众鑫股份（603091）：公司首次覆盖报告：替塑赛道领军者，全球份额有望加速提升

Investment Rating - The report assigns a "Buy" rating for the company, Zhongxin Co., Ltd. (603091) [2] Core Views - The company is positioned as a leader in the alternative plastic sector, with a significant potential to increase its global market share [4][5] - The report highlights the urgent need for plastic alternatives due to severe plastic pollution, with various countries implementing strict regulations [12][13] - The pulp molding packaging market is expected to grow significantly, driven by global policy changes and increasing consumer demand for sustainable products [22] Summary by Sections 1. Urgency of Plastic Alternatives - The global plastic waste crisis necessitates immediate action, with only 10% of plastic waste being recycled since 1950 [12] - Governments worldwide are tightening regulations on plastic use, prompting leading companies to transition to sustainable alternatives [13] 2. Growth Potential in Pulp Molding - The pulp molding packaging market was valued at $5.11 billion in 2022, with a penetration rate of only 1.4%, indicating substantial growth potential [5][22] - China is a major production base for pulp molding, with a total capacity of 1.79 million tons [22] 3. Competitive Landscape - Zhongxin holds a dominant market share of 18.2% in China's pulp molding food service products, with a concentrated competitive landscape [36] - Despite increased competition, Zhongxin's gross margins remain significantly higher than those of its peers, indicating a strong competitive advantage [36] 4. Focus on Food Service Products - The company specializes in pulp molding food service products, which account for approximately 98% of its revenue [38] - Major clients include well-known global food supply chain companies, enhancing its market position [38] 5. Financial Projections - The company is projected to achieve net profits of 3.6 billion, 6.0 billion, and 7.6 billion yuan for the years 2025, 2026, and 2027, respectively [7] - The report anticipates a compound annual growth rate (CAGR) of 22.7% for revenue from 2019 to 2024 [41]