农林牧渔行业2024年业绩预告综述：行业景气度向好，预盈率过六成

Investment Rating - The industry is rated as "Outperforming the Market" with an expectation of a relative increase of over 10% in the industry index compared to the broader market within the next six months [26]. Core Insights - As of early February 2025, the agricultural, forestry, animal husbandry, and fishery sector has shown an overall positive trend, with a pre-profit rate of 65% among the 78 listed companies that have released their 2024 performance forecasts, marking a decrease in the proportion of companies reporting first-time losses from 33% in 2023 to 14% in 2024 [1][2][10]. - The livestock and feed sectors are performing steadily, while the planting sector is experiencing a downturn. The animal health sector has shown remarkable performance, with a significant reduction in the proportion of companies reporting first-time losses [1][3][14]. Summary by Sections Section 1: Overall Industry Performance - The agricultural, forestry, animal husbandry, and fishery sector has a disclosure rate of 70%, the highest among eight major consumption sectors, with 51 out of 78 companies expected to be profitable in 2024 [2][9]. - The proportion of companies reporting first-time losses has decreased significantly, while the proportion of companies turning losses into profits has increased [10][23]. Section 2: Subsector Analysis - The livestock sector has a pre-profit rate of 83%, while the feed and agricultural product processing sectors both stand at 71%. The planting sector has a pre-profit rate of 64%, and the fishery sector is at 20% [3][13]. - The animal health sector has seen a reduction in the proportion of companies reporting first-time losses from 40% to 20%, with 20% of companies expecting significant growth in performance [14][23]. Section 3: Investment Recommendations - The report suggests focusing on leading pig farming companies with cost advantages, especially as pig prices face downward pressure after the Spring Festival [1][23].