众鑫股份（603091）：成本优势突出，海外产能布局领先，份额有望提升

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading player in the pulp molding tableware sector, with a market share of approximately 16% globally as of 2022. The company is expected to strengthen its position as it expands production capacity [6][19]. - The company has a strong cost advantage due to its comprehensive supply chain management, which allows for superior cost control and profit margins compared to peers. The projected net profit margin for 2024 is over 20% [6][12]. - The company is strategically expanding its overseas production capacity, particularly in Thailand and the U.S., to mitigate the impact of U.S. tariffs and enhance its market share in North America [6][12]. Summary by Sections 1. Basic Information - The company focuses on the production and sales of pulp molding tableware, utilizing natural plant fibers such as bagasse and bamboo pulp. It has a stable and concentrated shareholding structure, with the controlling shareholders holding a combined 53.05% [6][19][20]. 2. Industry Analysis - The pulp molding industry is expected to grow steadily, driven by global trends towards banning plastic products. The global market for pulp molding tableware is projected to reach USD 1.815 billion by 2024, with a CAGR of 7.13% from 2024 to 2031 [6][41]. - Pulp molding products are favored for their superior biodegradability and competitive pricing compared to PLA products, making them a preferred alternative in the food service sector [6][42]. 3. Company Highlights - The company has a full supply chain layout, which enhances its cost control capabilities. It has lower raw material costs due to efficient production lines and strategic location near raw material sources [6][12]. - The company is expected to see significant growth in orders in 2026 as its overseas production capacity ramps up, particularly in Thailand, which is anticipated to capture U.S. customer orders due to its competitive advantages [6][12]. 4. Profit Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at CNY 14.50 billion, CNY 21.91 billion, and CNY 26.01 billion, respectively, with corresponding net profits of CNY 2.95 billion, CNY 5.12 billion, and CNY 6.25 billion [7][8].