农林牧渔行业2024年三季报业绩总结：畜禽养殖业绩兑现，宠物食品景气延续

Investment Rating - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, particularly highlighting the performance of the livestock and pet food sectors [1][2]. Core Insights - The livestock sector, particularly pig farming, has shown significant profitability recovery, with a net profit increase of 1482% year-on-year in Q3 2024. The overall net profit for the agriculture sector reached 184.04 billion yuan, a 358% increase compared to the previous year [1][12]. - The pet food industry continues to thrive, with a net profit growth of 96% year-on-year, driven by strong domestic and international demand [1][10]. - The report emphasizes the importance of focusing on leading companies in the pet food sector, such as Guai Bao Pet, Zhongchong Co., and Petty Co., which are expected to maintain growth and improve profitability [2][4]. Summary by Sections 1. Industry Overview - The agriculture sector's net profit for Q1-Q3 2024 was 251.50 billion yuan, a staggering increase of 1264% year-on-year. The top three sub-sectors by profit growth were pig farming (+330%), pet food (+96%), and seed industry (+79%) [10][11]. - In Q3 2024, the agriculture sector's net profit was 184.04 billion yuan, reflecting a 358% increase year-on-year and a 114% increase quarter-on-quarter [12][13]. 2. Key Sub-Sectors Performance 2.1 Pig Farming - The pig farming sector experienced a significant recovery, with a net profit of 171.50 billion yuan in Q1-Q3 2024, marking a 330% increase year-on-year. The average price of pigs rose to 19.42 yuan/kg, a 21.58% increase compared to the previous year [15][19]. - Major pig farming companies reported a combined revenue of 1801.92 billion yuan, a 17.36% increase year-on-year, with notable profitability recovery across the board [15][17]. 2.2 Poultry Farming - The white-feathered chicken sector is showing signs of recovery, with a net profit increase of 52% year-on-year. The yellow-feathered chicken sector also saw profitability improvements due to cost reductions [2][15]. 2.3 Pet Food - The pet food sector's revenue reached 81.8 billion yuan in Q1-Q3 2024, a 21.4% increase year-on-year, with a net profit of 9.1 billion yuan, reflecting a 96.4% increase [1][10]. - The growth is attributed to strong export demand and declining raw material costs, which have enhanced profitability [1][4]. 2.4 Animal Health - The animal health sector faced challenges, with a revenue decline of 4.6% year-on-year, resulting in a net profit drop of 42.3%. However, recovery in the livestock sector is expected to boost demand for animal health products [3][4]. 3. Investment Recommendations - The report suggests focusing on the pet food sector's growth potential and the commercialization of genetically modified crops, particularly transgenic corn, which is expected to enhance profitability for related companies [2][4].