农林牧渔行业专题研究：把握宠物及饲料企业景气向上的投资机会

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4]. Core Insights - The report emphasizes investment opportunities in the pet and feed sectors, highlighting the growth potential in the domestic pet industry and the recovery in aquaculture feed demand [2][9]. Summary by Sections 1. Livestock - The pig farming sector shows improved profitability, with a revenue increase of 3.20% year-on-year and an 18.01% quarter-on-quarter rise in Q3 2024, totaling 1265.16 billion yuan [6][14]. - The average price of pigs in Q3 2024 was 19.43 yuan/kg, reflecting a year-on-year increase of 21.80% [15]. - The total net profit for 15 listed pig companies reached 188.41 billion yuan in Q3 2024, a significant increase compared to previous periods [15][19]. 2. Pet Industry - Pet food companies reported a total revenue of 81.83 billion yuan in the first three quarters of 2024, marking a year-on-year growth of 21.39% [7]. - The net profit for pet food companies reached 9.07 billion yuan, a 96.38% increase year-on-year, driven by robust domestic and international business growth [7][8]. 3. Feed Industry - The total revenue for major feed companies declined by 4.44% year-on-year to 1149.50 billion yuan in the first three quarters of 2024 [8]. - Despite the revenue decline, the net profit for these companies increased by 65.90% to 38.88 billion yuan, with notable performance from Hai Da Group and others [8][9]. 4. Investment Recommendations - The report recommends focusing on the following: - For the consumption growth category, it suggests investing in Hai Da Group for aquaculture and in companies like Guai Bao Pet, Zhong Chong Co., and Rui Pu Bio for the pet sector [2][9]. - In the cyclical recovery category, it highlights potential in pig farming with recommendations for companies like Mu Yuan, Wen's, Li Hua, and He Feng [2][9].