农林牧渔行业研究周报：4月能繁母猪存栏月环比基本持平

Investment Rating - The report does not explicitly state an investment rating for the industry [6] Core Insights - The number of breeding sows remained stable month-on-month in April, with a total of 40.38 million breeding sows as of the end of April, reflecting a year-on-year increase of 1.3% [4][31] - The average selling price of commodity pigs decreased by 2.40% week-on-week, reaching 14.21 CNY/kg as of May 23, indicating a continued weak market trend [9][23] - The average profit for self-bred pigs was 48.21 CNY per head, down by 32.45 CNY from the previous week, while the profit for purchased piglets showed a loss of 16.06 CNY per head, a decrease of 64.26 CNY week-on-week [32][37] Summary by Sections 1. Breeding Sows and Market Trends - The breeding sow inventory was stable month-on-month in April, with a total of 40.38 million sows, reflecting a year-on-year increase of 1.3% [4][31] - The planned slaughter volume for May is expected to increase by 1.98% month-on-month, with an actual slaughter volume increase of 4.03% in April [31] 2. Pricing and Profitability - The average price of commodity pigs decreased by 2.40% week-on-week, while the average price of piglets fell by 0.28% [9][23] - The average profit for self-bred pigs was 48.21 CNY per head, down 32.45 CNY from the previous week, and the profit for purchased piglets was a loss of 16.06 CNY per head, down 64.26 CNY week-on-week [32][37] 3. Market Performance - The industry average price-to-earnings ratio is 16.9, compared to the market average of 12.5 [6] - The report indicates that the industry index underperformed the market index, with a decline of 0.36% for the agricultural sector compared to a 0.18% decline in the market index [39]