农林牧渔行业周报：Q3生猪养殖业绩兑现，宠物盈利水平显著提升，农林牧渔基金重仓市值比略有下降

Investment Rating - The report maintains a recommendation rating for the pig farming and pet food industries [20]. Core Insights - The pig farming sector's Q3 performance expectations have been met, with a continued decline in industry farming costs. The pet food sector is experiencing rapid growth in domestic and international demand, leading to significant profit increases for domestic companies [16][19]. - In Q3 2024, the pig farming sector achieved a total net profit of 188.4 billion yuan, with leading companies such as Muyuan Foods and Wens Foodstuffs reporting net profits of 96.52 billion yuan and 50.81 billion yuan, respectively [18][19]. - The average price of live pigs in China reached a peak of 21.07 yuan per kilogram in Q3 before slightly declining, maintaining a high level that supports profitability for pig farming companies [17][18]. Summary by Sections 1. Industry Review - The average price of live pigs in China was 17.35 yuan per kilogram as of November 1, 2024, with a year-on-year increase of 19.66% [31]. - The total pig inventory as of Q3 2024 was 42.694 million heads, showing a quarter-on-quarter increase of 2.80% but a year-on-year decrease of 3.47% [31]. 2. Q3 Performance - Major pig farming companies such as Muyuan Foods, Wens Foodstuffs, and New Hope reported Q3 revenues exceeding 100 billion yuan, with year-on-year growth rates of 28.3%, 22.0%, and -25.9%, respectively [17][18]. - The cost control among leading companies has improved, with Muyuan Foods reporting a complete cost of 13.7 yuan per kilogram in September 2024, down over 2 yuan from the beginning of the year [18]. 3. Pet Food Sector - The pet food sector has seen significant revenue growth, with companies like Zhongchong Co., Guibao Pet, and Yiyi Co. reporting Q3 revenues of 12.32 million yuan, 12.45 million yuan, and 5.03 million yuan, respectively, with year-on-year growth rates of 23.6%, 18.9%, and 40.7% [19]. - The net profits for these companies also showed substantial increases, with Guibao Pet achieving a 114.8% year-on-year growth in net profit [19]. 4. Fund Holdings - The report notes a slight decrease in the fund's heavy market value ratio for the agricultural, forestry, animal husbandry, and fishery sector, with Wens Foodstuffs holding the largest market value among pig farming companies [19].