东方证券研报指出，出海加码叠加产能扩张，三全食品加速多元化增长布局。7月21日公司公告，拟投 资2.8亿澳元在澳大利亚设立生产基地，正式启动海外本地化战略。出口进入壁垒较高，"在澳设厂"成 为可选突破口，但需关注后续的投资回报节奏与渠道落地能力。公司太仓项目建设顺利，有望强化华东 产能布局。项目投产后有望显著增强公司在华东市场的供给能力，缩短配送半径、降低物流成本。此 外，公司电商团队重构完成，自营+定制产品齐发力。结合公司在电商与KA渠道的组织重构已初见成 效、海外市场通过在澳设厂实现本地化布局，有望打开新增长空间，参考当前可比公司估值水平，给予 公司2025年18倍PE，对应目标价11.70元，维持"买入"评级。 ...

Core Viewpoint - The report from Dongfang Securities highlights that Sanquan Foods is accelerating its diversified growth strategy through overseas expansion and capacity enhancement, particularly with a new production base in Australia [1] Group 1: Overseas Expansion - The company plans to invest 280 million AUD to establish a production base in Australia, marking the initiation of its localization strategy abroad [1] - Entering the Australian market is seen as a potential breakthrough due to high export barriers, but the company needs to monitor the investment return rhythm and channel implementation capabilities [1] Group 2: Domestic Capacity Enhancement - The construction of the Taicang project is progressing smoothly, which is expected to strengthen the company's production capacity in East China [1] - Once operational, the project is anticipated to significantly enhance supply capabilities in the East China market, reducing delivery radius and lowering logistics costs [1] Group 3: E-commerce Strategy - The company's e-commerce team has been restructured, focusing on both self-operated and customized products [1] - The restructuring in e-commerce and key account channels has shown initial effectiveness, and the localization strategy in Australia is expected to open new growth opportunities [1] Group 4: Valuation and Rating - Based on the current comparable company valuation levels, the company is given a target price of 11.70 CNY with a 2025 PE of 18 times, maintaining a "buy" rating [1]