农林牧渔行业周观点：中宠股份业绩预增，板块预期抬升

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [54]. Core Insights - The pet food sector is projected to maintain a high growth rate, with a compound annual growth rate (CAGR) of 17% expected for pet staple food by 2026 [3]. - Domestic leading pet companies are enhancing production and sales, leading to significant growth in overall sales volume [3]. - Brand marketing efforts by domestic pet companies are progressing well, supporting improvements in profitability [3]. - The overall impact of tariff and exchange rate factors is manageable, as companies are improving their mechanisms to cope with currency fluctuations and tariffs [3]. - In December, pig sales increased significantly, with a total of 16.77 million pigs sold, representing a month-on-month increase of 22.45% [4]. - The average price of pigs in December was 15.71 yuan/kg, down 0.88 yuan/kg from the previous month, with a year-on-year increase of 9.55% [4]. - The animal health sector is expected to recover alongside improvements in breeding operations, with historical data showing higher sales during profitable breeding years [5]. - The feed industry is anticipated to benefit from a recovery in breeding cycles, with a focus on comprehensive services and extended breeding trends [6]. Summary by Sections Pet Industry - The pet food market is expected to see a CAGR of 17% for staple food, 15% for nutritional products, and 25% for snacks by 2026 [11]. - Key players in the domestic pet food market include companies like Guai Bao Pet, Zhongchong Co., and Petty Co. [11]. Breeding Industry - In December, 13 pig companies reported a total of 16.77 million pigs sold, with significant month-on-month increases in sales [4]. - The average price of pigs showed a "W" shaped trend, with a month-on-month decline of 5.30% [4]. - Recommendations include focusing on leading breeding companies such as Muyuan Foods and Wens Foodstuffs [5]. Animal Health Sector - The animal health industry is expected to benefit from the recovery of breeding operations, with a focus on leading companies like Zhongmu Co. and Shenghua Biotech [6]. - The market potential for domestic animal health products is significant, especially in the pet veterinary drug sector [5]. Feed Industry - The feed industry is expected to see demand growth driven by a recovery in breeding cycles, with a focus on leading companies like Haida Group [6]. - The overall feed sales volume is projected to increase, with a focus on enhancing product quality and regional coverage [24].