宠物医院十年复盘：山高路远但见风光无限

Investment Rating - The industry rating is optimistic (maintained) [5] Core Insights - The pet hospital market in China has experienced significant growth, with the market size increasing from 7.2 billion yuan in 2014 to 37.6 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 20.2% [2][21] - The increase in pet ownership and the shift in consumer attitudes towards pet health have driven demand for pet medical services, leading to a substantial rise in the number of pet hospitals [3][54] - The report recommends actively investing in the pet medical sector, particularly in companies like Ruipeng Biological, which has the second-largest pet hospital assets in the country, and other leading firms in pet drug research [4] Summary by Sections 1. Development Drivers: Multiple Factors Strengthening the Industry Foundation - Policies have been established to promote the construction of pet medical institutions and improve overall technical standards, with 81 standards published by July 2023 [1][9] - The influx of capital into the pet medical industry has increased significantly since 2015, with annual financing exceeding 1 billion yuan from 2015 to 2018 [1][13] - Economic growth has led to increased disposable income for residents, enhancing their consumption capacity and willingness to spend on pets [1][16] 2. Development Evolution: A Decade of Progress for Pet Hospitals - The pet medical market size has expanded significantly, with a CAGR of 19.1% from 2014 to 2023, reaching 79.6 billion yuan [2][21] - The number of pet hospitals has doubled from over 13,000 in 2013 to 34,000 by 2024, indicating a well-distributed resource availability [2][22] - The shortage of veterinary professionals is being addressed, with the number of licensed veterinarians increasing from over 50,000 in 2013 to nearly 120,000 in 2023 [2][32] 3. Demand Upgrade: New Forces in Pet Health Consumption - The pet owner demographic is becoming younger, with a significant increase in pet ownership among the post-95 generation, leading to a shift towards health-conscious pet care [3][49] - The number of pets in China is projected to rise from over 87 million in 2017 to more than 124 million by 2024, with a notable increase in cat ownership, marking the transition into the "cat economy" era [3][54] - The demand for professional veterinary services is increasing, with pet owners prioritizing the quality of care, service attitude, and reasonable pricing in their decision-making [3][49] 4. Investment Recommendations - The report suggests focusing on the pet medical sector, particularly companies with strong assets and innovative drug development capabilities, such as Ruipeng Biological and other leading firms [4]