证券研究报告 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月12日 华源晨会精粹 20250612 北交所 同力股份(834599.BJ)点评：无人矿车打开长期增长空间，独具成长与红利双 重属性。2024 年中国自动驾驶矿卡的总出货量约为 1,400 辆，2026 年预计将增加 至约 5,500 辆。2024 年全球自动驾驶矿卡的总出货量约为 2,100 辆，2026 年预计 将增加至约 8,700 辆。纵观全球市场需求，中东、澳大利亚及南美洲亦属全球主要 的煤炭、铜及锂等重要资源供应地，为自动驾驶矿卡解决方案的部署提供了重大机 会，有望于未来几年内在推动全球市场扩张方面发挥重要作用。公司与易控智驾、 伯镭科技深度合作，截至 2024 年同力股份无人驾驶车型交付约 700 多台、线控底盘 预估占国内市场一半以上的份额。2024 年 5.49%股息率积极回报投资者，是截至目 前唯一入选中证红利指数的北交所上市企业，当前以 0.8070%权重位列中证红利指 数第 79 位。看好公司未来发展的可持续性，上调至"买入"评级。 风险提示：工程机械行业波动风险、技术更新和产品开发风险、公司无实际控制人 ...

证券研究报告 食品饮料 | 食品加工 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 06 | 月 | 日 | 2025 | | | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 28.61 | | | | | | | 一 年 高 低 | 最 | 最 | | | 34.00/8.28 | | | 内 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 3,561.95 | | | | | | | 流通市值（百万元） | | | | | 3,241.20 | | | | | | | 总股本（百万股） | | | | | 124.50 ...

Core Insights - The rising health awareness among the public has led to a surge in fitness trends, creating new market opportunities for high-protein functional beverages [1] - Tetra Pak is focusing on the sports nutrition sector by showcasing its end-to-end solutions for ready-to-drink high-protein products at the FBIF2025 Food and Beverage Innovation Forum [1] Group 1: Market Trends - The demand for high-protein ready-to-drink products is increasing, necessitating advanced production and packaging solutions [1] - Tetra Pak's six-layer aseptic paper packaging provides superior protection for nutritional components without the need for preservatives, addressing the unique requirements of high-protein beverages [1] Group 2: Product and Service Innovations - Tetra Pak's packaging solutions offer advantages in portability, differentiation, and sustainability, making them ideal for upgrading ready-to-drink functional beverage packaging [1] - The InFleX innovation incubation platform allows food and beverage companies of all sizes to access a one-stop service for innovation, enhancing production flexibility and reducing time to market [1] Group 3: Strategic Focus - Tetra Pak aims to leverage global resources and local insights to continuously upgrade its end-to-end solutions, helping Chinese food and beverage companies capitalize on growth opportunities in the high-protein functional beverage segment [2]

2025年5月20-22日,备受全球营养健康行业瞩目的 Vitafoods Europe 2025 展会在西班牙巴塞罗那盛大召 开。历经27 年锤炼，Vitafoods Europe已发展成为欧洲营养保健品和原料行业最大的专业展会。为保健 品、功能性食品、运动营养、营养美容品行业的原料、配料、成品、生产技术、咨询服务等优秀企业构 建了一个市场开拓、技术交流的全产业链平台，成为欧洲乃至全球营养健康产业的盛会，Vitafoods Europe的举办，意味着全球健康营养行业开启加速发展新篇章。 今年，展会汇聚了超过 1300 家参展商和来自 110 多个国家的 20000 多名观众，共同探讨营养健康产业 的未来发展趋势。作为美国运动营养领先品牌代表，KORI受邀参会，与全球优秀健康品牌共话未来健 康。 美国KORI以海洋生物科技革新运动营养产业 源自纽约运动健康实验室的KORI，秉持"南极能量，自然出色"的品牌主张，专注将南极磷虾天然活性 成分与前沿生物技术融合，研发符合运动人群需求的精准营养体系，为现代都市人提供活力支持。 KORI与挪威AKER等全球优质供应商建立了长期稳定的合作关系，并且接受MSC等国际权威检 ...

Group 1: Investor Relations Activities - The company conducted investor relations activities including specific object research and performance briefings from May 7 to May 8, 2025 [3] - Participants included various securities and asset management firms, with key company representatives present [3] Group 2: Sales and Market Strategy - The company is optimizing its e-commerce operations but cannot disclose specific sales growth rates due to lack of data from platforms [4] - The company plans to enhance marketing efforts for its sub-brand, 康食季, to improve product visibility [5] - There are no current plans to expand overseas sales channels, but the company is focusing on building a physical sales network [6] Group 3: Product Development and Innovation - The company is exploring the development of non-sport beverages and plans to launch a new sports drink, focusing on taste and packaging improvements [6] - The company has signed military supply orders for 2024, which will be executed in 2025, with military products accounting for approximately 10% of revenue [8] - The company is investing 100 million yuan in expanding its production capacity for sports nutrition products [9] Group 4: Financial Performance and Management - Accounts receivable increased due to military sales, while inventory rose to ensure business continuity [10] - The company aims to enhance gross margins through technological innovation and supply chain optimization [11] - The company has 198 authorized patents, with significant advancements in product development, including a new high-quality protein product [20] Group 5: Social Responsibility and Community Engagement - The company launched the "Public Energy Rabbit" initiative to support runners in marathons, participating in nearly 470 events in 2024 [14] - Future plans include expanding social responsibility projects and promoting sports nutrition knowledge in communities [15] Group 6: Market Trends and Regulatory Environment - The health and sports nutrition industry is experiencing growth due to government policies promoting health consumption and sports participation [21] - The company plans to establish four product project teams targeting protein supplementation, energy products, weight control, and professional sports markets [22] Group 7: Profitability and Operational Efficiency - The company is focused on high-quality operations, with improved inventory turnover from 2.34 in 2022 to 3.02 in 2024 [23] - The accounts receivable turnover increased from 9.5 in 2022 to 14.84 in 2024, indicating enhanced operational efficiency [23]