宠物食品行业简评：“618”收官，宠物食品创佳绩

Investment Rating - The report assigns an "Overweight" rating to the pet food industry, indicating a positive outlook for the sector in the coming months [3]. Core Insights - The pet food industry has shown remarkable performance during the "618" shopping festival, with total sales reaching 55 billion yuan, a year-on-year increase of 10%, while overall e-commerce sales declined by 6.9% [1][7]. - The report highlights a significant growth trend in various pet food categories, particularly in baked and freeze-dried foods, which have seen sales growth exceeding 110% and 50% respectively for cat and dog food during the "618" period [3][7]. - The export of pet food has also maintained a strong upward trajectory, with May 2024 exports reaching 30,600 tons, a year-on-year increase of 31% [4][16]. Summary by Sections 1. Performance During "618" - The pet food category achieved impressive results, with notable increases in sales across major e-commerce platforms [1][7]. - Specific growth figures include over 50% increase in live-stream sales on Tmall and over 42% increase in transaction volume on JD [1][7]. 1.1. Overall Category Growth - The report indicates a clear upward trend in the pet food category, with various products experiencing significant sales increases during the "618" festival [7]. 1.2. Brand Competition - Domestic brands have performed well against international competitors, with brands like MaiFuDi and WanPi ranking highly across multiple categories on platforms like Tmall and JD [10][11]. 1.3. Export Growth - Pet food exports have shown consistent growth, with a 21% increase in export value in May 2024 compared to the previous year [4][16]. 2. Investment Recommendations - The report suggests focusing on companies such as GuaiBao Pet, ZhongChong Co., and PeiTi Co., which are expected to benefit from the industry's growth and trends towards premiumization and differentiation [17].