Investment Rating - The investment rating for the poultry farming sector is "Strongly Recommended" for key companies such as Shengnong Development, Wens Foodstuff Group, and Lihua Co., Ltd. [2] Core Insights - The poultry sector is expected to see revenue growth in 2024, driven by improved breeding costs, leading to a recovery in profitability. The second half of 2025 is anticipated to witness a rebound in white chicken breeding prices, with significant profit elasticity expected after the peak season for yellow chicken prices. [1][8] Summary by Sections Review: Cost Improvement Drives Profit Recovery - In 2024, the poultry sector's total revenue decreased by 1% year-on-year, but the net profit excluding non-recurring items turned positive. In Q4 2024, total revenue increased by 6.7% year-on-year, while Q1 2025 saw a 6% increase in revenue year-on-year, despite a 15% quarter-on-quarter decline. [5][8] - The average price of white feather chicken chicks in 2024 was 3.25 CNY per chick, up 4.4% year-on-year, while the average price of chicken products fell by 12.2%. The average price of live chickens dropped by 13.6%. [12][13] - For yellow feather chicken, the average price of snow mountain chickens decreased by 11% year-on-year, and fast-growing chickens saw an 8% decline. Despite falling prices, the reduction in breeding costs led to significant profit improvements for leading companies. [12][13] Outlook: Breeding Sector Expected to Rebound - The breeding sector for white feather chickens is expected to see a tightening supply in the second half of 2025, which will impact the supply of commodity meat chickens in 2026. [26][35] - The current stock of parent breeding chickens has dropped to historically low levels, setting the stage for future price increases. The cost of yellow feather chicken breeding has decreased, and a price rebound is expected to significantly enhance profit margins. [27][37] Investment Recommendations - The report recommends focusing on the breeding sector for white feather chickens, with Shengnong Development highlighted as a key player benefiting from cost improvements. For yellow feather chickens, Lihua Co., Ltd. and Dekang Agriculture are recommended due to their potential for profit recovery as prices rebound. [35][37]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [50] Core Insights - The report indicates that the breeding capacity of sows is expected to continue to decrease, with further potential for reduction in the future. The current valuation of the pig farming sector is at historical lows, presenting opportunities for low-position investments based on capacity reduction expectations [50] - In the poultry farming sector, the impact of avian influenza has limited the introduction of breeding stock for white feather chickens, leading to expectations of capacity reduction. Attention is drawn to leading companies in high-quality white feather chicken farming, while yellow feather chicken farming is expected to see profit improvements due to declining breeding costs [50] - In the feed sector, raw material cost pressures are expected to ease, and the concentration of leading companies is likely to continue to increase [50] - In the seed industry, trade frictions highlight food security concerns, and the commercialization of genetically modified organisms is progressing, with a focus on leading companies with research and development advantages [50] - The domestic pet market is expanding rapidly, with a focus on leading companies that cater to domestic demand [50] Industry Performance Review - The SW agriculture, forestry, animal husbandry, and fishery industry underperformed the CSI 300 index, with an increase of 0.32% from April 25 to May 8, 2025, lagging behind the index by approximately 1.49 percentage points [16] - Among the sub-sectors, only feed and breeding recorded negative returns, down 0.08% and 1.02% respectively, while animal health, fishery, planting, and agricultural product processing saw positive returns of 5%, 2.19%, 2.08%, and 2% respectively [17][18] - Approximately 72% of stocks in the industry recorded positive returns during the same period [18] - As of May 8, 2025, the overall price-to-book (PB) ratio of the SW agriculture, forestry, animal husbandry, and fishery industry index was about 2.58 times, slightly recovering over the past two weeks, and remains at 57.2% of the historical valuation center since 2006, indicating a historical low [22] Key Industry Data - **Pig Farming**: The average price of external three yuan pigs decreased slightly from 14.99 yuan/kg to 14.90 yuan/kg between April 25 and May 8, 2025. The breeding sow inventory reached 40.39 million heads at the end of March 2025, a decrease of 0.66% month-on-month but an increase of 1.2% year-on-year, indicating a normal holding level of 103.6% [26] - **Cost**: As of May 8, 2025, the spot price of corn was 2360.98 yuan/ton, showing a slight increase, while the spot price of soybean meal was 3300 yuan/ton, showing a slight decrease [28] - **Profitability**: As of May 9, 2025, the profit from self-breeding and self-raising pigs was 84.33 yuan/head, slightly down from the previous week, while the profit from purchasing piglets was 58.46 yuan/head, slightly up from the previous week [31] - **Poultry Farming**: The average price of broiler chicks in major production areas was 2.91 yuan/chick, showing a slight increase, while the average price of white feather broilers was 7.45 yuan/kg, showing a slight decrease, with a profit of -0.1 yuan/chick [33][36] - **Aquaculture**: The average wholesale price of crucian carp was 20.68 yuan/kg, and for carp, it was 14.29 yuan/kg, remaining stable over the past two weeks [38]

证券代码：300761 证券简称：立华股份 公告编号：2025-034 江苏立华食品集团股份有限公司 2025 年 4 月销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、2025 年 4 月销售情况 江苏立华食品集团股份有限公司（以下简称公司）2025 年 4 月销售肉鸡（含 毛鸡、屠宰品及熟制品）4,544.93 万只，销售收入 11.25 亿元，毛鸡销售均价 11.20 元/公斤，环比变动分别为 1.22%、4.65%、4.77%，同比变动分别为 14.19%、0.45%、 -13.98%。 公司 2025 年 4 月销售肉猪 16.90 万头，销售收入 3.17 亿元，肉猪销售均价 15.08 元/公斤，环比变动分别为 16.71%、20.08%、2.59%，同比变动分别为 141.08%、 129.71%、-2.96%。 二、原因说明 2025 年 4 月，公司肉猪销量、销售收入同比增长，主要原因为投苗量提升。 三、销售情况汇总 （一）公司肉鸡销售情况汇总如下： | 月份 | | 肉鸡销量（万只） | | 销售收入（亿元） | 毛鸡销 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [6] Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry achieved total revenue of 12,460.8 billion in 2024, a year-on-year decrease of 1.6%, but net profit attributable to shareholders was 483.8 billion, marking a return to profitability [14] - In Q1 2025, the industry reported total revenue of 2,917.0 billion, a year-on-year increase of 8.1%, with net profit of 134.0 billion, also returning to profitability [17] - The improvement in profitability is primarily attributed to the recovery in pig prices and a decrease in breeding costs [14][17] Summary by Sections Overall Industry Performance - In 2024, the SW agriculture, forestry, animal husbandry, and fishery industry saw a total revenue of 12,460.8 billion, down 1.6% year-on-year, while net profit was 483.8 billion, indicating a return to profitability [14] - The first quarter of 2025 showed a total revenue of 2,917.0 billion, up 8.1% year-on-year, with net profit reaching 134.0 billion, also indicating a return to profitability [17] Subsector Performance Swine Breeding Sector - In 2024, the SW swine breeding sector achieved total revenue of 3,880.1 billion, a year-on-year increase of 2.5%, with net profit of 306.8 billion, marking a return to profitability [19] - Q1 2025 saw total revenue of 961.8 billion, a 20.0% year-on-year increase, with net profit of 76.2 billion, also returning to profitability [22] - The recovery in profitability is driven by higher average pig prices and lower breeding costs [20][28] Poultry Breeding Sector - The SW poultry breeding sector reported total revenue of 729.1 billion in 2024, a year-on-year increase of 1.9%, with net profit soaring to 29.5 billion, a 2095% increase [30] - In Q1 2025, total revenue was 160.1 billion, up 1.1% year-on-year, with net profit of 3.8 billion, a 155.4% increase [31] - The growth in revenue and net profit is attributed to increased sales volume and reduced raw material costs [33] Feed Sector - The SW feed sector achieved total revenue of 2,624.3 billion in 2024, down 8.3%, but net profit was 79.2 billion, returning to profitability [40] - In Q1 2025, total revenue was 610.8 billion, a 10.6% increase year-on-year, with net profit of 21.4 billion, a 675.8% increase [41] - The significant increase in net profit is due to improved gross margins and reduced expense ratios [41][47] Animal Health Sector - The SW animal health sector reported total revenue of 180.3 billion in 2024, a 6.5% increase, but net profit fell to 6.3 billion, a 61% decrease [49] - In Q1 2025, total revenue was 46.7 billion, a 23.9% increase, with net profit of 5.1 billion, a 32.8% increase [50] - The recovery in Q1 2025 is attributed to increased sales and reduced expense ratios [52] Planting Sector - The SW planting sector achieved total revenue of 1,039.7 billion in 2024, a 10.3% increase, but net profit fell to 19.4 billion, a 45.8% decrease [59] - In Q1 2025, total revenue was 218.6 billion, a 14.4% increase, with net profit of 8.0 billion, a 12.2% decrease [62] - The decline in net profit is primarily due to lower gross margins and decreased non-operating income [62]

Core Viewpoint - The company focuses on enhancing core competitiveness and reducing breeding costs while adapting to changing consumer demands [1] Financial Performance - In Q1 2025, the company achieved a net profit of 206 million, a year-on-year increase of 157.47% [2] - In 2024, the company listed 516 million yellow feather broilers, a 12.95% increase year-on-year; 1.298 million pigs, a 51.80% increase; and 2.0963 million geese, a 21.73% increase [2] - The company reported a total revenue of 17.725 billion, a 15.44% increase year-on-year, and a net profit of 1.521 billion, marking a turnaround from losses [2] Business Segments - The core business of the company is yellow feather broiler breeding, slaughtering, and sales, contributing 81.98% of total revenue with sales of 14.531 billion, an 8.01% increase year-on-year [2] - The pig farming segment generated 2.927 billion in sales, a 76.51% increase year-on-year, accounting for 16.51% of total revenue [2] Industry Insights - The overall pig farming industry has turned profitable in 2024 after a period of losses, with expectations of continued profitability in 2025 despite potential price declines [3] - The industry is expected to see increased concentration, with companies focusing on product development, brand building, and cost control [3] Cost Management - The company has reduced the complete cost of pig farming to below 6.50 per kg and the complete cost of yellow feather broilers to below 5.5 per kg [3] - Effective cost management is deemed essential for achieving good profitability in the breeding industry [3]

Group 1: 2024 Annual Performance - The company sold 516 million meat chickens, a year-on-year increase of 12.95% [2] - The company sold 1.298 million pigs, a year-on-year increase of 51.8% [2] - The total revenue reached 17.725 billion yuan, with a net profit attributable to shareholders of 1.521 billion yuan, marking a significant turnaround from losses [2] Group 2: Q1 2025 Performance - In Q1 2025, the company sold 123 million meat chickens, a year-on-year increase of 8.69% [3] - The company sold 483,700 pigs, a year-on-year increase of 150.49% [3] - The net profit attributable to shareholders was 206 million yuan, a year-on-year increase of 157.47% [3] Group 3: Future Plans and Growth Strategies - The company aims for an annual growth target of 8%-10% in meat chicken output [4] - The target for pig output in 2025 is 2 million heads, with a cost of 6.4 yuan per kilogram [4] - The company plans to enhance its processing capacity, expecting to slaughter 100 million meat chickens in 2025 [5] Group 4: Cost Management and Industry Position - Current breeding costs are 6.50 yuan per kilogram for pigs and below 5.5 yuan for meat chickens [9] - The company emphasizes cost control as a key focus for maintaining profitability [10] - The company has 7,593 cooperative farmers, with 7,109 in the meat chicken business and 384 in the pig farming business [11] Group 5: Research and Development - R&D expenses for 2024 reached 140 million yuan, an increase of 60 million yuan from 2023, focusing on breeding and technology [15] - The company is committed to enhancing its core competitiveness through continuous R&D investment [15]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has shown significant cost reduction effects, leading to a substantial increase in profits from its dual main businesses [1]. - In 2024, the company achieved a revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, turning from a loss in 2023 [1]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, up 11.60% year-on-year, with a net profit of 206 million yuan, a remarkable increase of 157.47% [1]. Summary by Sections Sales Performance - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, generating a revenue of 14.531 billion yuan, up 8.01% [2]. - For Q1 2025, the company sold 123 million meat chickens, a year-on-year increase of 8.69%, with a revenue of 3.018 billion yuan, down 5.42% [2]. Cost Management - The company has significantly improved its breeding costs, with the complete cost of yellow chickens at 5.9 yuan per pound in 2024, reduced to 5.5 yuan per pound in Q1 2025 [2]. - The slaughtering business saw over 60 million chickens processed in 2024, with expectations for a faster growth in the proportion of slaughtered products to better serve the fresh market [2]. Swine Business - In 2024, the company’s pig output reached 1.298 million heads, a year-on-year increase of 51.80%, with sales revenue of 2.927 billion yuan, up 76.51% [3]. - For Q1 2025, the company sold 483,700 meat pigs, a year-on-year increase of 150.49%, generating a revenue of 904 million yuan, up 178.15% [3]. - The complete cost of pig breeding was 7.46 yuan per pound in 2024, dropping below 7 yuan per pound by year-end, indicating significant cost optimization [3]. Profit Forecasts - The net profit forecast for 2025 has been raised to 1.741 billion yuan, an increase of 0.64% from previous estimates, and for 2026, it is projected at 2.270 billion yuan, up 92.70% [3]. - The report also introduces a new net profit forecast for 2027 at 2.536 billion yuan, with corresponding EPS estimates of 2.10, 2.74, and 3.06 yuan for 2025, 2026, and 2027 respectively [3].

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]