农林牧渔行业2024半年报点评：2024H1业绩高增，板块处于估值低位

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" [5]. Core Insights - The operating performance of the agricultural, forestry, animal husbandry, and fishery industry shows marginal improvement, with a significant recovery in net profit. In H1 2024, the industry achieved a total revenue of 567.8 billion yuan, a year-on-year decrease of approximately 5%. However, the net profit attributable to shareholders reached 9.1 billion yuan, a substantial increase of 184% compared to a loss of 10.9 billion yuan in H1 2023, ranking first in net profit growth among 31 primary industries [2][11]. - Various sub-sectors within the industry are performing well, particularly in seed production and pig farming, which have seen significant profit recovery. The seed industry reported a 140% increase in net profit, while the pig farming sector experienced a 111% increase. Other notable performances include a 100% increase in aquatic feed and a 95% increase in other agricultural product processing [3][15]. - The industry is currently valued at historical lows, with a price-to-book (PB) ratio of 2.13 as of September 10, 2024, significantly below the historical median of 3.45 and the average of 3.51. This low valuation may reflect overly pessimistic market expectations, indicating potential undervaluation and opportunities for value reassessment [4][23]. Summary by Sections 1. Industry Performance Improvement - The agricultural, forestry, animal husbandry, and fishery industry has shown a notable recovery in net profit growth, with a 184% increase in H1 2024 compared to H1 2023, despite a slight decline in total revenue [2][11][12]. 2. Sub-sector Performance - The seed industry achieved a revenue of 8.61 billion yuan in H1 2024, a 5% increase year-on-year, with net profit rising by 140%. The pig farming sector reported a net profit of 1.6 billion yuan, a 111% increase, aided by rising pig prices. Other sectors like aquatic feed and agricultural product processing also showed strong performance [3][15][17][19]. 3. Valuation and Future Outlook - The current PB ratio of 2.13 indicates that the industry is undervalued compared to historical averages, suggesting potential for future value reassessment as the market adjusts its expectations [4][23].