农林牧渔行业周报：生猪养殖步入业绩兑现期，后期重点关注优质小猪企业

Investment Rating - The report maintains a recommendation rating for the pig farming industry [3][17]. Core Viewpoints - The pig farming industry has entered a performance realization phase in H1 2024, with most companies turning losses into profits. Future focus should be on high-quality small pig enterprises with both cost and capital advantages [2][14]. - The increase in pig prices and the year-on-year growth in the number of pigs slaughtered have led to a rise in revenue for most companies. Many pig farming enterprises have ended their profit pressure since Q2 and have achieved profitability in H1 2024 [2][14]. - The cost of pig farming is expected to continue to decline due to the ongoing decrease in feed raw material costs, which will further expand profit margins [2][14]. Summary by Sections Industry Review - The report highlights that from August 26 to August 30, 2024, the pig farming sector experienced significant fluctuations, with some companies like Juxing Agriculture and Pulaike seeing increases in stock prices [10][12]. - Russia has entered the top five pork suppliers to China, with a notable increase in import share [13]. Company Recommendations - Key recommended stocks include: - Juxing Agriculture (603477.SH): Expected to maintain industry-leading cost advantages, with a projected cost reduction to below 13 RMB/kg in H2 2024 [3][18]. - Zhengbang Technology (002157.SZ): Recently restructured with the introduction of a new investor, expected to improve cost control and business recovery [3][18]. - Muyuan Foods (002714.SZ): Projected to have a significant output of 66-72 million pigs in 2024, with a strong cost reduction forecast [3][18]. - Wens Foodstuff Group (300498.SZ): Anticipated to maintain a robust output of 32 million pigs in 2024 [3][18]. Industry Data - As of August 30, 2024, the domestic pig market price was 20.90 RMB/kg, with a year-on-year increase of 22.22% [25]. - The total pig inventory as of the second quarter of 2024 was 415.33 million heads, showing a year-on-year decrease of 4.56% [25]. - The average price of pork in China as of August 22, 2024, was 31.97 RMB/kg, reflecting a year-on-year increase of 17.84% [32].