Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [20]. Core Insights - The company plans to establish a wholly-owned investment company in the United States through its Thai subsidiary, with an investment of up to $36 million for a project in Pennsylvania that will produce 20,000 tons of pulp molded tableware annually [3][4]. - The company is responding to supply chain shifts and trade barriers by expanding its global footprint, particularly in Thailand and the U.S., to mitigate risks associated with trade policies and tariffs [4]. - The Thai base has shown promising financial performance, with revenue of 61.98 million yuan and a net profit margin of 23.2% in the first half of 2025, suggesting that the U.S. project could replicate this success [5]. Financial Projections - Revenue is projected to grow from 1.33 billion yuan in 2023 to 3.23 billion yuan by 2027, with a significant increase in net profit from 231 million yuan to 704 million yuan over the same period [6]. - The company anticipates a net profit of 302 million yuan in 2025, followed by a substantial recovery to 550 million yuan in 2026 and 704 million yuan in 2027, reflecting a growth rate of 82% and 28% respectively [6]. - Earnings per share (EPS) are expected to rise from 2.26 yuan in 2023 to 6.89 yuan by 2027, indicating strong profitability growth [6]. Market Position and Competitive Advantage - The company is positioned as a leading player in the pulp molded tableware industry, with a robust competitive edge derived from its advanced production capabilities and flexible manufacturing processes [5]. - The establishment of overseas production facilities is seen as a strategic move to enhance market share and adapt to changing global trade dynamics [4][5].
众鑫股份（603091）：拟美国建厂，强化全球竞争力