comply with directives to reduce hog weight if larger hogs yield higher profits [3][10]. - A reduction in hog weight has led to increased supply in early June 2025, which may have pressured hog prices. However, early sales by large-scale farmers could help ease oversupply in July, potentially leading to price improvements [12][13]. Sow Inventories and Production Indicators - Sow inventories remained stable in the first half of 2025, with significant improvements in production indicators, including an 11% year-on-year increase in market pigs per sow and a 6% increase in piglets per sow [4][24]. - The report suggests that the hog price is on a downward trend for 2025-26, as stable sow inventories act as a leading indicator for supply [4][13]. Company Preferences - Haid Group is preferred due to expected improvements in feed sales volume in both domestic and international markets, with a likely increase in gross profit per ton in 2025 [5][9]. - Muyuan Foods and Wens Foodstuff Group are rated as "Hold," with target prices of RMB39.40 and RMB16.60, respectively, indicating potential downsides of 6.2% and 2.8% from current levels [6][32].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The report is optimistic about the reversal of the beef cycle, recommending investments in pet products and Hai Da Group, while focusing on undervalued leading companies in the pig and poultry sectors [3] - The pork production capacity is expected to remain stable, with strong support for pig prices in 2025 [1][3] - The beef market is showing resilience during the off-season, with expectations for a bullish cycle in 2025 [1][3] Summary by Sections 1. Weekly Overview and Data Summary - Weekly pig price as of July 4 is 15.29 CNY/kg, up 5.01% week-on-week [1] - Chicken prices are experiencing a decline, with broiler prices at 6.18 CNY/kg, down 10% week-on-week [1] - The average beef price is 59.35 CNY/kg, stable week-on-week and up 27.63% year-on-year [1] 2. Fundamental Tracking 2.1 Pork - Pork prices are expected to maintain low volatility, with a forecast for continued market stability in 2025 [1][14] 2.2 Poultry - The parent stock of broilers is decreasing, indicating a structural change in consumption [1][15] 2.3 Beef - The beef market is expected to benefit from a cyclical upturn, with prices remaining strong [1][16] 2.4 Soybean Meal - Current soybean prices are stable at 3926 CNY/ton, with soybean meal prices at 2928 CNY/ton, up 0.76% week-on-week [2][16] 2.5 Corn - Corn prices are expected to see moderate increases, with current prices at 2443 CNY/ton, up 0.37% week-on-week [2][16] 2.6 Sugar - Sugar prices are slightly increasing, with current prices at 6050 CNY/ton, up 0.33% week-on-week [2][16] 3. Company Profit Forecasts and Investment Ratings - Companies such as Guangming Meat Industry, Muyuan Foods, and Hai Da Group are rated as "Outperform" with respective EPS forecasts for 2025 [4]