Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development [4]. Core Viewpoints - The feed industry is expected to see a bottoming out and recovery in its prosperity, with a favorable investment opportunity in Haida Group [6]. - 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 [5]. - The report highlights the importance of raw material cost stabilization and potential macro demand recovery in 2025 as positive influences on the industry [5]. Industry Performance Overview - For the week of April 14-20, the Shanghai and Shenzhen 300 Index increased by 0.59%, while the agriculture sector declined by 2.15%, ranking 30th among sectors [3][21]. - The top-performing sub-industries included fruit and vegetable processing, food and feed additives, other agricultural product processing, grain and oil processing, and pig farming [3][21]. Key Company Recommendations - Recommended stocks include: - Haida Group (Buy-A) - Shengnong Development (Buy-B) - Wen's Group (Buy-B) - Guobao Pet (Increase-A) - Zhongchong Co. (Increase-A) - Tangrenshen (Increase-B) - Shennong Group (Increase-B) - Juxing Agriculture (Increase-B) - New Hope (Increase-B) [4][5]. Pig Farming Industry Data - As of April 18, the average price of external three yuan pigs in Sichuan, Guangdong, and Henan was 14.66, 15.34, and 15.02 yuan/kg, with a week-on-week change of +1.81%, -0.26%, and +1.69% respectively [4][31]. - The average pork price was 20.85 yuan/kg, with a slight increase of 0.05% [4][31]. - The self-breeding profit was 79.46 yuan/head, while the profit from purchasing piglets was 21.88 yuan/head [4][31]. Poultry Industry Data - As of April 18, the weekly price of white feather broilers was 7.50 yuan/kg, up 2.18% from the previous week [46]. - The price of chicken seedlings was 2.97 yuan/chick, an increase of 6.45% [46]. - The egg price was 8.00 yuan/kg, reflecting an increase of 8.11% [46]. Feed Industry Data - In January-February 2025, the total industrial feed production in China reached 49.2 million tons, a year-on-year increase of 9.6% [53]. - The production of compound feed, concentrated feed, and additive premix feed increased by 9.8%, 9.2%, and 5.6% respectively [53]. Aquaculture Industry Data - As of April 18, the price of sea cucumbers was 110.00 yuan/kg, while the price of shrimp was 280.00 yuan/kg, both remaining stable [60]. - The price of bass was 46.00 yuan/kg, down 4.17% from the previous week [60].
农业行业周报：饲料行业景气度有望见底回升，看好海大集团的配置时机-20250423
山西证券·2025-04-23 05:14