Core Viewpoint - The company is transitioning from a traditional foreign trade factory to a global enterprise, focusing on "global production, global sales, and global service" to meet increasing international demand, particularly from the U.S. and Thailand [2][3]. Expansion and Production Capacity - The company is accelerating overseas capacity construction, with the Thailand factory being a crucial step, expected to fully meet U.S. customer orders by the second quarter and additional demand by the fourth quarter [3][4]. - The Thailand factory has achieved full production capacity for its biodegradable tableware project, with an annual output of 35,000 tons, completed in just nine months [4]. - An additional investment of $80 million will be made to expand the Thailand facility to produce 65,000 tons of biodegradable tableware [4]. Market Strategy and Product Development - The company currently derives approximately 52% of its revenue from U.S. exports and is focusing on expanding its market share in non-U.S. markets while developing new product lines beyond tableware [3][5]. - The company has a domestic capacity of 150,000 tons and is exploring ways to utilize this capacity effectively as U.S. orders shift to Thailand [5]. - The company is also developing high-end industrial packaging products, which have shown promising growth and are expected to contribute significantly to revenue [5]. Industry Position and Future Outlook - The company is a leader in the pulp molding industry, utilizing natural plant fibers like sugarcane bagasse and bamboo pulp, distinguishing itself from competitors who primarily use waste paper [6]. - The global demand for biodegradable products is projected to be substantial, with the company positioned to capitalize on this trend amid increasing regulations against plastic [6]. - The company anticipates that once the Thailand factory reaches full capacity, profitability will exceed that of domestic operations, with potential for revenue to double in the coming years [6]. Technological and Operational Excellence - The company has developed its production equipment and systems, which enhances its cost efficiency and market competitiveness [8]. - The focus on innovation and maintaining high-quality production processes is seen as a key competitive advantage, allowing the company to achieve higher profit margins than industry averages [8]. Challenges and Strategic Vision - The company acknowledges the challenges posed by the changing external environment but views these as opportunities for growth and transformation [9]. - The leadership emphasizes the need for a shift from a scale-driven approach to a value-driven strategy, aiming to create a robust industrial ecosystem [9].

把政策送上门，把服务送到家。近日，在盐城简昊智能科技有限公司，盐城经开区有关部门联合汇创谷 科技孵化器，组织人员上门开展国家高新技术企业申报辅导，聚焦企业自主知识产权、科技成果转化、 研发费用归集等要点，现场予以指导，为企业申报工作答疑解惑。 现场指导企业人员办理 中新网江苏新闻5月15日电(孔大勇)良好的创新发展生态，能够有效汇聚创新要素资源，提升创新整体 效能，是区域"软实力"的重要体现。今年以来，盐城经开区坚持以产业需求为导向，把创新摆在高质量 发展全局的核心位置，持续优化创新发展环境，为创新主体发展提供坚实保障。 多个职能部门主动上 门，帮助企业精准掌握惠企政策。盐城经开区党政办供图 "今年我区出台了促进科技创新政策意见，一系列措施对企业科技创新和人才引进都很有帮助，接下来 我们积极帮助企业进行梳理对接。"前不久，一场多部门联动的惠企政策宣贯活动在江苏鑫蕴模塑科技 有限公司举行，盐城经开区经发局、科技局、行政审批局等多个职能部门主动上门，帮助企业精准掌握 惠企政策，助力企业高质量发展。 江苏鑫蕴模塑科技有限公司董事长王全生表示："随着公司快速发展，特别是在技术创新、产品升级等 各方面对政策配套的需求进 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong market position and expected performance [5][20]. Core Views - The initial ruling of the "double anti-dumping" investigation by the US against China's pulp molding industry has been released, with the company facing a significant anti-dumping tax rate of 470.63% [3]. - The company is strategically shifting its production to Thailand to mitigate the impact of tariffs, with a projected 52% of its revenue coming from exports to the US in 2024 [4]. - The global market for pulp molding is expected to grow at a compound annual growth rate (CAGR) of 7.60% from 2023 to 2030, indicating a broad future market potential [5]. Financial Performance and Forecast - The company is projected to achieve net profits of 357 million, 421 million, and 485 million yuan for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 10%, 18%, and 15% [5][7]. - Revenue is expected to grow from 1,546 million yuan in 2024 to 3,216 million yuan in 2027, with a CAGR of approximately 24% [7]. - The earnings per share (EPS) is forecasted to increase from 3.17 yuan in 2025 to 4.74 yuan in 2027 [7]. Market Position and Strategy - The company is recognized as a leading player in the domestic pulp molding market, benefiting from scale, research and development capabilities, and a strong customer base [5]. - The establishment of production facilities in Thailand is aimed at enhancing market competitiveness and addressing the challenges posed by the US tariffs [4][5]. - The company is actively exploring market opportunities in Europe, the Middle East, South America, and Australia to diversify its revenue streams [5].

上海维科精密模塑股份有限公司 首次公开发行股票并在创业板上市 发行结果公告 保荐人（主承销商）：国泰君安证券股份有限公司 特别提示 上海维科精密模塑股份有限公司（以下简称"发行人"或"公司"）首次公开发 行人民币普通股（A 股）（以下简称"本次发行"）的申请已经深圳证券交易所（以 下简称"深交所"）创业板上市委员会审议通过，并已获中国证券监督管理委员会 （以下简称"中国证监会"）同意注册（证监许可〔2023〕1112 号）。 本次发行的保荐人（主承销商）为国泰君安证券股份有限公司（以下简称"国 泰君安"或"保荐人（主承销商）"）。发行人的股票简称为"维科精密"，股票代码 为"301499"。 发行人与保荐人（主承销商）国泰君安协商确定本次发行股份数量为 3,456.3717 万股，本次发行价格为人民币 19.50 元/股。本次发行全部为公开发行 新股，公司股东不进行公开发售股份。 本次发行的发行价格不超过剔除最高报价后网下投资者报价的中位数和加权 平均数以及剔除最高报价后通过公开募集方式设立的证券投资基金（以下简称 "公募基金"）、全国社会保障基金（以下简称"社保基金"）、基本养老保险基金 （以下简称"养老金 ...