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生猪养殖行业季报总结：业绩高增，看好养殖盈利持续性
Huafu Securities·2024-11-17 10:14

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The supply of pigs is gradually shrinking, leading to a price increase, with the average price reaching 20.35 CNY/kg in August 2024, reflecting a month-on-month increase of 7.43% [14][1] - The revenue of the pig farming sector showed significant growth in Q3 2024, with a quarter-on-quarter increase of 17.10%, totaling 139.51 billion CNY [21][2] - The profitability of pig farming companies has accelerated, with a total net profit of 19 listed companies reaching 19.77 billion CNY in Q3 2024, a substantial increase compared to previous quarters [22][2] Summary by Sections 1. Q3 2024 Pig Prices and High Profitability - The national pig output in Q3 2024 was 15.635 million heads, down 7.70% quarter-on-quarter and 3.34% year-on-year [14] - The average pig price in September was 18.98 CNY/kg, still within a favorable range despite a decrease from August [14][1] 2. Revenue and Profit Growth - The total revenue for 19 listed pig companies in the first three quarters of 2024 was 364.80 billion CNY, a year-on-year decrease of 5.71% [21] - In Q3 2024, the net profit for these companies reached 19.77 billion CNY, marking a quarter-on-quarter increase of 118.08 billion CNY and a year-on-year increase of 216.23 billion CNY [22][2] 3. Market Share and Production Capacity - The top ten listed pig companies had a combined output of 10.5 million heads in the first three quarters of 2024, reflecting a year-on-year increase of 2.82% [40] - The production capacity growth remains slow, with the total biological assets of 19 listed companies at 25.185 billion CNY, a quarter-on-quarter increase of 0.58% [4][2] 4. Financial Health and Debt Reduction - The net cash flow from operating activities for 19 listed pig companies reached 31.449 billion CNY in Q3 2024, a quarter-on-quarter increase of 43.40% [4][2] - The average asset-liability ratio for these companies was 61.33%, down 1.49 percentage points from the previous quarter [4][2]