农林牧渔&食品饮料：食品掘金品类红利，生猪产能去化持续

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights the continuous de-capacity of pig production and the potential for profit in the food sector, particularly in the snack food category [1] Summary by Sections 1. Important Information Updates - The food and beverage sector saw a decline of 0.85%, underperforming the Shanghai Composite Index by 0.64 percentage points. The agricultural sector, however, increased by 4.49%, outperforming the index by 4.70 percentage points [5][7] - Notable companies with significant weekly gains include Huadong Group (18.98%) and Liziyuan (15.14%) in the food sector, while Shennong Group (34.23%) and Aonong Biological (29.06%) led in the agricultural sector [5] 2. Industry Data Tracking - As of March 22, 2024, the wholesale price index for agricultural products decreased by 0.21% to 123.61, with a year-on-year decline of 6.24%. Vegetable prices also saw a year-on-year decrease of 7.01% [17] - The price of live pigs and pork has been declining, with the number of breeding sows decreasing by 1.80% month-on-month and 6.90% year-on-year as of January 2024 [17] - The price of fresh milk has decreased by 11.03% year-on-year, with the current price at 3.55 yuan/kg [11] - The price of chicken has risen to 7.77 yuan/kg, while chick prices have increased to 4.02 yuan each as of March 22, 2024 [20] - The price of sea cucumbers has dropped to 170 yuan/kg, while scallops remain at 10 yuan/kg and abalone at 110 yuan/kg [22] 3. Industry Information and Important Company Announcements - The report mentions that the company "Peach Li Bread" achieved a revenue of 6.76 billion yuan in 2023, a year-on-year increase of 1.08%, but net profit decreased by 10.29% due to rising raw material costs and increased management expenses [28] - "Wahaha" has launched a laboratory water support plan for 2024, aiming to provide 596 tons of pure water to research institutions and medical facilities [30] - "Golden Dragon Fish" reported a revenue of 251.5 billion yuan in 2023, a decrease of 2.3%, with net profit down by 5.4% [31] - "Qianyin High-Tech" achieved a revenue of 410.29 million yuan, a year-on-year increase of 17.54%, with net profit rising by 17.37% [32]