轻工纺服行业周报：宠物经济崛起，消费升级驱动增长

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The pet economy is experiencing significant growth, with the market size reaching 592.8 billion yuan in 2023, a year-on-year increase of 20.1%, and is expected to grow to 1,150 billion yuan by 2028 [2][64] - The shift in perception of pets from emotional support to family members is driving increased demand for pet-related products and services, including food, supplies, medical care, and entertainment [2][64] - Factors such as relaxed policies, rising economic levels, and changes in social structure are contributing to the growth of the pet industry, with single-person households and the aging population playing significant roles [2][66] Summary by Sections Weekly Topic: Rise of the Pet Economy - The pet economy is expanding rapidly, with a complete industry chain from breeding and trading to food, supplies, and services [2][64][66] - The market for pet supplies reached 40.7 billion yuan in 2023, growing by 10.3% year-on-year, and is projected to reach 48.4 billion yuan by 2025 [2][64] Weekly Market Review - From December 2 to December 6, 2024, the Shanghai Composite Index rose by 2.33%, while the Shenzhen Component Index increased by 1.69% [2][82] - The light industry manufacturing sector saw a rise of 1.23%, ranking 28th among 31 sectors, while the textile and apparel sector increased by 1.82%, ranking 22nd [2][82] Key Data Tracking Home Furnishing - Real estate data indicates a significant drop in new housing starts and sales, with a cumulative year-on-year decrease of 22.7% in new housing starts for the first ten months of 2024 [5] - Furniture sales in October 2024 reached 15.2 billion yuan, a year-on-year increase of 7.4% [5] Packaging and Paper - The price of various paper products has shown fluctuations, with needle pulp priced at 6,267.86 yuan/ton as of December 6, 2024 [5] - The overall profitability of paper products is expected to improve as demand increases in the peak season [5] Textile and Apparel - Retail sales of clothing and textiles reached 134.7 billion yuan in October 2024, with a year-on-year growth of 8% [6][8] - Cotton prices have shown a slight decrease, with the domestic cotton price index at 15,196 yuan/ton [6][8] Company Performance - Yuanfei Co. reported pet supplies revenue of 395 million yuan in 2023, accounting for 39.89% of total revenue, with a gross margin of 35.04% [2][78] - Yiyi Co. generated 1.253 billion yuan from pet hygiene products, representing 93.66% of its revenue, with a gross margin of 17.90% [2][78] - Tianyuan Pet's revenue from pet supplies reached 1.33 billion yuan, making up 65.27% of its total revenue, with a gross margin of 22.36% [2][78] - Chaoyun Group's pet cleaning products revenue was 77.3 million yuan, with a gross margin of 40.3% [2][78]