新股覆盖研究：富岭股份

Investment Rating - The investment rating for the company is "Buy" [30] Core Viewpoints - The company, Fuling Co., Ltd. (001356.SZ), primarily engages in the research, production, and sales of plastic dining utensils and biodegradable materials, with a significant focus on the North American market [8][21] - The company has established long-term partnerships with major international fast-food chains such as McDonald's and KFC, contributing to its competitive advantage [21] - The company has shown resilience in the face of trade tensions, having strategically positioned production facilities in the U.S. and Mexico to mitigate tariff impacts [21] - The company has experienced fluctuations in revenue and profit, with a notable decline in 2023, but forecasts a recovery in 2024 with expected revenue growth of 15.41% to 20.71% [9][25] Financial Performance Summary - The company reported revenues of 1.46 billion, 2.15 billion, and 1.89 billion CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 36.53%, 47.79%, and -12.32% [9][6] - The net profit for the same years was 116.3 million, 255.4 million, and 215.7 million CNY, with corresponding growth rates of 50.96%, 119.51%, and -15.55% [9][6] - For the first nine months of 2024, the company achieved revenues of 1.706 billion CNY, reflecting a year-over-year increase of 27.71% [9] Industry Overview - The company operates within the plastic industry, specifically focusing on disposable plastic dining utensils and biodegradable materials [13][14] - The global plastic production has shown steady growth, with production reaching 400 million tons in 2022 [14] - The biodegradable plastic market in China is rapidly expanding, driven by increasing environmental awareness and government policies promoting biodegradable materials [19][20] Competitive Positioning - Fuling Co., Ltd. ranks among the top manufacturers in the domestic plastic dining utensils sector, with a significant portion of its revenue derived from exports to the U.S. [21] - The company has a higher revenue scale compared to its peers, with a 2023 revenue of 1.889 billion CNY, while the average revenue of comparable companies was 1.573 billion CNY [25]