Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The pet food category achieved remarkable sales during the "Double 11" shopping festival, with total online sales reaching 5.9 billion yuan, a year-on-year increase of 22.92% [3][12] - The trend towards health-conscious and functional pet food is gaining traction among consumers, with significant sales growth in baked cat food and specialized functional foods [4][13] - Domestic leading brands are performing strongly, with intense competition remaining in the market [5][14] - Pet food exports continued to grow year-on-year, with September 2024 figures showing an export volume of 25,600 tons and an export value of 12.4 million USD, reflecting a steady increase [6][19] Summary by Sections 1. "Double 11" Performance - The pet food category saw a total sales amount of 5.9 billion yuan during "Double 11," with 9 brands exceeding 100 million yuan in sales and 1,340 brands doubling their sales compared to the previous year [3][12] - Online sales growth was broad-based across brands, with significant increases noted on platforms like Tmall and JD [3][12] 1.1. Growth in Functional Foods - Baked cat food sales increased by 147% year-on-year, while specialized functional foods such as urinary health cat food and low-fat cat food saw sales growth of 137% and 326% respectively [4][13] 1.2. Strong Domestic Leaders - Leading domestic brands like Guobao Pet and Zhongchong are showing strong sales performance, with Guobao Pet's self-owned brand sales exceeding 670 million yuan, a 65% increase year-on-year [5][14] 1.3. Export Growth - In September 2024, pet food exports reached 25,600 tons, up 5.47% year-on-year, with export value increasing by 11.04% [6][19] Investment Recommendations - The report suggests focusing on companies like Guobao Pet, Zhongchong, and Petty, as they are expected to benefit from the ongoing trends in the pet food industry [21]
宠物食品行业简评:“双11”宠物食品表现亮眼,龙头强者恒强
Donghai Securities·2024-11-14 04:22