农林牧渔行业动态点评：国内海外多重催化，再荐宠物板块

Investment Rating - The report maintains a "Buy" rating for the companies in the pet food sector, specifically for Guobao Pet, Zhongchong Co., and Petty Co. [10][10][10] Core Insights - The pet food industry is experiencing high growth, with a 20%+ increase in GMV during the Double Eleven shopping festival, reaching 5.9 billion yuan. Domestic brands are gaining market share, with Guobao achieving a 65% year-on-year growth in sales [1] - The report highlights the strong performance of leading companies in the industry, with Guobao, Zhongchong, and Petty showing significant revenue and profit growth, indicating a positive outlook for the sector [6][6][6] - The report emphasizes the potential for continued growth in the pet food market, driven by increasing pet ownership and rising spending per pet, alongside favorable export conditions to the U.S. [11] Summary by Sections Domestic Market - The pet food sector in China is witnessing a robust growth trajectory, with a 4.3 percentage point increase in industry growth rate. The number of pet owners continues to rise, and spending per pet is recovering [1] - Major brands like Guobao and Zhongchong are reporting impressive sales figures, with Guobao's online sales reaching over 1 billion yuan during the Double Eleven event [1] Export Market - Exports to the U.S. are significantly increasing, with a 34.3% rise in export value. The expectation of tariff increases may lead to a surge in exports in Q4 and Q1 of the following year [11] - The report notes that the overall export growth for pet food in November was 16%, indicating strong overseas demand [11] Company Recommendations - Guobao Pet (301498 CH) is recommended due to its strong brand growth and market position, with a target price of 80.3 yuan [10] - Zhongchong Co. (002891 CH) is highlighted for its dual sales growth strategy and historical high performance, with a target price of 35.82 yuan [10] - Petty Co. (300673 CH) is noted for its low valuation and strong brand development, with a target price of 20.5 yuan [10]