Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [8]. Core Insights - Zhongxin Co., Ltd. is a leading enterprise in the pulp molding industry, focusing on the research, production, and sales of biodegradable plant fiber molded products, primarily pulp molded food containers, which account for over 97% of its revenue. The company holds approximately 16% of the global market share in pulp molded food containers by value and 20% of the national production [3][4][65]. - The company has demonstrated strong performance in 2024, with revenue of 1.148 billion yuan in the first three quarters, reflecting a year-on-year increase of 19.4%, and a net profit of 236 million yuan, up 49% year-on-year [3][68]. Summary by Sections 1. Company Overview - Zhongxin Co., Ltd. specializes in biodegradable plant fiber molded products, with a total production capacity of 123,700 tons as of September 2024. The company has a significant market presence in the pulp molded food container sector [3][65]. 2. Industry Landscape - The global pulp molding packaging market was valued at approximately 5.111 billion USD in 2022, with food packaging accounting for 44.6% and food containers for 24.2%. The industry is expected to grow at a CAGR of 7.6% from 2023 to 2030 [4][119]. - China is a major supplier in the pulp molding industry, with a production capacity of 1.79 million tons, representing 40.5% of global capacity. The export volume of pulp molded products from China has been increasing, with a 79.4% year-on-year growth in the first eight months of 2024 [4][169]. 3. Company Strengths - The company has a favorable customer structure, with major clients including Amer Care Royal, Huhtamaki, and Eco-Products. The top five customers' revenue contribution has decreased from 58.7% in 2019 to 39.3% in 2023, indicating a diversification of its customer base [5][196]. - The company maintains a cost advantage through local sourcing of raw materials, primarily bagasse pulp and bamboo pulp, which are stable in supply. The production base in Guangxi benefits from the region's abundant sugarcane production [5][204]. 4. Financial Projections and Investment Recommendations - The report forecasts revenue growth rates of 30%, 24%, and 20% for 2024, 2025, and 2026, respectively, with net profit growth rates of 46%, 19%, and 17% for the same years. The estimated EPS for 2024, 2025, and 2026 are 3.31 yuan, 3.95 yuan, and 4.61 yuan, respectively [7][236]. - The average PE ratio for comparable companies in 2024 is projected to be 20 times, while the company is valued at a lower PE of 13 times, indicating potential for growth [238].

浙江众鑫环保科技集团股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603091 证券简称：众鑫股份 浙江众鑫环保科技集团股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------|----------- ...

证券代码： 603091 证券简称： 众鑫股份 浙江众鑫环保科技集团股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | |------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 投资者 关系活动类 别 | ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □ 路演活动 □新闻发布会 □现场参观 其他 ☑ | | 单位名称及 人员姓名 | 长江证券 蔡方羿、仲敏丽、章颖佳； 中金资管 彭祺程； 汇安基金 王苏煦。 | | 时间 | 2024 年 10 月 16 日 11:30-12:30 | | 地点 | ...

证券代码： 603091 证券简称： 众鑫股份 浙江众鑫环保科技集团股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------| | 投资者 关系活动 类别 | ☑ □ 路演活动 □新闻发布会 现场参观 其他 ☑ ☑ | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | 单位名称 及 人员姓名 | 中信证券研究所 肖昊、郭韵、杨洪波、何亦啸； 建信养老 刘洋； 金鹰基金 汪达； 大家资产 张萌； 华泰资产 车育文 ...

证券代码： 603091 证券简称： 众鑫股份 浙江众鑫环保科技集团股份有限公司 投资者关系活动记录表 编号：2024-002 | --- | --- | |------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码： 603091 证券简称： 众鑫股份 浙江众鑫环保科技集团股份有限公司 投资者关系活动记录表 编号：2024- 001 | --- | --- | |----------------------|--------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □ 路演活动 □新闻发布会 ☑现场参观 □其他 | | 单位名称及 人员姓名 | 煜德投资 李贺、程跃 ; 光证资管 严可人； 汇安基金 王苏煦； 太和致远 黄瑞娇； 申万轻工 黄莎、庞盈盈、魏雨辰。 | | 时间 | 2024 年 10 月 11 日 10:00 -11:30 | | 地点 | 浙江众鑫环保科技集团股份有限公司会议室 | | 上市公司接待人员姓名 | 董事、董事会秘书：程明 证券事务代表：李文庆 | | --- | --- | |--------------------------- ...