农业行业周报：4季度生猪养殖板块有望继续保持良好盈利
Shanxi Securities·2024-12-03 00:15

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shennong Development, Wen's Shares, and others [1]. Core Viewpoints - The pig farming sector is expected to continue good profitability in Q4 2024, with recent pig prices showing an upward trend [1]. - The report highlights that the financial situation of the industry is under significant pressure, necessitating a recovery through a profitable cycle rather than further leverage and expansion [1]. - The report suggests that the market's recent pessimism regarding pig production capacity recovery may be overstated, and the current price increase is occurring alongside a decrease in upstream raw material costs, which could enhance profitability [1]. - Recommendations include investment opportunities in companies like Wen's Shares, Shennong Group, and others in the pig farming sector [1]. Summary by Sections Market Performance - From November 25 to December 1, the Shanghai Composite Index increased by 1.32%, while the agriculture sector rose by 3.24%, ranking 11th among sectors [1]. - Key performers in the agriculture sector included aquaculture, animal health, and other agricultural product processing [1]. Pig Farming Data - As of November 29, pig prices in key provinces were as follows: Sichuan at 17.04 CNY/kg (+3.02%), Guangdong at 18.14 CNY/kg (+2.54%), and Henan at 16.17 CNY/kg (+0.31%) [1]. - The average pork price was 23.51 CNY/kg, with a slight increase of 0.13% [1]. - The self-breeding profit was 195.78 CNY/head, while the profit from purchasing piglets was -9.98 CNY/head [1]. Poultry Farming Data - The weekly price for white feather broilers was 7.70 CNY/kg, down 0.13%, and the price for broiler chicks was 4.42 CNY/chick, down 1.12% [1]. - The profit from poultry farming was reported at -1.58 CNY/chick [1]. Feed Processing - In October 2024, national feed production decreased by 2.7% month-on-month and 5.4% year-on-year, with a notable decline in prices for major feed products [1][58].