农林牧渔行业：10月均价回调，盈利持续兑现

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In October 2024, the average prices for piglets, live pigs, and pork were 36.37 CNY/kg, 18.25 CNY/kg, and 29.85 CNY/kg respectively, showing year-on-year increases of 32.15%, 14.79%, and 14.74%, but month-on-month declines of -12.24%, -7.39%, and -4.98% [11][26]. - The supply side is relatively loose due to increased slaughtering activity as profitability declines, while the demand side shows weak capacity to absorb supply pressure, leading to a continuous decline in pig prices [11][29]. - The report predicts a potential rebound in prices due to seasonal demand increases and the release of pent-up supply from large enterprises [12][33]. Summary by Sections Supply and Demand Performance - October saw a rise in the number of pigs slaughtered, with a slight increase in the slaughtering rate to 28.04%, up by 0.58 percentage points [11][29]. - The number of breeding sows showed a slight increase, with data indicating a 0.56% and 0.39% rise in two different samples [12][33]. Sales Data - In October, the average sales prices for major pig farming companies decreased, with Muyuan, Wens, and New Hope reporting prices of 17.17 CNY/kg, 17.64 CNY/kg, and 17.37 CNY/kg, reflecting month-on-month declines of 7.94%, 7.40%, and 7.66% respectively [39]. - The total number of pigs slaughtered by 17 listed companies in October was 14.15 million, a month-on-month increase of 14.61% and a year-on-year increase of 12.21% [41][44]. Profitability - Major pig farming companies reported significant profit growth in the third quarter, with Muyuan achieving a net profit of 10.481 billion CNY, up 668.90% year-on-year, and Wens achieving a net profit of 6.408 billion CNY, up 241.47% year-on-year [14][51]. - The report emphasizes the competitive advantage of leading companies in maintaining profitability and suggests continued monitoring of their performance [12][51].