HAID GROUP(SZ:002311) Shanxi Securities·2025-07-30 10:15Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock performance in the next 6-12 months [3][7]. Core Insights - The company's feed business fundamentals have significantly improved, with a notable increase in sales volume and market share [4][5]. - In the first half of 2025, the company achieved a revenue of 588.31 billion yuan, representing a year-on-year growth of 12.50%, and a net profit of 26.39 billion yuan, up 24.16% year-on-year [4]. - The company has successfully expanded its overseas feed business, with a 40% year-on-year increase in external sales [6]. Financial Performance - The company reported an EPS of 1.59 yuan for the first half of 2025, with a weighted average ROE of 10.70%, an increase of 0.14 percentage points year-on-year [4]. - The total feed sales volume reached approximately 14.7 million tons in the first half of 2025, a 25% increase year-on-year, contributing to a sales revenue of 471.39 billion yuan from feed products, up 14.02% [4][5]. - The company expects net profits for 2025-2027 to be 53.37 billion yuan, 62.40 billion yuan, and 70.89 billion yuan respectively, with corresponding EPS of 3.21 yuan, 3.75 yuan, and 4.26 yuan [7][8]. Market Dynamics - The overall industrial feed production in China reached 15.85 million tons in the first half of 2025, growing by 7.7% year-on-year, indicating a robust market environment [4]. - The company has seen substantial growth in its poultry, pig, and aquaculture feed segments, with pig feed sales increasing by 43% year-on-year [5][6]. Valuation Metrics - The current stock price corresponds to a PE ratio of 17 times for 2025, suggesting a favorable valuation compared to historical performance [7][8]. - The projected revenue for 2025 is 130.804 billion yuan, with a net profit margin expected to improve to 4.1% [8][10].