“反关税”概念|海大集团一季度净利润超预期 逆势增长来自哪里？

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].