国海证券：国产宠物品牌格局渐明朗 维持宠物食品行业“推荐”评级

Core Viewpoint - The domestic pet market in China is characterized by significant growth potential, with a low industry concentration and a projected market size of 300.2 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [2] Group 1: Market Penetration and Growth - The pet ownership penetration rate in China is only 21%, compared to 40% in Japan and 60% in the United States, indicating room for growth as the population structure adjusts [2] - The number of dogs and cats in China is expected to maintain a growth momentum in the short term [2] Group 2: Industry Dynamics - The domestic pet market is expanding, with a differentiation in industry structure; leading brands are increasing their market share, and their online GMV growth rates are significantly higher than platform growth rates [3] - The mid-to-high-end product segment shows greater growth potential, while low-end products face intense competition and slower growth [3] Group 3: Supply Chain and Brand Development - A robust supply chain currently supports brand development, with established brands relying on solid supply chains and cash flow for growth [4] - The presence of independent factories and a complete logistics system ensures traceability and quality control of raw materials, aligning with consumer demands for product quality [4] Group 4: Consumer Trends and Product Innovation - The concept of scientific pet care is becoming more widespread, with consumers placing greater emphasis on product quality driven by refined pet care practices [5] - Innovations in raw materials and technology are crucial, as consumers are increasingly focused on experiential consumption, including emotional and social aspects [5]