宠物专题报告（二）：立足当下，着眼未来，如何看待我国宠物产业出海的差距和成长？

Investment Rating - The report maintains an "Accumulate" rating for the pet food sector, specifically recommending "Accumulate-A" for companies like Zhongchong Co., Ltd. and Guibao Pet Food Co., Ltd. [1][2] Core Insights - The report highlights the significant gap between China's pet food industry and mature markets like Europe and the U.S., estimating that China may lag by over ten years in terms of export scale and product structure [2][19] - It identifies four main modes of international expansion for China's pet food industry: OEM (Original Equipment Manufacturer), capital outflow, e-commerce, and brand development, emphasizing the necessity for brand globalization to drive revenue growth [1][2][38] - The report underscores the unique characteristics of brand expansion in the pet food sector, which are challenging, distinctive, and inevitable, suggesting that the scale of brand exports will gradually increase [1][2] Summary by Sections 1. Comparison with Mature Markets - China's pet food exports ranked 7th globally in 2023, with an export volume of 266,000 tons and an export value of $1.226 billion, accounting for 4.94% of global exports [20] - The primary export destinations remain the U.S., Germany, and Japan, but growth in these markets has slowed, while Southeast Asia has shown rapid growth, particularly in Indonesia and the Philippines [23][26] - The average export price of Chinese pet food is higher than that of developed countries, primarily due to the focus on pet snacks rather than staple foods [29][34] 2. Modes of International Expansion - The report outlines four modes of international expansion: 1. OEM-based cost leadership 2. Capital outflow for acquisitions and investments 3. E-commerce leveraging social media 4. Gradual brand development [38][39] 3. Characteristics of Brand Expansion - The report discusses the challenges, uniqueness, and inevitability of brand expansion in the pet food industry, asserting that overcoming these challenges is essential for future growth [1][2][3]