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].

周期，周期，还是周期！ 作者 | 萧瑟 编辑 | 小白 农林牧渔可以说是与春节关系最为紧密的行业，毕竟春节时间节点的确定依据正是古时的农业历法。 农业社会中，春节往往被视作是新一轮生产周期起始的标志。而人们在此时进行的各种庆祝习俗，也 有祈愿新的一年风调雨顺、农业丰收的寓意。 但在二级市场，2024年对于农业来讲并不是一个友好的年份。申万农林牧渔指数全年下跌11.6%，不 仅跑输上证指数24.2pct，更是在31个行业中排在倒数第二。 从行业名字中我们也能感受到，农林牧渔业态繁多，包含种植、养殖、捕捞等，仅用单一指数很难对 下跌原因一以概之。 因此我们还是按老规矩，聚焦到前十大市值公司来逐个剖析。 有意思的是，从这十家公司的股价表现看，倒是很难感受到行业整体的颓势，甚至其中还有接近翻倍 的个股。 | 公司名称 | 2024年末市值(亿元) | 全年涨跌幅 | 二级行业 | | --- | --- | --- | --- | | 牧原股份 | 2099.9 | J. 4.7% | 养殖业(申万) | | 金龙鱼 | 1768.0 | 2.0% | 农产品加工(申万) | | 温氏股份 | 1098.6 | J ...

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]

Financial Performance - The company expects a net profit attributable to shareholders of between 4.25 billion and 4.80 billion yuan for 2024, representing a year-on-year growth of 55.04% to 75.10%[5] - The estimated net profit after deducting non-recurring gains and losses is projected to be 4.05 billion yuan, with a year-on-year increase of 59.36%[2] - The basic earnings per share are expected to be 2.55 yuan, compared to 1.66 yuan per share in the previous year[2] Sales and Operations - The company achieved a feed sales volume of approximately 26.5 million tons in 2024, including about 2.1 million tons for internal breeding use, reflecting a year-on-year growth of approximately 9%[4] - The company continues to focus on its core feed business, enhancing product strength, professionalism, and regional coverage[4] Risk and Compliance - The financial data presented is preliminary and has not been audited by an accounting firm[3] - The company warns investors to pay attention to investment risks as the financial data will be finalized in the 2024 annual report[6] Customer Value Creation - The company emphasizes the importance of creating value for customers through iterative upgrades of products, services, and solutions related to its core feed business[5]

北京市中伦（上海）律师事务所 关于广东海大集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年一月 北京市中伦（上海）律师事务所 关于广东海大集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：广东海大集团股份有限公司 广东海大集团股份有限公司（下称"公司"）2025 年第一次临时股东大会（下 称"本次股东大会"）于 2025 年 1 月 9 日召开。北京市中伦（上海）律师事务所 （下称"本所"）接受公司的委托，指派律师（下称"本所律师"）出席本次股东大 会，根据《中华人民共和国公司法》《上市公司股东大会规则（2022 年修订）》等 法律、行政法规、部门规章、规范性文件（以下统称"适用法律"）以及《广东海 大集团股份有限公司章程》（下称《公司章程》）、《广东海大集团股份有限公司股东 大会议事规则》（下称《议事规则》）的规定，对本次股东大会的召集和召开程序、 出席会议人员的资格、召集人资格、会议表决程序以及表决结果进行验证，并出具 本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会议 人员的资格、召集人资格、会议表决程序以及表决结果是否符合适 ...

证券代码：002311 证券简称：海大集团 公告编号：2025-001 广东海大集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 本次参与的股东（包括股东代理人，下同）共 358 名，代表公司有表决权股 份总数 1,210,988,713 股，约占公司本次股东大会股权登记日有表决权股份总数 （以下简称"有表决权股份总数"）1,663,685,770 股的 72.79%；其中现场参与的 股东 6 人，代表公司有表决权股份 911,427,051 股，约占公司有表决权股份总数 的 54.78%；通过网络投票方式参与的股东 352 人，代表公司有表决权股份 299,561,662 股，约占公司有表决权股份总数的 18.01%。参与的中小投资者（除 单独或合计持有公司 5%以上股份的股东及公司董事、监事、高级管理人员以外 的其他股东）356 人，代表公司有表决权股份总数 299,987,110 股，约占公司有 表决权股份总数的 18.03%。 根据《公司法》及相关规则要求，上市公司回购专用账户中的股份不享有股 东 ...

Group 1 - Shenyang Shengkang Biotechnology Service Co., Ltd. has been established with a registered capital of 500,000 yuan [1] - The legal representative of the company is Yuan Jianwei [1] - The business scope includes sales of feed raw materials, agricultural and sideline products, feed additives, and livestock machinery [1] Group 2 - The company is jointly held by Haida Group and others [2]