Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 10% relative to the benchmark index [5]. Core Insights - The company, Haida Group (stock code: 002311.SZ), reported a revenue of 1146.01 billion yuan for 2024, a slight decrease of 1.31% year-on-year, while the net profit attributable to shareholders increased by 64.30% to 45.04 billion yuan [4][5]. - The company achieved a comprehensive gross margin of 11.31% in 2024, the highest in four years, driven by stable feed sales growth, declining raw material prices, and favorable pig prices [4]. - The company aims to increase its overseas feed sales by over 3 million tons in 2025, with a medium-term target of 7.2 million tons by 2030 [4][5]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 256.29 billion yuan, a year-on-year increase of 10.60%, and a net profit of 12.82 billion yuan, up 48.99% [4]. - The company’s total feed sales in 2024 reached 26.52 million tons, a year-on-year increase of 9%, with a market share increase [4]. - The company’s feed business generated 957.75 billion yuan in revenue, accounting for 83.57% of total revenue, despite a 4.82% decline year-on-year [4]. Financial Projections - The company is projected to achieve revenues of 1288.86 billion yuan in 2025, with a growth rate of 12.47%, and a net profit of 49.26 billion yuan, reflecting a growth rate of 9.37% [5][6]. - The earnings per share (EPS) for 2025 is estimated at 2.96 yuan, with a price-to-earnings (PE) ratio of 18 [5]. Operational Highlights - The company’s pig production increased by 30% in 2024, with a focus on a light-asset model that reduces risks and enhances profitability [4]. - The company’s overseas feed sales reached 2.36 million tons in 2024, a significant increase of approximately 40% year-on-year, indicating strong competitiveness in international markets [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1146.01 billion CNY in 2024, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 45.04 billion CNY, an increase of 64.30% year-on-year [2][3] - The feed business showed resilience with a market share increase, while the aquaculture segment turned profitable [3][4] - The company is focusing on a light-asset breeding model and has made significant progress in international markets, with overseas feed sales growing by approximately 40% [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1146.01 billion CNY, with a year-on-year decline of 1.31%. The feed segment generated 957.75 billion CNY, down 4.82%, while the aquaculture segment saw revenue of 188.26 billion CNY, up 21.52% [2][3] - For Q1 2025, the company reported a revenue of 256.29 billion CNY, a year-on-year increase of 10.60%, and a net profit of 12.82 billion CNY, up 48.99% year-on-year [2] Business Segments - The feed business accounted for 83.57% of total revenue, with a gross margin of 9.94%, an increase of 1.12 percentage points year-on-year. The aquaculture business contributed 16.43% to total revenue, with a gross margin of 18.28%, up 12.05 percentage points [3] - The company sold 26.52 million tons of feed in 2024, a 9% increase year-on-year, with significant growth in poultry and aquaculture feed sales [3] Growth Strategy - The company is implementing a strategy that includes partnerships with large-scale farmers and food companies to expand market share. The international strategy has led to a notable increase in overseas sales, particularly in Vietnam, Indonesia, and Egypt [3][4] - The aquaculture segment has improved significantly, with the company focusing on shrimp and other specialty aquatic products, leading to a reduction in production costs [4] Profitability Forecast - The company expects revenue growth to continue, with projected revenues of 1288.84 billion CNY in 2025 and 1453.02 billion CNY in 2026. The net profit is forecasted to reach 50.98 billion CNY in 2025 and 55.78 billion CNY in 2026 [5][6] - The earnings per share (EPS) are projected to be 3.06 CNY in 2025 and 3.35 CNY in 2026, with a price-to-earnings (PE) ratio of 17 for 2025 [6][8]

Group 1 - The company reported a slight decrease in revenue of 1.31% year-on-year, totaling 114.601 billion yuan, while net profit attributable to shareholders increased by 64.30% to 4.504 billion yuan [5][12][14] - The company’s core business includes feed, quality animal seedlings, animal health products, and aquaculture, with feed, seedlings, and animal health products accounting for over 80% of revenue [4][5] - The profit distribution plan proposes a cash dividend of 11.00 yuan per 10 shares (including tax), with no bonus shares or capital reserve conversion [2][9][12] Group 2 - The company has established a light asset, low-risk breeding model, focusing on pig farming and shrimp aquaculture, optimizing costs and controlling risks [5][4] - The company’s total distributable profit as of December 31, 2024, is 16.199 billion yuan, with the mother company’s distributable profit at 5.345 billion yuan [12][14] - The expected total cash dividend distribution is approximately 1.830 billion yuan, accounting for 40.63% of the annual net profit attributable to shareholders [14][15] Group 3 - The company anticipates daily related transactions with its controlling shareholder and other related parties, estimating a total of 607.31 million yuan for 2025 [19][20] - The actual amount of related transactions in 2024 was 465.06 million yuan, indicating a significant increase in expected transactions for the upcoming year [19][20] - The company’s controlling shareholder, Guangzhou Haihao Investment Co., Ltd., holds 54.73% of the shares, ensuring a strong influence over company operations [24][25]

Financial Performance Summary - As of December 31, 2024, Wujiaqu Taikun's total assets were 204.93 million yuan, net assets were 140.49 million yuan, with operating income of 624.50 million yuan and net profit of 12.16 million yuan (unaudited) [1] - As of March 31, 2025, Wujiaqu Taikun's total assets increased to 276.53 million yuan, net assets to 146.04 million yuan, with operating income of 138.32 million yuan and net profit of 5.56 million yuan (unaudited) [1] - As of December 31, 2024, Xinjiang Ruili Heng's total assets were 187.65 million yuan, net assets were 118.47 million yuan, with operating income of 610.81 million yuan and net profit of 8.74 million yuan (unaudited) [3] - As of March 31, 2025, Xinjiang Ruili Heng's total assets were 266.12 million yuan, net assets were 125.79 million yuan, with operating income of 154.12 million yuan and net profit of 7.32 million yuan (unaudited) [3] - As of December 31, 2024, Hutu Bih Tian Kang's total assets were 567.91 million yuan, net assets were 183.88 million yuan, with operating income of 83.66 million yuan and net profit of 1.26 million yuan (unaudited) [7] - As of March 31, 2025, Hutu Bih Tian Kang's total assets decreased to 452.41 million yuan, net assets increased to 190.35 million yuan, with operating income of 128.87 million yuan and net profit of 6.46 million yuan (unaudited) [7] - As of December 31, 2024, Vietnam Hai Da Cherry Valley's total assets were 291.98 million yuan, net assets were 241.49 million yuan, with operating income of 281.84 million yuan and net profit of 80.12 million yuan (audited) [10] - As of March 31, 2025, Vietnam Hai Da Cherry Valley's total assets decreased to 273.87 million yuan, net assets increased to 243.41 million yuan, with operating income of 52.04 million yuan and net profit of 8.74 million yuan (unaudited) [10] Related Party Transactions - The company holds a 35% stake in Wujiaqu Taikun, while Xinjiang Taikun Protein Technology Co., Ltd. holds a 65% stake, making Wujiaqu Taikun a related party [2] - The company holds a 35% stake in Xinjiang Ruili Heng, while Taikun Protein holds a 65% stake, making Xinjiang Ruili Heng a related party [4] - The company holds a 35% stake in Hutu Bih Tian Kang, while Huyanghe Tian Kang holds a 65% stake, making Hutu Bih Tian Kang a related party [8] - The company holds a 40% stake in Vietnam Hai Da Cherry Valley, while Cherry Valley Farm Co., Ltd. holds a 60% stake, making it a related party [11] Compliance and Performance Analysis - Wujiaqu Taikun has been operating normally with a good track record of performance and no barriers to compliance [3] - Xinjiang Ruili Heng has also been operating normally with a good track record of performance and no barriers to compliance [5] - Hutu Bih Tian Kang has been operating normally with a good track record of performance and no barriers to compliance [9] - Vietnam Hai Da Cherry Valley has been operating normally with a good track record of performance and no barriers to compliance [12] - Beijing Hai Zhi Bao Pet Co., Ltd. has been operating normally with a good track record of performance and no barriers to compliance [14] Daily Related Transactions - The company and its subsidiaries plan to engage in daily transactions with related parties, with a total transaction amount not exceeding 607.31 million yuan for 2025 [15] - The company expects to purchase raw materials and provide services to Wujiaqu Taikun, Xinjiang Ruili Heng, and Hutu Bih Tian Kang [17][18][19] - The transactions are based on fair market pricing and are expected to enhance the company's core competitiveness and operational efficiency [20] Stock Option Incentive Plan - The company has proposed to cancel stock options for the 2021 and 2024 stock option incentive plans due to failure to meet performance conditions [49][62] - The cancellation involves a total of 9,719,550 stock options for the 2021 plan and 16,191,090 stock options for the 2024 plan [49][62] - The cancellation process has been approved by the board and complies with relevant regulations, ensuring no adverse impact on the company's financial status or operations [53][66]

Core Viewpoint - Guangdong Haid Group Co., Ltd. reported a significant increase in net profit for 2024, while cash flow from operating activities saw a notable decline, indicating a mixed financial performance that warrants investor attention [1] Revenue Performance - In 2024, the company's revenue was approximately 114.60 billion yuan, a decrease of 1.31% from 2023's 116.12 billion yuan [2] - Despite the slight revenue decline, the company achieved record-high feed sales of 26.52 million tons, a year-on-year increase of about 9%, indicating strong market competitiveness [2] - Domestic feed sales reached 22.06 million tons, up approximately 5%, while overseas feed sales surged by 40% to 2.36 million tons [2] Profitability - The net profit attributable to shareholders was approximately 4.50 billion yuan, a 64.30% increase from 2.74 billion yuan in 2023 [3] - The net profit after deducting non-recurring gains and losses was about 4.54 billion yuan, reflecting a growth of 78.60% compared to 2.54 billion yuan in 2023 [3] - Basic earnings per share rose to 2.71 yuan, up 63.25% from 1.66 yuan in 2023 [3] Cost and Expense Management - Sales expenses increased by 15.46% to approximately 2.61 billion yuan, driven by expanded sales scale and increased personnel costs [4] - Management expenses rose by 21.81% to about 3.19 billion yuan, necessitating a review of internal management efficiency [4] - Financial expenses decreased by 27.86% to approximately 369.71 million yuan, positively impacting profit growth [4] Research and Development - R&D investment amounted to approximately 911.81 million yuan, representing 0.80% of revenue, with a 9.50% increase in R&D personnel to 3,860 [5] - The company is advancing multiple R&D projects aimed at enhancing its competitive edge in the market [5] Cash Flow Analysis - The net cash flow from operating activities was approximately 7.99 billion yuan, a decrease of 37.03% from 12.70 billion yuan in 2023, primarily due to increased inventory and cash payments [6] - The net cash flow from investing activities was -6.41 billion yuan, a 67.68% increase in outflow compared to -3.82 billion yuan in 2023 [6] - The net cash flow from financing activities improved by 36.13% to -3.61 billion yuan, reflecting a reduction in loan repayments [6] Risk Factors - The company faces risks from weather anomalies and animal diseases that could impact feed demand [7][8] - Fluctuations in raw material prices, particularly for corn and soybeans, pose a risk to procurement costs [8] - Environmental policy changes may affect the industry’s capacity and market share [8] Management Compensation - The chairman received a pre-tax remuneration of 4.58 million yuan, with other executives also receiving significant compensation, reflecting the responsibility to drive company performance [9]

证券代码：002311 证券简称：海大集团 公告编号：2025-021 广东海大集团股份有限公司 举行 2024 年度业绩网上说明会的公告 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"）将于2025年4月25日（星 期五）15:00-17:00在全景网举行2024年度业绩网上说明会。 欢迎广大投资者积极参与。 一、网上业绩说明会安排 1、召开时间：2025年4月25日（星期五）15:00-17:00 2、出席人员：董事长及总裁薛华先生、副总裁及财务负责人杨少林先生、 副总裁及董事会秘书黄志健先生、独立董事何建国先生。 3、召开方式：本次说明会将采用网络远程方式举行，届时投资者可登录全 景网"投资者关系互动平台"（http://rs.p5w.net）参与本次说明会。 二、问题征集 为充分尊重投资者，提升公司业绩说明会的召开效果，现就公司2024年度业 绩说明会提前向投资者公开征集相关问题，广泛听取投资者的意见和建议。敬请 投资者于2025年4月23日前访问http://ir.p5w.net/zj/，或扫描下方二维码， ...

广东海大集团股份有限公司 2024年度财务决算报告 一、2024年公司财务报表的审计情况 公司2024年财务报告已经致同会计师事务所（特殊普通合伙）审计并出具了 标准无保留意见的审计报告。会计师的审计意见是：公司财务报表在所有重大方 面按照企业会计准则的规定编制，公允反映了海大集团2024年12月31日的合并及 公司财务状况以及2024年度的合并及公司经营成果和现金流量。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入（元） | 114,601,056,662.29 | 116,117,168,742.97 | -1.31% | 104,715,417,485.92 | | 归属于上市公司股 | 4,503,995,518.39 | 2,741,256,374.98 | 64.30% | 2,957,330,734.56 | | 东的净利润（元） | | | | | | 归属于上市公司股 东的扣除非经常性 | 4,539,064,747.56 | 2,541,491,959.42 | 78.60% ...

证券代码：002311 证券简称：海大集团 公告编号：2025-012 一、日常关联交易基本情况 广东海大集团股份有限公司 关于2025年日常关联交易预计的公告 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。 （一）日常关联交易概述 广东海大集团股份有限公司（以下简称"公司"）及控股子公司根据正常经 营需要，预计与公司控股股东广州市海灏投资有限公司及其分子公司和关联方、 公司关联方佛山市海航兴发农牧发展有限公司及其分子公司、五家渠泰昆植物蛋 白有限责任公司等发生房屋租赁、物业管理、日常购销、零星劳务及服务等若干 日常性关联交易，预计 2025 年关联交易总额不超过 60,731 万元。2024 年，公司 与上述关联方的日常关联交易实际发生金额为 46,506.36 万元。 2025 年 4 月 18 日，公司第六届董事会独立董事专门会议 2025 年第一次会 议审议通过了《关于 2025 年日常关联交易预计的议案》，并同意提交公司第六 届董事会第二十四次会议审议。2025 年 4 月 18 日，公司召开的第六届董事会第 二十四次会议审议通过了《关于 2025 ...

（二）风险承担能力水平 致同会计师事务所已购买职业保险，累计赔偿限额 9 亿元，职业保险购买符 合相关规定。2023 年末已计提职业风险基金 815.09 万元。 广东海大集团股份有限公司 关于对会计师事务所 2024 年度履职情况评估 及审计委员会对会计师事务所履行监督职责情况的报告 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。 根据《公司法》《证券法》《上市公司治理准则》《国有企业、上市公司选聘 会计师事务所管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》和《公司章程》等相关规定，广东海大集团股份有限公司 （以下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真 履职。现将会计师事务所 2024 年度履职情况评估及审计委员会对会计师事务所 履行监督职责情况汇报如下： 一、会计师事务所基本情况 （一）基本信息 致同会计师事务所（特殊普通合伙）（以下简称"致同会计师事务所"）前身 是 1981 年成立的北京会计师事务所，2011 年经北京市财政局批准转制为特殊普 通合伙，2012 年更名为致同会计师事务所（特 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-017 广东海大集团股份有限公司（以下简称"公司""本公司"）于 2025 年 4 月 18 日召开第六届董事会第二十四次会议，审议通过了《关于公司 2024 年员工持 股计划第一个归属期业绩考核指标未达成的议案》，现将有关情况公告如下： 一、2024 年员工持股计划已履行的决策程序和批准情况 1、2024 年 2 月 5 日，公司召开了第六届董事会第十七次会议，审议通过了 《关于<广东海大集团股份有限公司 2024 年员工持股计划（草案）>及其摘要的 议案》（以下简称"2024 年员工持股计划"）、《关于<广东海大集团股份有限 公司 2024 年员工持股计划管理办法>的议案》《关于提请股东大会授权董事会办 理 2024 年员工持股计划有关事项的议案》及《关于将董事长亲属杨建涛先生作 为 2024 年股票期权激励计划及 2024 年员工持股计划对象的议案》。 2、2024 年 2 月 5 日，公司召开了第六届监事会第十四次会议，审议通过了 《关于<广东海大集团股份有限公司 2024 年员工持股计划（草案）>及其摘要的 议案》《关于<广东海大集团股 ...