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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間-行業數據

2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間
我們認為后續產能大趨勢會延續去化，一方面，行業高杠桿高成本產能在當前豬價下現金流依然承壓，金融去杠桿壓力持續存在；另一方面，南方即將進入雨季，考慮到南方養殖密度大幅提升，行業可能會持續受到非瘟疫情干擾。在實際行業產能不多的情況下，后續潛在重新虧損和豬瘟疫情都可能啟動更大的周期反轉。
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第1頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第2頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第3頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第4頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第5頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第6頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第7頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第8頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第9頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第10頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第11頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第12頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第13頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第14頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第15頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第16頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第17頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第18頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第19頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第20頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第21頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第22頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第23頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第24頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第25頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第26頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第27頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第28頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第29頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第30頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第31頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第32頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第33頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第34頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第35頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第36頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第37頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第38頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第39頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第40頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第41頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第42頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第43頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第44頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第45頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第46頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第47頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第48頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第49頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第50頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第51頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第52頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第53頁
2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第54頁
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2024年2月底全國能繁存欄數量為4024萬頭，位于產能正常波動的綠色區間_第55頁
所屬報告： 牧原股份-公司研究報告-深耕生豬養殖的龍頭標桿低成本助力穿越周期-240408（34頁）.pdf
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