索宝蛋白(603231)：全产业链布局驱动增长 成本利好大豆蛋白龙头迎业绩拐点

Core Viewpoint - The company, a leading player in the domestic soybean protein industry, is experiencing a performance turning point due to its full industry chain layout and favorable cost conditions, focusing on non-GMO soybean products [1][2]. Group 1: Company Performance - The company specializes in the full industry chain of non-GMO soybeans, with main products including soybean isolate protein, concentrate protein, textured protein, and non-GMO soybean oil [1]. - In 2025, the company is expected to see a performance turnaround, with Q1-Q3 revenue reaching 1.24 billion yuan, a year-on-year increase of 7.37%, and net profit attributable to shareholders of 147 million yuan, a year-on-year increase of 60% [1]. - The company has actively expanded production to increase sales, and as downstream demand gradually recovers, it anticipates improved financial performance [1]. Group 2: Industry Dynamics - The demand for soybean protein is rapidly growing, driven by health and environmental concerns, with applications in meat processing, plant-based meat, snacks, and health products [1]. - China holds approximately 50% of the global soybean protein market, with the industry size reaching 14.52 billion yuan in 2022, and a CAGR of 3.89% from 2018 to 2022 [1]. - The industry concentration is expected to increase, with the top five companies holding a market share of 60%, and the company itself holding about 10% market share [1]. Group 3: Competitive Advantages - The company has established a high-profit barrier through its full industry chain layout and has a complete product line in soybean protein deep processing, which enhances its competitive advantage [2]. - The company's gross profit margin for soybean protein is significantly higher than the industry average, supported by a focus on high-margin products like soybean concentrate protein and textured protein [2]. - The company has procured a significant amount of low-cost soybean raw materials in early 2025, which, combined with product structure optimization, is expected to enhance its gross profit margin [2]. Group 4: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 1.658 billion yuan, 1.881 billion yuan, and 2.136 billion yuan, representing year-on-year growth of 6.57%, 13.50%, and 13.54% respectively [2]. - Net profit projections for the same period are expected to be 186 million yuan, 215 million yuan, and 266 million yuan, with year-on-year growth of 53.46%, 15.81%, and 23.56% respectively [2].