SINOLINK SECURITIES·2025-05-05 10:23Industry Overview - The agricultural, forestry, animal husbandry, and fishery industry experienced a slight revenue decline in 2024, with total revenue of 1.24 trillion, down 4.06% year-on-year. However, net profit turned positive at 47.985 billion, indicating a significant improvement in profitability, particularly in the breeding sector [1][11] - In Q4 2024, the industry achieved revenue of 349.694 billion, up 0.98% year-on-year, and net profit of 16.209 billion, a substantial increase of 293.20% [1][11] - In Q1 2025, revenue reached 290.7 billion, up 4.44% year-on-year, with net profit of 13.335 billion, marking a turnaround from losses [1][11] Swine Breeding - The swine breeding sector saw a recovery in 2024, with revenue of 483.276 billion, down 2.98% year-on-year, and net profit of 33.142 billion, indicating a return to profitability [2][26] - In Q1 2025, revenue increased to 118.888 billion, up 17.32% year-on-year, with net profit of 8.151 billion, continuing the positive trend [2][26] - The sector is expected to maintain good profitability in the short term, driven by strong swine prices and improved breeding costs, while long-term trends may lead to capacity reduction and a new cycle of growth [2][26] Poultry Breeding - The poultry breeding sector achieved revenue of 72.908 billion in 2024, up 1.93% year-on-year, with net profit soaring to 2.949 billion, a remarkable increase of 2094.95% [3][10] - In Q1 2025, revenue was 16.011 billion, up 1.12% year-on-year, with net profit of 0.38 billion, up 155.38% [3][10] - The sector is closely linked to restaurant demand, and with improving downstream demand, poultry products are expected to benefit significantly [3][10] Seed Sector - The seed sector reported revenue of 24.664 billion in 2024, down 6.56%, but net profit turned positive at 0.454 billion [4][15] - In Q1 2025, revenue was 5.231 billion, up 4.79%, although net profit decreased by 31.87% [4][15] - The sector is expected to see improved demand due to ongoing agricultural revitalization efforts and increased grain yields [4][15]