看好海大集团的投资机会

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development and Wens Foodstuffs [3] Core Views - The agricultural sector is expected to see a recovery in feed demand, particularly for Haida Group, which is anticipated to enter an upward phase in its operational fundamentals due to declining upstream raw material prices and improving downstream farming conditions [5][6] - The report highlights that the pig farming industry is entering a profit cycle starting from Q2 2024, with expectations of a prolonged profitability period that may exceed market pessimism [6] - The poultry industry is also projected to benefit from a potential demand rebound in 2025, with Shengnong Development positioned well for value appreciation [7] Summary by Sections Pig Farming - As of May 23, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 14.05, 15.39, and 14.25 yuan/kg respectively, with a mixed weekly change [5] - The average pork price was 20.95 yuan/kg, showing a slight increase of 0.05% week-on-week [5] - The self-breeding profit was 48.21 yuan/head, while the profit from purchasing piglets was -16.06 yuan/head [5] Poultry Farming - The weekly price for white feather broilers was 7.36 yuan/kg, down 0.54% from the previous week [50] - The price for chicken eggs was 7.20 yuan/kg, reflecting a decrease of 6.01% [50] Feed Processing - In April 2025, the total industrial feed production in China reached 27.53 million tons, with a month-on-month increase of 4.2% and a year-on-year increase of 9.0% [58] - The report notes a significant decline in feed product factory prices, with a slight month-on-month increase in compound and concentrated feed prices [58] Aquaculture - As of May 23, 2025, the price for sea cucumbers was 90.00 yuan/kg, while shrimp was priced at 280.00 yuan/kg, both remaining stable [65] - Freshwater fish prices showed slight increases, with grass carp at 15.95 yuan/kg, up 0.63% [65] Crop and Grain Processing - As of May 23, 2025, soybean prices were 3927.89 yuan/ton, remaining stable, while corn and wheat prices were 2376.08 and 2464.56 yuan/ton respectively, with minor fluctuations [77]