Guotai Junan Securities: Feed production volume grows rapidly, and the recovery of the later cycle continues.

According to a research report by Guotai Haitong Securities, data from the Feed Industry Association shows that in April 2025, the national industrial feed production reached 27.53 million tons, an increase of 4.2% month-on-month and 9.0% year-on-year. Among them, compound feed, concentrated feed, and additive premixed feed increased by 9.1%, 6.5%, and 9.7% year-on-year, respectively. Guotai Haitong Securities believes that with the recovery of pig inventories, the continuous high level of livestock and poultry inventories, and the high enthusiasm for aquaculture, it is expected that the feed industry production will recover in 2025. In addition, major feed companies are actively expanding overseas, and it is expected that the layout of overseas feed will bring double promotion of feed sales volume and ton profit. Pay attention to the recovery of the domestic feed industry and the expansion of related companies' overseas feed business, and focus on the prominent advantages of leading companies.