农林牧渔2024年三季报总结：动保、种业板块业绩综述

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The animal health sector is showing signs of stabilization and recovery, with a focus on the development of pet business. Key observations include: 1) Recovery in downstream demand; 2) Stabilization of price wars; 3) Increased volume of pet vaccines [4][10] - The seed industry is under cyclical pressure, with strong players maintaining growth. Key observations include: 1) Overall price decline in the industry; 2) Profitability of the sector is under pressure; 3) Leading seed companies continue to show growth [5][28] Summary by Sections Animal Health Sector - The third quarter summary indicates that downstream demand has begun to recover, price wars have stabilized, and pet vaccines are starting to see increased volume. The market for pig vaccines has shown significant improvement, with a year-on-year increase of 29% and a quarter-on-quarter increase of 61% in pseudorabies vaccine approvals [4][10] - Investment recommendations suggest focusing on leading companies that will exhibit greater growth during the recovery phase, particularly those with strong pet vaccine portfolios. Notable companies include: 1) Keqian Biological, which is expected to show significant elasticity in the new recovery cycle; 2) Ruipu Biological, which is well-positioned to benefit from the recovery in livestock and poultry markets; 3) Leading companies such as Shengwu Co., Zhongmu Co., and Plai Ke [4][22] Seed Industry - The third quarter summary reveals a downward trend in overall industry prices, with the profitability of the sector being suppressed. The leading seed companies are maintaining growth despite these challenges. The seed market is shifting from a focus on quantity to quality, with premium varieties becoming the core competitive advantage for seed companies [5][29] - Investment recommendations highlight the importance of quality seed varieties and the trend of resource integration and mergers in the industry. Companies with strong genetic resources are expected to benefit, especially in the context of increasing reliance on imports for seed sources. Key companies to watch include: 1) Dabeinong, which has a leading position in trait reserves; 2) Longping High-Tech, known for its excellent variety reserves; 3) Denghai Seeds and Fengle Seeds [5][35]