农林牧渔行业周报：成本持续下降，建议关注低估值龙头

Industry Investment Rating - The report maintains a "Positive" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Views - The report suggests focusing on undervalued industry leaders due to declining costs [3] - For the pig farming sector, the report highlights the growth in breeding sow inventory and cost advantages, recommending attention to undervalued leaders like Muyuan and Wens [4][5] - In the poultry sector, the report emphasizes the potential for ROE improvement in companies with high-quality imported breeding sources and integrated industry chains, such as Yisheng and Sunner Development [6] - The feed sector is expected to see a recovery in demand, with Haid Group recommended due to its cash flow turnaround and overseas growth [7] - The pet industry is identified as a long-term growth sector, with brands like Myfoodie and Friskies leading in market share [9][10] Sector Summaries Pig Farming - Breeding sow inventory increased by 0.86% month-on-month in December, with pig prices at 15.7 yuan/kg and a decrease in weight to 124kg [4] - Muyuan's farming cost has dropped to around 13 yuan/kg, indicating a strong cost advantage [4] - The sector is advised to shift from cyclical thinking to focusing on financial performance, with Muyuan and Wens highlighted as key players [5] Poultry - Chicken seedling prices in Yantai rose by 7.4% week-on-week, while broiler prices fell by 2.7% [6] - The industry is seeing a concentration of profits in the breeding source segment, with Yisheng and Sunner Development recommended for their ROE improvement potential [6] Feed - Aquaculture profits improved in 2024 due to rising fish prices and falling feed prices, with a recovery in feed demand expected in 2025 [7] - Haid Group is recommended for its cash flow improvement and overseas growth contributions [7] Pet Industry - Pet product sales on Douyin reached 750 million yuan in December, with a 6.2% year-on-year increase and a 9% rise in average transaction value [9] - Myfoodie and Friskies maintained their leading positions in cat and dog food sales, with Zhongchong and Peidi also showing stable performance [10]