分析师： 市场数据：2024 年 7 月 29 日 收盘价（元）： 42.87 年内最高/最低（元）： 54.54/37.08 流通 A 股/总股本（亿 16.63/16.64 股）： 流通 A 股市值（亿元）： 712.72 总市值（亿元）： 713.25 基础数据：2024 年 6 月 30 日 基本每股收益(元)： 1.28 摊薄每股收益(元)： 1.28 每股净资产(元)： 12.94 净资产收益率(%)： 10.35 资料来源：最闻 饲料加工 海大集团（002311.SZ） 买入-A(维持) 业绩同比大幅回升，饲料业务逆势增长 2024 年 7 月 30 日 公司研究/公司快报 公司披露 2024 年半年报。公司 2024 年上半年实现营业收入 522.96 亿元， 同比-0.84%，归属净利润 21.25 亿元，同比增长 93.15%，EPS1.28 元，加权 平均 ROE10.56%，同比回升 4.33 个百分点。公司 2024 年 2 季度实现营业收 入 291.24 亿元，同比-0.87%，归属净利润 12.64 亿元，同比增长 82.66%。 饲料业务逆势增长，市场份额进一步提升。2024 ...

海大集团(002311) / 饲料 / 公司点评 / 2024.07.30 饲料主业竞争优势稳固,养殖专业化 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-07-29 | | 收盘价(元) | 42.87 | | 流通股本(亿股) | 16.63 | | 每股净资产(元) | 12.10 | | 总股本(亿股) | 16.64 | | 最近 12月市场表现 | | 余剑秋 分析师 SAC 证书编号： S0160522050003 yujq01@ctsec.com � 相关报告 1. 《主业优势稳健增长,盈利能力改善 明显》 2024-04-23 2. 《饲料业务稳健增长,养殖业务有所 减亏》 2023-10-22 3. 《饲料主业稳步增长,养殖业务暂时 承压》 2023-08-29 & � 核心观点 ■ 证券研究报告 事件: 公司 2024H1 营业收入-0.84%,归母净利润+93.15%。公司 2024 年上 半年实现营业收入 522.96 亿元（同比-0.84%）,归母净利润 21.25 亿元（同 ...

迁泰将投告 準大集圓 (002311 CH) 养殖矛+饲养盾，中根廷利送救高塔 부휴坏充 2024 年７月 30 日 | 中国内地 中视点评 饲养 24Q2 量利是綠高增，关注徐位修复杭金 不至贵用压力力力力力力力力光带生路养殖的重利洋性、及饲养货量的迷券增长， 在 24Q2 永好 83%的查利高增速。鱼价反转及生猪补轻及连今带动公司何 社主业矛盾，奇格价及翁货泰保模式有望提供利润支撑，表们维持公司 2024/25/26 辛妇幸冷村润预测为 39.96/60.02/66.83 亿元。多考 2024 年才 比公司 Wind 一致预期 33 倍 PE 均值、考虑到举分可比公司的经第盈利压 力，给予公司 2024 年 25 倍 PE 倍值，目标价 60 元，给材"买入"计数。 未建矛+饲养痛，24H1 重升逆勢高增 24H1 突现密业状入 523 亿元 (yoy-0.84%)、归寺冷利润 21.25 亿元 (yoy+93%)：关中 24Q2 实现密业收入 291 亿元（yoy-0.87%）、归寺净利 河 12.64 亿元(yoy+83%)。24H1 公司状入下污丸主奏系玉未显拓重粉等 原料阵价靠扮饲料产品降价所致: ...

证券研究报告 | 2024年07月30日 核心观点 公司研究·财报点评 风险提示：天气异常及疫病影响饲料行业阶段性波动的风险。 证券分析师：鲁家瑞 证券分析师：李瑞楠 021-61761016 021-60893308 lujiarui@guosen.com.cn liruinan@guosen.com.cn S0980520110002 S0980523030001 证券分析师：江海航 010-88005306 jianghaihang@guosen.com.cn S0980524070003 收盘价 42.87 元 总市值/流通市值 71325/71272 百万元 52 周最高价/最低价 54.54/37.08 元 近 3 个月日均成交额 295.41 百万元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |---------------------|---------|------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, Hai Da Group (stock code: 002311.SZ) [1]. Core Insights - The company reported a revenue of 52.296 billion yuan for H1 2024, a slight decrease of 0.84% year-on-year. However, the net profit attributable to shareholders increased significantly by 93.15% to 2.125 billion yuan [1]. - The growth in performance is attributed to the increase in market share and profitability in the feed business, as well as the turnaround in the breeding business [1]. - The company achieved a comprehensive gross margin of 11.15% in H1 2024, an increase of 2.28 percentage points year-on-year [1]. Summary by Sections Revenue Breakdown - In H1 2024, the revenue contributions from various segments were as follows: feed sales at 41.341 billion yuan (down 3.19%), agricultural product sales at 8.423 billion yuan (up 11.96%), trading business at 1.927 billion yuan (up 8.32%), and animal health products at 466 million yuan (down 23.35%) [1]. Feed Business Performance - The company sold 11.79 million tons of feed in H1 2024, an increase of 8.5% year-on-year, with external sales reaching 10.81 million tons, also up by 8% [1]. - The gross margin for the feed business improved to 9.76%, an increase of 0.92 percentage points year-on-year [1]. Breeding Business Performance - The breeding business generated 8.423 billion yuan in revenue, a year-on-year increase of 11.96%, with a gross margin of 16.89%, up 9.9 percentage points [1]. - The company reported a pig output of approximately 2.7 million heads, a year-on-year increase of 22.7%, contributing to the profitability turnaround in the breeding sector [1]. Future Outlook - The company is expected to maintain steady growth in its feed business, with rising pig prices benefiting the breeding business's profit performance. EPS is projected to be 2.38 yuan and 3.34 yuan for 2024 and 2025, respectively, corresponding to PE ratios of 18 and 13 times [1][4].

广东海大集团股份有限公司2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：广东海大集团股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算 | 2024年期初占用 | 2024年半年度占用累计 | 2024年半年度占用 | 2024年半年度偿还 | 2024年6月末占 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 的会计科目 | 资金余额 | 发生金额（不含利息） | 资金的利息(如有) | 累计发生金额 | 用资金余额 原因 | | | 控股股东、实际控制 | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | 小计 | | - | - - | - | | - | - - | - | - - | | 前控股股东、实际控 | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | 小计 | | - | - - ...

Weather and Disease Risks - The company reported significant risks from abnormal weather affecting the feed industry, which can lead to fluctuations in livestock numbers and feed demand [3]. - The outbreak of animal diseases, such as African swine fever and H7N9 virus, has negatively impacted livestock production and feed demand, with potential for regional adjustments in feed requirements [4]. - The company is exposed to risks from animal diseases, which can reduce livestock production and directly impact feed demand [63]. - The company has established a strict disease prevention system in its feed production process to mitigate risks from animal diseases [63]. - The company has expanded its factory layout across major aquaculture regions in China and overseas markets, enhancing its ability to respond to local weather anomalies and natural disasters [62]. Raw Material and Price Volatility - Major raw material price volatility poses a risk to feed and breeding costs, influenced by factors such as climate change and international trade relations [5]. - The company is at risk from significant fluctuations in raw material prices, particularly for corn and soybeans, due to various market factors [64]. - The company employs a combined procurement strategy for raw materials to manage price volatility effectively [64]. - The company has implemented a centralized procurement strategy for major raw materials to mitigate procurement cost risks and enhance local procurement capabilities [5]. Financial Performance - The company's operating revenue for the first half of 2024 was ¥52,295,799,651.78, a decrease of 0.84% compared to the same period last year [18]. - Net profit attributable to shareholders increased by 93.15% to ¥2,125,048,357.31, compared to ¥1,100,180,560.23 in the previous year [18]. - The net profit after deducting non-recurring gains and losses was ¥2,032,794,589.65, reflecting an increase of 87.98% year-on-year [18]. - Basic earnings per share rose by 91.04% to ¥1.28, up from ¥0.67 in the same period last year [18]. - The total assets of the company at the end of the reporting period were ¥49,194,715,909.51, representing a 9.94% increase from the end of the previous year [18]. - The net cash flow from operating activities decreased by 65.72% to ¥1,901,147,399.46, down from ¥5,546,439,830.41 in the same period last year [18]. Research and Development - The company is investing in research and development for key technologies in microbial fermentation feed and alternatives to antibiotics, aiming to lead industry advancements [6]. - The company has established a robust R&D system with significant investments, focusing on seven key research areas, which supports rapid development and product optimization, allowing for quick adjustments in feed formulations in response to raw material price fluctuations [31]. - Research and development expenses increased by 16.02% to ¥399,660,086.41, attributed to higher material costs and increased compensation incentives [35]. Market Expansion and Product Development - The company is expanding its production capacity in regions with strong resource availability and environmental sustainability to capture new market shares [6]. - The company is actively expanding its product configuration capabilities and international market presence, leveraging its complete supply chain advantages [33]. - The company is exploring a light-asset, low-risk farming model, particularly in pig farming, to enhance operational efficiency and reduce risks [25]. - The company aims to maintain strategic focus and solidify its core feed business while continuously enhancing product profitability despite fluctuations in the aquaculture market and intense competition [30]. Currency and Foreign Exchange Risks - The company faces risks from currency fluctuations due to its global procurement and overseas operations, which could affect business costs and asset values [7]. - The company is adopting a cautious approach to currency risk management by selecting appropriate settlement currencies and balancing regional cash flows [7]. - The company has enhanced its foreign exchange risk management strategies to mitigate potential risks from currency fluctuations [9]. - The company has implemented a foreign exchange hedging strategy to manage risks associated with overseas financing and procurement, effectively locking in exchange rate costs [50]. Environmental Compliance and Sustainability - The company strictly adheres to environmental protection laws and has obtained necessary permits for pollutant discharge, ensuring compliance with national standards [82]. - The company invested over 20 million yuan in environmental governance and protection during the reporting period [85]. - The company implemented pollution control measures including limestone desulfurization and SNCR denitrification to reduce emissions of sulfur dioxide and nitrogen oxides [85]. - The company is actively exploring energy-saving technologies and has initiated a coal boiler elimination plan to reduce reliance on fossil fuels [87]. Shareholder and Stock Management - The company plans not to distribute cash dividends or issue bonus shares for this reporting period [9]. - The 2024 stock option incentive plan was approved on March 20, 2024, with 3,655 participants receiving a total of 32.38 million stock options [72]. - The company confirmed that the performance targets for the 2023 employee stock ownership plan were not met, but the plan remains active [75]. - The company has not disclosed any significant impact on its financial status or operating results from the stock option incentive plan [74]. Related Party Transactions - The total amount of related party transactions for the reporting period is estimated at 20,736.87 million CNY, with an approved transaction limit of 49,336.00 million CNY [92]. - The company provided services to related parties amounting to 0.00 million CNY, representing 0.00% of similar transaction amounts, with an approved limit of 18.00 million CNY [92]. - The company purchased raw materials from related parties for 7,139.53 million CNY, which is 0.15% of similar transaction amounts, with an approved limit of 15,000.00 million CNY [92]. - The company sold feed to related parties for 3,541.58 million CNY, accounting for 0.07% of similar transaction amounts, with an approved limit of 9,500.00 million CNY [92].

证券代码：002311 证券简称：海大集团 公告编号：2024-055 广东海大集团股份有限公司 | 股东 | 是否为控股股东 | 本次解除质 | 占其所持股 | 占公司总股 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 押股份数量 | 份比例 | 本比例 | 起始日 | 解除日期 | 质权人 | | | 其一致行动人 | （股） | | | | | | | 海灏 | 是 | 4,800,000 | 0.53% | 0.29% | 2022 年 10 | 2024 年 7 | 中信证券股 | | 投资 | | | | | 月 10 日 | 月 24 日 | 份有限公司 | | 合计 | - | 4,800,000 | 0.53% | 0.29% | - | - | - | 注：2022年10月10日，海灏投资将其所持有的公司部分股份4,800,000股质押给中信证券股份有限公司， 并于2023年9月26日将上述股份4,800,000股办理了质押展期手续。详见公司于2022年10月12日、2023年9月 28 ...

证券代码：002311 证券简称：海大集团 公告编号：2024-054 广东海大集团股份有限公司 上述质押股份不存在负担重大资产重组等业绩补偿义务。 关于控股股东部分股份质押的公告 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"）于近日接到公司控股股东 广州市海灏投资有限公司（以下简称"海灏投资"）函告，获悉海灏投资将其所 持有公司的部分股份办理了质押手续，具体事项如下： 一、股东股份质押的基本情况 1、股东股份本次质押基本情况 | 股东 名称 | 是否为控股 股东或第一 大股东及其 | | 本次质押 数量 | 占其所 持股份 | 占公司 总股本 | 是否为 限售股 | 是否为 补充 | 质押 起始日 | 质押 到期日 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （股） | 比例 | 比例 | | 质押 | | | | | | | 一致行动人 | | | | | | | ...

海[Ta大ble集_Sto团ckN(ameRptType] 002311) 公司点评 [Table_Title] 饲料销量稳步增长,套保助力生猪养殖业务 [T投a资ble评_R级an:k]买入(维持) 报告日期: 2024-07-10 主要观点: [收Ta盘bl价e_(Ba元se)Data] 44.99 近 12 个月最高/最低(元) 54.54/37.08 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) 749 流通市值(亿元) 748 [公Ta司ble价_C格ha与rt]沪深 300 走势比较 [分Ta析bl师e_:Au王th莺or] 执业证书号:S0010520070003 电话:18502142884 邮箱:wangying@hazq.com [相Ta关bl报e_告CompanyReport] [T上ab半le_年Su归m母m净ary利] 20.5-22.01 亿元,同比增长 86.3%-100.1% 公司公布 2024 年半年度业绩预增公告:实现归母净利润 20.5 亿元 -22.01 亿元,同比增长 86.3%-100.1%,扣非后归母净 ...