农林牧渔行业2024年三季报总结：养殖链业绩环比改善，宠物食品盈利能力增强

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The agriculture, forestry, animal husbandry, and fishery industry showed significant quarter-on-quarter improvement in performance during Q3 2024, with total revenue reaching 907.71 billion yuan, a year-on-year decrease of 3.5%, and a net profit attributable to shareholders of 32.252 billion yuan [2][8] - The pig farming sector experienced a notable recovery, with Q3 profits improving significantly due to rising pig prices and declining costs [2][11] - The poultry farming sector also saw a recovery in profitability, with Q3 revenue increasing by 5.7% year-on-year [19] - The pet food industry reported strong growth, with Q3 revenue of 3.178 billion yuan, a year-on-year increase of 20.9% [2][19] Summary by Sections Industry Overview - In the first three quarters of 2024, the agriculture, forestry, animal husbandry, and fishery industry achieved total revenue of 907.71 billion yuan, with a Q3 revenue decline of 2.2% year-on-year [2][8] - The industry’s net profit for Q3 was 22.633 billion yuan, reflecting a recovery in profitability [2][8] Pig Farming Industry - The pig farming sector's revenue for the first three quarters was 352.15 billion yuan, down 6.3% year-on-year, but Q3 revenue increased by 2.1% [11] - The average selling price of pigs in Q3 was 19.63 yuan/kg, up 20.41% from Q2, leading to a significant improvement in profitability [12][13] Poultry Farming Industry - The poultry farming sector achieved revenue of 37.612 billion yuan in the first three quarters, with Q3 revenue up 5.7% year-on-year [19] - The sector's Q3 net profit was 1.129 billion yuan, showing a significant increase compared to previous quarters [19] Pet Food Industry - The pet food sector's Q3 revenue reached 3.178 billion yuan, marking a 20.9% year-on-year increase, with net profit rising by 78.8% [2][19] Animal Health Industry - The animal health sector reported a revenue decline of 4.1% year-on-year in Q3, with net profit down 47.7% [25] - Despite the challenges, the demand for animal health products is expected to recover as the livestock sector improves [25][40]