Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 960.94 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 41.42 billion yuan, up 14.31% year-on-year [3][4] - The company continues to see growth in feed sales, with a total sales volume increase of 4.4 million tons, or 24% year-on-year, and expects a 20% increase in domestic feed sales and a 40% increase in overseas sales for the full year 2025 [4][5] - The company plans to spin off its subsidiary, Haida Holdings, for a listing on the Hong Kong Stock Exchange, which is expected to enhance its financing capabilities and overall valuation [5] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 372.63 billion yuan, a year-on-year increase of 14.43%, and a net profit of 15.04 billion yuan, up 0.34% year-on-year [3] - The gross margin for Q1-Q3 2025 was 11.13%, a decrease of 0.20 percentage points year-on-year, while the net margin was 4.54%, an increase of 0.07 percentage points year-on-year [3] - The company forecasts net profits attributable to shareholders of 51.48 billion yuan, 57.39 billion yuan, and 61.72 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.09 yuan, 3.45 yuan, and 3.71 yuan [3][4] Sales and Production Insights - The company expects to maintain a steady growth in pig farming, with an estimated 640-650 million pigs to be sold in 2025, and a reduction in breeding costs to approximately 12 yuan per kilogram by Q1 2026 [4] - The company’s feed business continues to improve profitability, with a net profit per ton of feed increasing by 10 yuan per ton in Q3 2025 [4] Valuation Metrics - The current stock price is 59.02 yuan, with a market capitalization of 981.95 billion yuan and a P/E ratio of 19.1 for 2025 [1][3] - The company’s projected P/E ratios for 2026 and 2027 are 17.1 and 15.9 respectively [3]

Core Viewpoint - Haida Group achieved a net profit attributable to shareholders of 1.504 billion yuan in Q3 2025, representing a year-on-year growth of 0.34%, and a net profit excluding non-recurring items of 1.523 billion yuan, with a year-on-year increase of 2.49%, meeting expectations [1] Group 1: Financial Performance - The sales volume of the feed business showed good growth [1] - The company's performance aligns with its strategic goals for 2030, aiming for a total sales volume of 51.5 million tons [1] - The company is steadily improving domestic capacity utilization and market share [1] Group 2: Future Outlook - Haida Group plans to accelerate the expansion of its overseas feed business, with clear and achievable goals [1] - The pig farming business is progressing steadily [1] - The company intends to spin off its subsidiary Haida Holdings for a listing on the Hong Kong Stock Exchange, which will support rapid development of its overseas business [1] Group 3: Investment Rating - The investment rating is maintained at "Buy" [1]

Market Overview - The feed sector increased by 1.83% on October 21, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.95, up 4.04% with a trading volume of 212,600 shares and a turnover of 312 million yuan [1] - Haida Group (002311) closed at 59.02, up 2.80% with a trading volume of 115,100 shares and a turnover of 674 million yuan [1] - Boen Group (001366) closed at 12.78, up 2.49% with a trading volume of 21,800 shares and a turnover of 27.6 million yuan [1] - Other notable performers include Lusi Co. (920419) up 2.44%, Zhenghong Technology (000702) up 2.41%, and Lude Environment (688156) up 1.77% [1] Capital Flow Analysis - The feed sector experienced a net outflow of 151 million yuan from institutional investors, while retail investors saw a net inflow of 173 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Dabeinong (002385) had a net outflow of 15.5 million yuan from institutional investors, with a retail net inflow of 9.57 million yuan [3] - Petty Holdings (300673) saw a net outflow of 3.39 million yuan from institutional investors, while retail investors contributed a net inflow of 8.48 million yuan [3] - Other stocks like Boen Group (001366) and Zhenghong Technology (000702) also reported net outflows from institutional investors but had varying retail inflows [3]

----- 广告----- 海外市场成新增量 海大集团2009年登陆深交所，主要从事水产和畜禽饲料、优质水产动物种苗、动物保健品和生物制品的 生产销售和生猪养殖等，其中，饲料为核心业务，营收占比超过80%。 海大集团正在加速推进国际版图的布局。近日，海大集团发布公告，为深化全球化战略布局，计划将旗 下境外饲料、种苗及动保业务整合至子公司海大国际控股有限公司（以下简称"海大控股"），并推动其 赴香港联交所主板上市。作为拟分拆主体， 海大控股未来聚焦在亚洲（不含东亚）、非洲和拉丁美洲 三个地区独立开展饲料的生产和销售，并配套提供种苗和动保产品。事实上，除海大集团之外，新希 望、粤海饲料等饲料头部企业也都在加速出海， 海外市场正成为饲料巨头们新的竞技场。 分拆海外业务上市 "中国的海大，世界的海大。"——海大集团这一愿景正通过资本市场的关键一步加速落地。 近日， 海大集团拟将控股子公司海大控股分拆至香港联交所主板上市。本次分拆实施前，海大集团拟 将下属境外与饲料、种苗和动保产品生产经营相关的子公司股权重组至海大控股旗下。其中，海大控股 成立于2025年9月17日，注册地为开曼群岛，注册资本为5万美元， 公司主要业务 ...

Core Viewpoint - He Feng Co., Ltd. shows a stable performance in stock trading and financing activities, with significant growth in revenue and net profit in the first half of 2025, indicating potential investment opportunities in the company [1][2]. Group 1: Stock Performance and Financing - On October 20, He Feng's stock rose by 0.13%, with a trading volume of 36.57 million yuan [1]. - The financing buy-in amount for He Feng on the same day was 3.91 million yuan, while the financing repayment was 3.50 million yuan, resulting in a net financing buy of 0.42 million yuan [1]. - As of October 20, the total balance of margin trading for He Feng was 140 million yuan, with the financing balance accounting for 1.92% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Business Overview - He Feng Co., Ltd. was established on March 27, 2003, and listed on August 8, 2014, with its main business involving feed and feed raw material trading, poultry, and pig farming, as well as animal pharmaceuticals and pet medical services [1]. - The revenue composition of He Feng includes poultry industry (38.68%), feed products (35.89%), feed raw materials (13.84%), pig industry (9.47%), and others (2.12%) [1]. Group 3: Financial Performance - For the first half of 2025, He Feng achieved an operating income of 17.41 billion yuan, representing a year-on-year growth of 16.27% [2]. - The net profit attributable to the parent company was 233 million yuan, showing a remarkable year-on-year increase of 784.44% [2]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders for He Feng was 21,600, a decrease of 6.86% from the previous period [2]. - The average circulating shares per person increased by 6.55% to 42,164 shares [2]. - The total cash dividends distributed by He Feng since its A-share listing amounted to 1.007 billion yuan, with 158 million yuan distributed in the last three years [3].

Group 1 - Hai Da Group is accelerating its globalization strategy by planning to integrate its overseas feed, seed, and animal health businesses into a subsidiary, Hai Da International Holdings, and aims for an IPO on the Hong Kong Stock Exchange [1][2] - The subsidiary will focus on independent operations in Asia (excluding East Asia), Africa, and Latin America, which are seen as new growth markets for the company [1][8] - The company intends to maintain at least a 75% ownership stake in Hai Da International Holdings for a minimum of five years post-IPO, with a maximum of 25% of shares to be issued [2][3] Group 2 - Hai Da Group's feed business has faced challenges due to increased domestic competition and raw material price fluctuations, with revenue growth rates declining from 43.39% in 2021 to -4.82% in 2024 [4] - In contrast, overseas sales have become a significant growth driver, with overseas feed sales reaching 171,000 tons in 2023, a 24% increase year-on-year, and projected to grow to 236,000 tons in 2024, a 40% increase [4][5] - The revenue from overseas markets accounted for 9.42% and 12.51% of total revenue in 2023 and 2024, respectively, with a notable increase in the first half of 2025 [4][5] Group 3 - The company has identified "internationalization" as a core strategy for future growth, with a target of 7.2 million tons in overseas feed sales by 2030 [5][6] - Hai Da Group's revenue for the first three quarters of the year reached 96.094 billion yuan, a 13.24% increase year-on-year, with net profit attributable to shareholders at 4.142 billion yuan, up 14.31% [5][6] - The company is focusing on expanding its presence in Southeast Asia, particularly Vietnam, which has become its largest overseas market, with sales growth rates of 25%-30% [7][8] Group 4 - The strategic shift to focus on Africa and Latin America is seen as a move to tap into relatively untapped markets, with potential for growth due to lower competition compared to domestic markets [8] - The African market is characterized by rapid population growth and increasing demand for animal protein, while Latin America has a solid livestock foundation but requires improvements in farming efficiency [8] - To succeed in these regions, the company is advised to implement a "global standard, local adaptation" strategy, hiring local management and respecting cultural differences [8]

国内饲料巨头海大集团正通过一场分拆上市加速海外布局，而这家新的拟上市公司将承载其全球化的雄心。 近日，海大集团公告，拟将控股子公司海大国际控股有限公司（下称"海大控股"）分拆至香港联交所主板上市。值得注意的是，海大控股成立至今仅一个 月时间，系海大集团未来海外业务的核心经营主体。 同日，海大集团交出一份亮丽的三季报成绩单：营收960.94亿元，同比增长13.24%；净利润41.42亿元，同比增长14.31%。其中，海外业务已成为坚实的 业绩基础。 海大集团的分拆之举，折射出国内饲料行业的深层变革。随着国内市场集中度提升至65%，TOP20饲企竞争日趋激烈，而海外新兴市场仍处于增量阶段。 对于海大这样的龙头企业而言，全球化已迫在眉睫。而分拆上市既是突破融资约束的战术选择，更是优化全球资源配置的战略布局。 "归集"海外业务谋上市 | 中文名称 | 海大国际控股有限公司 | | --- | --- | | 英文名称 | Haid International Holdings Limited | | 住所 | PO Box 309, Ugland House, Grand Cayman,KY1-1104, Cayma ...

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [9][62]. Core Views - The swine sector is undergoing deepening regulation, with a focus on value reassessment opportunities. The report suggests that the price of pigs may face downward pressure in the short term due to increased market supply, but regulatory measures are expected to stabilize prices in the long run [1][16]. - The poultry sector is anticipated to improve, with data indicating a rise in the number of breeding stock and a shift towards self-breeding [2][27]. - The animal health sector is seeing a potential improvement in competitive dynamics, particularly with the progress of clinical trials for African swine fever vaccines, which could enhance market conditions [3][35]. - The pet economy is thriving, with domestic brands gaining strength and the market expected to continue its rapid growth [9][55]. Summary by Sections Swine - The swine industry is in a regulatory phase aimed at controlling prices through capacity reduction. The average price of pigs is reported at 11.02 yuan/kg, with a weekly decrease of 0.87 yuan/kg. The number of breeding sows is stable at 40.38 million heads [15][16]. - Recommended companies include Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][16]. Poultry - The poultry sector shows signs of improvement, with a total of 80.33 thousand sets of breeding stock updated in the first three quarters of 2025. The report highlights a shift towards self-breeding, with self-bred stock accounting for 59% [2][27]. - Recommended companies in this sector are Shennong Development and Lihua Stock [2][27]. Animal Health - The competitive landscape in the animal health sector is expected to improve, supported by government initiatives to optimize the veterinary drug industry. The report notes that clinical trials for African swine fever vaccines are underway, which could lead to commercialization [3][35]. - Recommended companies include Kexin Biological and Ruipu Biological, with additional focus on Huisheng Biological, Zhongmu Biological, and others [3][35]. Planting - The report indicates a declining pig-to-grain price ratio, with the current ratio at 4.95. The prices of corn and soybean meal have shown slight fluctuations, with corn priced at 2181 yuan/ton [39][44]. - Companies to watch include Suqian Agricultural Development, Longping High-Tech, and Denghai Seeds [7][44]. Feed - Feed prices are experiencing fluctuations, with the price for fattening pig feed at 3.34 yuan/kg. The report notes a year-on-year increase in industrial feed production [45][46]. - Recommended companies include Haida Group and He Feng Shares [45][46]. Pets - The pet market is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5%. The report highlights the increasing consumption per pet, with dogs averaging 2961 yuan and cats 2020 yuan annually [55][56]. - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares, with Ruipu Biological in the pet medical sector [9][55].

买入（维持） 收入保持较快增长 公 海大集团（002311）2025 年三季报点评 2025 年 10 月 20 日 投资要点： 司 点 农林牧渔行业 事件：公司发布了2025年三季报。公司2025年前三季度实现总营业收入960.94 亿元，同比增长13.24%；实现归母净利润41.42亿元，同比增长14.31%；实现 扣非后归母净利润41.77亿元，同比增长18.71%。业绩符合预期。 评 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340513040002 资料来源：东莞证券研究所，iFind 分析师：魏红梅 SAC 执业证书编号： 点评： 投资建议：预计公司2025—2026年EPS分别为3.07元和3.47元，对应PE 分别为20倍和18倍。公司是国内饲料龙头，持续推进核心能力建设、规 模扩张及国际化战略，竞争优势有望不断增强。维持对公司的"买入" 评级。 风险提示：竞争加剧、原材料价格波动、汇率波动、国际化战略推进不 及预期等风险。 电话：0769-22119462 邮箱：whm2@dgzq. ...

证券日报网讯海大集团（002311）10月20日发布公告，在公司回答调研者提问时表示，目前公司畜禽料 产能布局较为完善，未来公司倾向于以轻资产模式进行产能扩张。 ...