食品加工 | | | | . | | --- | --- | --- | --- | | 评级: | 买入 | 维持 | 1 | 转》2024-10-29 安井食品（603345.SH） 证券研究报告/公司点评报告 2025 年 08 月 26 日 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 333.29 | | 流通股本(百万股) | 333.29 | | 市价(元) | 77.06 | | 市值(百万元) | 25,683.25 | | 流通市值(百万元) | 25,683.25 | 请务必阅读正文之后的重要声明部分 全面拥抱定制化，产品驱动稳健发展 ——安井食品 2025 年半年报点评 股价与行业-市场走势对比 事件：公司发布 2025 年半年报。25H1，公司实现营业收入 76.04 亿元，同比+0.80%； 归母净利润 6.76 亿元，同比-15.79%；扣非归母净利润 6.03 亿元，同比-21.85%；其 中 25Q2 收入 40.05 亿元，同比+5.69%；归母净利润 ...

Core Viewpoint - Oriental Yuhong is actively expanding its presence in Southeast Asia, showcasing a strategic shift from product output to comprehensive service delivery, thereby enhancing its global service capabilities [1][8]. Group 1: Strategic Developments - In the first half of 2025, Oriental Yuhong successfully conducted its first trial production at its Malaysia production and R&D logistics base [3]. - The opening of the first waterproof comprehensive specialty store in Malaysia marks a significant upgrade in local system services [3]. - A major project in Vietnam involves the renovation of a 50,000 square meter concrete roof, demonstrating the applicability of Chinese waterproof technology standards in high-end overseas markets [5]. Group 2: Product Customization and Local Adaptation - Oriental Yuhong is focusing on developing customized products that meet local market demands, enhancing its R&D investment to create solutions tailored to regional needs [5][6]. - New products launched in Penang, Malaysia, are designed with deep local modifications to address the specific climatic challenges of Southeast Asia, emphasizing moisture resistance and crack prevention [6][8]. Group 3: Competitive Advantages - The company's strategy of product customization not only provides a price advantage but also creates a significant performance differentiation barrier [8]. - Oriental Yuhong is leveraging its strengths in products, technology, and services to reshape the image of "Made in China" in overseas markets [8].

Core Insights - The 2025 Shanghai International Air Environment and Purification Technology Exhibition showcased Green Island Wind's comprehensive fresh air systems, highlighting its leadership in the industry [1] - Green Island Wind, established in 1992 and listed on the Shenzhen Stock Exchange in 2021, is recognized as the "first stock in fresh air" [1] Group 1: Product Offerings and Innovations - Green Island Wind presented a range of new products including fresh air systems, exhaust fans, air curtains, and dehumidifiers, receiving high praise for their performance, efficiency, and intelligent operation [1] - The company emphasizes a strategy of "defining products by scenarios," offering customized ventilation system designs and services tailored to the specific needs of hotels, restaurants, and cafes [2] - Continuous innovation is a priority for Green Island Wind, focusing on energy-saving, environmentally friendly, and efficient product development through independent research and collaboration with academic institutions [2] Group 2: Market Trends and Business Strategy - The recovery of end consumers in the hotel, tea, and coffee shop sectors has positively impacted the company, offsetting the negative effects of the real estate downturn [2] - Green Island Wind is accelerating its service-oriented transformation, leveraging a nationwide network of distributors and digital technology to create a unique cloud service model for customized solutions [2]

Group 1: Financial Performance - The company's revenue in markets outside mainland China grew by 14.39% [3] - The global connector market size is estimated to be approximately $71.7 billion in 2024, projected to reach $106.8 billion by 2034, with a CAGR of about 3.9% [4][5] Group 2: Product Development and Strategy - The company is expanding its product range to include HFM/HSD, power charging connectors, and battery connectors [3] - Key R&D projects include a 9GHz connector (in sample stage) and 80A-200A connectors (in trial production stage) [3] Group 3: Market Expansion - The establishment of Xinyin Electronics (Thailand) Co., Ltd. on May 16, 2024, aims to enhance the company's overseas production base and service capabilities [3] Group 4: Quality Assurance - The company is improving product testing automation and modularizing products to meet customized client needs while ensuring quality stability [3] Group 5: Trade Impact - The impact of the recent US-China tariff increases on the company is minimal, with ongoing monitoring of international trade dynamics [5]