研报掘金丨开源证券：海大集团饲料销量延续增长吨利改善，维持“买入”评级

Core Viewpoint - Haida Group's net profit attributable to shareholders for Q1-Q3 2025 reached 4.142 billion yuan, representing a year-on-year increase of 14.31%, with Q3 net profit at 1.504 billion yuan, up 0.34% year-on-year [1] Financial Performance - The company's feed sales continue to grow, contributing to improved profit margins per ton and driving down pig farming costs [1] - The comprehensive breeding cost for pigs in Q3 2025 was approximately 13 yuan/kg, with self-breeding costs between 12.2-12.4 yuan/kg, expected to decrease to 12 yuan/kg by Q1 2026 [1] Business Development - The company is experiencing steady growth in pig sales, which is enhancing breeding levels and further reducing costs [1] - The planned spin-off of Haida Holdings for a Hong Kong stock listing is expected to support the development of overseas business and improve overall valuation [1]