Group 1 - The core viewpoint of the article is that Zhongxin Co. plans to build a factory in the United States to enhance its global competitiveness, following its early layout of a factory in Thailand in 2023, which provides a first-mover advantage [1] - The company has accelerated its overseas construction efforts in response to the U.S. imposing anti-dumping and countervailing duties on Chinese pulp molded products, with a planned capacity of 100,000 tons in Thailand expected to reach full production by 2026 [1] - The construction of the U.S. base is expected to replicate the success of the Thailand facility, with increased R&D efforts and upgrades in production line automation anticipated, indicating a promising outlook for the company [1] Group 2 - As a leading enterprise in pulp molded food containers, the company maintains strong profitability, and its proactive overseas base layout is expected to support short-term performance recovery and long-term market share growth amid fluctuating trade policies [1] - Due to the gradual release of new capacities by competitors in Southeast Asia, the average price of overseas products may experience fluctuations in 2026, leading to a slight downward adjustment in profit expectations for 2026-2027 [1] - The company’s projected net profit attributable to shareholders for 2025-2027 is estimated to be 302 million, 550 million, and 704 million yuan respectively, with year-on-year changes of -7%, +82%, and +28%, while maintaining a "buy" rating [1]
研报掘金丨华福证券：维持众鑫股份“买入”评级，拟美国建厂，强化全球竞争力