Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is experiencing continuous improvement in breeding costs, with stable growth in both domestic and international feed businesses [1] - The target price has been adjusted to 11.27 CNY due to a decline in pig prices expected after October 2025, leading to a downward revision of earnings per share (EPS) forecasts for 2025 and 2026 [8] - The company’s breeding cost per kilogram has decreased to 12.5 CNY, with further potential for reduction [8] - The feed segment is expected to continue its robust growth, with a 16% increase in overseas sales volume in the first three quarters of 2025 [8] Financial Summary - Total revenue for 2023 is projected at 141,703 million CNY, with a slight increase of 0.1% [2] - Net profit attributable to the parent company is expected to rise significantly from 249 million CNY in 2023 to 1,077 million CNY in 2026, reflecting a growth of 117.1% in 2023 [2] - Earnings per share (EPS) is forecasted to be 0.06 CNY in 2023, increasing to 0.24 CNY by 2026 [2] - The company’s return on equity (ROE) is projected to improve from 1.0% in 2023 to 4.0% in 2026 [2] Market Data - The company's stock price has fluctuated between 8.35 CNY and 11.04 CNY over the past 52 weeks [3] - The total market capitalization is approximately 40,883 million CNY [3] Balance Sheet Summary - Shareholder equity stands at 25,762 million CNY, with a book value per share of 5.72 CNY [4] - The company has a net debt ratio of 136.65% [4] Sales and Production Insights - In November 2025, the company sold 156.75 thousand pigs, with a revenue of 1.812 billion CNY [8] - The cumulative sales from January to November 2025 reached 1,573.65 thousand pigs [8] - The average selling price of commodity pigs was 11.54 CNY per kilogram [8]

Group 1: Financial Performance - The company reported a cumulative net profit attributable to shareholders of 760 million yuan for the first three quarters, a year-on-year increase of nearly 400% [2] - In Q3 alone, the company achieved a slight profit of 500,000 yuan, while the feed business maintained a strong profitability level with a cumulative net profit of 1.03 billion yuan, up 23% year-on-year [2] - The pig farming segment recorded a cumulative loss of 180 million yuan in the first three quarters, primarily due to a rapid decline in pig prices in Q3, resulting in a loss of 230 million yuan [2][3] Group 2: Feed Business Performance - In Q3, total feed sales reached 7.93 million tons, a year-on-year increase of 17%, with export sales of 6.58 million tons, up 16% [4] - Cumulative feed sales for the first three quarters were 21.86 million tons, a 14% increase year-on-year, with export sales of 18.07 million tons, up 16% [4] - The company expects continued growth in feed sales, despite a seasonal decline in Q4 due to the off-peak season for aquatic feed [6] Group 3: Pig Farming Operations - The company sold 4.03 million pigs in Q3, with a cost of 12.9 yuan/kg for fattened pigs, showing a slight decrease from Q2 [5] - Key production indicators improved, with an average weaning number of 11.5 and a weaning cost of 240 yuan, while the survival rate for fattening reached 96% [5] - The company plans to gradually reduce the breeding sow inventory by the end of January next year, aligning with national production capacity control policies [9] Group 4: Future Outlook - The company anticipates that the feed business will maintain a good growth trend into 2026, supported by new production capacities coming online [7] - The pig farming segment will focus on disease prevention and cost reduction, with a slight increase in slaughter volume expected in Q4 compared to Q3 [7] - The company aims to improve production efficiency and reduce idle capacity through increased self-fattening ratios [15] Group 5: Investor Relations and Debt Management - The company is actively progressing with its capital increase project and has received positive feedback from various investment platforms [8] - The company plans to repay the outstanding convertible bonds amounting to over 900 million yuan due in January, with expectations of improved operational conditions in the next 1-2 years [16] - The company is optimistic about future operations, anticipating a gradual recovery in profitability and stock price [16]

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 7.41 [1][4]. Core Insights - The company has shown growth in its pig farming business while reducing costs, and its feed sales continue to grow [1][4]. - For the first three quarters of 2025, the company achieved revenue of 13.61 billion, a year-on-year increase of 4%, but the net profit attributable to shareholders decreased by 27.2% to 411 million [3][4]. - The company expects further cost optimization in production efficiency and other expenses [3]. Revenue and Profitability - In Q3 2025, the company reported revenue of 4.764 billion, a decline of 6.49% year-on-year, with a net profit of 73.46 million, down 74.58% [3]. - The total number of pigs sold in the first three quarters was 2.2823 million, an increase of 6.46% year-on-year [3]. - The comprehensive cost of pig farming in Q3 was 12.78 yuan/kg, down from 13 yuan/kg in the first half of the year [3]. Feed Business Performance - The feed business achieved sales of 2.12 million tons in the first three quarters, a year-on-year increase of 3.62%, with Q3 sales reaching 776,000 tons, up 11.8% [4]. - Pig feed sales increased by 18% to 462,300 tons, while poultry feed sales grew by 8% to 165,500 tons [4]. Profit Forecast and Investment Recommendations - Due to the anticipated decline in pig prices, the profit forecasts for 2025 and 2026 have been lowered, with expected net profits of 585 million and 979 million respectively [4]. - The earnings per share (EPS) are projected to be 0.43 yuan for 2025 and 0.72 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 17.23x and 10.29x [4].

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]