北交所消费服务产业跟踪第十六期（20250602）：宠物经济持续升温，关注路斯股份等北交所宠物产业链标的

Investment Rating - The report indicates a positive outlook on the pet economy, particularly focusing on companies like Lusi Co., Ltd. and Haineng Technology within the pet industry chain [1][2] Core Insights - The pet economy in China has shown continuous growth, with the market size for urban pet consumption increasing from 170.8 billion RMB in 2018 to 300.2 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [2][5] - The "cat economy" has outpaced the dog market, with a CAGR of 14.18% from 2018 to 2024, while the dog market grew at 6.69% [5] - Pet food remains the primary consumption market, accounting for 52.8% of the total pet consumption in 2024, with a steady increase in the share of staple food and nutritional products [5][11] - E-commerce platforms are the main sales channels for pet products, with a remarkable CAGR of 34.5% in pet food sales from 2017 to 2024 [2][11] - The competitive landscape in the pet food industry is fragmented, with the top 10 brands holding only 33.7% of the online market share in 2024 [2][11] Summary by Sections Market Growth - The overall market for urban pet consumption in China is projected to grow significantly, with a 7.48% year-on-year increase in 2024 [5] - The pet food market is expected to continue its upward trajectory, driven by increasing demand for staple foods and nutritional products [5][11] E-commerce Dynamics - E-commerce sales of pet food are thriving, with a 17% year-on-year growth in the first four months of 2025 [2][11] - New content e-commerce platforms like Douyin are emerging as strong competitors to traditional e-commerce giants [2][11] Company Performance - Lusi Co., Ltd. is focusing on expanding its domestic and international markets, with a projected revenue of 778 million RMB in 2024, representing an 11.68% year-on-year growth [2][23] - The company has seen a significant increase in its overseas revenue, which reached 483 million RMB in 2024, up 16.6% year-on-year [2][20][21] Industry Valuation - The median price-to-earnings (P/E) ratio for the broader consumer sector has decreased from 70.5X to 67.6X [38] - The P/E ratio for the food and agriculture sector has increased from 53.2X to 55.2X, indicating a positive sentiment towards these industries [39]