HAID GROUP(SZ:002311) Huaan Securities·2025-10-19 14:36Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a feed sales increase of over 5 million tons, with plans for a spin-off listing to support overseas development [4][6] - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company has established a competitive advantage in overseas markets, particularly in Southeast Asia, Africa, and Latin America, with a focus on feed, seed, and animal health products [5][7] Financial Performance Summary - For the first nine months of 2025, the company achieved revenue of 96.09 billion yuan, a year-on-year increase of 13.2%, and a net profit of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company’s feed sales volume for the first half of 2025 was approximately 14.7 million tons, a year-on-year increase of 25% [5] - The company’s projected revenue for 2025-2027 is expected to grow significantly, with main business revenue reaching 141.48 billion yuan in 2025, 159.84 billion yuan in 2026, and 181.16 billion yuan in 2027, representing year-on-year growth of 23.5%, 13.0%, and 13.3% respectively [9] Spin-off and Strategic Focus - The company has announced a plan to spin off its subsidiary, Haida International Holdings, for listing on the Hong Kong Stock Exchange, which will allow it to focus on overseas market development [6][7] - Post-spin-off, the company will maintain a controlling stake in Haida International Holdings and will concentrate on expanding its operations in Asia (excluding East Asia), Africa, and Latin America [7] Future Projections - The company’s feed sales volume is projected to reach 29.53 million tons in 2025, 32.46 million tons in 2026, and 35.67 million tons in 2027, with respective year-on-year growth rates of 20.9%, 9.9%, and 9.9% [9] - The net profit attributable to shareholders is expected to be 5.01 billion yuan in 2025, 5.80 billion yuan in 2026, and 6.22 billion yuan in 2027, with year-on-year growth rates of 11.3%, 15.7%, and 7.3% respectively [9]