Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agriculture industry achieved a revenue of 11,498.20 billion yuan in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to 466.39 billion yuan, an increase of 806.55% [4][14] - In Q1 2025, the industry reported a revenue of 2,706.77 billion yuan, a year-on-year growth of 6.79%, and a net profit of 133.13 billion yuan, up 795.07% year-on-year [4][14] - The profitability indicators showed improvement, with the gross profit margin at 12.91% in Q1 2025, up 5.74 percentage points year-on-year, and the net profit margin at 5.16%, an increase of 6.18 percentage points year-on-year [4][18] Summary by Sections Weekly Observation - The livestock sector saw significant year-on-year profit growth, with poultry farming, livestock farming, feed, and pet food sectors showing net profit increases of 1,109.96%, 389.01%, 230.88%, and 75.67% respectively in 2024 [5][20] - In Q1 2025, the net profit growth rates for feed, poultry farming, livestock farming, aquaculture, animal health, and pet food sectors were 962.42%, 588.35%, 254.62%, 117.28%, and 21.27% respectively [5][20] Weekly Perspective - The swine sector shows low-positioning value, with the recovery of profitability and consumer demand boosting the sector. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][24] - The feed sector benefits from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended stocks include Haida Group and New Hope Liuhe [6][24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers, with recommended stocks including Guai Bao Pet, Zhong Chong Co., and Petty Co. [6][26] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] - The feed sector led the gains among sub-sectors, with individual stocks like Ruip Biotech, New Sai Co., and Daodaoquan leading the market [7][32] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, down 0.11 yuan/kg from the previous week, while the average price of white strip meat rose by 0.11 yuan/kg to 19.2 yuan/kg [8][37] - The average price of beef increased to 69.03 yuan/kg, reflecting a 0.74% rise [8][43] - The average price of bass rose to 35.30 yuan/kg, up 3.82% from the previous week [8][48]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry experienced a decline in revenue in 2024 but saw a significant increase in net profit, indicating improved profitability. The first quarter of 2025 showed a revenue growth of 6.79% year-on-year and a net profit increase of 795.07% [4][14] - The livestock sector, particularly poultry and pet food, demonstrated high growth rates in net profit, with poultry farming seeing a 1109.96% increase in 2024 and a 588.35% increase in Q1 2025 [5][20] - The report highlights the recovery of the pig cycle and the upward trend in pig prices, suggesting a favorable outlook for the livestock sector [6][24] Summary by Sections Weekly Observation - In 2024, the agriculture industry achieved a revenue of 11,498.20 billion yuan, a year-on-year decline of 3.68%, while net profit reached 466.39 billion yuan, an increase of 806.55%. In Q1 2025, revenue was 2,706.77 billion yuan, up 6.79%, and net profit was 133.13 billion yuan, up 795.07% [4][14] Weekly Viewpoint - The pig sector shows low valuation and potential for recovery, supported by consumption revival. Recommended stocks include Muyuan Foods, Wens Foodstuff, and others. The feed sector benefits from strong domestic and overseas demand [6][24] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, a slight decrease from the previous week. The average price of piglets was 36.88 yuan/kg, also down slightly [8][37]

Investment Rating - Maintain "Overweight" rating for the agriculture sector [4] Core Views - In Q1 2025, the SW Agriculture sector achieved a total profit of 13.51 billion yuan, a year-on-year increase of 1049%, with significant contributions from the breeding, feed, and agricultural product processing sectors, accounting for 59%, 16%, and 15% of profits respectively [10][11] - The breeding sector saw a profit of 8 billion yuan, a year-on-year increase of 254%, driven primarily by pig farming, which generated 7.615 billion yuan, up 242% year-on-year [10][11] - The feed and animal health sectors reported profits of 2.143 billion yuan and 512 million yuan, respectively, with year-on-year increases of 676% and 34% [10][11] - The planting sector experienced a profit of 800 million yuan, a decrease of 12% year-on-year, influenced by declining grain prices [10][11] Summary by Sections Breeding Sector - The average price of lean pigs was 14.69 yuan/kg, down 1.1% from the previous week, while the average wholesale price of pork was 20.59 yuan/kg, down 1.4% [12][13] - The profit from self-breeding pigs decreased to 85.05 yuan per head, while the profit from purchased piglets was 48.53 yuan per head [14][15] - The average price of broiler chickens was 7.48 yuan/kg, up 0.1% from the previous week, and the average price of chicken products remained stable at 8.9 yuan/kg [25][27] Feed and Animal Health - The feed sector's profit growth was supported by the performance of the breeding sector, with significant increases in profits from poultry and aquatic feeds [10][11] - The pet food segment also showed strong performance, achieving a profit of 330 million yuan, up 28% year-on-year [10] Planting Sector - The planting sector's profit decline was attributed to lower prices for corn and wheat, which fell by 11% and 14% year-on-year, respectively [10][11] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies [11] Market Trends - The agriculture sector underperformed the broader market by 0.1 percentage points, with a decline of 0.6% [8][9] - The feed sector saw a slight increase of 1.65% during the same period [9]

近期天康生物（002100）发布2025年一季报，证券之星财报模型分析如下： 天康生物在2025年一季度实现了营业总收入41.8亿元，同比上升了10.68%；归母净利润达到了1.48亿 元，同比大幅增长174.02%；扣非净利润为1.28亿元，同比增长126.59%。这表明公司在该季度内盈利能 力显著增强。 从毛利率来看，虽然有所下降至11.82%，同比下降4.54%，但净利率却从去年同期的较低水平增至 4.1%，同比增长157.4%。这说明尽管产品或服务的附加值不高，但公司通过有效的成本控制提高了整 体盈利水平。 此外，公司的三费(销售费用、管理费用、财务费用)总计为2.64亿元，占营业收入的比例降至6.31%，较 上年同期减少了18.57个百分点，显示出公司在费用管理方面取得了一定成效。 每股指标方面，每股净资产达到5.22元，同比增长11.09%；每股收益为0.11元，同比增幅高达 175.00%；每股经营性现金流也由负转正，从-0.24元升至0.09元，增幅为137.16%，反映了公司在经营活 动中的现金流量状况得到明显改善。 然而，需要注意的是，天康生物的应收账款规模较大，占最新年报归母净利润比例高 ...

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 4.18 billion CNY, a year-on-year increase of 10.68% [2] - The net profit attributable to shareholders was 148 million CNY, up 174.02% compared to the same period last year [2] - Basic earnings per share rose to 0.11 CNY, reflecting a growth of 175% year-on-year [2] - The weighted average return on equity was 2.1%, an increase of 1.26% from the previous year [2] - As of the end of Q1, total assets reached 17.799 billion CNY, a growth of 1.34% from the end of the previous year [2] - Shareholders' equity amounted to 7.123 billion CNY, up 1.52% from the end of the previous year [2] Group 2: Cost Management and Production - The total cost of pig farming in Q1 was 13.01 CNY/kg, with January costs dropping below 13 CNY/kg [3] - The company implemented cost reduction measures by diversifying raw material procurement, leveraging lower prices of barley and wheat flour [3] - The average pigs per sow (PSY) reached 27.3 in 2024, indicating improved production efficiency [3] - The average weight of pigs at market in Q1 was 121 kg [6] Group 3: Capital Expenditure and Sales - The main capital expenditure is focused on pig farming and minor technical upgrades in the feed business [4] - In Q1, the company sold 648,400 tons of feed, with 402,400 tons exported [5] Group 4: Industry Response and Strategy - The company is transitioning from a single product marketing approach to an integrated "product + service" model to adapt to market changes [7] - Plans to achieve a sales target of 2.9 million tons this year, with a long-term goal of reaching 5 million tons in 3-5 years [7] - The animal vaccine business is shifting towards a "vaccine + prevention service" model to address competitive pressures [7]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In April, the breeding profits improved, and the pet food export volume increased by 20% in Q1 [1]. - The agricultural index outperformed the CSI 300 index, with a rise of 3.3% from early April to April 29, while the CSI 300 fell by 2.89% [5][12]. - The domestic pet food market continues to expand, with a Q1 export value increase of 12% [5]. Summary by Sections Price Indicators and Agricultural Performance - In March, the CPI was down 0.1% year-on-year, with a 46% reduction in agricultural trade deficit [7]. - The total market value of the agriculture, forestry, animal husbandry, and fishery sector was 12,849.69 billion yuan, accounting for 1.38% of the total A-share market value [12]. Breeding Profits and Pet Food Exports - The breeding profits for pigs improved in April, with the price on April 23 being 15.09 yuan/kg, down 7.2% from the end of 2024 [5][31]. - The number of reproductive sows was 40.39 million, a 1% decrease from the previous quarter [34]. - The pet food market reached a scale of 107.2 billion yuan in 2024, with a CAGR of 12.7% from 2017 to 2024 [5]. Investment Recommendations and Stock Pool - Focus on leading pig farming companies with strong cost control and healthy financial conditions, such as Muyuan Foods and Wens Foodstuffs [5]. - The report suggests monitoring the poultry industry, particularly the yellow-feathered chicken sector, due to potential price increases [5]. - Attention is also drawn to feed industry leaders like Haida Group and animal vaccine companies such as Reap Bio and Kexin Bio [5].

Investment Rating - The investment rating for TianKang Biological is maintained as "Buy" [1] Core Views - The company has shown a steady decline in breeding costs and stable operations in animal health feed, with expectations to navigate through the cycle profitably [4][5] - In 2024, the company reported revenue of 17.176 billion yuan, a decrease of 9.72%, while the net profit attributable to shareholders was 605 million yuan, an increase of 144.38% [4] - For Q1 2025, the revenue was 4.180 billion yuan, an increase of 10.68%, and the net profit attributable to shareholders was 148 million yuan, an increase of 174.02% [4] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 969 million yuan, 933 million yuan, and 1.611 billion yuan respectively [4] Summary by Sections Breeding and Cost Performance - In 2024, the company sold 3.0285 million pigs, an increase of 7.55%, with an average selling price of 15.66 yuan per kilogram [5] - The complete cost of breeding in 2024 was 14.73 yuan per kilogram, which is expected to decrease to below 13 yuan per kilogram by Q3 2025 [5] - The company aims to achieve a breeding target of 3.5 to 4 million pigs in 2025 [5] Feed and Animal Health Business - In 2024, the feed sales volume was 2.8283 million tons, a slight increase of 0.86%, with pig feed contributing significantly to the growth [6] - The animal health business generated revenue of 999 million yuan in 2024, a growth of 0.22%, with vaccine sales increasing by 18.44% [6] - The company expects feed sales to reach 2.9 million tons in 2025, primarily driven by pig feed [6] Financial Performance and Projections - The company’s total market capitalization is 8.519 billion yuan, with a current stock price of 6.24 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.71 yuan, 0.68 yuan, and 1.18 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8.8, 9.1, and 5.3 [4][7] - The company’s asset-liability ratio is 51.40%, indicating a stable financial position with sufficient liquidity for expansion [6]

Investment Rating - The report maintains a "Recommended" rating for the company TianKang Biological (stock code: 002100.SZ) [1] Core Views - The company has shown significant improvement in its financial performance for 2024, with revenue of 17.176 billion yuan, a year-on-year decrease of 9.72%, but a return to profitability with a net profit of 605 million yuan, compared to a loss of 1.363 billion yuan in 2023 [3] - The company aims to achieve a pig output target of 3.5 to 4 million heads in 2025, representing a year-on-year increase of 15.57% to 32.08% [3] - The improvement in profitability is attributed to reduced breeding costs and fluctuating pig prices, leading to enhanced breeding profits [3] Financial Performance Summary - For 2024, the company reported a comprehensive gross margin of 12.14%, up 9.22 percentage points year-on-year, and a net profit margin of 3.52% [3] - In Q1 2025, the company achieved a revenue of 4.180 billion yuan, a year-on-year increase of 10.68%, and a net profit of 148 million yuan, up 174.02% year-on-year [3] - The company’s vaccine sales increased by 18% in 2024, with a gross margin of 63.07% [3] Financial Forecasts - The projected revenue for 2025 is 19.096 billion yuan, with a growth rate of 11.18%, and a net profit of 741.89 million yuan, reflecting a growth rate of 22.62% [5] - The expected EPS for 2025 is 0.54 yuan, with a PE ratio of 11 times [3][5] - The company’s total assets are projected to decrease from 17.562 billion yuan in 2024 to 15.685 billion yuan in 2025 [6] Operational Metrics - The company’s asset-liability ratio is expected to improve from 51.49% in 2024 to 41.96% in 2025 [7] - The company aims for a total vaccine sales target of 2.4 billion milliliters (doses) in 2025, a year-on-year increase of 16.28% [3]

Core Viewpoint - TianKang Biological has reported significant growth in revenue and net profit for the year 2024, indicating strong performance in the agricultural biotechnology sector [1][3]. Financial Performance - The company achieved a total revenue of 17.176 billion yuan and a net profit attributable to shareholders of 605 million yuan, marking a year-on-year increase of 144.38% [1]. - The basic earnings per share stood at 0.44 yuan [1]. - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares, totaling 300 million yuan [2]. Business Operations - TianKang Biological aims to become a leading health farming service provider and safe food supplier in China, covering the entire industry chain from breeding to processing [2]. - The company operates over 30 feed production enterprises nationwide and ranks among the top 20 in China's feed industry [2]. - In the veterinary biological products sector, it is recognized as a key production enterprise for various vaccines, including foot-and-mouth disease and avian influenza [2]. Research and Development - The company has increased its R&D investment, with over 15% of its biological pharmaceutical sales revenue allocated to product development and technological innovation [3]. - It has developed significant vaccines, including a pioneering swine fever vaccine and a brucellosis vaccine, contributing to disease control in livestock [3]. Segment Performance - In the swine breeding segment, the company reported an output of 3.0285 million pigs, a year-on-year increase of 7.55%, with sales revenue of 6.157 billion yuan [3]. - The feed segment saw a slight increase in sales volume to 2.8283 million tons, but revenue decreased by 17.67% [4]. - The veterinary medicine segment generated 999 million yuan in revenue, with vaccine sales increasing by 18.44% [4]. Future Goals - For 2025, TianKang Biological targets a revenue of 21 billion yuan, with specific goals for feed production, animal vaccines, and pig output [4]. - The company aims to enhance its core competencies in the livestock industry, providing comprehensive solutions to improve farming efficiency and achieve mutual growth with clients [4].