农林牧渔行业2025年度策略：宠物食品恰逢其盛，转基因种子翻开农业新篇章

Investment Rating - The report maintains a "Market Perform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The agriculture, forestry, animal husbandry, and fishery industry has underperformed compared to the CSI 300 index, with a decline of 11.34% in the industry index and a 16.22% increase in the CSI 300 index since the beginning of 2024, resulting in a 27.56 percentage point underperformance [7][10] - The industry is expected to maintain a safe valuation margin, with quality pig farming enterprises projected to remain profitable in 2025. The competitive advantages of leading companies are anticipated to strengthen over the long term [7][10] - The report identifies three main investment opportunities for 2025: 1. Growth stocks in the pet food sector, with companies like Guibao Pet and Zhongchong Co. recommended for their strong performance [7] 2. Low valuation and marginal improvement in industry conditions, focusing on the feed and animal health sectors, with companies like Haida Group and Shengnong Development highlighted [7] 3. Policy-supported opportunities in the seed industry, particularly in genetically modified seeds, with companies like Dabeinong and Longping High-Tech recommended [7] Summary by Sections Market Review - The agriculture, forestry, animal husbandry, and fishery index has shown a downward trend, with a significant drop in the first quarter of 2024, followed by a brief recovery in the second quarter due to rising pig prices [10][12] - The pet food sector has seen a notable increase of 39.14% in 2024, while the pig farming sector has declined by 5.77% [12][14] Performance Review - The pig farming sector reported revenues of CNY 2795.90 billion in the first three quarters of 2024, a slight decrease of 0.45% year-on-year, but a significant recovery in net profit [14][18] - The pet food sector experienced a revenue increase of 20.93% year-on-year, with net profit rising by 79.09% [14][18] Industry Valuation - As of December 26, 2024, the agriculture, forestry, animal husbandry, and fishery sector's PE ratio is 22.88x, which is 1.30x lower than the overall A-share market [19][20] - The sector's PB ratio stands at 2.06x, also lower than the overall market by 0.31x [19][20]