生猪养殖板块2024年中报总结：二季度扭亏为盈，降负债慢扩张

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector, specifically for the pig farming segment [2][27]. Core Insights - The industry has turned profitable in Q2, with a significant increase in both output and prices, leading to a total net profit of 996 million yuan in the first half of the year, a year-on-year turnaround [4][7]. - The decline in breeding costs and stable reproductive stock levels have contributed to improved profitability, with costs dropping to approximately 14 yuan/kg [12][14]. - The industry has seen a decrease in debt levels and an increase in cash flow, with net cash flow from operating activities rising by 15.8 billion yuan in Q2 [17][19]. - Capital expenditures have decreased, reflecting a cautious approach to expansion due to uncertainties in future pricing [21][26]. Summary by Sections 1. Volume and Price Increase, Profitability Turnaround in Q2 - The industry reported a total revenue of 196.99 billion yuan in the first half of the year, a year-on-year decrease of 8.29%, but a net profit of 996 million yuan, marking a return to profitability [7][10]. 2. Declining Breeding Costs and Stable Reproductive Stock - Breeding costs have decreased significantly, with major companies reporting costs around 14 yuan/kg, and as of July 2024, costs have further declined to a range of 13.5 to 14 yuan/kg [12][14]. 3. Ample Cash Flow and Decreased Debt Ratios - The average debt ratio for the industry fell to 64.51% in Q2, a decrease of 0.75 percentage points, with a notable increase in net cash flow from operating activities [17][19]. 4. Decreased Capital Expenditures and Cautious Expansion - Capital expenditures in Q2 decreased by 4.6 billion yuan, reflecting a cautious stance on expansion due to uncertainties in market conditions [21][26]. 5. Investment Recommendations - The report recommends focusing on the pig farming sector, highlighting companies such as Muyuan Foods and Wens Foodstuffs, with additional beneficiaries including New Hope Liuhe and Tian Kang Biological [27].