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农林牧渔行业:宠物医疗空间广阔,全国连锁模式最优
Dongxing Securities·2025-09-19 09:58

Investment Rating - The report maintains a "Positive" outlook on the agriculture, forestry, animal husbandry, and fishery industry, specifically focusing on the pet medical sector [2]. Core Insights - The pet medical market is expected to grow significantly, driven by increasing pet ownership, pet aging trends, and the humanization of pets, leading to a projected market size of 549.4 billion yuan by 2024 [5][31]. - The report emphasizes that the national chain model is the optimal approach for pet medical services, with a current chain rate of approximately 21.1%, indicating room for growth compared to the US market's 30% [6][37]. - The competitive advantage of national chain pet medical institutions lies in their technological capabilities and platform management, which enhance their operational efficiency and profitability [7][47]. Summary by Sections 1. Pet Medical Market Potential - The pet medical market is poised for rapid growth, with a potential market size of 1,011 billion yuan by 2030, assuming a 1.5% annual growth rate in pet numbers and a 50% penetration rate [5][35]. - The increase in pet ownership and the aging of pets are expected to expand the consumer base for pet medical services [19][30]. 2. Chain Model Advantages - As of September 2024, there are over 22,000 pet medical institutions in China, with a significant portion still being single-location hospitals, indicating a potential for increased chain development [6][37]. - The report identifies three major players in the national chain pet medical market: New Ruipeng, Ruipai, and Ruichen, which dominate the competitive landscape [8][42]. 3. Technological and Management Competitiveness - The report highlights that technological capabilities are fundamental to the success of pet medical institutions, with high-quality diagnostic equipment being essential for effective treatment [48]. - Platform management, including supply chain efficiency and cost control, is crucial for enhancing profitability and scalability in the pet medical sector [7][47]. 4. Talent Development and Shortages - The pet medical industry faces a structural shortage of qualified veterinary professionals, which poses challenges for growth and service quality [53][71]. - National chain institutions are implementing comprehensive talent development programs to attract and retain skilled professionals, ensuring a high standard of care [62][71].