Guangdong Haid Group (002311) Q4 2024 earnings summary

Executive summary

• 2024 saw intensified industry competition, but product strength, professionalism, and regional coverage improved, driving feed sales to about 26.5 million tons, up 9% year-over-year, with market share increasing.

• Overseas feed sales surged 40% year-over-year to 2.4 million tons, with gross margin and profitability improving.

• Swine farming business turned profitable year-over-year, aided by a successful asset-light risk control model.

Financial highlights

• Total revenue for 2024 was ¥114.68 billion, down 1.23% compared to the previous year.

• Operating profit rose 53.72% year-over-year to ¥5.46 billion; net profit attributable to shareholders increased 64.73% to ¥4.52 billion.

• EPS reached ¥2.72, up 63.86% year-over-year; ROE improved to 20.92%, up 6.39 percentage points.

• Total assets at year-end were ¥48.22 billion, up 7.77% from the previous year.

• Shareholders' equity increased 21.84% year-over-year to ¥23.94 billion; book value per share rose 21.85% to ¥14.39.

Outlook and guidance

• Short-term feed business target is an incremental 3 million tons by 2025; mid-term goal is 51.5 million tons by 2030, including 7.2 million tons from overseas.

• Seed and animal health businesses will receive increased investment to expand product range and scale.

• Asset-light pig farming and industrialized shrimp farming will be expanded if unique or core competitiveness is established.