从资金流向上来看，当日食品加工板块主力资金净流出1.27亿元，游资资金净流出2488.55万元，散户资 金净流入1.52亿元。食品加工板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603345 | 安井食品 | | 3588.42万 | 9.81% | -3645.99万 | -9.97% | 57.57万 | 0.16% | | 002515 | 金字火腿 | | 2249.10万 | 14.02% | -1481.85万 | -9.24% | -767.25万 | -4.78% | | 002702 海欣食品 | | | 1308.54万 | 13.69% | -383.06万 | -4.01% | -925.48万 | -9.68% | | 002626 | 金达威 | | 1100.54万 | 4.62% | 1399.42万 | 5.88% | -2499.96 ...

Core Viewpoint - 华统股份' stock price closed at 10.92 yuan, with a rolling PE ratio of 33.23, marking a new low in 39 days, and a total market value of 8.791 billion yuan [1] Company Overview - 浙江华统肉制品股份有限公司 specializes in feed processing, poultry farming, slaughtering, and deep processing of meat products, with main products including fresh pork, fresh poultry, and Jinhua ham [2] - The company has received multiple awards, including the "Gold Award" at the Zhejiang Agricultural Expo in 2011 and the "National Science and Technology Progress Second Prize" in 2019 [2] - In Q1 2025, the company reported revenue of 2.079 billion yuan, a year-on-year increase of 4.15%, and a net profit of 342.042 million yuan, a year-on-year increase of 121.74%, with a gross profit margin of 7.90% [2] Industry Analysis - The average PE ratio for the food and beverage industry is 42.13, with a median of 31.83, placing 华统股份 at the 76th position in the industry [1][3] - The company's PE (TTM) is 33.23, while the industry average is 42.13, indicating a lower valuation compared to peers [3] - The total market value of 华统股份 is 8.791 billion yuan, compared to the industry average market value of 14.240 billion yuan [3]

Core Views - The breeding sector is experiencing improved supply-demand dynamics due to intensified policy regulation, with measures from the National Development and Reform Commission (NDRC) aimed at optimizing pig production capacity, which is expected to enhance CPI targets and stabilize pig prices [4][50] - The beef industry is undergoing significant supply reduction, with a deep cycle anticipated as the number of breeding cows declines sharply, leading to lower beef supply starting in the second half of 2025 [6][88] - Smart agriculture is benefiting from ongoing policy incentives and increased funding, with water conservancy investments projected to reach 1.4 trillion yuan in 2024, marking a 12.8% year-on-year increase [6][50] Breeding Sector - The breeding industry is seeing a favorable supply-demand balance, with policies aimed at controlling production capacity and improving profitability for leading companies such as Muyuan Foods and Wens Foodstuffs [4][50] - The profitability of self-breeding operations is stable, while external pig purchases show fluctuating profits, indicating a need for careful management of breeding strategies [20][25] - The average weight of pigs being slaughtered has decreased, which is expected to reduce supply pressure and potentially increase pig prices in the coming months [41][42] Beef Industry - The domestic beef supply is expected to decrease significantly due to a reduction in breeding cow numbers, with the industry mirroring the pre-2019 pig cycle in terms of supply adjustments [6][88] - The beef market is characterized by a long adjustment period from breeding to market, typically requiring 2-3 years, which complicates supply management [70] Smart Agriculture - The smart agriculture sector is poised for growth driven by government policies and funding, with a focus on modernizing irrigation systems and enhancing water management practices [6][50] - The market for smart agriculture is projected to expand significantly, with the government aiming to establish 13 million acres of efficient water-saving irrigation [6] Animal Health - The veterinary drug sector is experiencing a structural shift due to the implementation of new GMP standards, which are raising industry entry barriers and promoting consolidation among leading firms [51][66] - The veterinary raw material drug prices are entering a recovery phase after a prolonged downturn, with demand expected to rise as breeding profitability improves [53][66] Investment Recommendations - Key investment targets include Muyuan Foods, Wens Foodstuffs, and Jiusan Foods in the breeding sector, as well as Deyu Water Saving and Ruipu Biological in the smart agriculture and animal health sectors, respectively [4][66][67]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with expectations of rising prices in the second half of 2025 [25] - The domestic pet consumption market remains stable, but trade tensions have put pressure on exports, with a notable decline in sales and export figures [20][29] Summary by Sections Weekly Observation - Short-term supply increases have led to a decline in pig prices, but after market adjustments, prices may rise further [4][13] - As of July 18, the average price of live pigs was 14.19 yuan/kg, down 3.34% from the previous week [13][14] Weekly Market Performance - The agriculture index underperformed the market by 0.83 percentage points, with the Shanghai Composite Index rising by 0.69% [30][32] - The animal health sector showed the highest gains among sub-sectors [30] Price Tracking - The average price of live pigs decreased to 14.27 yuan/kg, while the price of piglets increased slightly to 31.96 yuan/kg [41] - The price of corn decreased to 2473 yuan/ton, while soybean meal prices rose to 2928 yuan/ton [15][56] Key News - As of the end of Q2 2025, the number of breeding sows was reported at 40.43 million, with overall meat production showing a slight increase [38] - The report indicates a stable trend in domestic pet food sales, with a total of 31.87 billion yuan in sales for June, down 7.98% year-on-year [20][23] Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and others, while in the feed sector, Hai Da Group and New Hope Liuhe are highlighted [25][29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 75 million to 90 million yuan in the first half of 2025, marking a turnaround from losses in the previous year [2][4]. - The company has optimized breeding costs, with the complete cost per kilogram decreasing from 15.2 yuan at the end of 2024 to 13.9 yuan in March 2025, a reduction of 8.55% [2][3]. - The company is positioned as a leading player in the pig slaughtering industry in Zhejiang Province, with a robust full industry chain layout and a focus on cost reduction and efficiency improvements [4][5]. Financial Summary - Revenue is projected to grow from 8,578 million yuan in 2023 to 13,880 million yuan in 2027, with year-on-year growth rates of -9.2%, 6.0%, 19.8%, 13.2%, and 12.6% respectively [1][4]. - The net profit attributable to shareholders is expected to increase significantly from a loss of 605 million yuan in 2023 to a profit of 752 million yuan in 2027, with growth rates of -789.3%, 112.1%, 212.7%, 93.0%, and 70.6% respectively [1][4]. - The company's return on equity (ROE) is projected to improve from -28.8% in 2023 to 21.9% in 2027 [1][4]. Operational Insights - The company has implemented a breeding upgrade plan, aiming to enhance its breeding system and reduce costs further, with the average cost of weaned piglets expected to decrease from 300 yuan to 260 yuan per head [3]. - The company is expanding its contract farming model, targeting an annual output of at least 400,000 pigs, with a projected contribution of 15% from this model [3]. - The company has successfully executed a 1.6 billion yuan capital increase project, which is anticipated to lower its debt ratio and financial costs [3].

浙江华统肉制品股份有限公司 证券代码：002840 证券简称：华统股份 公告编号：2025-088 2025 年 6 月畜禽销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2025年6月份，商品猪销售均价14.20元/公斤，比2025年5月份下降2.07%。 2、鸡销售情况 2025年6月份鸡销售数量87.12万只，环比变动-5.19%，同比变动-10.63%。 2025年6月份鸡销售收入1,243.15万元，环比变动-17.08%，同比变动-24.53%。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 浙江华统肉制品股份有限公司（以下简称"公司"）部分全资及控股子公司 经营范围包括畜禽养殖业务，现公司就每月畜禽销售情况进行披露，具体内容如 下： 一、2025 年 6 月份销售情况 1、生猪销售情况 2025年6月份，公司生猪销售数量200,376头（其中仔猪销售0头），环比变动 0.12%，同比变动-2.58%。 2025年6月份，公司生猪销售收入34,792.96万元，环比变动-3. ...

华统股份（002840）公告，2025年6月份，公司生猪销售数量20.04万头，环比变动0.12%，同比下降 2.58%。生猪销售收入3.48亿元，环比下降3.60%，同比下降19.81%。商品猪销售均价14.2元/公斤，较 2025年5月份下降2.07%。鸡销售数量87.12万只，环比下降5.19%，同比下降10.63%。鸡销售收入 1243.15万元，环比下降17.08%，同比下降24.53%。上述销售数据未经审计。 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-087 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江华统肉制品股份有限公司 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年6月30日 2、业绩预告情况：□亏损 ☑扭亏为盈 □同向上升 □同向下降 | 项 目 | | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：7,500 | 万元~9,000 | 万元 | 亏损：11,905.69 万元 | | 扣除非经常性损 益后的净利润 | 盈利：6,000 | 万元~7,800 | 万元 | 亏损：12,638.23 万元 | | 基本每股收益 | 盈利：0.09 | 元/股~0.11 | 元/股 | 亏损：0.20 元/股 | 二、与会计师事务所沟通情况 本次业绩预告未经注册会计师预审计。 三、业绩变动原因说明 报告期内，公司生猪养殖成本稳步下降，生猪养殖业务实现盈利。 2025 年半年度业绩预告 商品猪市场价格的大幅波动（下降或 ...

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]