On October 21, Guolonghui mentioned in a research report from Haitong Securities that Guangdong Haid Group (002311.SZ) achieved a third-quarter net income attributable to the parent company of 1.5 billion yuan, a year-on-year increase of 30.17%, and a net income attributable to the parent company of 3.62 billion yuan in the first three quarters, a year-on-year increase of 60.95%. The company's fodder business is steadily developing, highlighting its leading position, and the industry may usher in a recovery. Looking ahead, it is believed that the company's hog farming will primarily focus on a light-asset, low-risk model, while the company engages in hedging, with the potential to achieve stable farming profits in the future. In terms of aquatic farming, the company will continue to increase farming capacity, reduce farming costs, moderately control farming scale, and may gradually achieve profitability in the future. The aquatic fodder industry is expected to reach a turning point. The pressure on the aquatic fodder industry this year is mainly due to the decrease in initial stocking at the beginning of the year, while the expected increase in aquatic prices this year is likely to drive an increase in stocking next spring, leading to a positive trend in the aquatic fodder industry next year. Additionally, the company continues to explore overseas markets, with overseas fodder sales in 2023 and the first half of 2024 increasing by 24% and 30% respectively. It is expected to continue to contribute incremental value to the company's fodder business in the future. Considering that the company is a relatively rare leader in the industry, a 20-25 times PE ratio is given for 2024, corresponding to a reasonable value range of 56.0-70.0 yuan, maintaining an "Outperform" rating.