HAID GROUP(002311) 东兴证券·2025-04-25 03:23Investment Rating - The report maintains a "Strong Buy" rating for the company [10][3]. Core Views - The company has achieved rapid growth in performance, with a projected revenue of 1146.01 billion CNY for 2024, a slight decrease of 1.31% year-on-year, and a net profit of 45.04 billion CNY, reflecting a significant increase of 64.30% year-on-year [1][3]. - The feed business has seen both volume and profit growth, with a total feed sales volume of 26.5 million tons in 2024, up 9% year-on-year, and a notable 40% increase in overseas sales [2][3]. - The company is focusing on a light asset operation model in livestock farming, which enhances its risk resistance, and has successfully turned around its pig farming business to profitability [3][2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1146.01 billion CNY, with a net profit of 45.04 billion CNY, and for Q1 2025, revenue reached 256.29 billion CNY, up 10.60% year-on-year, with a net profit of 12.82 billion CNY, up 48.99% year-on-year [1][3]. - The forecast for net profit from 2025 to 2027 is 50.71 billion CNY, 57.87 billion CNY, and 65.84 billion CNY respectively, with EPS projected at 3.05 CNY, 3.48 CNY, and 3.96 CNY [3][4]. Business Segments - The feed segment is expected to see a rise in both volume and profit, with a target of over 3 million tons in external sales for 2025, driven by a strong domestic market and expanding overseas operations [2][3]. - The company has adopted a light asset operation model in pig farming, which has proven effective in mitigating risks and enhancing profitability [3][2]. Market Outlook - The company is well-positioned to capitalize on its core cost advantages amid expected fluctuations in feed raw material prices in 2025, with a continuous increase in market share anticipated [3][2]. - The overseas market is expected to replicate the success of domestic operations, contributing to additional growth [3][2].