行业点评报告：4月肉鸡价格维持高位，关注季节性鸡病催化价格

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the poultry prices remain high due to seasonal chicken diseases, which have turned breeding profits from losses to gains [15] - The report indicates that the supply of yellow feathered chickens is relatively sufficient, which may put pressure on prices in May [27] - The demand for eggs is supported by pre-holiday stocking, with expectations for price stability in the short term [35] Summary by Sections 1. Poultry Prices and Breeding Profits - White feathered chicken prices in April 2025 averaged 7.42 CNY/kg, up by 0.29 CNY/kg month-on-month, with profits of 0.04 CNY per bird, reversing previous losses [15][5] - Seasonal chicken diseases have led to increased mortality rates and a higher proportion of chicks, tightening supply and supporting high prices [15] 2. Yellow Feathered Chicken Market - In April, the sales price of medium-speed yellow feathered chicken was 11.08 CNY/kg, up by 3.12% month-on-month, driven by seasonal factors [27] - The total stock of yellow feathered breeding chickens was at a high level, with a slight decrease in parent stock [27] 3. Egg Market Dynamics - The price of egg chicks was 4.25 CNY each, down by 1.16% month-on-month, while the wholesale price of eggs was 7.00 CNY/kg, up by 14.01% [35] - The report anticipates downward pressure on egg prices in the medium to long term due to significant new production capacity being released [35] 4. Sales and Revenue Trends - The report notes mixed changes in sales and revenue for various companies in April, with some experiencing declines in chicken product sales while others saw increases in revenue [39][47][51] - For instance, Xiantan Co. reported a chicken meat sales volume of 47,400 tons, down by 10.67% month-on-month, while revenue decreased by 2.53% [47]