海大集团 20250821 摘要 海大集团通过持续研发投入，尤其是在水产养殖动物营养需求数据库方 面的建设，保持了在农业板块的领先地位，研发投入占利润比重均值约 为 26%。 海大集团在水产预混料领域连续 21 年保持国内销量第一，水产配合饲 料和禽类饲料的复合增速分别达到 19%和 20%，猪类饲料复合增速更 是高达 31%，位居行业前列。 海大集团通过期货工具对玉米、豆粕等主要饲料原材料进行套期保值， 有效控制了成本，使得其饲料成本比行业平均低 3.9%，奠定了高性价 比产品的基础。 公司提供包括种苗、养殖模式技术、疫病防控等全流程服务，增强用户 粘性，确保养殖户实现超额利润，并依托卓越的原材料采购能力与研发 能力，进一步确保用户成功并获取超额收益。 特种水产品如鲈鱼、桂鱼等年复合增速显著高于普通水产品，且对高质 量水产料接受程度更高，随着消费结构升级，特种水产品占比提升，带 动了水产料渗透率的提升。 Q&A 海大集团的核心竞争力是什么？ 海大集团的核心竞争力在于其高性价比的产品和全流程服务体系。公司通过扁 平化管理和有效激励机制，持续打造竞争壁垒，支撑其快速增长。此外，公司 重视研发投入，从 2008 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company is positioned as a leading player in the aquaculture feed industry, with a strong focus on cost-effective products and comprehensive service offerings driving sustained growth. The recovery in major aquatic product prices is expected to boost demand for the company's aquaculture feed. Additionally, the company aims to replicate its successful domestic competitive model in overseas markets, creating new growth opportunities [1][5]. Company Overview - The company is recognized as a comprehensive service leader in domestic aquaculture, with its core business in feed production and sales, holding the top position globally in feed sales. The company has maintained the number one position in domestic aquatic premix feed sales for 21 consecutive years and ranks among the top ten in poultry and livestock feed [5][11]. - In 2024, the company achieved a revenue of 114.6 billion yuan, with feed business revenue accounting for 80% and gross profit contributing 69% [12][19]. Competitive Advantages - The company continuously builds competitive barriers through a combination of product quality, service, and management. It invests approximately 26% of its profits in R&D, significantly lower raw material costs compared to industry averages, and provides a full range of services to enhance customer loyalty [5][29][39]. - The company has established a comprehensive service system that includes seedling, breeding technology, disease prevention, and safety control, ensuring that farmers achieve excess profits and enhancing user stickiness [48][50]. Market Outlook - The aquatic feed market is expected to grow due to increasing per capita consumption of aquatic products and rising penetration rates. The company is well-positioned to benefit from this growth, with plans to expand its overseas market presence, targeting a sales volume of 7.2 million tons by 2030, with a CAGR of 20% [5][11][19]. Financial Projections - The company forecasts net profits of 4.97 billion yuan, 5.86 billion yuan, and 6.63 billion yuan for the years 2025 to 2027, respectively. The target price is set at 71.76 yuan, based on a 24x PE ratio for 2025 [5][6].

在"兴合99"商场，新入驻商户通过平台预约后，执法人员不仅指导围挡设置标准，还同步解答了户 外招牌审批、占道施工等疑问，让商户开业"零风险"。望江街道某企业更是一次性解决了户外宣传、电 动车停放等多个问题，实现"零跑腿"服务。 浙大一院潘方仁分院改造项目通过平台预约后，执法队组建由规划、环保、消防等多部门组成的专 业小组，在设计阶段就对12项规范进行"源头审查"。施工中开展12次现场指导，发现并整改37处隐患， 对轻微违规给予72小时整改宽限期，既守住底线又传递温度。项目负责人表示"这种'全周期'服务帮我 们节省了时间，很多审批期间会遇到的难题，都提前解决了，太贴心！" "扫个码，综合行政执法人员就上门指导，方便又省心！"最近，上城区推出的"尚企约"预约式指导 服务平台，成了企业商户口中的"政务好帮手"。 "外摆经营是否涉嫌违法占道，新店开业店招设置是否符合法规要求，装修垃圾如何处置……"这些 问题一直是困扰企业、商户的"烦心事"。而这个新上线不久的"政务版美团"通过"企业点单、综合执法 接单"模式，将城市管理从"末端执法"变为"前端服务"，让营商环境更有温度。 "过去看到综合行政执法人员来，就担心店里被查出 ...