海大集团20240514

Summary of Haida Group's Conference Call Company Overview - Company: Haida Group - Industry: Animal Feed and Aquaculture Key Points and Arguments - International Market Expansion: Haida Group is actively expanding into overseas markets, particularly in emerging regions such as Asia-Pacific, Latin America, and Africa, aiming for 7.2 million tons of overseas feed sales by 2030 [2][8] - Profitability in Overseas Markets: The profitability in overseas markets is higher than in domestic markets due to a more relaxed competitive environment and structural opportunities, especially in aquaculture feed, where the Asia-Pacific region holds 70% of the global market share [2][5] - Aggressive Business Strategy: The company adopts an aggressive business strategy prioritizing sales volume, reducing costs through formulation and procurement, and leveraging economies of scale to lower manufacturing costs before pursuing profit per ton [2][6] - Integrated Industry Chain Approach: Haida Group implements an integrated industry chain strategy, combining shrimp seedlings, animal health, and feed technology services to provide comprehensive solutions that enhance survival rates and effectiveness in aquaculture, particularly for large farm owners [2][6] - Focus on Key Countries: The company emphasizes a strategy of deepening its presence in key countries, achieving significant market share in specific regions, such as a 45% market share in the Vietnamese duckling market [3][6] Additional Important Insights - Domestic Market Growth: In the domestic market, Haida Group's pig feed business showed strong growth, with a 30% increase in Q1 and a 40% increase in April 2025, supported by a successful OEM model that builds customer trust and brand premium [4][9] - Financial Projections: The company raised its 2025 target market value to 105 billion yuan, based on a feed growth forecast of 13% to 15%, with plans to achieve 7 billion yuan in feed business profits by 2030 [4][13][14] - Water Feed Business Outlook: The water feed business is expected to exceed the annual growth target of 10% to 15% due to stable fish prices and recovery trends in specific feed categories [11] - Contribution from Pig Farming: Despite facing downward pressure from the pig cycle, pig farming is projected to contribute 10 billion yuan in profits for 2025, with ongoing exploration of new breeding models to reduce costs [12] - Future Growth Path: The growth trajectory for Haida Group is expected to be steep, with significant improvements anticipated in 2025 and 2026, and no ceiling for overseas business expansion [15]