Ge Long Hui A P P·2025-10-20 06:48Core Insights - The report from Huazhong Securities indicates that Haida Group's net profit attributable to shareholders for the first nine months of 2025 reached 4.14 billion yuan, representing a year-on-year increase of 14.3%, with Q3 profit growth slowing due to losses in the pig farming business [1][2] - The company has announced a plan for a spin-off listing, focusing on deepening its development in overseas markets [1] Group 1: Sales Performance - In the first half of 2025, the company's feed sales amounted to approximately 14.7 million tons (including 1.05 million tons of domestic sales), reflecting a year-on-year increase of 25% [1] - The external sales of feed increased by approximately 2.84 million tons, with poultry feed external sales up 24%, pig feed external sales up 43%, and aquatic feed external sales up 16% [1] Group 2: Future Projections - The company aims for a total external feed sales increase of over 5 million tons for the entire year, with overseas feed sales expected to maintain a high growth rate of 40% [2] - Projections for external feed sales from 2025 to 2027 are 29.53 million tons, 32.46 million tons, and 35.67 million tons, with year-on-year growth rates of 20.9%, 9.9%, and 9.9% respectively [2] - The expected number of pigs slaughtered is 6.48 million heads for 2025 and 2026, and 6.8 million heads for 2027, with year-on-year growth rates of 8%, 0%, and 5% respectively [2] Group 3: Financial Performance - The company is projected to achieve main business revenues of 141.48 billion yuan, 159.84 billion yuan, and 181.16 billion yuan from 2025 to 2027, with year-on-year growth rates of 23.5%, 13.0%, and 13.3% respectively [2] - The net profit attributable to shareholders is expected to be 5.01 billion yuan, 5.80 billion yuan, and 6.22 billion yuan for the same period, with year-on-year growth rates of 11.3%, 15.7%, and 7.3% respectively [2] - The previous estimates for net profit in 2025, 2026, and 2027 were 5.16 billion yuan, 5.50 billion yuan, and 5.91 billion yuan, with the downward adjustment mainly due to changes in feed sales, feed profit per ton, pig slaughter volume, and pig price expectations [2]