农业周观点：Q3宠物食品较快增长，养殖兑现景气

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector [4]. Core Insights - The agricultural sector's listed companies reported strong performance in Q3, with notable growth in pet food and livestock sectors. The report suggests focusing on the trends in pet food and the value of livestock companies for investment opportunities [3][7]. Summary by Sections Industry Performance - The SW Agricultural sector achieved a total revenue of approximately -3.8% year-on-year for the first three quarters of 2024, while operating profit increased by 670.4%. In Q3 alone, total revenue rose by 14.3% quarter-on-quarter, and operating profit surged by 104.3% [3][4]. Pet Food Sector - The pet food segment is the only sub-sector that recorded both revenue and profit growth year-on-year in the first three quarters, with revenue increasing by 20.9% and profit by 76.3%. The report anticipates continued high growth rates in the pet food market, with a projected compound annual growth rate of 17% for pet food by 2026 [3][7]. Livestock Sector - The report highlights the recovery of the pig farming sector, with Q3 revenue increasing by 18.6% quarter-on-quarter and profit rising by 146.1%. The average price for pigs in September was 18.96 yuan/kg, down 1.39 yuan/kg from the previous month but up 15.68% year-on-year [7][17]. The report emphasizes the importance of companies with strong management and cost advantages in maintaining profitability [3][7]. Key Companies to Watch - Recommended companies in the pet food sector include leading domestic brands such as Guobao Pet Food, Zhongchong Co., and Petty Co. In the pig farming sector, notable companies include Muyuan Foods and Wens Foodstuffs, which are recognized for their growth potential and operational efficiency [3][7]. Financial Highlights - For the first three quarters of 2024, Muyuan Foods reported a revenue of 399.09 billion yuan and a net profit of 96.52 billion yuan, with a proposed cash dividend of 8.31 yuan per share [23]. ST Tianbang reported a revenue of 71.46 billion yuan and a net profit of 13.41 billion yuan, marking a turnaround from previous losses [26]. New Hope reported a revenue of 772.09 billion yuan and a net profit of 1.53 billion yuan, indicating a recovery in its pig farming operations [27].