HAID GROUP(SZ:002311) GOLDEN SUN SECURITIES·2025-07-29 08:32Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 58.831 billion yuan in the first half of 2025, representing a year-on-year growth of 12.5%, and a net profit attributable to shareholders of 2.639 billion yuan, up 24.16% year-on-year [1] - The feed sales volume reached 14.7 million tons, a year-on-year increase of approximately 25%, nearing the annual target for 2025 [1] - The company is on track to meet its 2030 sales target of 51.5 million tons, with significant growth in various feed segments, including a 43% increase in pig feed sales [1] - The company is expanding its overseas market presence, with feed sales outside China growing over 40% year-on-year in the first half of 2025 [1] Financial Performance - The company expects net profits of 4.963 billion yuan, 5.692 billion yuan, and 6.714 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.2%, 14.7%, and 18.0% [2] - The projected P/E ratio for 2025 is 19 times [2] - Financial indicators show a revenue forecast of 129.547 billion yuan for 2025, with a growth rate of 13% year-on-year [4] Business Segments - The seedling business generated 770 million yuan in revenue, while the animal health business achieved 460 million yuan in revenue in the first half of 2025 [2] - The company is focusing on building capabilities in pig farming and innovating a light-asset model, which is expected to yield considerable profits [2]