中金公司：宠物动保赛道有望跑出高盈利、大体量、高估值龙头

东方财富10-23

中金公司研报表示，宠物动保研发壁垒高、盈利空间大，国内市场具备高增长潜力。随国产猫三联疫苗等研发成果逐步进入兑现期，国产企业以差异化产品及渠道竞争入局，2024年有望成为进口替代元年。中长期看，参照硕腾等海外龙头成长史，我们认为宠物动保赛道有望跑出高盈利、大体量、高估值龙头。全文如下中金 |宠物经济专题#2：国货宠物动保破冰启航中金研究宠物动保研发壁垒高、盈利空间大，国内市场具备高增长潜力。随国产...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024102308471595bc4095&s=b><strong>东方财富</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>中金公司研报表示，宠物动保研发壁垒高、盈利空间大，国内市场具备高增长潜力。随国产猫三联疫苗等研发成果逐步进入兑现期，国产企业以差异化产品及渠道竞争入局，2024年有望成为进口替代元年。中长期看，参照硕腾等海外龙头成长史，我们认为宠物动保赛道有望跑出高盈利、大体量、高估值龙头。全文如下中金 |宠物经济专题#2：国货宠物动保破冰启航中金研究宠物动保研发壁垒高、盈利空间大，国内市场具备高增长潜力。随国产...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2024102308471595bc4095&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0158827948.USD","symbol_name":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) 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valuation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ZTS":0.9},"content_text":"中金公司研报表示，宠物动保研发壁垒高、盈利空间大，国内市场具备高增长潜力。随国产猫三联疫苗等研发成果逐步进入兑现期，国产企业以差异化产品及渠道竞争入局，2024年有望成为进口替代元年。中长期看，参照硕腾等海外龙头成长史，我们认为宠物动保赛道有望跑出高盈利、大体量、高估值龙头。全文如下中金 |宠物经济专题#2：国货宠物动保破冰启航中金研究宠物动保研发壁垒高、盈利空间大，国内市场具备高增长潜力。随国产猫三联疫苗等研发成果逐步进入兑现期，国产企业以差异化产品及渠道竞争入局，2024年有望成为进口替代元年。中长期看，参照硕腾等海外龙头成长史，我们认为宠物动保赛道有望跑出高盈利、大体量、高估值龙头。摘要市场概览：高壁垒、高盈利赛道，蕴含高成长机会。1）行业增速快：据《中国宠物行业白皮书》，23年中国宠物动保市场（疫苗+药品）消费端总规模达347亿元，17-23年CAGR达22.1%，增速领先宠物赛道各子领域。2）扩容潜力大：我们认为量增主要源于渗透率提升、品种拓展，价增主要来自宠物主情感消费导向催生的更高溢价。23年国内市场规模仅占美国的约37%，宠物猫免疫渗透率仅为英国的约1/6。3）研发壁垒高：原研动保产品研发耗时长、投入大，疫苗/药品研发周期往往高于8年/6年，资金投入分别在0.5~1亿美元/1亿美元以上。4）盈利能力强：相较畜禽等经济动物产品定价的B端成本导向，宠物动保为C端情感导向，往往倾向于接受医院定价，因此利润水平更高。硕腾12~23年宠物业务占比由35%升至65%，净利率由10%升至27%，高于国内以畜禽动保为主的企业。国产进度：国产猫三联开启国产替代元年，凭借本土化高性价比产品、强渠道推力入局。24年共有瑞普、博莱得利等7款国产猫三联疫苗首次上市，打破硕腾“妙三多”自2011年以来占据主导的局面，开启进口替代元年。1）产品：国产瞄准市场痛点，以差异化产品切入市场，如疫苗选用本土毒株以提升免疫原性，药品则主打高性价比路线、快速起效等。2）渠道：宠物动保消费直面C端，国货激发渠道积极性。国货企业通过给予更高经销商让利空间、与宠物医院战略入股或合作、布局供应链企业等方式快速布局。海外对标：参考硕腾，宠物动保有望诞生高盈利、高估值、大市值龙头。复盘海外龙头成长史，我们发现宠物业务成长性显著高于畜禽业务，15-23年硕腾/礼蓝/IDEXX宠物业务占比提升28/16/7ppt至65%/48%/92%。1）业务端，研发能力为底层支撑，海外龙头已进入创新药综合开发阶段，如硕腾等布局宠物单抗疗法。2）估值端，硕腾自18年宠物业务加速成长开始，相较标普500年化超额收益率达10%，累计涨幅达164%；10月22日市值858亿美元，约为国内企业100倍；24年PE约35倍，远高于国内SW动保的17倍。相较之下，我们认为宠物业务驱动国内企业利润及估值抬升有较大空间。风险市场竞争加剧风险；产品研发进度不及预期风险；消费疲软风险。（文章来源：每日经济新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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