研报掘金丨国盛证券：维持海大集团“买入”评级，分拆上市助力海外业务快速发展

Core Viewpoint - Haida Group achieved a net profit attributable to shareholders of 1.504 billion yuan in Q3 2025, representing a year-on-year growth of 0.34%, and a net profit excluding non-recurring items of 1.523 billion yuan, with a year-on-year increase of 2.49%, meeting expectations [1] Group 1: Financial Performance - The sales volume of the feed business showed good growth [1] - The company's performance aligns with its strategic goals for 2030, aiming for a total sales volume of 51.5 million tons [1] - The company is steadily improving domestic capacity utilization and market share [1] Group 2: Future Outlook - Haida Group plans to accelerate the expansion of its overseas feed business, with clear and achievable goals [1] - The pig farming business is progressing steadily [1] - The company intends to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, which will support rapid development of its overseas business [1] Group 3: Investment Rating - The investment rating is maintained at "Buy" [1]