海大集团：海外饲料保持高增，生猪业务超预期

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported a revenue of 84.861 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.38%, while the net profit attributable to shareholders reached 3.624 billion yuan, an increase of 60.95% [1]. - In Q3 2024, the company achieved a revenue of 32.565 billion yuan, down 4.75% year-on-year, but the net profit attributable to shareholders was 1.499 billion yuan, up 30.17% [1]. - The feed business is developing steadily, with overseas sales growing over 30% in the first half of the year, continuing a strong growth trend in Q3 [1]. - The pig farming business has exceeded expectations, with costs decreasing due to falling raw material prices, leading to better profitability for the year [1]. Financial Performance Summary - Revenue (in million yuan): - 2022A: 104,715 - 2023A: 116,117 - 2024E: 127,923 - 2025E: 143,610 - 2026E: 158,680 - Year-on-year growth rates: - 2022: 21.6% - 2023: 10.9% - 2024E: 10.2% - 2025E: 12.3% - 2026E: 10.5% [2]. - Net profit (in million yuan): - 2022A: 2,957 - 2023A: 2,741 - 2024E: 4,303 - 2025E: 5,229 - 2026E: 5,952 - Year-on-year growth rates for net profit: - 2022: 80.7% - 2023: -7.3% - 2024E: 57.0% - 2025E: 21.5% - 2026E: 13.8% [2]. Stock Information - The company operates in the feed industry and had a closing price of 45.76 yuan on October 24, 2024 [3]. - The total market capitalization is approximately 76.133 billion yuan, with a total share count of 1,663.75 million shares [3].