生猪养殖行业月度跟踪：农林牧渔行业：12月出栏量增明显，业绩预告盈利高增

Investment Rating - The report maintains a "positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [8] Core Insights - December saw a significant increase in the number of pigs slaughtered, with a notable rise in performance forecasts indicating high profit growth for the industry [10][32] - The average price of live pigs in December decreased, while the annual average price showed an upward trend, with the average price for live pigs in 2024 expected to be 17.08 yuan/kg, a 10.91% increase compared to 2023 [10][32] - The supply side remained robust, with a faster slaughtering pace in December, leading to a slight easing of supply pressure [12][15] - The demand side experienced a small peak in December due to pre-holiday stocking, but demand showed signs of weakness in early January [12][15] Summary by Sections Industry Supply and Demand Performance - In December, the average prices for piglets, live pigs, and pork were 33.17 yuan/kg, 16.64 yuan/kg, and 27.94 yuan/kg respectively, with month-on-month changes of -3.65%, -3.97%, and -2.63% [10][12] - The slaughtering rate increased significantly, with a 6.65 percentage point rise to 36.33% in December [12][15] Capacity Change Trends - The number of breeding sows in November was 40.8 million, showing a slight month-on-month increase of 0.20% [15] - The price of piglets has rebounded due to optimistic profit expectations for June-July slaughtering, leading to active replenishment by farmers [15] Future Market Outlook - The report predicts a balanced supply and demand situation before the Spring Festival, with prices expected to fluctuate [15][18] - The industry is expected to maintain reasonable profit margins in 2025, with leading companies likely to enhance their competitive edge during price declines [18] Sales Data of Listed Companies - In December, 17 listed pig companies collectively slaughtered 17.49 million pigs, a month-on-month increase of 23.11% and a year-on-year increase of 13.49% [25][28] - Major companies like Muyuan Foods and Wens Foodstuffs reported significant sales volume increases in December [28] Performance Forecasts - Muyuan Foods is expected to achieve a net profit of 17-18 billion yuan in 2024, a year-on-year increase of 522.21%, while Wens Foods is projected to reach a net profit of 9-9.5 billion yuan, up 248.68% [32][33]