Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In April, the breeding profits improved, and the pet food export volume increased by 20% in Q1 [1]. - The agricultural index outperformed the CSI 300 index, with a rise of 3.3% from early April to April 29, while the CSI 300 fell by 2.89% [5][12]. - The domestic pet food market continues to expand, with a Q1 export value increase of 12% [5]. Summary by Sections Price Indicators and Agricultural Performance - In March, the CPI was down 0.1% year-on-year, with a 46% reduction in agricultural trade deficit [7]. - The total market value of the agriculture, forestry, animal husbandry, and fishery sector was 12,849.69 billion yuan, accounting for 1.38% of the total A-share market value [12]. Breeding Profits and Pet Food Exports - The breeding profits for pigs improved in April, with the price on April 23 being 15.09 yuan/kg, down 7.2% from the end of 2024 [5][31]. - The number of reproductive sows was 40.39 million, a 1% decrease from the previous quarter [34]. - The pet food market reached a scale of 107.2 billion yuan in 2024, with a CAGR of 12.7% from 2017 to 2024 [5]. Investment Recommendations and Stock Pool - Focus on leading pig farming companies with strong cost control and healthy financial conditions, such as Muyuan Foods and Wens Foodstuffs [5]. - The report suggests monitoring the poultry industry, particularly the yellow-feathered chicken sector, due to potential price increases [5]. - Attention is also drawn to feed industry leaders like Haida Group and animal vaccine companies such as Reap Bio and Kexin Bio [5].
农林牧渔行业行业月报:4月行业动态报告:4月养殖利润向好,Q1宠食出口量增20%-20250430