Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 96.97 CNY [4][10]. Core Insights - The company's global capacity layout effectively addresses uncertainties in the foreign trade environment, with a focus on expanding overseas production bases [2][28]. - The company has maintained rapid revenue growth, primarily from environmentally friendly packaging for food service, with 98% of its revenue derived from this segment [28][30]. - The report highlights the company's commitment to sustainable growth through continuous technological innovation and capacity expansion, particularly in Thailand [41][28]. Financial Summary - Total revenue is projected to grow from 13.26 billion CNY in 2023 to 30.41 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 22.7% from 2019 to 2024 [3][28]. - Net profit attributable to shareholders is expected to increase from 2.31 billion CNY in 2023 to 7.24 billion CNY in 2027, with a significant growth rate of 69.4% in 2026 [3][10]. - The earnings per share (EPS) is forecasted to rise from 2.26 CNY in 2023 to 7.08 CNY in 2027 [3][10]. Industry Analysis - The biodegradable materials industry is experiencing high demand due to increasing global environmental regulations and consumer preferences for sustainable products [18][21]. - The report notes that the company is well-positioned in the biodegradable materials market, which is expected to see continued growth as traditional plastic alternatives gain traction [18][21]. - The competitive landscape includes domestic and international players, with the company leveraging its technological advancements and overseas production capabilities to enhance its market share [16][28].
众鑫股份（603091）：首次覆盖报告：全球化战略推进，海外基地优势显著