First Read: Guangdong Haid Group "Key takeaways from AGM (2030 strategy &..."

研报英文原文证据摘录

First Read: Guangdong Haid Group "Key takeaways from AGM (2030 strategy &..."

Global Research

8 June 2026ab

First Read

EquitiesGuangdong Haid Group

Key takeaways from AGM (2030 strategy & China

2026 outlook) Agriculture

12-month rating Buy

12m price target Rmb68.70

2030 Strategic targets: scaling volume with profit expansion

We attended HAID’s AGM, where management outlined its 2030 targets of achieving

51.5mn tonnes of global feed sales volume, including >40mn tonnes domestic and Price (05 Jun 2026) Rmb44.09

~9mn tonnes overseas. Net profit is targeted to reach Rmb10bn, with feed-related profit RIC: 002311.SZ BBG: 002311 CS

contribution of ~Rmb4bn domestically and ~Rmb3bn overseas. Overseas markets are

Trading data and key metrics

positioned as the company’s key growth engine over the coming decade, with aquatic

feed remaining the highest-value segment across both domestic and overseas markets. 52-wk range Rmb67.35-44.09

Market cap. Rmb72.5b/US$10.7b

2026 outlook Shares o/s 1,645m (ORDA)

For 2026, HAID guides total feed volume growth of ~3.1mn tonnes (+10% YoY), with Free float 44%

overseas volume up ~80k tonnes (+23% YoY). The outlook implies moderate domestic Avg. daily volume ('000) 10,156

growth with accelerating international contribution, consistent with its longer-term Avg. daily value (m) Rmb498.5

globalization strategy. Common s/h equity (12/26E) Rmb26.4b

P/BV (12/26E) 2.8x

1) Domestic growth is expected to remain steady amid weak consumption. Net debt to EBITDA (12/26E) NM

Management highlighted ongoing industry consolidation (top 20 players >50% share), EPS (UBS, diluted) (Rmb)

while HAID’s focus on feed as its core business, alongside its integrated “seed-feed- UBS Cons.

animal health” capabilities, underpins its competitive positioning.