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研報掘金丨中金:維持海大集團“跑贏行業”評級,目標價62元
格隆匯 02-14 14:47
中金公司研報指出,海大集團(002311.SZ)預計24年實現歸母淨利45.2億元,同比+64.7%。分季度看,Q1/Q2/Q3/Q4公司歸母淨利實現8.6/12.6/15/8.9億元,同比分別+111%/+83%/+30%/+82%,符合我們預期。公司短期目標25年飼料業務達到300萬噸增量(同比+12%),中期目標2030年達到5,150萬噸銷量(含自用及海外),24-30E總體銷量目標CAGR達到12%,其中國內飼料銷量目標CAGR達到10%以上。認爲公司生豬養殖外購仔豬套保的輕資產平臺化養殖模式逐步跑通,24年同比扭虧爲盈貢獻利潤彈性,25年有望兌現穩定盈利,中期有望穩步擴張。維持“跑贏行業”評級與目標價62元不變。
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