农林牧渔行业2024年中报总结：2季度猪价触底回升，静待行业景气逐步传导

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector has shown a significant recovery, with the overall return on equity (ROE) improving to 1.73%, up by 4.0 percentage points year-on-year [10][18] - The livestock farming sector has turned profitable, with a notable increase in pig prices contributing to improved profits [18] - The pet food segment has experienced a recovery in exports and steady profit margin growth, with companies like Guai Bao Pet, Zhong Chong Co., Petty Co., and Lu Si Co. showing revenue growth of 17.5%, 14.1%, 71.6%, and 3.5% respectively [1][6] Summary by Sections Overview - In the first half of 2024, the sector's profits turned positive, and the debt-to-asset ratio decreased by 3.2 percentage points year-on-year to 57.59% [10][18] - The overall revenue of the sector declined by 4.75% year-on-year, while operating profit surged by 218.69% [10][18] Livestock Farming - The livestock farming sector's revenue decreased by 5.44%, but operating profit increased by 120.5% [18] - Major pig farming companies like Muyuan Foods and Wens Foodstuffs reported sales volume increases of 7% and 22% respectively, while New Hope's sales volume decreased by 3.4% [22] - The average profit per pig for Muyuan Foods and Wens Foodstuffs improved significantly, with respective increases of 129 yuan and 372 yuan year-on-year [22] Feed Industry - The feed sector's sales volume has declined, but the ROE improved to 4.03% due to rising pig prices [18] - Major feed companies like Haida Group and New Hope reported sales volume changes of +9% and -12% respectively [18] Animal Health - The animal health sector saw a decline in overall revenue, with companies like BioFido and Princely experiencing revenue drops of 11% and 21% respectively [18] Seed Industry - The seed industry faced challenges with weak grain prices impacting sales, with companies like Fengle Seed and Longping High-Tech reporting mixed revenue results [18] Pet Food - The pet food sector has shown a recovery in exports and profit margins, with significant revenue growth reported by leading companies [1][6] Investment Recommendations - The report recommends investing in leading pig farming companies such as Wens Foodstuffs and Muyuan Foods, and suggests attention to companies in the pet food sector like Guai Bao Pet and Zhong Chong Co. [3][6]