Investment Rating - The industry investment rating is "Overweight" indicating that the agricultural sector is expected to outperform the overall market [2][5]. Core Insights - The report emphasizes the strategic value of the agricultural sector under the backdrop of unexpected tariff policies and the "internal circulation + self-control" approach, highlighting investment opportunities across various sub-sectors [5][3]. - The report notes a significant increase in online sales of pet food, with March sales reaching 2.65 billion yuan, a year-on-year increase of 23% and a month-on-month increase of 44% [3][5]. Summary by Relevant Sections Agricultural Sector Performance - The Shenwan Agricultural Index rose by 3.3%, while the CSI 300 Index fell by 2.9% during the week [3][4]. - Top five gainers included Shen Nong Technology (35.7%), Xin Sai Co. (32.2%), Jin He Biological (28.8%), Wanxiang De Nong (24.9%), and Bei Da Huang (19.7%) [4][12]. Livestock Farming - Swine prices are expected to fluctuate, with the average price for external three yuan pigs at 14.80 yuan/kg, a week-on-week increase of 1.4% [3][13]. - The report anticipates a potential decline in pig prices due to increased supply in the second quarter, suggesting a left-side investment opportunity in the sector [3][5]. Poultry Farming - The price of white chicken chicks continues to weaken, with the average price at 2.54 yuan/chick, a week-on-week decrease of 7.64% [3][5]. - The report highlights the importance of monitoring consumer demand, particularly in the restaurant and catering sectors, as a key factor affecting the poultry market [3][5]. Pet Food Industry - The report indicates that domestic brands are likely to gain market share as the cost-effectiveness of imported pet food declines [5][3]. - Key companies in the pet food sector, such as Guai Bao Pet and Zhong Chong Co., reported significant growth in sales, with Guai Bao Pet achieving a 47% year-on-year increase in March [3][5]. Seed Industry - The necessity for self-control in the seed industry is increasingly evident, with a push towards biological breeding and accelerated industrialization [5][3]. - The report recommends focusing on companies like Longping High-Tech and Dabeinong in the seed sector [5][3].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The poultry prices have stopped declining and are rebounding, supported by the release of the "Accelerating the Construction of an Agricultural Power Plan" [4]. - The report highlights that the industry is currently at a relatively low valuation compared to historical averages, indicating potential for valuation recovery [4]. Summary by Sections Market Review - In March 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 2.44%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.07% [7][10]. - The animal health sector showed the highest growth, while the seed industry faced declines [10]. Livestock Farming Data Tracking - In March 2025, the average price of live pigs was 14.75 yuan/kg, with a slight month-on-month decline of 0.78% and a year-on-year decline of 0.03% [15][22]. - The average price of white feather broiler chicks was 2.88 yuan/chick, reflecting a month-on-month increase of 0.66 yuan/chick [24][27]. - The report notes a rebound in chicken prices due to improved market conditions and reduced cost pressures [27][29]. Policy Insights - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" emphasizes the need for independent innovation in seed industry and the implementation of major biological breeding projects [31][32]. - The plan aims for significant progress in agricultural modernization by 2027 and substantial achievements by 2035 [31]. Major Agricultural Product Price Tracking - The report provides insights into the price trends of key agricultural products, indicating a strong fluctuation in corn and wheat prices [33][34]. Industry Dynamics and Company News - The report tracks significant events in the industry, including government initiatives to support agricultural development and the performance of listed companies in the sector [39][41].

智通财经4月10日电，佩蒂股份涨超10%，源飞宠物、依依股份、天元宠物涨超5%，仙乐健康、吉宏股 份、创源股份、狮头股份等跟涨。消息面上，中国银河证券发布研报称，我国宠物行业规模有望于27年 突破4000亿元。情感经济、科学养宠、理性养宠等消费趋势的变化将带来结构性机遇。 宠物经济概念股震荡拉升 佩蒂股份涨超10% ...

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-009 | | --- | --- | --- | | 债券代码：123133 | 债券简称：佩蒂转债 | | 佩蒂动物营养科技股份有限公司 特别提示： 1. 债券代码：123133； 2. 债券简称：佩蒂转债； 3. 转股期起止日期：自2022年6月28日起至2027年12月21日止； 2025 年第一季度可转换公司债券转股情况公告 4. 当前有效转股价格：人民币17.92元/股； 5. 2025年第一季度，共有83.00张佩蒂转债完成转股，共计转换成本公司股票 462.00股； 6. 自开始转股至2025年第一季度末，共有1,864.00张佩蒂转债完成转股，票面金 额合计186,400.00元，共计转换成本公司股票10,442.00股； 7. 截至2025年第一季度末，佩蒂转债尚存续7,198,136.00张，票面总金额人民币 719,813,600.00元。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、可转换公司债券发行上市情况 经深圳证券交易所审核同意，中国证监会《关于同 ...

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 pig farming sector shows value for low-positioning, with a recovery in profitability expected alongside consumer demand recovery. The current valuation of the pig farming sector is at a relatively low level, indicating potential for investment [6][25] - The report emphasizes the ongoing support for pig prices from the entry of supplementary breeding in Northeast China, which is expected to stabilize prices in the short term [4][11] Summary by Sections Weekly Observation - Recent supplementary breeding has entered Northeast China, which may support pig prices. As of March 14, the national average price for live pigs was 14.57 yuan/kg, up 0.12 yuan/kg from the previous week, with a week-on-week increase of 0.83% [4][11] - The average daily slaughter volume of sample enterprises was 142,500 pigs, down 90 pigs from the previous week, indicating weak demand [4][11] Weekly Perspective - The pig farming sector's low-positioning value is becoming apparent, with a recovery in profitability expected as consumer demand rebounds. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][25] - The pet food market in China is projected to grow at a CAGR of 9.64% from 2025 to 2028, driven by rising consumer spending and domestic brands gaining market share [6][25] Market Performance (March 10-14) - The agriculture index outperformed the market by 1.45 percentage points, with the Shanghai Composite Index rising by 1.39% and the agriculture index rising by 2.84% [31][33] - Key stocks that led the gains included Xue Rong Biological, Western Animal Husbandry, and Zhong Ji Health, with increases of 43.95%, 18.29%, and 13.13% respectively [31][35] Price Tracking (March 10-14) - The average price of live pigs was 14.65 yuan/kg, up 1.03% from the previous week. The average price of piglets was 33.87 yuan/kg, up 3.39% from the previous week [41][43] - The average price of white feather chickens was 7.11 yuan/kg, up 7.89% from the previous week, while the average price of yellow feather chickens was 10.45 yuan/kg, reflecting a price increase [40][46][47] Key News (March 10-14) - The USDA's March report adjusted global corn and wheat production upwards while lowering rice production forecasts. Corn production was increased by 1.7 million tons to 1.214 billion tons, and wheat production was increased by 3.44 million tons to 797 million tons [36]

| |  特定对象调研 分析师会议 | | | --- | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | | 类别 | 新闻发布会 路演活动 | | | | 现场参观 其他 | | | 参与单位名称及 | | | | 人员姓名（无排 | 中信证券、银华基金 | | | 名先后） | | | | 时间 | 2025 年 月 05 日（星期三）14:00-15:50 | 03 | | 地点及活动方式 | 线上线下相结合的方式，现场地点：浙江省杭州市萧山区宁围街 | | | | 道诺德财富中心 2001 室 | | | 上市公司接待人 | 线上：董事会秘书、财务总监：唐照波 | | | 员姓名 | 现场：公司副总经理、品牌事业部总裁：陈聂晗，记录人：廖新 | | | | 玲 问题 1：美国加征关税对公司的影响程度如何？ | | | | 答：目前来看，关税政策变化对客户订单没有产生明显影响，东 南亚工厂已基本能够完全承接美国客户的订单。公司计划将越南 工厂的产能再增加 2000 吨，以应对海外客户的增量，预计新增 | | | | 产能 2026 年投入使用。另外，预计柬 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-008 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 关于与专业投资机构共同投资设立宠物产业基金 完成私募投资基金备案的公告 公司将严格按照相关法律法规的规定和要求，根据目标基金的后续进展情况及时 履行信息披露义务，敬请广大投资者注意投资风险。 为准确、高效把握中国宠物产业的发展机会，借助专业投资机构的专业资源及其 投资管理和项目运作等优势，持续深化公司在宠物行业的投资布局，在不影响公司日 常经营及发展、有效控制投资风险的前提下，佩蒂动物营养科技股份有限公司（ 以下 简称公司）作为有限合伙人以自有资金出资人民币12,000.00万元认购了平阳县小满 创业投资合伙企业 有限合伙） 以下简称目标基金）40%的出资份额。2024年10月 23日，公司与目标基金、执行事务合伙人及其他投资方就本次投资事项签署了（ 平阳 县小满创业投资合伙企业 有限合伙）合伙协议》。 关于本次对外投资的 具体情况见公司于 2024年10月24日在巨潮资讯网 http://www.cninfo.com.cn/）披露的（ 关于与专业投资机构共同投资设 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [16]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 181 million and 205 million yuan in 2024, marking a significant turnaround from a loss of 11.09 million yuan in the same period of 2023 [7]. - The pet food industry is experiencing positive growth, with a 21.4% year-on-year increase in pet feed production in the first half of 2024, despite a 4.1% decline in total industrial feed production [7]. - The company's performance is driven by both domestic and international markets, with significant growth in overseas orders and a strong performance of its domestic brand during promotional events [7]. Summary by Sections Financial Performance - The company forecasts a substantial increase in revenue, with expected sales of 2.034 billion yuan in 2024, a 44.15% increase from 2023 [9]. - The net profit is projected to rise dramatically by 1835.12% in 2024, reaching 192 million yuan [9]. - Earnings per share (EPS) is expected to be 0.77 yuan in 2024, increasing to 1.00 yuan in 2025 and 1.17 yuan in 2026 [9]. Market Trends - The pet food export market has shown consistent growth, with a 31.6% year-on-year increase in December 2024 and a cumulative export volume of 33.52 million tons for the year, up 26.01% [7]. - The report highlights the ongoing expansion of the pet food market in China, driven by increasing pet ownership and consumption [7]. Strategic Initiatives - The company is focusing on its core business in the pet food sector and implementing a "one body, two wings" development strategy to enhance its market position [7]. - The report notes the successful expansion of the company's overseas production capabilities, particularly in Vietnam and Cambodia, contributing to improved profitability [7].

各位投资者下午好我是华创农业组的分析师赵浩月今天带来的深度报告的讲解是我们春节前发布的佩迪股份的深度报告全量巨星竹浪品牌规模化下一城佩迪股份成立于2022年以出口代工宠物养家起家产品遍布全球主要的客户有平浦沃尔玛等2018年佩迪开拓国内市场打造绝艳豪式家等最有品牌突围国内宠物中高端市场实现了国内国外双轮机动发展 那么从整体的报告逻辑来看呢我们会先对佩迪股份所在的行业进行一个分析分为国内和国外两个市场从国外市场来看呢佩迪股份主要的出口国是美国市场并且呢主要业务呢还是咬胶和肉质零食的出口那么美国市场的高增化的一个进程是佩迪股份是否能够获得持续的咬胶订单的一个比较关键的一个点那么国内市场来看的话呢 PP股份以绝缘为代表的品牌主要竞争的是国内的高端狗粮市场就是说我们会在高端粮市场进行一个更综合更全面的分析并且会来看一看这个市场集中度和各个品牌在这个市场里面的打法第三层是公司的核心看点核心看点来看的话我总结为是国内国外双轮驱动线下线下全局把握从国外的角度来看核心逻辑依然是产能全球化增强供应链的稳定性 同时进一步的优化海外的利润结构国内来看呢自主品牌多线并举以绝艳为代表的自主品牌形成从高到低的自主品牌矩阵同时呢公司最近的 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-007 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 关于回购公司股份实施完成暨股份变动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、回购方案概述 2024年2月5日，佩蒂动物营养科技股份有限公司（以下简称公司）召开第四届董 事会第二次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司使用自有资金5,000.00万元（含）—10,000.00万元（含）人民币以集中竞价 方式回购部分股份，回购价格不超过20.00元/股，回购的股份拟用于公司发行的可转 换公司债券的转股，回购实施期限为自本次董事会审议通过回购方案之日起不超过12 个月。 本次回购股份方案的具体内容见公司分别于2024年2月6日、2024年2月7日在巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方 案的公告》《回购股份报告书》及其他相关公告。 二、回购股份的实施及披露情况 截止2025年2月4日，公司本次回购股份方案 ...