智通财经网·2026-02-24 06:44Core Viewpoint - The report from Huachuang Securities indicates that the pig farming industry is experiencing a mixed performance, with an increase in pig output but a decline in profitability due to falling prices and rising costs [1][5]. Group 1: Pig Output - In January, 18 sample pig companies, including Muyuan Foods and Wens Foodstuff Group, reported a total pig output of 18.02 million heads, a year-on-year increase of 12.54% but a month-on-month decrease of 11.15% [2]. - The top five companies by output were Muyuan Foods (7.01 million heads), Wens Foodstuff Group (3.38 million heads), New Hope Liuhe (1.40 million heads), Dekang Animal Husbandry (1.04 million heads), and Zhengbang Technology (0.93 million heads) [2]. - The year-on-year growth rates for the top five companies were led by Jingji Zhino (79.87%), Dongrui Co. (78.31%), Zhengbang Technology (62.32%), Jinxinnong (60.56%), and Juxing Animal Husbandry (59.40%) [2]. Group 2: Piglet Sales - In January, 10 sample pig companies, including Wens Foodstuff Group and Shennong Group, sold a total of 1.53 million piglets, with a year-on-year increase of 113.99% but a month-on-month decrease of 24.77% [2]. - The top three companies in piglet sales were Zhengbang Technology (530,500 heads), Wens Foodstuff Group (420,600 heads), and Tianbang Food (290,200 heads) [2]. Group 3: Sales Prices - The average selling price of pigs in January for 15 sample companies was 12.58 yuan/kg, a year-on-year decrease of 19.30% but a month-on-month increase of 8.83% [3]. - The highest prices were recorded by Dongrui Co. (13.33 yuan/kg), Lihua Co. (13.12 yuan/kg), and Jingji Zhino (12.84 yuan/kg) [3]. - Seven companies had prices above the average, while eight were below it, with Muyuan Foods and Shennong Group among those with lower prices [3]. Group 4: Average Weight - The average weight of pigs for nine sample companies in January was 123.71 kg, with a comparable average weight of 121.41 kg for four specific companies, showing a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [4]. - The highest average weight was recorded by Shennong Group at 129.77 kg, followed by Huadong Co. at 129.49 kg [4]. Group 5: Industry Overview - As of February 10, the national average selling price of pigs was 12.0 yuan/kg, reflecting a month-on-month decrease of 5.5% and a year-on-year decrease of 20.0% [5]. - The profit for self-breeding enterprises selling pigs was reported at -52.94 yuan/head, indicating a return to losses since the end of last year, while the average profit for piglets was 75 yuan/head, marking five consecutive weeks of profitability [5]. - The average weight of pigs in the industry was 126.05 kg/head, remaining high historically despite a third consecutive week of decline [5]. Group 6: Investment Recommendations - The current valuation levels in the pig farming sector are relatively low, providing a sufficient margin of safety [7]. - Companies like Muyuan Foods, Wens Foodstuff Group, Dekang Animal Husbandry, and Shennong Group are recommended for their stability and quality, while Tianbang Biological is suggested for its growth potential [7].