海大集团：饲料业务量利齐升，生猪养殖实现扭亏

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][8]. Core Views - The company's feed business is expected to maintain a growth in both volume and profit, while the pig farming segment has turned profitable [2][3]. - The company achieved a revenue of 52.296 billion yuan in the first half of 2024, with a year-on-year decrease of 0.84%, but a significant increase in net profit attributable to shareholders of 2.125 billion yuan, up 93.15% year-on-year [2]. - The feed sales revenue was 41.341 billion yuan, down 3.19% year-on-year, primarily due to a decrease in raw material prices and feed selling prices [2]. - The company’s feed sales volume increased by 8% year-on-year, with significant growth in aquaculture and poultry feed sales [2][3]. Financial Performance Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 4.098 billion, 5.168 billion, and 6.017 billion yuan respectively, with corresponding EPS of 2.46, 3.11, and 3.62 yuan [3][9]. - The projected PE ratios for 2024, 2025, and 2026 are 18, 14, and 12 times respectively [3][9]. - The company’s feed business gross margin for the first half of 2024 was 9.76%, an increase of 1.23 percentage points from the full year of 2023 [2][3]. - The total revenue is expected to grow from 104.715 billion yuan in 2022 to 159.106 billion yuan in 2026, with a compound annual growth rate of approximately 12.62% [9]. Market Position and Strategy - The company is actively adjusting its customer structure and expanding into large-scale farming groups to counteract the decline in pig feed sales due to reduced inventory among small and medium-sized farmers [2][3]. - The company has achieved over 1 million tons in overseas feed sales, marking a 30% year-on-year increase, indicating potential for new growth avenues [2][3]. Analyst Insights - The report emphasizes the company's multi-dimensional core cost advantages that will continue to support its main feed business and enhance market share amid fierce competition [3][11]. - The professional capabilities in pig farming are improving, and the company is focusing on continuous research and development in animal health and breeding [2][3].