农林牧渔行业简评报告：7月上市公司出栏量稳健，近一周猪价呈震荡态势

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The report indicates that the pig price has shown a fluctuating trend recently, with a national average price of 20.10 yuan/kg as of August 26, 2024, reflecting a week-on-week decrease of 2.24%. The report highlights that major listed companies in the pig farming sector have shown significant increases in their slaughter volumes in July compared to June, particularly companies like Muyuan, Dabeinong, and Lihua [5][17] - The report suggests that the short-term pig price is expected to fluctuate within a narrow range, recommending investors to buy on dips. It emphasizes the importance of focusing on fundamentally strong, undervalued leading companies such as Muyuan and Shennong Group, which have low debt ratios and strong growth potential [5][17] Summary by Sections 1. Important Information Updates - The agricultural sector saw a decline of 7.16% last week, underperforming the Shanghai Composite Index by 6.29 percentage points. The report lists the weekly performance of various sectors, with the breeding industry experiencing a decline of 9.00% [9] - The report provides a summary of the half-year financial disclosures of agricultural listed companies, highlighting significant profit increases for companies like Haida Group (2.125 billion yuan, +93.15%) and Muyuan (829 million yuan, +129.84%) [11][12] 2. Industry Data Tracking - As of August 23, 2024, the wholesale price index for agricultural products decreased by 0.06% to 131.39, with a year-on-year increase of 9.22%. Vegetable prices have increased by 11.37% year-on-year [14][16] - The report notes that the price of live pigs has shown a slight increase in June 2024, with a 1.70% month-on-month growth but a 4.60% year-on-year decline. The number of breeding sows also saw a month-on-month increase of 1.10% but a year-on-year decrease of 6.00% [17] - The average price of broiler chickens as of August 23, 2024, is reported at 7.48 yuan/kg, while chick prices are at 3.41 yuan each [19] - The report includes data on corn and soybean prices, indicating a decrease in global corn consumption and a slight increase in soybean consumption [24][26] 3. Industry Information and Important Company Announcements - The report mentions the profitability of livestock, with pig farming yielding a profit of 663.17 yuan per head, while broiler chickens are expected to incur a loss of 0.26 yuan per bird due to weak demand [29] - It highlights the recent increase in chicken imports from Brazil, despite a temporary suspension due to disease outbreaks in certain regions [30] - The report also includes financial results from various companies, such as Zhongchong Co. reporting a net profit of 142 million yuan, an increase of 48.11% year-on-year [31]