KAIYUAN SECURITIES·2025-05-05 06:23Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agriculture industry achieved a revenue of 11,498.20 billion yuan in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to 466.39 billion yuan, an increase of 806.55% [4][14] - In Q1 2025, the industry reported a revenue of 2,706.77 billion yuan, a year-on-year growth of 6.79%, and a net profit of 133.13 billion yuan, up 795.07% year-on-year [4][14] - The profitability indicators showed improvement, with the gross profit margin at 12.91% in Q1 2025, up 5.74 percentage points year-on-year, and the net profit margin at 5.16%, an increase of 6.18 percentage points year-on-year [4][18] Summary by Sections Weekly Observation - The livestock sector saw significant year-on-year profit growth, with poultry farming, livestock farming, feed, and pet food sectors showing net profit increases of 1,109.96%, 389.01%, 230.88%, and 75.67% respectively in 2024 [5][20] - In Q1 2025, the net profit growth rates for feed, poultry farming, livestock farming, aquaculture, animal health, and pet food sectors were 962.42%, 588.35%, 254.62%, 117.28%, and 21.27% respectively [5][20] Weekly Perspective - The swine sector shows low-positioning value, with the recovery of profitability and consumer demand boosting the sector. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][24] - The feed sector benefits from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended stocks include Haida Group and New Hope Liuhe [6][24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers, with recommended stocks including Guai Bao Pet, Zhong Chong Co., and Petty Co. [6][26] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] - The feed sector led the gains among sub-sectors, with individual stocks like Ruip Biotech, New Sai Co., and Daodaoquan leading the market [7][32] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, down 0.11 yuan/kg from the previous week, while the average price of white strip meat rose by 0.11 yuan/kg to 19.2 yuan/kg [8][37] - The average price of beef increased to 69.03 yuan/kg, reflecting a 0.74% rise [8][43] - The average price of bass rose to 35.30 yuan/kg, up 3.82% from the previous week [8][48]