Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights that pig prices are weak during the peak season, while pet food export data continues to show positive trends [1]. - The overall industry is expected to see a turning point in performance due to improved profitability in the breeding sector and a rebound in pet food exports [8][27]. Summary by Sections Market Review - In December 2024, the agriculture, forestry, animal husbandry, and fishery index fell by 2.91%, underperforming the CSI 300 index, which rose by 0.47% [10]. - The pet food sector showed strong performance, while the aquatic processing sector experienced declines [10]. Livestock Farming Data Tracking - Pig Farming: The average trading price of pigs in December 2024 was 15.81 yuan/kg, down 4.64% month-on-month but up 10.24% year-on-year. The average price for the entire year was 16.76 yuan/kg, reflecting an 11.88% increase year-on-year [15]. - Broiler Chickens: The average price of broiler chicks in December was 3.95 yuan/chick, down 0.64 yuan/chick month-on-month but up 2.70 yuan/chick year-on-year. The average price of broiler chickens was 3.72 yuan/kg, showing a slight decrease [23]. Pet Food - In December 2024, China's pet food exports reached 32,700 tons, a year-on-year increase of 31.6%. The total export amount for the year was 1.48 billion USD, up 20.72% year-on-year [27]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Haida Group, and others, as the industry is currently undervalued compared to historical averages, indicating potential for valuation recovery [8].
农林牧渔行业月报：猪价旺季不旺，宠物食品出口数据持续向好
Zhongyuan Securities·2025-01-21 05:57