农林牧渔12月和2024全年销售数据分析专题：12月猪企降重出栏，24年规模化进程持续

Industry Investment Rating - Stronger than the market (maintained rating) [6] Core Views - In December, pig enterprises accelerated slaughtering, with a significant month-on-month increase in slaughter volume [2][13] - The sales of piglets in December saw a slight month-on-month decline but remained higher than the same period last year [3][20] - The average weight of pigs sold by group farms decreased in December, and the weight pressure after the Spring Festival may be limited [4][26] - The annual slaughter plan for 2024 was generally completed smoothly, and the industry's scale process continued [4][32][36] - Listed pig enterprises expanded production cautiously, with differentiated capacity changes [5][40][44] December 2024 Data Analysis Slaughter Volume - In December, 18 pig enterprises collectively slaughtered 17,678,800 pigs, a month-on-month increase of 22.97% and a year-on-year increase of 11.41% [2][13] - Enterprises with significant month-on-month growth in slaughter volume include Jingji Zhinong (+47.78%), Dongrui Co (+38.02%), Muyuan Co (+34.39%), and New Hope (+26.35%) [2][13] - Enterprises with significant year-on-year growth in slaughter volume include Dongrui Co (+227.25%), Lihua Co (+93.56%), Shennong Group (+63.19%), and Tangrenshen (+53.91%) [2][13] Piglet Sales - In December, 7 listed pig enterprises collectively sold 975,300 piglets, a month-on-month decrease of 1.51% and a year-on-year increase of 68.36% [3][20] - The proportion of piglet sales in total slaughter volume was 9.03%, a month-on-month decrease of 2.90 percentage points and a year-on-year increase of 2.45 percentage points [3][20] Average Weight - The average sales price of pigs in December was 15.79 yuan/kg, a month-on-month decrease of 5.47% and a year-on-year increase of 15.51% [4][26] - The average weight of pigs sold by 6 enterprises in December was 123.9 kg, a month-on-month decrease of 2.57 kg [4][26] 2024 Annual Data Analysis Slaughter Plan Completion - 10 listed pig enterprises generally completed their annual slaughter plans smoothly [4][32] - Enterprises that exceeded their annual slaughter plans include New Hope, Dabeinong, Tiankang Bio, and Lihua Co [4][32] - Enterprises that completed their annual slaughter plans within the target range include Muyuan Co, Wens Co, Jinxinong, and Shennong Group [4][32] Slaughter Volume and Industry Concentration - In 2024, 18 listed pig enterprises collectively slaughtered 159 million pigs, a year-on-year increase of 3.81% [4][36] - The industry concentration CR18 increased to 21.49% [4][36] - Enterprises with significant year-on-year growth in slaughter volume include Lihua Co (+51.80%), Shennong Group (+49.40%), and Dongrui Co (+40.02%) [4][36] Capacity Expansion - In 2024, listed pig enterprises expanded production cautiously, with a slight overall increase in capacity [5][40] - The production biological assets of 19 listed pig enterprises in Q3 2024 totaled 25.185 billion yuan, a month-on-month increase of 0.58% and a year-on-year increase of 3.74% [5][40] - Enterprises with significant year-on-year growth in production biological assets include Dongrui Co (+75.51%), Shennong Group (+73.80%), Zhengbang Tech (+38.64%), Muyuan Co (+31.26%), and Julong Co (+28.01%) [5][40] Breeding Sow Inventory - As of the end of December 2024, the breeding sow inventories of Muyuan Co, Wens Co, Dabeinong, and Shennong Group were 3.512 million, 1.74 million, 260,000-270,000, and 121,000, respectively, showing further growth compared to Q3 2024 [5][44]