上市猪企销售月报总结：出栏增加，盈利收窄

Investment Rating - The industry investment rating is "Outperform the Market" [2] Core Viewpoints - The report indicates that the industry is experiencing a slight decline in pig prices, leading to a contraction in profitability despite an increase in the number of pigs being marketed [2][4] - The report highlights that the overall supply of pigs has increased due to seasonal factors, but the demand has not significantly stimulated prices, resulting in a downward trend in pig prices [11][12] - The report suggests that the industry is currently at a low valuation, and companies with cost advantages are expected to be more competitive [4][17] Summary by Sections 1. Volume: Most Companies Increased Output - In September 2024, 17 listed pig companies collectively marketed 12.462 million pigs, a month-on-month decrease of 3.6% and a year-on-year decrease of 1.8% [8] - Excluding Muyuan Foods, the remaining 16 companies saw a month-on-month increase of 6.29% in output [8] 2. Price: High Prices Retreat - The average price of pigs in September was 19.03 CNY/kg, a month-on-month decrease of 6.55% [11] - The average selling price for 14 listed companies was 18.94 CNY/kg, also down 6.22% month-on-month, but up 17.3% year-on-year [11][12] 3. Weight: Significant Increase - The average weight of pigs for 10 listed companies was 118.9 kg, an increase of 2.8 kg month-on-month [14] 4. Investment Recommendations - The report recommends focusing on companies with cost advantages and high output realization rates, such as Muyuan Foods and Wens Foodstuffs [4][17] - It also suggests paying attention to smaller companies with faster output growth and greater cost reduction potential, including Juxing Agriculture, Huadong Animal Husbandry, Tiankang Biological, and Tangrenshen [4][17]