Sou Hu Cai Jing·2026-01-02 11:59Core Viewpoint - The domestic feed industry is entering a phase of stock competition, with ample capacity becoming the norm. In this context, leading companies are accelerating their overseas expansion, which not only shows a clear growth trajectory but also significantly contributes to their profits [3][4]. Group 1: Industry Overview - The domestic feed market is characterized by surplus capacity and insufficient operating rates, leading companies to focus on improving cost-effectiveness and service to capture market share [5]. - The overseas market is viewed as a "growth blue ocean" for leading companies, with significant results already being observed [5][9]. Group 2: Company Strategies and Performance - New Hope (000876.SZ) reported overseas sales of 4.72 million tons in the first three quarters, a year-on-year increase of 21%, with overseas sales contributing 60-70% of total profits despite only accounting for about 30% of total sales [5][9]. - Haida Group (002311.SZ) experienced a remarkable growth rate in its overseas business, with a 40% year-on-year increase in overseas feed sales in the first half of the year, continuing this growth into the third quarter [5][6]. Group 3: Future Plans and Projections - New Hope plans to increase its overseas feed production capacity by approximately 3.5 million tons over the next two to three years, aiming for a total overseas capacity of 10 million tons by 2028 to support a sales target of 9 million tons [6][9]. - Yuehai Feed (001313.SZ) is also expanding its overseas market, with a recent project in Vietnam generating over 80,000 tons in orders during its launch event [6][9]. - Haida Group is planning to spin off its subsidiary Haida Holdings for a public listing in Hong Kong, which is expected to help achieve its goal of 7.2 million tons in overseas feed sales by 2030 [7][9]. Group 4: Market Potential - The overseas market is seen as a blank slate for domestic feed companies, particularly in regions like Southeast Asia and Africa, where there is a strong demand for high-quality feed products to improve farming efficiency [9]. - The profit margins in overseas markets are expected to be higher than in domestic markets, with some companies reporting that overseas sales account for a significant portion of their profits [9].