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国联民生证券:养殖产业链业绩释放 宠物经济持续向好
Zhi Tong Cai Jing·2025-05-15 04:01

Group 1: Swine Industry - The swine breeding industry is expected to see improved profitability in 2024, with a projected total revenue of 454.57 billion yuan, a year-on-year decrease of 2.20% [1] - In Q1 2025, the industry is anticipated to maintain a slight profit status, with a total revenue of 112.02 billion yuan, a quarter-on-quarter decrease of 11.24% but a year-on-year increase of 18.38% [1] - The average profit for self-bred pigs in 2024 is estimated at 166.86 yuan per head, indicating a significant improvement in industry conditions [1] Group 2: Pet Food Industry - The pet food sector is projected to achieve a total revenue of 11.4 billion yuan in 2024, reflecting a year-on-year growth of 20% [2] - Notable companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are expected to see revenue growth rates of 21%, 19%, and 18% respectively in 2024 [2] - In Q1 2025, the total revenue for pet food companies is expected to reach 2.9 billion yuan, marking a year-on-year increase of 23% [2] Group 3: Feed Industry - The feed industry is showing signs of recovery, with total revenue for 2024 projected at 155.6 billion yuan, a year-on-year decrease of 3% [3] - Companies like Bang Ji Technology are expected to see significant growth, with a projected revenue increase of 54% in 2024 due to higher sales volumes [3] - In Q1 2025, total revenue for feed companies is anticipated to be 35.3 billion yuan, reflecting a year-on-year growth of 12% as sales volumes recover [3]