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huaan: It is expected that the enthusiasm for restocking will remain weak in Q4 2024, while pig prices in 2025 will receive strong support.
At the end of the third quarter, the average debt-to-asset ratio of listed pig companies remained high at 61.5%, and winter is a peak period for outbreaks in the north. As of now, pork prices are also lower than in Q3, and it is expected that the enthusiasm for restocking in Q4 will be weaker than in Q3, with restocking enthusiasm continuing to be sluggish.
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Central China: Pig prices are running weakly, while the pet data during singles' day sales continues to grow.
Central China Securities released research reports stating that the industry's pe and pb are both lower than the historical valuation center, at a relatively low level, and are expected to see a valuation rebound in the future, maintaining an investment rating of "stronger than the market" for the industry.
Zhongan Securities: Recently, pig prices have continued to decline slightly, and the production capacity growth of breeding enterprises has slowed down.
China Post Securities released research reports stating that the current prices in many areas have fallen below 17 yuan/KG, and with the temperature gradually declining, it is expected that there will be limited downward space in the future.
Guolian Securities: Hog farming prosperity rises, pet and fodder companies' prosperity is on the rise.
In Q3 2024, the revenue of the pig sector increased compared to the previous quarter. 15 listed pig companies achieved a revenue of 126.516 billion yuan in the third quarter of 2024, an increase of 3.20% year-on-year and 18.01% quarter-on-quarter.
Shenwan Hongyuan: Focus on the theme of food security, focusing on the planting industry, hog farming, and pet food across multiple sectors.
According to statistics from 37 listed companies tracked by Shenwan Agriculture, Forestry, Animal Husbandry and Fisheries, the total net income attributable to mothers in Q3 2024 was 18.4 billion yuan, a year-on-year increase of +358%, with hog farming and pet food performance growth leading the way.
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