生猪养殖板块逐渐进入Q3业绩兑现期

Investment Rating - The report maintains an investment rating of "Buy - A" for Hai Da Group and "Buy - B" for Sheng Nong Development, Wen's Shares, and others [2]. Core Insights - The pig farming sector is entering the Q3 performance realization period, with a recent decline in pig prices. The average prices for external three yuan pigs in key provinces are reported as 18.85, 19.55, and 18.50 yuan per kilogram, reflecting a week-on-week decrease of 3.58%, 3.46%, and 5.61% respectively [1][16]. - The report suggests that the financial situation of the industry is under significant pressure, necessitating a profitable cycle to repair balance sheets rather than further leveraging and expansion. The expectation for a substantial recovery in pig production capacity may be overly pessimistic [1]. - The report highlights that the current cycle of pig price increases is accompanied by a notable decrease in upstream raw material prices, which could enhance profitability in the pig farming sector beyond market expectations [1]. Summary by Sections Pig Farming - The average pig price has decreased, with the average pork price at 26.66 yuan per kilogram, down 1.26% from the previous week. The self-breeding profit is reported at 463.56 yuan per head, while the profit from purchasing piglets is 284.21 yuan per head [1][16]. - The report indicates a shift in demand from breeding sows to piglets due to concerns over breeding cycles and disease outbreaks, leading to weaker demand for sows compared to previous cycles [1]. Poultry Farming - The weekly price for white feather broilers is reported at 7.19 yuan per kilogram, down 0.42% from the previous week, with a loss of 3.11 yuan per bird in breeding profits. The egg price is at 10.90 yuan per kilogram, reflecting a 5.22% decrease [23]. Feed Processing - In July 2024, national feed production increased by 3.5% month-on-month, with a total of 26.5 million tons produced. The report notes a decrease in the prices of major feed products [28]. Recommended Stocks - The report recommends investment opportunities in several companies, including Wen's Shares, Tang Ren Shen, Dong Rui Shares, and others in the pig farming sector, as well as Hai Da Group and domestic pet food brands [1][2].