证券代码：002311 证券简称：海大集团 公告编号：2024-070 广东海大集团股份有限公司 2024 年第二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。 特别提示： 1、本次股东大会无出现否决议案的情形； 2、本次股东大会无涉及变更以前股东大会决议的情况。 一、会议召开和出席情况 广东海大集团股份有限公司 2024 年第二次临时股东大会（以下简称"本次 股东大会"）现场会议于 2024 年 11 月 4 日 14:30 在广东省广州市番禺区南村镇 万博四路 42 号海大大厦 2 座会议室召开。本次会议由公司董事会召集，已于 2024 年 10 月 19 日在《证券时报》《中国证券报》《上海证券报》《证券日报》及巨潮 资讯网披露了关于本次股东大会的会议通知。本次股东大会的召集、召开程序符 合《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东大会规则》 （以下简称《股东大会规则》）和《公司章程》的有关规定。 本次参与的股东（包括股东代理人，下同）共 416 名，代表公司有表决权股 份总数 1,088,162,562 股， ...

Core Insights - A new company, Shanwei Haize Agricultural Gene Technology Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The company is fully owned by Guangdong Haixing Agricultural Group Co., Ltd., a subsidiary of Haida Group [1] Company Overview - The legal representative of the new company is Chen Rongjian [1] - The business scope includes agricultural scientific research and experimental development, bio-feed research and development, aquaculture seed production, and transgenic aquaculture seed production [1]

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 59.80 CNY from the previous 63.02 CNY [3][4]. Core Views - The third-quarter profit slightly exceeded expectations, with stable growth in the feed business and substantial profits from pig farming hedging. Looking ahead, the industry output is expected to improve year-on-year in 2025, and the company's overseas business is gradually increasing in volume and profit [2][3]. Summary by Sections Financial Performance - For the first three quarters, the company achieved operating revenue of 848.61 million CNY, a year-on-year increase of 2.38%, and a net profit attributable to shareholders of 3.624 billion CNY, up 60.95% year-on-year [3]. Feed Business - The feed industry concentration is increasing, and the pig farming industry has seen significant consolidation in recent years. The company has shown strong flexibility in its pig feed business, successfully entering family farms and large group farms, resulting in better growth than the industry average [3]. Market Outlook - The report anticipates a recovery in livestock inventory in 2025, with a narrowing decline in pig feed production. The special aquaculture feed market is also expected to improve due to low inventory levels and rising prices in 2025 [3]. Overseas Sales - The company is experiencing gradual growth in overseas feed sales, with expected sales volume reaching 2.3 million tons, primarily in aquaculture feed. The overseas market is projected to grow at a compound annual growth rate of around 30% over the next 3-4 years, which will help smooth seasonal performance fluctuations [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported a revenue of 84.861 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.38%, while the net profit attributable to shareholders reached 3.624 billion yuan, an increase of 60.95% [1]. - In Q3 2024, the company achieved a revenue of 32.565 billion yuan, down 4.75% year-on-year, but the net profit attributable to shareholders was 1.499 billion yuan, up 30.17% [1]. - The feed business is developing steadily, with overseas sales growing over 30% in the first half of the year, continuing a strong growth trend in Q3 [1]. - The pig farming business has exceeded expectations, with costs decreasing due to falling raw material prices, leading to better profitability for the year [1]. Financial Performance Summary - Revenue (in million yuan): - 2022A: 104,715 - 2023A: 116,117 - 2024E: 127,923 - 2025E: 143,610 - 2026E: 158,680 - Year-on-year growth rates: - 2022: 21.6% - 2023: 10.9% - 2024E: 10.2% - 2025E: 12.3% - 2026E: 10.5% [2]. - Net profit (in million yuan): - 2022A: 2,957 - 2023A: 2,741 - 2024E: 4,303 - 2025E: 5,229 - 2026E: 5,952 - Year-on-year growth rates for net profit: - 2022: 80.7% - 2023: -7.3% - 2024E: 57.0% - 2025E: 21.5% - 2026E: 13.8% [2]. Stock Information - The company operates in the feed industry and had a closing price of 45.76 yuan on October 24, 2024 [3]. - The total market capitalization is approximately 76.133 billion yuan, with a total share count of 1,663.75 million shares [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company reported a revenue of 84.861 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.38%, while the net profit attributable to shareholders was 3.624 billion yuan, reflecting a year-on-year increase of 60.95% [3]. - The feed business shows significant competitive advantages with rapid growth in overseas sales, achieving over 1 million tons in sales in overseas markets, a 30% year-on-year increase [3]. - The pig farming sector is expected to improve profitability due to rising pig prices and decreasing feed costs, with the average price of pigs in Q3 reaching 19.68 yuan per kilogram [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 32.565 billion yuan, down 4.75% year-on-year, and a net profit of 1.499 billion yuan, up 30.17% year-on-year [3]. - The total feed production for the first three quarters was 22.787 million tons, a decrease of 4.3% year-on-year, with the average price of compound feed at 3.46 yuan per kilogram, down 8.6% year-on-year [3]. Business Segments - The feed segment's market share continues to grow, with expectations for steady improvement in gross margins due to the ongoing decline in raw material prices [3]. - The company is expanding its overseas feed production capacity and aims to replicate its domestic success in international markets, which is anticipated to contribute to new growth [3]. Profitability Outlook - The company forecasts net profits of 4.236 billion yuan, 5.179 billion yuan, and 6.066 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 2.55 yuan, 3.11 yuan, and 3.65 yuan [4]. - The report indicates a PE ratio of 18, 15, and 13 for the years 2024, 2025, and 2026 respectively, suggesting a favorable long-term growth outlook [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company's profitability has significantly improved, with a net profit of 3.624 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 60.95%, despite a slight decline in total revenue of 848.61 billion yuan, down 2.38% year-on-year [1]. - The company has demonstrated competitive advantages in the feed industry, particularly as the market faces increased competition and demand fluctuations in various livestock sectors [1]. - The overseas business is thriving, with sales reaching 1.71 million tons in 2023, a 24% increase year-on-year, and over 1 million tons in the first half of 2024, with a growth rate exceeding 30% [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 848.61 billion yuan, a decrease of 2.38% year-on-year, while the net profit attributable to shareholders was 3.624 billion yuan, an increase of 60.95% [1]. - The company is projected to achieve revenues of 1,241.78 billion yuan, 1,435.08 billion yuan, and 1,588.56 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.352 billion yuan, 4.819 billion yuan, and 5.252 billion yuan [2][4]. Market Position - The company has maintained a competitive edge in the feed industry despite intensified competition, particularly in the aquaculture sector, where demand for feed has been affected by reduced farming scales and profitability [1]. - The company’s strategy of creating value for farmers through innovative products and a comprehensive service system has proven successful in both domestic and international markets [1]. Valuation Metrics - The projected P/E ratios for the company are 17, 15, and 14 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [2][4]. - The company’s return on equity (ROE) is expected to be 19% in 2024, decreasing to 17% by 2026, reflecting strong profitability [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported Q3 2024 revenue of 32.565 billion yuan, a year-on-year decrease of 4.75%, while net profit attributable to shareholders was 1.499 billion yuan, an increase of 30.17% year-on-year [2][6] - The feed business showed steady growth, with poultry feed benefiting from an overall increase in stock and good profits from egg poultry, while pig feed sales declined due to low pig inventory but are gradually recovering [6] - The company is experiencing a reduction in breeding costs, combined with hedging strategies and favorable pig prices, leading to good profitability in pig farming [6] Summary by Sections Financial Performance - Q3 2024 sales gross margin was 11.63%, up 3.16 percentage points year-on-year, and net profit margin was 4.80%, up 1.28 percentage points year-on-year [6] - For the period from the beginning of the year to the end of Q3, the net cash flow from operating activities was 7.814 billion yuan, a decrease of 15.97% year-on-year [6] Business Segments - The company’s feed sales showed robust growth, particularly in poultry feed, while pig feed sales are slowly recovering due to improved breeding profitability [6] - The overseas business in countries like Vietnam, Indonesia, and Ecuador is entering a harvest phase, with significant sales growth in Q3 2024 [6] Future Projections - Revenue projections for 2024-2026 are 114.665 billion yuan, 126.537 billion yuan, and 138.283 billion yuan, with year-on-year growth rates of -1.25%, +10.35%, and +9.28% respectively [6] - Net profit projections for the same period are 4.410 billion yuan, 4.816 billion yuan, and 5.256 billion yuan, with growth rates of 60.87%, 9.22%, and 9.12% respectively [6]

Investment Rating - The report maintains a "Buy-A" rating for the company Hai Da Group (002311.SZ) [1][2] Core Views - The overall fundamentals of the company continue to show a recovery trend, with a slight decline in revenue but a significant increase in net profit [1][2] - The company's market share in the feed business has further improved, despite a decrease in overall industry production [2] - The domestic pig farming business has shown a recovery in fundamentals, with rising prices and improved profitability [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 848.61 billion yuan, a year-on-year decrease of 2.38%, while net profit attributable to shareholders was 36.24 billion yuan, a year-on-year increase of 60.95% [1] - The earnings per share (EPS) for the first three quarters was 2.18 yuan, with a return on equity (ROE) of 17.28%, up by 5.26 percentage points year-on-year [1] - The company expects net profit attributable to shareholders to reach 43.77 billion yuan in 2024, with corresponding EPS of 2.63 yuan [2][3] Market and Industry Analysis - The total production of industrial feed in the country decreased by 4.3% year-on-year, while the average prices of various feed types also saw declines [2] - The company’s feed sales growth rate remains above the industry average, indicating a gain in market share [2] - The average price of domestic pigs rose significantly in Q3, leading to improved profitability for pig farming operations [2] Future Projections - The company forecasts operating revenue to grow to 135.43 billion yuan in 2024, with a year-on-year growth rate of 16.6% [3] - Expected net profit for 2025 and 2026 is projected at 5.39 billion yuan and 6.33 billion yuan, respectively, with corresponding EPS of 3.24 yuan and 3.80 yuan [3][4]

海[Ta大ble集_Sto团ckN（ameRptType] 002311） 公司点评 [Table_Title]国内饲料稳步增长，海外业务成新亮点 | --- | --- | --- | |----------------------------------------------------------------------------------------------------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The overseas feed growth has exceeded expectations, and the pig farming business has contributed considerable profits. The company's net profit attributable to shareholders has maintained high growth [4] - The company has adjusted its profit forecast upwards due to higher-than-expected pig hedging profits and anticipates a return of stock incentive expenses in Q4 2024 [4] - The company expects to achieve net profits of 4.43 billion, 5.11 billion, and 5.21 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.66, 3.07, and 3.13 yuan [4] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue and net profit attributable to shareholders of 84.861 billion and 3.624 billion yuan, respectively, with a year-on-year change of -2.38% and +60.95% [4] - In Q3 2024, revenue and net profit attributable to shareholders were 32.565 billion and 1.499 billion yuan, respectively, with a year-on-year change of -4.75% and +30.17% [4] - The company’s total feed sales in Q3 2024 were approximately 7-7.1 million tons, with poultry feed sales around 3.4 million tons and aquaculture feed sales about 2.1 million tons, showing growth against a backdrop of overall industry sales decline [5] Cost and Profitability Insights - The decline in raw material prices, such as corn and soybean meal, has led to a decrease in feed costs, driving the company's pig farming costs down to 7.2-7.3 yuan per jin, contributing approximately 600 million yuan in gross profit for Q3 2024 [6] - The company expects to sell approximately 5.5-5.6 million pigs in 2024, with Q4 being a traditional peak season [6] Growth Drivers - The overseas feed business is anticipated to become a new growth driver, with overseas feed sales in Q3 2024 increasing by 36-37% year-on-year, exceeding company expectations [5] - The company has established core production capacity in regions rich in breeding resources, such as Southeast Asia, South America, and Africa, and is continuously expanding into surrounding markets [5]