Financial Performance - The company's operating revenue for 2024 was CNY 114.60 billion, a decrease of 1.31% compared to CNY 116.12 billion in 2023[29]. - Net profit attributable to shareholders for 2024 reached CNY 4.50 billion, representing a significant increase of 64.30% from CNY 2.74 billion in 2023[29]. - The net profit after deducting non-recurring gains and losses was CNY 4.54 billion, up 78.60% from CNY 2.54 billion in the previous year[29]. - The net cash flow from operating activities for 2024 was CNY 7.99 billion, down 37.03% from CNY 12.70 billion in 2023[29]. - Basic earnings per share for 2024 increased to CNY 2.71, a rise of 63.25% compared to CNY 1.66 in 2023[29]. - Total assets at the end of 2024 were CNY 48.14 billion, reflecting a growth of 7.58% from CNY 44.75 billion at the end of 2023[29]. - Net assets attributable to shareholders increased to CNY 23.91 billion, a rise of 21.67% from CNY 19.65 billion in 2023[29]. - The company reported a quarterly revenue of CNY 32.56 billion in Q3 2024, marking a significant contribution to the annual performance[33]. - The company received government subsidies amounting to CNY 88.41 million in 2024, compared to CNY 59.12 million in 2023[35]. - The weighted average return on equity for 2024 was 20.88%, an increase from 14.53% in 2023[29]. Market and Sales Performance - In 2024, the company achieved a feed sales volume of 26.52 million tons, a year-on-year increase of approximately 9%[44]. - The company's market share increased, with poultry feed external sales reaching 12.65 million tons, up about 12% year-on-year[44]. - Aquatic feed external sales grew by approximately 11% to 5.85 million tons, benefiting from strategic resource allocation and support for quality customers[45]. - Domestic feed external sales were 22.06 million tons, reflecting a 5% year-on-year increase, despite a 2.1% decline in total industrial feed production in China[45]. - The company reported a decrease in pig feed external sales by approximately 3% to 5.64 million tons, attributed to a decline in the number of small and medium-sized pig farmers[44][46]. - The company is focusing on adjusting its customer structure to target strong family farms and large-scale operations in the pig farming sector[46]. - The company is actively expanding its market presence in Southeast Asia, where demand for animal protein is expected to grow significantly[40]. - The global animal feed production is nearing 1.3 billion tons, with China accounting for approximately 24% of this total[39]. - Overseas feed sales reached 2.36 million tons, a year-on-year increase of approximately 40%, with significant growth in aquaculture feed (25-30%) and poultry feed (50%)[48]. - In Vietnam, the company anticipates a sales growth rate of 25-30% in 2024, maintaining its position as the largest overseas sales region[49]. Research and Development - The company invests significantly in research and development, focusing on animal nutrition, feed formulation technology, and health breeding models, which enhances its ability to adjust feed formulations in response to raw material price fluctuations[10]. - The company has a strong R&D focus, investing significantly in seven key areas, which supports product optimization and cost competitiveness[60]. - The company has developed nine national aquatic new varieties, showcasing its leading technology in seed breeding[62]. - The number of R&D personnel increased by 9.50% to 3,860, with a notable rise in the number of master's and doctoral degree holders[79]. - Total R&D investment reached ¥911,811,476.92, a 13.54% increase from the previous year, with a capitalization rate of 5.68%[79]. Operational Strategies - The company has established a comprehensive layout of factories in major breeding areas in China and overseas markets, effectively mitigating risks from local weather anomalies and natural disasters[6]. - The company has a complete range of feed products, including pig, chicken, and duck feed, which helps to manage risks associated with single species disease outbreaks[8]. - The company has implemented a strict disease prevention system in its feed production process, leveraging its technical advantages to control animal disease risks[8]. - The company is enhancing its foreign exchange risk management by carefully selecting settlement currencies and utilizing financial instruments to hedge against currency fluctuations[13]. - The company has adopted a mixed procurement strategy for raw materials, combining centralized purchasing of bulk commodities with local sourcing to manage procurement risks effectively[10]. - The company is committed to expanding its aquaculture and light-asset pig farming models, ensuring unique competitive advantages[55]. Governance and Compliance - The company’s governance structure includes an audit committee, a compensation and assessment committee, a strategy committee, and a nomination committee, contributing to regulatory compliance[115]. - The company has established a comprehensive internal audit system to effectively supervise daily operations[116]. - The company has maintained a high level of information disclosure, receiving the highest grade A from the Shenzhen Stock Exchange for 14 consecutive years from 2010 to 2023[117]. - The company’s monitoring and supervisory mechanisms are in place to ensure compliance and protect shareholder interests, with a supervisory board comprising 3 members[115]. - The board of directors has adopted all relevant suggestions made by its members during the reporting period[147]. Environmental Responsibility - The company strictly adheres to environmental protection laws and has obtained necessary approvals for project construction, ensuring compliance with environmental impact assessments[192]. - The company has successfully managed its internal control systems, achieving the expected goals and safeguarding shareholder interests[184]. - The company has taken measures to address any issues encountered during the integration of subsidiaries, although specific details were not provided[186]. - All key pollutant subsidiaries are equipped with pollution prevention facilities and maintain effective operation of environmental protection facilities as required[195]. - The company has implemented measures for solid waste treatment to ensure harmless and resourceful processing[195]. - The company invested over 40 million yuan in environmental governance and protection during the reporting period[198]. Employee Management and Compensation - The total remuneration for directors, supervisors, and senior management amounted to 32.64 million yuan, excluding additional performance bonuses of 95.24 million yuan for the year 2024[141][142]. - The company has a structured remuneration management system approved by the shareholders' meeting, ensuring compliance with national laws and regulations[139]. - The company has established a comprehensive training program through its "Hai University," focusing on both elite and inclusive education to enhance employee skills[155]. - The company emphasizes non-cash rewards such as honors and career development opportunities to enhance executive engagement[172]. - The total number of employees at the end of the reporting period is 41,821, with 2,628 in the parent company and 39,193 in major subsidiaries[152].

海大集团（002311）公告，2025年第一季度营收为256.29亿元，同比增长10.60%；净利润为12.82亿 元，同比增长48.99%。 ...

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" [2][8] Core Viewpoints - The agricultural sector is expected to see a significant recovery in Q1 2025, with a projected net profit of 99.30 billion yuan, marking a year-on-year increase of 705% [4][5] - Key sub-sectors expected to show strong growth include seed and planting (+320%), pig farming (+278%), and chicken farming (+117%) [3][4] - The report highlights the performance of specific companies, with notable profit increases for Muyuansheng (289%), Wen's (246%), and Shennong Group (6550%) [3][6] Summary by Relevant Sections Pig Farming - In Q1 2025, despite a slight decline in pig prices, the cost optimization has led to profitability, with an average profit of 85.89 yuan per head [3][4] - The average price of pigs was 15.06 yuan/kg, down 9.43% from the previous quarter [3] - Major pig farming companies are expected to report a combined net profit of 66.70 billion yuan, a significant turnaround from losses [3][4] Chicken Farming - The white feather chicken sector is facing price declines across the supply chain, with significant drops in chick and meat prices [3][4] - The average price for white feather chicken chicks was 2.36 yuan each, down 29.2% year-on-year [3] - Despite challenges, companies like Shennong Development are expected to achieve profitability due to cost management [3][4] Pet Food - The pet food sector is projected to grow rapidly, driven by both domestic and international markets [3][4] - Exports of pet food increased by 9.1% in early 2025, with domestic brands launching new products [3][4] - Companies like Guibao Pet and Zhongchong are expected to see net profit increases of 21% and 42%, respectively [3][4] Animal Health - The increase in livestock numbers is expected to boost sales of veterinary products, with a projected recovery in revenue and net profit for listed companies [3][4] - The number of vaccine approvals increased by 23% year-on-year, indicating a recovery in demand [3][4] Investment Analysis - The report suggests focusing on investment opportunities across various agricultural sub-sectors, particularly in light of favorable tariff policies and the push for self-sufficiency [3][4] - Recommended companies for investment include Muyuansheng, Wen's, Haida Group, Guibao Pet, Shennong Development, and Longping High-Tech [3][4][9]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

Investment Rating - The industry investment rating is "Overweight" indicating that the agricultural sector is expected to outperform the overall market [2][5]. Core Insights - The report emphasizes the strategic value of the agricultural sector under the backdrop of unexpected tariff policies and the "internal circulation + self-control" approach, highlighting investment opportunities across various sub-sectors [5][3]. - The report notes a significant increase in online sales of pet food, with March sales reaching 2.65 billion yuan, a year-on-year increase of 23% and a month-on-month increase of 44% [3][5]. Summary by Relevant Sections Agricultural Sector Performance - The Shenwan Agricultural Index rose by 3.3%, while the CSI 300 Index fell by 2.9% during the week [3][4]. - Top five gainers included Shen Nong Technology (35.7%), Xin Sai Co. (32.2%), Jin He Biological (28.8%), Wanxiang De Nong (24.9%), and Bei Da Huang (19.7%) [4][12]. Livestock Farming - Swine prices are expected to fluctuate, with the average price for external three yuan pigs at 14.80 yuan/kg, a week-on-week increase of 1.4% [3][13]. - The report anticipates a potential decline in pig prices due to increased supply in the second quarter, suggesting a left-side investment opportunity in the sector [3][5]. Poultry Farming - The price of white chicken chicks continues to weaken, with the average price at 2.54 yuan/chick, a week-on-week decrease of 7.64% [3][5]. - The report highlights the importance of monitoring consumer demand, particularly in the restaurant and catering sectors, as a key factor affecting the poultry market [3][5]. Pet Food Industry - The report indicates that domestic brands are likely to gain market share as the cost-effectiveness of imported pet food declines [5][3]. - Key companies in the pet food sector, such as Guai Bao Pet and Zhong Chong Co., reported significant growth in sales, with Guai Bao Pet achieving a 47% year-on-year increase in March [3][5]. Seed Industry - The necessity for self-control in the seed industry is increasingly evident, with a push towards biological breeding and accelerated industrialization [5][3]. - The report recommends focusing on companies like Longping High-Tech and Dabeinong in the seed sector [5][3].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pig sector shows a narrowing increase in breeding sows, indicating a need to focus on the expectation gap in the pig market [1][3] - The poultry sector, particularly broilers, is experiencing low valuations and potential elasticity in prices due to supply and demand dynamics [19][21] - The planting sector emphasizes food security and the strategic importance of biological breeding, with a focus on self-sufficiency [23] - The pet sector is witnessing a rise in domestic brands and exports, indicating a robust growth trajectory [24][25] - The feed sector is recommended for investment due to its fundamental turning point and relatively low valuations [26] Summary by Sections Pig Sector - As of April 12, the average price of pigs in China is 14.70 CNY/kg, remaining stable week-on-week, with a profit of approximately 164 CNY per head for self-breeding farms [1][16] - The supply side shows a slight decrease in average weight of pigs slaughtered, while demand remains weak, leading to a potential seasonal decline in prices [2][17] - The sector is characterized by low valuations, with major companies like Muyuan Foods and Wens Foodstuffs trading at historical lows [3][18] Poultry Sector - The broiler market faces uncertainties due to import restrictions and trade tensions, impacting supply [19][20] - Prices for broiler chicks have increased, with the average price for broiler chicks in Shandong at 3.25 CNY per chick [20] - Investment recommendations include Shengnong Development and Yisheng Livestock, with a focus on the potential for price recovery [20][21] Planting Sector - The report highlights the importance of food security, with significant imports of soybeans, corn, and wheat from the US [23] - The government is pushing for advancements in agricultural technology, particularly in biological breeding [23] - Recommended companies include Longping High-Tech and Dabeinong [23] Pet Sector - The domestic pet brand market is growing rapidly, with sales on Douyin reaching 818 million CNY in March, a year-on-year increase of 24.32% [24] - Exports of pet food are also increasing, with a total of 52,800 tons exported in the first two months of 2025, reflecting a 17.11% year-on-year growth [24][25] - Key companies to watch include Guibao Pet and Zhongchong Co [25] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed [26] - The report notes a significant recovery in prices for various aquatic products, indicating a positive outlook for the sector [26][27]

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The report emphasizes the importance of food security and self-sufficiency in agriculture, highlighting the recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the Central Committee and the State Council [1][17] - The plan focuses on ensuring stable and safe supply of food and important agricultural products, with a commitment to protect 1.865 billion acres of arable land and 1.546 billion acres of permanent basic farmland [1][17] - The report notes the acceleration of genetically modified (GM) crop approvals, with 99 GM varieties recently passing initial review, indicating a potential increase in GM crop planting and market penetration [2][18] Summary by Sections Agricultural Data Tracking - The average price of lean pigs is 14.56 CNY/kg, down 0.3% from last week, while the average wholesale price of pork is 20.84 CNY/kg, also down 0.3% [21][22] - The average price of white feather chickens is 7.34 CNY/kg, down 0.3%, and the average price of chicken products remains stable at 8.9 CNY/kg [19][35] - The report highlights the potential for investment in companies involved in the commercialization of GM crops, as the approval process is expected to enhance growth prospects for industry players [19] Livestock and Poultry - In pig farming, the report suggests focusing on leading companies with favorable cost-performance ratios, such as Muyuan Foods and Wens Foodstuffs [3][19] - In poultry farming, the report indicates a potential recovery in chicken prices and suggests monitoring seasonal price elasticity opportunities [19] Crop and Agricultural Products - The approval of GM varieties is expected to lead to commercial sales, with the report anticipating positive impacts on industry growth and profitability [19] - The report also notes that fluctuations in agricultural product prices are increasing, with leading feed companies likely to benefit from their scale and supply chain advantages [19]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The poultry prices have stopped declining and are rebounding, supported by the release of the "Accelerating the Construction of an Agricultural Power Plan" [4]. - The report highlights that the industry is currently at a relatively low valuation compared to historical averages, indicating potential for valuation recovery [4]. Summary by Sections Market Review - In March 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 2.44%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.07% [7][10]. - The animal health sector showed the highest growth, while the seed industry faced declines [10]. Livestock Farming Data Tracking - In March 2025, the average price of live pigs was 14.75 yuan/kg, with a slight month-on-month decline of 0.78% and a year-on-year decline of 0.03% [15][22]. - The average price of white feather broiler chicks was 2.88 yuan/chick, reflecting a month-on-month increase of 0.66 yuan/chick [24][27]. - The report notes a rebound in chicken prices due to improved market conditions and reduced cost pressures [27][29]. Policy Insights - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" emphasizes the need for independent innovation in seed industry and the implementation of major biological breeding projects [31][32]. - The plan aims for significant progress in agricultural modernization by 2027 and substantial achievements by 2035 [31]. Major Agricultural Product Price Tracking - The report provides insights into the price trends of key agricultural products, indicating a strong fluctuation in corn and wheat prices [33][34]. Industry Dynamics and Company News - The report tracks significant events in the industry, including government initiatives to support agricultural development and the performance of listed companies in the sector [39][41].

Core Viewpoint - Haida Group expects a significant increase in net profit for Q1 2025, driven by overseas market expansion and effective risk management in pig farming [1][3]. Group 1: Financial Performance - The company forecasts a net profit of 1.2 billion to 1.3 billion yuan for Q1 2025, representing a year-on-year growth of 39.42% to 51.04% [1]. - The non-recurring net profit is expected to grow by 57.96% to 71.13% year-on-year [1]. - In 2024, Haida Group achieved a net profit of 4.516 billion yuan, a year-on-year increase of 64.73% [4]. Group 2: Sales and Market Expansion - In Q1 2025, Haida Group's feed sales reached approximately 5.95 million tons, a year-on-year increase of about 25% [1][3]. - The company’s total feed sales for 2024 are projected to be around 26.5 million tons, with a year-on-year growth of approximately 9% [2]. - The growth in sales is primarily driven by poultry and aquaculture feed, with poultry feed sales increasing by 12% and aquaculture feed sales by 11% [2]. Group 3: Risk Management and Supply Chain - Haida Group has diversified its supply chain by sourcing corn domestically and importing soybeans from multiple countries, reducing reliance on any single country [1][6]. - The company employs a centralized procurement model combined with futures hedging to mitigate raw material price volatility [6]. - The agricultural sector, particularly the livestock breeding segment, has shown resilience amid the ongoing tariff conflicts, with Haida Group positioned as a leading player [6].