HAID GROUP(SZ:002311) KAIYUAN SECURITIES·2024-04-25 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned to benefit from the reversal of the pig cycle and is expected to see significant performance improvement due to the decline in feed raw material prices and the anticipated recovery in the pig cycle in the second half of 2024 [6] - The company's revenue for 2023 was 116.12 billion yuan, an increase of 10.89%, while the net profit attributable to shareholders was 2.74 billion yuan, a decrease of 7.31% [6] - For Q1 2024, the company reported revenue of 23.17 billion yuan, a slight decrease of 0.80%, but a substantial increase in net profit to 861 million yuan, up 111% [6] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.59 billion yuan, 5.28 billion yuan, and 5.39 billion yuan respectively, with corresponding EPS of 2.76 yuan, 3.17 yuan, and 3.24 yuan [6] Summary by Sections Company Overview - The company is a leading player in the feed industry, with a focus on continuous growth and expansion in various feed segments [6][7] Financial Performance - In 2023, the feed business generated revenue of 95.96 billion yuan, a growth of 13.03%, with a gross profit of 8.18 billion yuan and a gross margin of 8.53% [7] - Total feed sales reached 24.4 million tons, an increase of 13%, with significant growth in pig feed and poultry feed sales [7] - The company sold 4.6 million pigs in 2023, a 43.75% increase, and expects to sell 5 million pigs in 2024 [8] Market Position - The company has a strong competitive advantage in the feed market, with expanding sales in aquaculture feed and steady growth in livestock feed [7] - The overseas feed sales increased by 24%, indicating strong growth momentum [7] Future Outlook - The company is expected to benefit from the reversal of the pig cycle and improved profitability in the coming years, with a focus on cost reduction and efficiency in pig farming [8]