上市猪企2025年2月销售简报数据点评：商品猪销售边际走弱，仔猪市场迎补栏旺季窗口

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agricultural, forestry, animal husbandry, and fishery industry [2] Core Viewpoints - The report highlights that the sales of commodity pigs are weakening, while the piglet market is entering a peak season for replenishment [8] - It notes that the overall sales volume of listed pig companies in February 2025 showed a year-on-year increase but a month-on-month decline, indicating a sluggish market [8] - The average selling price of commodity pigs decreased by 5.08% month-on-month, while the average slaughter weight increased by 2.73% [8] - The report suggests that despite the decline in commodity pig prices, quality pig companies can maintain good profit margins due to low costs [8] Summary by Sections Sales Data - In February 2025, the overall slaughter volume of 15 listed pig companies (excluding Muyuan Foods) was 7.2731 million heads, a year-on-year increase of 33.93% but a month-on-month decrease of 10.73% [8] - The cumulative slaughter volume for January-February 2025 was 29.1427 million heads, a year-on-year increase of 22.01% [8] Price Trends - The average selling price of commodity pigs in February was 14.73 yuan/kg, reflecting a month-on-month decline [8] - The average slaughter weight of pigs increased to 123.11 kg, indicating a slight recovery in weight despite the price drop [8] Investment Recommendations - The report recommends focusing on quality pig companies such as Muyuan Foods and Wens Foodstuffs, which are expected to maintain profitability in 2025 [8]