农业行业周报：看好海大集团的投资机会-20250610

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Agricultural and Animal Husbandry (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [2]. Core Viewpoints - The agricultural sector has shown a slight increase, with the agricultural and forestry sector rising by 0.91% during the week of June 2 to June 8, 2025, outperforming the broader market [3][22]. - The report highlights the potential for Hai Da Group due to the expected recovery in the feed industry as upstream raw material prices stabilize and the breeding sector improves [4][5]. - The report emphasizes that the pig farming industry is entering a profit cycle, with expectations that the duration of profitability may exceed market pessimism, suggesting a potential for valuation recovery [5]. Summary by Sections Industry Performance - The agricultural sector's performance is ranked 20th among various sectors, with significant contributions from other planting industries, food and feed additives, aquaculture, and pig farming [3][22]. - The average price of pigs in key provinces has decreased, with prices in Sichuan, Guangdong, and Henan at 13.85, 15.24, and 13.95 yuan/kg respectively, reflecting a decline of 3.15%, 2.56%, and 3.46% week-on-week [4][31]. Pig Farming - The report notes that the self-breeding profit is 33.83 yuan per head, while the profit from purchasing piglets is negative at -120.80 yuan per head, indicating challenges in the current market [4][31]. - The pig-to-grain ratio is reported at 6.29, showing a decrease of 0.32% from the previous week [31]. Poultry Farming - The average price of white feather broilers is 7.32 yuan/kg, down 0.68% week-on-week, while the price of chicken eggs has decreased by 7.04% to 6.60 yuan/kg [43]. Feed Processing - In April 2025, the total industrial feed production reached 27.53 million tons, with a month-on-month increase of 4.2% and a year-on-year increase of 9.0% [51]. Aquaculture - The price of sea cucumbers remains stable at 90.00 yuan/kg, while shrimp prices have increased by 14.29% to 320.00 yuan/kg [60].