Changjiang Securities: Hai Da Group's long-term growth logic is smooth, optimistic about the high growth of its main business performance in 2025

According to the research report of Changjiang Securities, Haida Group is expected to achieve a net profit attributable to shareholders of 4.5 billion yuan in 2024, a year-on-year increase of 64.3%; in the first quarter of 2025, the net profit attributable to shareholders is expected to be 1.28 billion yuan, a year-on-year increase of 49.0%. The company is optimistic about the high growth of the company's main business performance in 2025, and the long-term growth logic is clear. The central price of aquatic products rebounded at the end of 2024, and the overall price performance has remained strong so far in 2025. The recovery of seedling investment and pond stocking in the breeding sector will drive the company's domestic aquatic product growth. The long-term space for the company to expand its feed business overseas is large, with a superior structure, which will provide strong support for the growth of the company's main business performance in the future. It is estimated that the company's main business performance in 2025/2026 will be 3.85/4.6 billion yuan, the aquaculture business will be valued at 10 billion yuan, corresponding to the current company's main business valuation of 21X/18X. It is continuously recommended as a key focus.