Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pig sector shows a narrowing increase in breeding sows, indicating a need to focus on the expectation gap in the pig market [1][3] - The poultry sector, particularly broilers, is experiencing low valuations and potential elasticity in prices due to supply and demand dynamics [19][21] - The planting sector emphasizes food security and the strategic importance of biological breeding, with a focus on self-sufficiency [23] - The pet sector is witnessing a rise in domestic brands and exports, indicating a robust growth trajectory [24][25] - The feed sector is recommended for investment due to its fundamental turning point and relatively low valuations [26] Summary by Sections Pig Sector - As of April 12, the average price of pigs in China is 14.70 CNY/kg, remaining stable week-on-week, with a profit of approximately 164 CNY per head for self-breeding farms [1][16] - The supply side shows a slight decrease in average weight of pigs slaughtered, while demand remains weak, leading to a potential seasonal decline in prices [2][17] - The sector is characterized by low valuations, with major companies like Muyuan Foods and Wens Foodstuffs trading at historical lows [3][18] Poultry Sector - The broiler market faces uncertainties due to import restrictions and trade tensions, impacting supply [19][20] - Prices for broiler chicks have increased, with the average price for broiler chicks in Shandong at 3.25 CNY per chick [20] - Investment recommendations include Shengnong Development and Yisheng Livestock, with a focus on the potential for price recovery [20][21] Planting Sector - The report highlights the importance of food security, with significant imports of soybeans, corn, and wheat from the US [23] - The government is pushing for advancements in agricultural technology, particularly in biological breeding [23] - Recommended companies include Longping High-Tech and Dabeinong [23] Pet Sector - The domestic pet brand market is growing rapidly, with sales on Douyin reaching 818 million CNY in March, a year-on-year increase of 24.32% [24] - Exports of pet food are also increasing, with a total of 52,800 tons exported in the first two months of 2025, reflecting a 17.11% year-on-year growth [24][25] - Key companies to watch include Guibao Pet and Zhongchong Co [25] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed [26] - The report notes a significant recovery in prices for various aquatic products, indicating a positive outlook for the sector [26][27]

Core Viewpoint - Haida Group expects a significant increase in net profit for Q1 2025, driven by overseas market expansion and effective risk management in pig farming [1][3]. Group 1: Financial Performance - The company forecasts a net profit of 1.2 billion to 1.3 billion yuan for Q1 2025, representing a year-on-year growth of 39.42% to 51.04% [1]. - The non-recurring net profit is expected to grow by 57.96% to 71.13% year-on-year [1]. - In 2024, Haida Group achieved a net profit of 4.516 billion yuan, a year-on-year increase of 64.73% [4]. Group 2: Sales and Market Expansion - In Q1 2025, Haida Group's feed sales reached approximately 5.95 million tons, a year-on-year increase of about 25% [1][3]. - The company’s total feed sales for 2024 are projected to be around 26.5 million tons, with a year-on-year growth of approximately 9% [2]. - The growth in sales is primarily driven by poultry and aquaculture feed, with poultry feed sales increasing by 12% and aquaculture feed sales by 11% [2]. Group 3: Risk Management and Supply Chain - Haida Group has diversified its supply chain by sourcing corn domestically and importing soybeans from multiple countries, reducing reliance on any single country [1][6]. - The company employs a centralized procurement model combined with futures hedging to mitigate raw material price volatility [6]. - The agricultural sector, particularly the livestock breeding segment, has shown resilience amid the ongoing tariff conflicts, with Haida Group positioned as a leading player [6].

证券研究报告 | 公司点评 gszqdatemark 2025 04 10 年 月 日 海大集团（002311.SZ） 公司发布 2025 年第一季度业绩预告，预计 2025 年第一季度实现归母净 利润 12-13 亿元，同比增长 39.42%-51.04%，扣非净利润 12-13 亿元， 同比增长 57.96%-71.13%，一季度业绩超预期。 业绩表现亮眼，饲料主业销量实现较好增长。一季度公司饲料外销量约 595 万吨，同比增长约 25%，同时公司积极开拓海外市场，通过在越南、 印尼、厄瓜多尔、埃及等目标市场当地建厂，海外业务不断取得进展。展 望未来，公司将坚定不移向短期 2025 年 300 万吨外销增量、中期 2030 年有望达到 5150 万吨，目标清晰，可兑现度高。 生猪利润超预期，养殖业务稳健推进。专业能力持续提升，公司摸索并推 行"外购仔猪公司+家庭农场、锁定利润、对冲风险"的运营模式，生猪 套保业务实现良好利润。在生猪养殖成本逐步下降下，2025 年全年公司 生猪养殖业务有望实现较好利润。 另外，公司饲料行业受关税政策对产业影响较少。近年来，饲料行业供应 链条安全、可控，原材料玉米以国内自产 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.2 to 1.3 billion yuan in Q1 2025, representing a year-on-year growth of 39.42% to 51.04% [1] - The feed business has shown strong sales growth, with external feed sales reaching approximately 5.95 million tons in Q1 2025, a year-on-year increase of about 25% [1] - The company is actively expanding its overseas market presence by establishing local factories in countries such as Vietnam, Indonesia, Ecuador, and Egypt [1] - The pig farming business is expected to generate good profits in 2025 due to a decrease in breeding costs and the implementation of a risk-hedging operational model [1] - The company has a clear target for external sales growth, aiming for an increase of 3 million tons in the short term for 2025 and 51.5 million tons by 2030 [1] Financial Performance Summary - The company reported a revenue of 104.715 billion yuan in 2022, with projected revenues of 116.117 billion yuan in 2023 and 127.923 billion yuan in 2024, reflecting a growth rate of 21.6%, 10.9%, and 10.2% respectively [4] - The net profit attributable to shareholders was 2.957 billion yuan in 2022, with projections of 4.516 billion yuan in 2024 and 5.229 billion yuan in 2025, indicating a year-on-year growth of 64.8% and 15.8% respectively [4] - The earnings per share (EPS) is expected to increase from 1.78 yuan in 2022 to 3.14 yuan in 2025 [4] - The company maintains a healthy return on equity (ROE) of 20.3% in 2024, slightly decreasing to 20.2% in 2025 [4] Industry Insights - The feed industry is less affected by tariff policies due to a stable supply chain, with domestic corn production and diversified import channels for soybeans and soybean meal [2] - The company has developed various low-protein formula technologies and raw material substitution techniques, reducing reliance on imported soybeans [2]

广东海大集团股份有限公司 2025年第一季度业绩预告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002311 证券简称：海大集团 公告编号：2025-007 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年3月31日。 2、业绩预告情况 （1）2025年第一季度预计业绩情况 □扭亏为盈√同向上升□同向下降 ■ 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所审计。 三、业绩变动原因说明 饲料行业产业链不断取得进步与完善，关税政策对产业影响较少。近年来，行业供应链条安全、可控： 其中玉米近年来以国内自产为主，大豆（豆粕）以南美的巴西、阿根廷等国家进口为主，对单一国家依 赖有限，进口渠道丰富、稳定。同时，行业技术持续优化、进步：已积累了大量低蛋白配方技术、原材 料替代技术等豆粕减量技术，可以显著降低对进口大豆的依赖。 广东海大集团股份有限公司关于收到董事长2024年度利润分配提议的公告 本公司及董事会全体成员保证信息披露的内容真实、 ...

海大集团（002311）公告，2025年1月1日至2025年3月31日，预计归属于上市公司股东的净利润为12亿 元-13亿元，同比增长39.42%-51.04%；扣除非经常性损益后的净利润为12亿元-13亿元，同比增长 57.96%-71.13%；基本每股收益为0.72元/股-0.78元/股。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603151 证券简称：邦基科技 公告编号：2025-011 山东邦基科技股份有限公司 关于控股股东及其一致行动人权益变动触 及1%暨增持计划进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次权益变动属于此前已披露的增持股份计划，不触及要约收购，不会导致公司控股股东以及实际控 制人发生变化。 ● 本次权益变动情况：山东邦基科技股份有限公司（以下简称"公司"或"邦基科技"）控股股东山东邦基 集团有限公司（以下简称"邦基集团"）于2025年3月12日至2025年4月7日期间通过集中竞价方式增持公 司股份1,680,000股，占公司总股本1%，增持金额为20,932,800.00元。本次权益变动后，邦基集团及其 一致行动人合计持有公司股份数量由86,140,000股增加至87,820,000股，占公司总股本的比例由51.27% 增加至52.27%，股东权益变动触及1%刻度线的整数倍。 ● 本次增持计划可能存在因资本市场情况发生变化，或目前尚 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector in light of the recent tariff increases on U.S. imports [1][5][4]. Core Views - The imposition of a 34% tariff on all U.S. imports is expected to benefit the domestic agricultural sector, particularly in the areas of feed, livestock, and seed industries [1][2][3]. - The report highlights that the increase in tariffs will likely lead to price hikes in key agricultural products such as soybean meal, corn, and beef, thereby enhancing the profitability of domestic producers [2][24][3]. Summary by Sections Tariff Impact Analysis - The Chinese government announced a 34% tariff on all U.S. imports effective April 10, 2025, which is expected to raise the import costs of key agricultural products [1][15][16]. - Major U.S. agricultural imports to China include sorghum, soybeans, cotton, beef, and corn, with soybeans and corn being particularly affected by the tariff [1][24]. Feed and Livestock Sector - The report is optimistic about companies like Haida Group and leading pig and poultry farming enterprises, which are expected to see enhanced profit margins due to better raw material management amid rising feed prices [2][3]. - The report suggests that the cost of feed, which constitutes a significant portion of livestock production costs, will rise, potentially accelerating the cycle of livestock production and benefiting leading companies in the sector [2][3]. Seed and Crop Sector - The seed industry is anticipated to benefit from a favorable price cycle and advancements in genetically modified crops, with corn prices expected to rise due to increased import costs from the U.S. tariffs [2][3]. - Companies with land resources in the planting sector are also expected to gain from rising grain prices [2][3]. Beef Industry Outlook - The domestic beef industry is projected to experience a turnaround as domestic supply decreases and U.S. beef imports shrink due to the new tariffs [3][24]. - The report indicates that the valuation of related beef companies is currently at a low point, suggesting potential for growth as market sentiment improves [3][24]. Investment Recommendations - The report recommends investments in the following sectors: 1. Pig farming: Mu Yuan, Hua Tong, Wen's, Shen Nong Group, Xin Wu Feng, Ju Xing Agricultural, Tang Ren Shen, Tian Kang Biological 2. Poultry farming: Li Hua, Yi Sheng, Sheng Nong Development 3. Feed: Haida Group 4. Seed: Quan Yin Gao Ke, Long Ping Gao Ke, Feng Le Seed Industry, Deng Hai Seed Industry, Da Bei Nong [3][4].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]