公 司 研 究 / 轻 工 制 造 / 证 券 研 究 报 告 众鑫股份（603091）深度研究 成本优势突出，海外产能布局领先，份 额有望提升 2026 年 03 月 02 日 【投资要点】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：赵树理 证书编号：S1160524090003 证券分析师：张毅 证书编号：S1160524100002 相对指数表现 基本数据 -20% 6% 32% 58% 84% 110% 2025/3 2025/9 2026/3 众鑫股份 沪深300 | 总市值（百万元） | 8,389.72 | | --- | --- | | 流通市值（百万元） | 2,528.82 | | 52 周最高/最低（元） | 85.80/37.85 | | 52 周最高/最低（PE） | 22.00/9.71 | | 52 周最高/最低（PB） | 4.38/1.93 | | 52 周涨幅（%） | 116.80 | | 52 周换手率（%） | 40.62 | | 注：数据更新日期截止 2026 年 03 月 02 日 | | 相关研究 基本情况：中国纸浆模塑餐饮具头部企业，股 ...

（文章来源：证券日报） 证券日报网讯 2月26日，三联虹普在互动平台回答投资者提问时表示，公司自上市以来，通过自主研发 及外延并购等方式，不断拓展工艺技术服务领域，从高品质尼龙6到尼龙66、再生聚酯、再生尼龙、再 生纤维素纤维等，并将沿着新材料、再生材料及可降解材料等国际前沿技术方向持续发展。公司也将持 续发挥综合服务能力和特色技术优势，深入开展"绿色化、工业化、数字化高质量发展"行动，以全方位 提升工程技术服务能力为工作主线，全力做好服务保障、拓市创效、技术创新、从严管理等重点工作， 奋进高质量发展。 ...

证券日报网讯2月25日，金丹科技（300829）在互动平台回答投资者提问时表示，近年来公司持续关注 市场走势和外部环境变化，在保持主业乳酸及其衍生品生产、经营、管理稳健发展的基础上，通过技术 引进、合作开发的方式积极推动公司主营业务向产业链上下游延伸，规划了一条包含"玉米-淀粉/副产 品-乳酸/乳酸盐/酯-丙交酯-聚乳酸/PBAT"等产品的纵向一体化循环产业链。当前公司产品体系中不包含 可降解材料下游制品，也无相应订单。 ...

Core Viewpoint - The integration of traditional cultural elements with modern 3D printing technology is creating innovative products that resonate with contemporary consumers, particularly during the festive season [1][3]. Group 1: Company Overview - Gansu Tianyi Zhichuang Cultural Industry Co., Ltd. is an innovative technology and cultural enterprise focused on the research and development of cultural products, digital 3D printing, and finished product sales [3]. - The company was established through a partnership between Lanzhou Huiye Vision Cultural Media Co., Ltd. and the cultural tourism performance company of Shandan County, utilizing fixed assets for investment [3]. Group 2: Product and Technology - The company operates over 40 industrial-grade H2D 3D printers that utilize biodegradable materials extracted from corn straw, achieving precision of ±0.1 mm and the ability to print in five colors simultaneously [1]. - Additionally, three large-format light-curing 3D printers are capable of producing items up to 1.2 meters long and 2 meters wide, with smooth surfaces and intricate details suitable for various applications such as advertising, custom furniture, and industrial sculptures [2]. Group 3: Market Impact and Sales - Since its production began in October 2025, the company has achieved sales of 650,000 yuan, with a product line that includes cultural products, teaching aids, personalized items, ceramic products, and three-dimensional sculptures [3]. - The introduction of limited edition cultural products that blend Spring Festival elements with local culture aims to make traditional cultural treasures more accessible and appealing to younger consumers [2].

Group 1 - Huafeng Chemical (002064) is a global leader in the spandex industry, with strong technical advantages in differentiated spandex and early investments in bio-based and recycled spandex, benefiting from the growing demand for green fibers [2][34] - Tongkun Co., Ltd. (601233) is a domestic leader in the polyester filament industry, with strong technical and capacity advantages in differentiated and high-end products, and is expected to benefit from the recovery of downstream textile demand and policies promoting recycled fibers [3][35] - New Fengming (603225) is a core player in the polyester filament industry, with a strong position in differentiated and high-end products, and is well-positioned to benefit from the recovery of textile demand and the promotion of recycled fibers [4][36] Group 2 - Shuangxin Environmental Protection (001369) is a core enterprise in the PVA industry, with strong technical and capacity advantages, and is expanding into biodegradable and bio-based materials, expected to benefit from the growing demand for biodegradable materials [5][38] - Tianfulong (603406) is a core player in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [6][39] - Wanwei High-tech (600063) is a leading company in the PVA industry, with strong technical advantages and is expanding into biodegradable materials, expected to benefit from the growing demand for biodegradable materials [7][40] Group 3 - Xinxiang Chemical Fiber (000949) is a core enterprise in the viscose staple fiber industry, with strong technical advantages and is expanding into recycled viscose and bio-based viscose, expected to benefit from the recovery of textile demand [8][41] - Taihe New Materials (002254) is a leader in the aramid industry, with strong technical advantages and is expanding into high-performance and bio-based aramid, expected to benefit from the growth in high-end fields [9][42] - Jilin Chemical Fiber (000420) is a core player in the viscose staple fiber industry, with strong technical advantages and is expanding into high-performance carbon fiber, expected to benefit from the growth in aerospace and new energy sectors [10][44] Group 4 - Sanfangxiang (600370) is a core enterprise in the PTA industry, with strong technical advantages and is expanding into recycled PTA and bio-based PTA, expected to benefit from the recovery of textile demand [11][45] - Shenma Co., Ltd. (600810) is a leader in the nylon 66 industry, with strong technical advantages and is expanding into high-performance and recycled nylon, expected to benefit from the growth in automotive and industrial fabric demand [12][46] - Hailide (002206) is a leader in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [13][47] Group 5 - Youfu Co., Ltd. (002427) is a core player in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [14][48] - Huaxi Co., Ltd. (000936) is a core enterprise in the polyester staple fiber industry, with strong technical advantages and is expanding into recycled and bio-based polyester, expected to benefit from the recovery of textile demand [15][49] - Baolidi (300905) is a leader in the chemical fiber color masterbatch industry, with strong technical advantages and is expanding into biodegradable color masterbatches, expected to benefit from the green transformation of the chemical fiber industry [16][51] Group 6 - Nanjing Chemical Fiber (600889) is a core player in the viscose staple fiber industry, with strong technical advantages and is expanding into recycled viscose and bio-based viscose, expected to benefit from the recovery of textile demand [17][52] - Haiyang Technology (603382) is a core enterprise in the polyester industrial yarn industry, with strong technical advantages and is expanding into high-performance and recycled industrial yarns, expected to benefit from the growth in automotive and industrial fabric demand [18][53]

Group 1 - The core viewpoint of the article highlights that Jindan Technology (300829) is a leading company in the domestic lactic acid industry, focusing on the research, production, and sales of lactic acid and its derivatives [1] - The company's main products include high-purity lactic acid, refined lactic acid, quality lactic acid, food-grade lactic acid, feed-grade lactic acid, calcium lactate, sodium lactate, potassium lactate, lactic acid methyl ester, and lactic acid ethyl ester [1] - Lactic acid, as a naturally occurring organic acid in the human body, has good biocompatibility and can be fully absorbed by the body, making lactic acid products useful in various applications such as food, feed, and pharmaceuticals [1] Group 2 - In the food industry, lactic acid serves as an acidulant, pH regulator, preservative, and flavoring agent, while in the feed industry, it is used as an acidulant, preservative, and bactericide [1] - Polylactic acid (PLA), generated through the polymerization of lactic acid, is an emerging environmentally friendly biodegradable material with unique properties, applicable in textiles, plastics, packaging, agricultural films, modern medicine, and 3D printing [1]

Group 1: Company Overview - The company, Hengxin Life Technology Co., Ltd., is involved in the production of biodegradable materials and has a comprehensive processing capability combining paper and plastic products [2][4]. - The company reported a revenue of approximately CNY 1.384 billion for the first three quarters of 2025, representing a year-on-year growth of 19.49%, and a net profit of approximately CNY 185 million, up 14.12% year-on-year [5][6]. Group 2: Policy and Market Trends - The domestic plastic ban policy has evolved from "limited plastic" to "banned plastic," with increasing enforcement and a focus on comprehensive and detailed governance [3]. - The European Bioplastics Association has updated its certification scheme for industrial compostable materials, effective January 2026, which includes stricter requirements for organic content [3]. Group 3: Product Development and Production Capacity - The company has developed the capability to produce PHA products, which are gaining commercial traction and can be industrially composted, home composted, and marine biodegradable [3]. - The Thailand factory began regular production in April 2025, focusing on U.S. market orders and is currently ramping up capacity [4]. Group 4: Competitive Advantages - The company possesses a full-process production capability, a diverse product range, and strong customer resources, which contribute to its competitive edge in the biodegradable product market [5]. - The company has received international compost certification for its biodegradable products, enhancing its market recognition and competitiveness [5]. Group 5: Future Growth Drivers - Future growth is expected to stem from advancements in biodegradable technology, increasing sales driven by the plastic ban policies, and the gradual release of production capacity [6]. - The company is focusing on new product development and expanding its customer base in sectors such as coffee, tea, and supermarkets [6].

Core Viewpoint - Anhui Wanwei High-tech Materials Co., Ltd. plans to acquire 70% equity of Anhui Wanwei Biodegradable Film Materials Co., Ltd. from its controlling shareholder, Wanwei Group, for a total consideration of RMB 25.2985 million, based on assessed market value and additional capital contributions made by Wanwei Group [2][7][14]. Summary by Sections Transaction Overview - The transaction involves the acquisition of 70% equity in the biodegradable film materials company, which has a registered capital of RMB 35 million, with Wanwei Group holding 70% [4]. - The acquisition price is based on an asset valuation report, with the assessed value of the target assets being RMB 9.9785 million, reflecting a 2.95% increase from the book value [7][14]. Strategic Importance - This acquisition is seen as a strategic move to accelerate the company's entry into the PVA water-soluble film market, addressing high technical barriers and enhancing product development capabilities [5][6]. - The biodegradable film materials company has established a market presence with products that are already being used by major clients, which will help the company quickly leverage existing customer resources post-acquisition [6][7]. Financial and Operational Impact - The transaction is expected to enhance the company's profitability and risk management capabilities, aligning with national environmental policies and market trends towards biodegradable materials [7][20]. - The acquisition will not lead to significant changes in the company's main business or adversely affect its financial status [20]. Approval and Compliance - The transaction has been approved by the company's board of directors, with related parties abstaining from voting, and does not require shareholder approval due to its size [3][9][21]. - The transaction complies with relevant regulations and does not involve any conflicts of interest or competitive issues [20][21].

Group 1: Company Overview - The company, Hefei Hengxin Life Technology Co., Ltd., is involved in the production of biodegradable materials and has established a dual-engine strategy for domestic and international operations [1][4]. Group 2: Policy and Market Trends - The implementation of China's plastic ban policy has evolved from "limited plastic" to "banned plastic," marking a significant shift in environmental governance [1][2]. - The domestic preference for biodegradable materials includes PLA, PHA, and PBAT, with PLA being the mainstream material in the market [2][3]. Group 3: Product Development and Certification - The company has achieved significant milestones in PHA product development, including obtaining the first DIN certification for industrial and home compostable PHA paper products [4]. - The new version of the EUBP certification scheme, effective January 2026, will tighten the definition and application of compostable plastics, impacting the biodegradable industry [2][3]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported a revenue of approximately CNY 1.384 billion, a year-on-year increase of 19.49%, and a net profit of about CNY 185 million, up 14.12% [4][5]. - Future revenue growth is expected to be driven by core technology in biodegradable materials, expanding customer base, gradual capacity release, and new product development [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company is a leading player in the domestic pulp molding industry, with a revenue CAGR of 22.79% and a net profit CAGR of 23.89% from 2019 to 2024, maintaining over 85% of its sales from exports [2] - The pulp molding industry is expected to benefit from global trends towards reducing plastic use, with the company positioned to capitalize on this shift due to its fully biodegradable and recyclable raw materials [3][45] - The company's strong mold design and manufacturing capabilities, along with a complete supply chain from mold to raw materials to production, provide a competitive edge and high profitability [4] - The establishment of production capacity in Thailand helps mitigate risks from trade disputes and enhances profit margins due to advanced production technology [5] Summary by Sections Company Overview - The company has maintained industry-leading performance and has a robust management team with significant experience in mold design and production [2][21] - The company has a market share of approximately 16% in the global pulp molding food service sector and about 20% in the domestic market [21] Investment Logic - The global consensus on reducing plastic production and consumption is driving demand for pulp molding products, which are environmentally friendly and cost-effective alternatives [3][39] - The company’s products are primarily made from natural fibers like sugarcane and bamboo, which are fully biodegradable and recyclable, positioning them favorably against other alternatives like PLA and PBAT [45][46] Production and Capacity - The company has developed a comprehensive supply chain that includes strong control over raw materials, mold design, and production processes, ensuring cost efficiency and high-quality output [4][24] - The Thai production facility, with an initial capacity of 35,000 tons, is operational and a second phase of 65,000 tons is planned, which will further enhance the company's growth potential [5][18] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 1.568 billion, 2.505 billion, and 3.131 billion RMB, with corresponding net profits of 296 million, 568 million, and 755 million RMB [6][10] - The expected EPS for the same period is 2.89, 5.56, and 7.38 RMB, with a target price set at 88.89 RMB based on a PE ratio of 16X for 2026 [6]