Investment Rating - The industry rating is "Overweight" [1] Core Insights - In Q3, the breeding sow inventory increased by 0.6% quarter-on-quarter, indicating a slow recovery in production capacity [1] - In September, the output of listed pig companies decreased by 1.8% year-on-year [1] - The average weight of pigs at slaughter increased, reflecting a recovery in breeding enthusiasm [1] - The report highlights that the pig farming sector is expected to recover slowly, with a slight decline in pig prices anticipated in 2025 compared to 2024 [1] - The valuation of leading pig farming companies is at historical lows, with recommendations to focus on companies like Wens Foodstuffs, Muyuan Foods, and Shennong Group [2] Summary by Sections 1. Weekly Market Review - The agricultural sector index increased by 0.15% this week, underperforming compared to the CSI 300 index which rose by 0.98% [10] - Year-to-date, the agricultural sector ranks 24th among 31 sub-industries, with a decline of 23.94% [10] 2. Industry Data 2.1 Primary Agricultural Products - Corn spot price is 2248.43 CNY/ton, up 0.47% week-on-week, but down 18.44% year-on-year [27] - Soybean spot price is 3978.42 CNY/ton, down 4.64% week-on-week, and down 21.33% year-on-year [27] 2.2 Livestock - The average price of white feather chicken products reached 9200 CNY/ton, up 0.5% week-on-week [2] - The price of yellow feather chicken remained stable week-on-week [2] 3. Industry Dynamics - The report indicates that the breeding sow inventory as of the end of September was 40.62 million heads, with a quarter-on-quarter increase of 0.6% [1] - The report also notes that the recovery in production capacity is expected to be slow, impacting future pricing strategies in the pig farming sector [1]
农林牧渔行业周报：Q3能繁存栏环比增0.6%，产能恢复持续缓慢
Huaan Securities·2024-10-20 11:30