Investment Rating - The industry investment rating is "Accumulate" [5] Core Insights - The average price of piglets has decreased for two consecutive weeks, while the price difference between fat pigs and standard pigs has narrowed week-on-week [1][11] - The average selling price of commodity pigs has increased by 1.17% week-on-week, reaching 14.76 yuan/kg as of February 21, 2025, but short-term price support is lacking due to post-Spring Festival demand decline [15][26] - The average price of piglets has dropped by 5.70% week-on-week, ending a six-week upward trend, with the average price for 7kg piglets at 488.57 yuan/head [15][29] - The average price of culling sows has increased by 1.56% week-on-week, reaching 10.42 yuan/kg [15][26] Summary by Sections Weekly Market Review - The average weight of commodity pigs at the time of sale has increased by 0.08% week-on-week to 123.48kg, and the average post-slaughter weight has increased by 0.24% to 91.52kg [26] - The price difference between fat pigs and standard pigs is -1.28 yuan/kg, indicating a narrowing week-on-week, with downstream slaughter volumes showing a week-on-week increase [26][29] Profitability Insights - As of February 21, 2025, the average profit for self-bred pigs is 46.84 yuan/head, an increase of 24.72 yuan/head week-on-week, while the profit for purchased piglets is 27.69 yuan/head, up by 31.93 yuan/head week-on-week [29][30] Investment Strategy - Recommendations include focusing on leading companies with breeding scale and cost advantages such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [9][31] - In the poultry sector, attention is drawn to companies with proprietary breeding sources like Shennong Development and others [31][33] - The animal health sector is also highlighted, with suggestions to invest in companies benefiting from the upward pig cycle [32][33]
农林牧渔行业研究周报：仔猪均价连续两周环比下跌，标肥价差周环比收窄-2025-02-27
Shengang Securities·2025-02-27 02:14