GUOTAI HAITONG SECURITIES·2026-02-24 00:45Investment Rating - The report maintains an "Overweight" rating for the pet economy sector, highlighting its rapid growth during the Spring Festival [4][7]. Core Insights - The pet consumption during the Spring Festival has seen significant growth, with a 20%+ year-on-year increase in searches for "New Year pet gift boxes" on Tmall. The sales of pet clothing surged by 330%, and pet New Year's dinners increased by 290% [7]. - The report emphasizes the comprehensive nature of pet services, with a 46% month-on-month increase in pet boarding demand. The expansion of pet transport services on high-speed trains and airlines is also noted [7]. - Upcoming pet exhibitions in March are expected to further stimulate market interest, with major brands likely to launch new products [7]. Summary by Sections Important Industry Data Overview - The agricultural sector index stands at 2,858.1, with a year-on-year increase of 14.28%. The wholesale price index for agricultural products is at 129.6, reflecting a 4.95% year-on-year increase [10]. - The average price of live pigs is 12.3 yuan/kg, down 15.81% year-on-year, while the average price of piglets is 471.0 yuan/head, down 25.24% year-on-year [10]. Pig Farming Sector - The report anticipates a seasonal decline in pig prices post-Spring Festival, with expectations of low prices leading to potential losses in farming [5][12]. - Recommended stocks in the pig farming sector include Muyuan Foods and Wens Foodstuffs, with additional recommendations in the agricultural product supply chain [5]. Poultry Sector - The report discusses the white feather broiler market, noting a decrease in chick prices and stable prices for broiler meat [19][20]. - The average price of broiler chicks is reported at 2.4 yuan/chick, with a 4.35% increase month-on-month [10]. Feed Sector - The report indicates stable feed prices, with corn prices at 2,372.2 yuan/ton and soybean meal prices at 3,167.7 yuan/ton [10][30]. - The analysis highlights the fluctuations in import prices for soybeans and corn, impacting the feed sector [32]. Key Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) forecasts for key companies, with Muyuan Foods projected at 2.54 yuan for 2025 and 4.81 yuan for 2026, maintaining an "Overweight" rating [36]. - Other companies such as Wens Foodstuffs and Petty Holdings also receive "Overweight" ratings, indicating strong growth potential [36].