2022年1月1日，《区域全面经济伙伴关系协定》(RCEP)正式生效，并于2023年6月2日在15个成员方全 面实施。随着RCEP关税减让幅度的不断扩大、企业对原产地累积规则等协定条款运用能力进一步提 升，政策红利也在持续释放。在当前国际经济形势不确定性、不稳定性进一步增强的大背景下，鲁企对 RCEP的利用成效有哪些新变化？RCEP对于鲁企产业链供应链带来了什么影响？ 降税范围扩大，企业开拓多元化市场 近年来，在共建"一带一路"倡议的带动下，东盟已稳居我国第一大外贸市场，去年前11个月，我国与东 盟贸易总值达6.82万亿元，增长8.5%，占我国外贸总值的16.6%。 临沂山松生物制品有限公司是一家主要从事大豆蛋白产品研发、生产、销售的农业产业化国家重点龙头 企业，其产品远销东盟等海外市场。 公司外贸部经理张广前介绍，当前我国企业出口东盟可以适用RCEP和中国-东盟自贸协定两种贸易协定 项下优惠。RCEP生效以来，临沂山松生物制品有限公司出口大豆蛋白到东盟相关国家市场的关税减让 幅度已经达到5个百分点。"借助关税减让带来的价格优势，我们的出口订单实现稳步增长。"张广前介 绍，2025年，公司共申办了36份RCE ...

Core Insights - The article highlights the growing recognition of plant-based proteins, particularly soybean protein, as a healthier alternative to animal protein, driven by the increasing popularity of vegetarianism and clean eating trends [2][3] - The soybean protein market in China is projected to reach a scale of 16.161 billion yuan in 2024, reflecting a year-on-year growth of 4.47% [2] Industry Overview - Proteins are essential for life, composed of amino acids, with 20 types present in the human body. Among these, 8 are essential amino acids that must be obtained from food [3] - Plant-based proteins, particularly from grains and legumes, are lower in cholesterol and saturated fats, making them suitable for individuals with liver diseases and for preventing cardiovascular diseases [3] Soybean Protein Characteristics - Soybean protein, extracted from soybeans, contains nearly 20 types of amino acids, including essential amino acids and histidine, which is crucial for infant health [5] - It possesses various functional properties such as gelation, water absorption, oil absorption, solubility, foaming, and dispersion, making it widely applicable in the food processing industry [5] Industry Barriers to Entry - The food safety quality is strictly regulated by national laws and policies, requiring production enterprises to have a sound management system and pass rigorous inspections to obtain necessary licenses [7] - The processing technology and craft of soybean protein significantly influence its quality, taste, and nutritional value, creating high barriers for new entrants lacking technical expertise [7] Market Policies - The Chinese government has implemented various policies to enhance soybean production and ensure quality control, including the "Implementation Opinions on Promoting Rural Revitalization" and "Food Safety Risk Control Lists" [9][11] - These policies aim to increase self-sufficiency in soybean supply and enforce strict production and safety standards for soybean protein [9] Industry Chain - The soybean protein industry consists of upstream (soybean planting, procurement, production equipment), midstream (soybean protein production), and downstream (various applications including meat processing, snacks, and nutritional products) sectors [12] - In meat processing, soybean protein can significantly enhance texture and nutritional balance by forming gels and emulsions with water and fats [12] Cost Structure - The production cost of soybean protein is primarily driven by direct materials, accounting for over 60% of total costs, with soybean being the key raw material [12] - In 2023, China's soybean planting area reached 10,473.84 thousand hectares, with a production of 20.8417 million tons, indicating a solid foundation for the soybean protein industry [12]

Core Insights - The plant protein industry, particularly soybean protein, is experiencing rapid growth due to increasing awareness of health and nutrition, with the market size in China projected to reach 16.161 billion yuan in 2024, a year-on-year increase of 4.47% [1][10]. Overview - Protein is essential for life and is composed of amino acids, with 20 types in total. Among these, 8 are essential and must be obtained from food. Plant proteins, particularly from beans, are lower in cholesterol and saturated fats, making them suitable for individuals with liver diseases and for preventing cardiovascular diseases [2][4]. Industry Barriers - The soybean protein industry is subject to strict regulations and quality control measures, including licensing and traceability requirements. New entrants face high technical barriers due to the established production processes and technology of existing players [6][7]. Market Policies - The Chinese government has implemented various policies to enhance soybean self-sufficiency and ensure quality control in soybean protein production. These policies promote the development of the soybean industry and require strict adherence to safety and quality standards [8]. Industry Chain - The soybean protein industry encompasses upstream activities such as soybean cultivation and procurement, midstream production, and downstream applications in various sectors including meat processing, snacks, dairy, and pharmaceuticals. The cost structure indicates that direct materials account for over 60% of production costs, with soybean being the primary raw material [8][9]. Current Development - Soybean is recognized for its high protein content and nutritional value, with various health benefits including cholesterol reduction and improved gut health. The domestic market for soybean protein is maturing rapidly, with significant growth in applications across multiple sectors [10][11]. Competitive Landscape - The soybean protein industry in China has seen the emergence of several key players, including Shandong Yuwang Ecological Food Co., Ltd., and Ningbo Suobao Protein Technology Co., Ltd. These companies are expanding their product offerings and market presence [11][12]. Future Trends - The soybean protein industry is shifting towards high-end products, with increasing production of high-purity and organized proteins. Innovations in processing technologies are expected to enhance the application of soybean protein in emerging fields such as pharmaceuticals and 3D printing [14][15].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 26.5 RMB per share based on a 25x PE for 2025E [4][13]. Core Insights - The company has shown steady revenue growth in the first three quarters, with a revenue of 1.24 billion RMB, representing a year-over-year increase of 7.37%. The gross profit margin (GPM) increased by 6.81 percentage points to 17.91%, while the net profit attributable to shareholders grew by 60% to 147 million RMB [4][14]. - In Q3 2025, the company achieved a revenue of 466 million RMB, a significant year-over-year growth of 21.75%, with a GPM of 16.53% [4][15]. - The company is expanding its overseas market presence, with notable cost reduction and efficiency improvements, including the commencement of sales in Singapore [4][16]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 1,748 million RMB, 1,555 million RMB, 1,681 million RMB, 1,869 million RMB, and 2,066 million RMB, respectively [2]. - Net profit attributable to shareholders is projected to grow from 146 million RMB in 2023A to 294 million RMB in 2027E, with significant growth rates in the intervening years [2]. - The earnings per share (EPS) forecast for 2025E is 1.06 RMB, increasing to 1.53 RMB by 2027E [4][13].

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...