农林牧渔行业：4月猪价震荡，企业出栏体重上行

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In April 2025, pig prices experienced fluctuations, with the average prices for piglets, live pigs, and pork at 39.16 CNY/kg, 15.20 CNY/kg, and 26.07 CNY/kg respectively, showing month-on-month changes of 5.15%, -1.00%, and -1.19% [3][18]. - The supply side indicates a slight increase in the number of breeding sows, leading to sufficient pig supply in April, while low feed costs have encouraged farmers to increase the weight of pigs [21]. - Demand has been supported by increased secondary fattening and pre-holiday stocking activities, contributing to price stability [21]. - The slaughtering rate for pigs rose by 1.42 percentage points to 27.53% in April, indicating smooth procurement for slaughtering enterprises [21]. Summary by Sections Supply and Demand Dynamics - The number of breeding sows slightly increased, resulting in a sufficient supply of pigs for slaughter in April [21]. - The average price of live pigs remained stable around 15 CNY/kg during the May Day holiday, with a national average of 14.98 CNY/kg by May 15 [3][18]. Price Trends - The average sales prices for major companies in April were as follows: Muyuan Foods at 14.66 CNY/kg, Wens Foodstuffs at 14.92 CNY/kg, Zhengbang Technology at 14.44 CNY/kg, and New Hope Liuhe at 14.70 CNY/kg, with slight month-on-month changes [34][39]. - The average weight of pigs at slaughter increased, with Muyuan Foods at 130.71 kg, Wens Foodstuffs at 117.03 kg, Zhengbang Technology at 132.78 kg, and New Hope Liuhe at 97.10 kg [39][45]. Market Outlook - The report anticipates that high-quality production capacity will maintain profitability in 2025, with leading companies expected to experience valuation recovery [24][30]. - It is recommended to focus on leading companies with cost advantages and high performance, such as Muyuan Foods, Wens Foodstuffs, Tian Kang Biological, and Shennong Group [30]. Cost Analysis - The latest breeding costs for major companies in April 2025 are as follows: Muyuan Foods at 12.40 CNY/kg, Wens Foodstuffs at 12.60 CNY/kg, and Shennong Group at 12.30 CNY/kg, indicating a competitive cost structure among leading firms [49][50].