猪企半年报前瞻：价跌、利增，成本分化

Core Viewpoint - The sales data for June from leading pig farming companies indicates that while the average sales price has slightly decreased compared to the same period last year, profits have increased due to a significant reduction in costs [1][2][4]. Group 1: Sales and Pricing - In the first half of the year, the average sales price for pigs from Muyuan Foods was 14.46 yuan/kg, down 0.76 yuan/kg from the previous year, with a price range of 14.08 to 14.76 yuan/kg [1][3]. - The sales price decline of approximately 5% contrasts with a notable decrease in costs, which fell from over 14 yuan/kg to 12.2 yuan/kg by May [1][5]. Group 2: Cost Structure and Profitability - The cost structure varies significantly among pig farming companies, with some, like Huazhong Foods, reporting costs as high as 13.7 yuan/kg, which is 1.6 yuan/kg higher than Muyuan Foods [1][6]. - Muyuan Foods' profitability has improved, with a unit profit of approximately 2.3 yuan/kg and a gross margin of around 15.8%, compared to Huazhong Foods' 0.8 yuan/kg profit and 5.5% margin [6]. Group 3: Market Dynamics and Future Outlook - The market is experiencing a narrowing fluctuation in pig prices, with expectations of marginal improvements in supply-demand dynamics in the second half of the year due to a decrease in the breeding sow inventory [8][10]. - There are differing opinions on the future price trajectory, with some analysts predicting a potential rebound in prices due to seasonal demand, while others foresee continued supply growth keeping prices stable [9][10].