海大集团：业绩符合预期，行业与经营拐点共振

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in the first half of 2024 met expectations, with a revenue of 52.296 billion yuan, a slight decrease of 0.84% year-on-year, and a net profit attributable to shareholders of 2.125 billion yuan, representing a significant increase of 93.15% year-on-year [1]. - The feed sales volume increased against the trend, with a total of 11.79 million tons sold, up approximately 8.5% year-on-year, and the market share continued to rise [1]. - The company has seen substantial improvements in the profitability of aquatic feed, driven by strategic adjustments made in the previous year [1]. - The company is expanding its overseas market presence, with external feed sales exceeding 1 million tons, a year-on-year increase of over 30% [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 52.296 billion yuan and a net profit of 2.125 billion yuan, with feed sales volume reaching 11.79 million tons [1]. - The company expects net profits for 2024, 2025, and 2026 to be 4.303 billion yuan, 5.229 billion yuan, and 5.952 billion yuan respectively, with year-on-year growth rates of 57%, 21.5%, and 13.8% [1][2]. Business Segments - The aquatic feed segment saw a year-on-year growth of approximately 10%, while poultry feed external sales increased by about 14% [1]. - The company is investing in its seedling business and has established a seedling farm in Southeast Asia as part of its international strategy [1]. - The pig farming business turned profitable in the first half of 2024, with a total of approximately 2.7 million pigs sold [1]. Market Outlook - The report indicates a downward adjustment in the company's earnings forecast due to lower-than-expected feed sales [1]. - The company is expected to maintain a price-to-earnings ratio of 17x for 2024 [1].