农业行业周报：畜禽养殖板块2024年业绩值得期待

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, while recommending "Hold-A" for Guobao Pet and Zhongchong Shares [8]. Core Insights - The agricultural sector has shown a positive performance with a 3.89% increase in the Agricultural and Forestry sector compared to the 2.14% increase in the CSI 300 index during the week of January 13-19 [2][16]. - The report highlights that the pig farming industry is expected to see improved profitability in 2024 due to a combination of rising pig prices and declining raw material costs, which could exceed market pessimism [4]. - The report suggests that the worst period for Haida Group may have passed, with potential growth from its overseas feed business and current valuation at historical lows [4]. - The cyclical relationship between pig and chicken farming stocks is emphasized, with Shengnong Development positioned at the bottom of both performance and valuation cycles, indicating potential for investment [4]. Summary by Sections Pig Farming - As of January 17, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 15.69, 16.04, and 15.77 yuan/kg respectively, with an average pork price of 22.85 yuan/kg, reflecting a 1.02% increase week-on-week [3][24]. - The self-breeding profit was reported at 157.32 yuan/head, while the profit from purchasing piglets was -43.65 yuan/head [24][28]. Poultry Farming - The weekly price for white feather broilers was 7.34 yuan/kg, down 2.13% from the previous week, while egg prices rose by 4.17% to 10.00 yuan/kg [32][34]. Feed Processing - In November 2024, national feed production decreased by 1.2% month-on-month to 27.1 million tons, with a year-on-year decline of 2.7% [36]. Aquaculture - As of January 17, sea cucumber prices rose by 5.88% to 180.00 yuan/kg, while the price for bass increased by 40.00% to 56.00 yuan/kg [38][40]. Crop and Oilseed Processing - As of January 17, soybean prices were stable at 3962.05 yuan/ton, while corn and wheat prices increased by 1.35% and 0.33% respectively [43][44].