Group 1 - The core viewpoint of the report is that Haida Group (002311.SZ) is rated as a buy due to its strong performance and growth prospects [2] - The company disclosed its semi-annual report for 2025, indicating positive financial health [2] - Feed sales have significantly increased year-on-year, leading to an enhanced market share [2] - The growth rates for poultry feed, pig feed, and aquatic feed have rebounded notably compared to 2024 [2] - The overseas feed business of the company continues to experience high growth [2] - The company is actively expanding its seedling and animal health businesses by developing new product categories [2] - The aquaculture business is showing steady development [2]

Group 1 - The core viewpoint of the report is that Haida Group (002311.SZ) is rated as a "buy" due to strong performance indicators [2] - The company achieved record-high feed sales, indicating robust demand and effective market strategies [2] - The expansion into overseas markets is accelerating, contributing positively to the company's growth prospects [2] Group 2 - The recovery in pig prices is expected to enhance profitability in the breeding business, providing a favorable outlook for the company's financial performance [2] - The seedling and animal health business is progressing steadily, indicating diversification and stability in revenue streams [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a 12.50% year-on-year increase in revenue for the first half of 2025, reaching 588.31 billion yuan, and a 24.16% increase in net profit, amounting to 2.639 billion yuan [7] - The feed business showed strong growth, with a 14.02% increase in revenue to 471.39 billion yuan in the first half of 2025, driven by increased demand from downstream farming [7] - The company is expanding its overseas market presence, achieving a 40% year-on-year increase in overseas sales [7] - The company is focused on providing integrated solutions for farmers, including feed, seed, and veterinary products, with a positive growth outlook [7] Financial Performance Summary - Revenue projections for 2023A to 2027E are as follows: 116,117 million yuan (2023A), 114,601 million yuan (2024A), 126,830 million yuan (2025E), 140,169 million yuan (2026E), and 154,843 million yuan (2027E) [6][8] - Net profit projections are: 2,741 million yuan (2023A), 4,504 million yuan (2024A), 5,105 million yuan (2025E), 5,648 million yuan (2026E), and 6,190 million yuan (2027E) [6][8] - The company’s EPS is expected to grow from 1.66 yuan in 2023A to 3.72 yuan in 2027E [6][8] - The projected PE ratios are 27.1 (2023A), 18.1 (2024A), 18.0 (2025E), 16.3 (2026E), and 14.8 (2027E) [6][8] Market Performance - The company’s stock performance over the last 12 months shows a decline of 19%, while the benchmark index (CSI 300) has seen a decline of 6% [4]