Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in the first half of 2024 met expectations, with a revenue of 52.296 billion yuan, a slight decrease of 0.84% year-on-year, and a net profit attributable to shareholders of 2.125 billion yuan, representing a significant increase of 93.15% year-on-year [1]. - The feed sales volume increased against the trend, with a total of 11.79 million tons sold, up approximately 8.5% year-on-year, and the market share continued to rise [1]. - The company has seen substantial improvements in the profitability of aquatic feed, driven by strategic adjustments made in the previous year [1]. - The company is expanding its overseas market presence, with external feed sales exceeding 1 million tons, a year-on-year increase of over 30% [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 52.296 billion yuan and a net profit of 2.125 billion yuan, with feed sales volume reaching 11.79 million tons [1]. - The company expects net profits for 2024, 2025, and 2026 to be 4.303 billion yuan, 5.229 billion yuan, and 5.952 billion yuan respectively, with year-on-year growth rates of 57%, 21.5%, and 13.8% [1][2]. Business Segments - The aquatic feed segment saw a year-on-year growth of approximately 10%, while poultry feed external sales increased by about 14% [1]. - The company is investing in its seedling business and has established a seedling farm in Southeast Asia as part of its international strategy [1]. - The pig farming business turned profitable in the first half of 2024, with a total of approximately 2.7 million pigs sold [1]. Market Outlook - The report indicates a downward adjustment in the company's earnings forecast due to lower-than-expected feed sales [1]. - The company is expected to maintain a price-to-earnings ratio of 17x for 2024 [1].

畜牧业 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩同比高增，市占率逆势提升 ——海大集团(002311)2024 年中部点评报告 发布日期：2024 年 08 月 05 日 投资要点： 证券研究报告-公司点评报告 增持(维持) 市场数据(2024-08-02) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 41.80 | | 一年内最高/最低(元) | 54.31/37.80 | | 沪深 300 指数 | 3,384.39 | | 市净率(倍) | 3.45 | | 流通市值(亿元) | 694.93 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 12.10 | | 每股经营现金流(元) | 1.14 | | 毛利率(%) | 11.15 | | 净资产收益率_摊薄(%) | 10.55 | | 资产负债率(%) | 56.24 | | 总股本/流通股(万股) | 166,375.00/166,252. ...

海[Ta大ble集_Sto团ckN（ameRptType] 002311） 公司点评 [Table_Title]饲料销量稳步增长，套保助力生猪业务 | --- | --- | --- | |--------------------------------|--------------|------------| | [T投a资ble评_R级an：k] | 买入（维持） | 主要观点： | | 报告日期： | 2024-07-30 | | | [收Ta盘bl价e_（Ba元se）Data] | 42.55 | | | 近12个月最高/最低（元） | 53.96/36.68 | | | 总股本（百万股） | 1,664 | | | 流通股本（百万股） | 1,663 | | | 流通股比例（%） | 99.93 | | | 总市值（亿元） | 708 | | | 流通市值（亿元） | 707 | | | [公Ta司ble价_C格ha与rt]沪深300 | 走势比较 | | 公司公布 2024 年半年报：实现收入 522.96 亿元，同比下降 0.8%；实 现归母净利润 21.25 亿元，同比增长 93.2%，扣非后 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][8]. Core Views - The company's feed business is expected to maintain a growth in both volume and profit, while the pig farming segment has turned profitable [2][3]. - The company achieved a revenue of 52.296 billion yuan in the first half of 2024, with a year-on-year decrease of 0.84%, but a significant increase in net profit attributable to shareholders of 2.125 billion yuan, up 93.15% year-on-year [2]. - The feed sales revenue was 41.341 billion yuan, down 3.19% year-on-year, primarily due to a decrease in raw material prices and feed selling prices [2]. - The company’s feed sales volume increased by 8% year-on-year, with significant growth in aquaculture and poultry feed sales [2][3]. Financial Performance Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 4.098 billion, 5.168 billion, and 6.017 billion yuan respectively, with corresponding EPS of 2.46, 3.11, and 3.62 yuan [3][9]. - The projected PE ratios for 2024, 2025, and 2026 are 18, 14, and 12 times respectively [3][9]. - The company’s feed business gross margin for the first half of 2024 was 9.76%, an increase of 1.23 percentage points from the full year of 2023 [2][3]. - The total revenue is expected to grow from 104.715 billion yuan in 2022 to 159.106 billion yuan in 2026, with a compound annual growth rate of approximately 12.62% [9]. Market Position and Strategy - The company is actively adjusting its customer structure and expanding into large-scale farming groups to counteract the decline in pig feed sales due to reduced inventory among small and medium-sized farmers [2][3]. - The company has achieved over 1 million tons in overseas feed sales, marking a 30% year-on-year increase, indicating potential for new growth avenues [2][3]. Analyst Insights - The report emphasizes the company's multi-dimensional core cost advantages that will continue to support its main feed business and enhance market share amid fierce competition [3][11]. - The professional capabilities in pig farming are improving, and the company is focusing on continuous research and development in animal health and breeding [2][3].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved revenue of RMB 52.3 billion in the first half of 2024, a slight decrease of 0.84% YoY, but net profit attributable to shareholders surged by 93.15% YoY to RMB 2.13 billion [4] - The company's aquatic feed business grew against the market trend, with sales volume increasing by approximately 10% YoY in H1 2024, driven by strong product offerings and comprehensive service capabilities [4] - The company's pig feed sales declined by 7% YoY in H1 2024 due to reduced demand from small-scale farmers, but poultry feed sales increased by 14% YoY [5] - The company's overseas business saw significant growth, with feed sales exceeding 1 million tons, up over 30% YoY, and profitability improved [7] - The company's breeding business turned profitable in H1 2024, with 2.7 million pigs sold, and the overall breeding capacity continues to improve [7] Financial Performance and Forecast - The company's revenue is expected to grow from RMB 116.1 billion in 2023 to RMB 152.3 billion in 2026, with a CAGR of 11.1% [6] - Net profit is projected to increase from RMB 2.74 billion in 2023 to RMB 5.82 billion in 2026, with a CAGR of 20.5% [6] - The company's gross margin is expected to improve from 8.5% in 2023 to 10.6% in 2026 [6] - EPS is forecasted to grow from RMB 1.65 in 2023 to RMB 3.50 in 2026 [6] Market and Industry Analysis - The aquatic feed industry faced pressure in H1 2024, with national production declining by 2.4% YoY, but the company outperformed with a 10% sales growth [4] - The company's market share in the aquatic feed sector is expected to further increase in H2 2024 due to favorable market conditions and strategic adjustments [4] - The company's pig feed business is expected to recover in H2 2024 as pig farming profits improve and restocking increases [5] Valuation and Recommendations - The report values the company at a PE range of 20-25x for 2024, implying a fair value range of RMB 55.0-68.8 per share [7] - The company's long-term strategy includes expanding its overseas market and leveraging its technological and operational advantages [7]

农林牧渔/饲料 公 司 研 究 海大集团（002311.SZ） 2024 年 07 月 31 日 猪周期反转业绩改善，饲料短期承压长期增长无忧 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------------|--------------------------| | 陈雪丽（分析师） | 王高展（联系人） | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790123060055 | 猪周期反转业绩改善，饲料业务短期承压长期增长无忧，维持"买入"评级 海大集团发布 2024 年中报，2024H1 实现营收 522.96 亿元(同比-0.84%)，归母净 利润 21.25 亿元(同比+93.15%)，其中 2024Q2 实现营收 291.24 亿元(同比-0.87%)， 归母净利润 12.64 亿元(同比+82.64%)。受益于猪周期反转猪价上行，公司归母净 利润实现同比较高增长。公司饲料业务受行业竞争加剧影响短期承压，我们下调 公司 20 ...

海大集团 0730 Q&A Q：上半年海外业务增速超过了年初预算的目标，能否解释一下推动这一高速增长的因素有哪些？另 外，未来几年我们的海外业务产能规划和增长目标是怎样的？ A：海外增长的动力主要来源于三个方面：一是产品力提升，通过采用国内配方降低了 10%-21%的 成本，并保持较强的市场竞争力；二是服务体系优势，如在越南等地提供种苗和动保服务，形成产业 链优势；三是团队优势，通过派遣优秀人才进行锻炼和支持。基于这些因素，我们实现了超过 30%的 销量增长且利润可观。未来 3-5 年的规划中，我们预计通过收购和自建工厂的方式，维持海外业务 25%-30%的增长率。 Q：关于生猪养殖的成本情况，能否拆分上半年外购仔猪和自产仔猪的成本，并介绍一下下半年的成 本展望？ A：上半年外购仔猪成本大约为每头 200 元，尤其在二季度成本达到每斤 6.7 至 6.8 元。目前综合成 本约为每斤 7.1 元，未计入利息费用。预计下半年成本会上升，尤其是四季度成本可能上涨至每斤 7.9 至 8 元以上，主要因为四季度外购仔猪的成本将超过 550 元。整体而言，下半年的成本控制可能 会面临更大挑战。 Q：明年我们在套保这块的计 ...

证券研究报告 非金融公司|公司点评|海大集团（002311） 饲料销量逆势增长，养殖业绩显著改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月30日 证券研究报告 |报告要点 公司披露 2024 半年度报告，实现营收 522.96 亿元，同比下降 0.84%：归母净利 21.25 亿元， 同比增长 93.15%。2024H1 公司饲料外销量 1081 万吨（同比+8%），其中①水产料外销量同比 增约 10%，普水料同比增 15%-20%；高档膨化鱼料同比持平微增；虾蟹料同比增 8%，其中南美 白对虾料同比增约 20%；②禽料外销量同比增约 14%；③猪料外销量同比下滑 7%；④海外销量 超 100 万吨（同比增 30+%）。种苗实现营收约 7 亿元，同比微降。动保实现营收 4.66 亿元（同 比-23%）。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年07月30日 海大集团(002311) 饲料销量逆势增长，养殖业绩 ...

证券代码：002311 证券简称：海大集团 | --- | --- | --- | |----------------|---------------|-------------| | | □特定对象调研 | □分析师会议 | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | □其他 参与单位名称及 人员姓名 详见附件 时间 2024 年 7 月 30 日（周二）下午 15:00-16:00 地点 公司会议室 上市公司接待人 副总裁及董事会秘书黄志健先生、证券事务代表杨华芳女士、证券 员姓名 部经理李坦航 经营情况介绍 2024 年上半年：公司实现营业收入 522.96 亿元，同比微降 0.84%，主要是由于饲料大宗原材料农产品价格下跌，导致饲料产 品单价跟随下调、营业收入微降；实现归属于上市公司股东的净利 润 21.25 亿元，同比增长 93.15%。 具体业务板块方面：饲料业务：公司实现饲料销量 1,179 万吨 投资者关系活动 （含内部养殖耗用量 98 万吨），同比增长 8.5%，饲料对外销量 主要内容介绍 1,081 万 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's feed business shows stable growth, and the pig farming sector is experiencing improved profitability. In the first half of 2024, total revenue was 52.296 billion yuan, a year-on-year decrease of 0.84%, while net profit attributable to the parent company was 2.125 billion yuan, an increase of 93.15% [2][3] Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved total revenue of 52.296 billion yuan, down 0.84% year-on-year, while net profit attributable to the parent company reached 2.125 billion yuan, up 93.15% year-on-year. The significant profit growth is attributed to an increase in market share and profitability in the feed business, alongside a turnaround in the farming segment [2][3] Feed Sales Performance - The company experienced a counter-cyclical growth in feed sales, achieving a total feed sales volume of approximately 11.79 million tons (including 0.98 million tons for internal use), which represents a year-on-year increase of about 8.5%. The external sales volume was 10.81 million tons, up 8% year-on-year, further enhancing market share. Notably, external sales of aquatic feed increased by about 10%, and poultry feed by about 14%, while pig feed saw a decline of 7% [3] Downstream Farming Development - In the pig farming sector, the company focused on enhancing team capabilities and its own breeding system, leading to improved management and reduced overall farming costs. In the first half of the year, approximately 2.7 million pigs were sold, marking a turnaround to profitability. In aquatic farming, the main species raised include special aquatic products like live fish and shrimp, with a recovery in live fish prices contributing to reduced losses in this segment. The company plans to rationalize farming scale and enhance market circulation capabilities to mitigate risks [3] Earnings Forecast and Investment Rating - Considering the impact of fluctuations in feed raw material prices, the revenue forecasts for 2024-2026 are adjusted to 130.432 billion yuan, 143.933 billion yuan, and 162.542 billion yuan, respectively. The net profit attributable to the parent company is projected to be 3.889 billion yuan, 4.506 billion yuan, and 5.335 billion yuan, corresponding to P/E ratios of 18, 16, and 13 times. The company has shown steady development over the years, with a steady increase in the main feed business, thus maintaining a "Buy" rating [3][5][6]