农林牧渔行业专题报告：9月猪企均价回调、出栏节奏放缓

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [5][31]. Core Insights - In September, the total number of pigs slaughtered by 18 companies decreased to 12.48 million heads, a month-on-month decline of 3.52% and a year-on-year decline of 1.82% [2][8]. - The average selling price of pigs in September was 18.90 yuan/kg, down 6.30% month-on-month but up 17.41% year-on-year [3][19]. - The average completion rate of slaughter plans for listed pig companies from January to September was 70.14%, which is 2.5 percentage points lower than the same period last year [17][18]. Summary by Sections 1.1 September Slaughter Volume and Piglet Sales - The total slaughter volume in September was 12.48 million heads, with significant year-on-year growth from companies like Dongrui Co. (+79.61%) and Lihua Co. (+72.23%), while companies like *ST Aonong (-76.01%) and Zhenghong Technology (-57.94%) saw substantial declines [2][8]. 1.2 Slaughter Progress from January to September - The average completion rate of slaughter plans for listed pig companies was 70.14%, with New Hope (82.80%) and Muyuan Foods (72.67%) leading in completion rates [17][18]. 1.3 Price Adjustment and Average Weight of Listed Companies - The average price of pigs in September was 18.90 yuan/kg, reflecting a month-on-month decrease but a year-on-year increase [3][19]. - The average weight of pigs traded in September was 125.97 kg, showing a slight decrease month-on-month, while some listed companies reported an increase in average weight [19][25]. Investment Recommendations - The report suggests that pig prices are expected to stabilize at relatively high levels post-Spring Festival, with potential profit growth for pig companies. Companies to watch include Muyuan Foods, Wens Foodstuffs, and Shennong Group [26][27].