宠物食品：宠物食品24年缘何维持高景气？

Investment Rating - The report maintains an "Outperform" rating for the pet food industry [2] Core Insights - The pet food industry is experiencing high growth, with leading brands showing strong performance and market share gains [5] - The decline in white feather chicken prices since April 2023 is expected to enhance the profitability of pet food companies [5] - The report highlights the positive export data for pet food to the U.S., indicating resilience despite potential tariff impacts [5] Summary by Sections Market Performance - The report notes a significant growth trajectory for leading pet food brands, with notable increases in GMV for brands like Guobao Pet and Zhongchong [5] Company Performance - Guobao Pet is projected to have an EPS of 1.15 in 2023, increasing to 1.75 by 2025, with a current PE ratio of 81.72 [5] - Zhongchong is expected to see its EPS rise from 0.80 in 2023 to 1.35 in 2025, with a PE ratio of 45.81 [5] Industry Trends - The report discusses the competitive landscape, noting that domestic brands are increasingly replacing international brands in market rankings [5] - The report emphasizes the importance of high online penetration and effective channel management for domestic brands to capture market share [5] Cost Dynamics - The sustained decline in white feather chicken prices is projected to improve gross margins for pet food companies, thereby enhancing profitability [5] Export Opportunities - The report highlights a significant increase in pet food exports to the U.S., with a year-on-year growth of 34.32% in November 2024 [5]