农林牧渔行业中央一号文件点评：深入推进粮油单产提升，生猪产能平稳发展

Investment Rating - The report provides a "Recommended" investment rating for the following companies: Muyuan Foods (002714.SZ), Wens Foodstuff Group (300498.SZ), Longping High-Tech (000998.SZ), and Denghai Seeds (002041.SZ) [2]. Core Insights - The report emphasizes the need to enhance grain and oil crop yields and stabilize pig production capacity. It highlights the importance of agricultural modernization and rural revitalization as outlined in the central government's directives [6]. - The report forecasts that in 2024, China's grain yield per mu will reach 394.7 kg, reflecting a year-on-year increase of 1.3%. This increase is attributed to improved planting efficiency and agricultural technology [6]. - The report notes that the production of major crops such as rice, wheat, corn, and soybeans is expected to improve in 2024, with specific yield projections: rice at 477 kg per mu (+0.3%), wheat at 396 kg per mu (+2.7%), corn at 439.4 kg per mu (+0.9%), and soybeans at 133.3 kg per mu (+0.5%) [6]. - The report indicates that as of January 2025, the number of breeding sows in China is approximately 40.62 million, showing a slight decrease. However, it suggests that the pressure on production capacity may ease, allowing for potential profitability in pig farming [6]. Summary by Sections Section: Key Company Earnings Forecast and Valuation - Muyuan Foods (002714.SZ) is projected to have an EPS of 5.4 in 2025 with a PE ratio of 7, rated as "Recommended" - Wens Foodstuff Group (300498.SZ) is expected to have an EPS of 2.11 in 2025 with a PE ratio of 8, rated as "Recommended" - Longping High-Tech (000998.SZ) is forecasted to have an EPS of 0.59 in 2025 with a PE ratio of 18, rated as "Recommended" - Denghai Seeds (002041.SZ) is anticipated to have an EPS of 0.39 in 2025 with a PE ratio of 30, rated as "Recommended" [2].