农林牧渔行业周报：宠物公司业绩表现亮眼，行业持续高景气

Investment Rating - The industry is rated as "Increase" [5] Core Views - The pet industry shows strong performance with leading companies reporting significant revenue growth and an increasing share of domestic business. The trend of brand localization and premiumization is evident, with 2024 revenue growth for leading companies such as Guibao Pet, Zhongchong Co., and Petty Co. at 21.22%, 19.15%, and 17.56% respectively, while net profit growth is 45.68%, 68.89%, and 1743% respectively [1][12] - In Q1 2025, Guibao Pet and Zhongchong Co. reported revenue growth of 34.82% and 25.41% respectively, while Petty Co. experienced a decline of 14.4% [1][12] - The domestic business of Zhongchong Co. grew by 30.26%, accounting for 31.67% of total revenue, while Guibao Pet's domestic business grew by 24%, making up 67.71% of its revenue [1][12] - The self-owned brand revenue of Guibao Pet reached 3.545 billion yuan, growing by 29% year-on-year, representing 67.6% of its total revenue [1][12] Summary by Sections Pet Industry - Leading pet companies reported strong growth in both revenue and net profit, with significant increases in domestic business and self-owned brand revenue [1][12] - Douyin's sales data for March 2025 shows a sales revenue of 818 million yuan, up 24.32% year-on-year, and a sales volume of 18.004 million, up 34.12% year-on-year, indicating a positive growth trend for top domestic brands [2][13] Livestock Farming - The national price for lean meat pigs is 14.81 yuan/kg, down 0.3% from the previous week, with a focus on low-cost, high-growth companies such as Muyuan Foods and Wens Foodstuffs [3][14] - The average price for white feather chickens is 7.47 yuan/kg, down 0.4%, and the average price for chicken products is 8.9 yuan/kg, down 0.6% [14][28] - The price for meat chicken seedlings is 2.85 yuan each, down 4% from the previous week [14][26] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution are confirmed [14] - The fluctuation of agricultural product prices is increasing, with leading feed companies likely to replace smaller firms due to their advantages in procurement and scale [14]