华福证券研报指出，众鑫股份拟美国建厂，强化全球竞争力。公司于2023年便提前规划布局泰国工厂， 先发优势明显；自美国对华纸浆模塑发起双反以来，公司加速海外建设力度，在泰国布局10万吨产能， 预期将于26年全部达产。认为公司美国基地建设有望复制泰国的成功经验，加大研发力度与产线智能化 升级，前景可期。公司作为纸浆模塑餐饮具领军企业，盈利能力持续领先。在贸易政策波动下，公司前 瞻性布局海外基地，产能爬坡看好短期业绩修复及长期市场份额提升。考虑到同行在东南亚新建产能也 将逐步释放，26年海外产品均价或将产生波动，小幅下调26-27年预期，预计公司2025-2027年归母净利 润分别为3.02/5.50/7.04亿元（前值为3.02/5.72/7.22亿元），同比-7%/+82%/+28%，维持"买入"评级。 ...

华福证券 公 司 研 究 众鑫股份（603091.SH） 拟美国建厂，强化全球竞争力 投资要点： 事件：公司发布对美投资公告 公 司 动 态 跟 踪 1 月 6 日晚间公司发布对外投资公告，拟通过泰国众鑫在美国设立全资投 资公司（标的公司 A），并拟通过标的公司 A 在美国宾夕法尼亚州投资年 产 2 万吨纸浆模塑餐具项目，并以独立全资公司（标的公司 B）经营，开 展生产制造及贸易等相关业务。项目拟使用泰国众鑫自有资金进行投资， 投资总金额预计不超过 3600 万美元。 顺应供应链转移，全球化布局再落一子 公司于 2023 年便提前规划布局泰国工厂，先发优势明显；自美国对华纸浆 模塑发起双反以来，公司加速海外建设力度，在泰国布局 10 万吨产能，预 期将于 26 年全部达产。前期美国对中国的双反调查最终裁决结果为公司反 倾销/反补贴税率分别为 283.89%/97.82%，合计 381.71%；国内其余企业反 倾销税率为 49.08%-477.97%，反补贴税率为 7.56%-319.92%。2025 年 10 月 15 日，加拿大对我国纸浆模塑餐饮具启动双反调查，贸易摩擦下全球化 布局成破局之道。为进一步规避 ...

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]

Core Insights - The report indicates that China's defense equipment construction is entering a new cycle driven by both "steady growth in domestic demand" and "release of external potential" [15] - The global asset allocation environment is expected to transition from preventive interest rate cuts by the Federal Reserve to a re-inflation cycle driven by both fiscal and monetary policy easing [8][10] - The manufacturing industry is anticipated to experience a structural recovery, with a focus on cyclical assets as economic demand stabilizes and PPI (Producer Price Index) begins to rise [10][11] Group 1: Global Asset Allocation Strategy - The report outlines three major trading themes for 2025, including the breaking of the "American exceptionalism" narrative, the impact of a weak dollar, and the tightening of liquidity due to government shutdowns [8] - It emphasizes the importance of monitoring liquidity turning points and their effects on asset rotation, suggesting a shift from liquidity-driven to fundamental-driven asset logic in China [8][10] - Tactical strategies for 2026 include balancing equity and bond allocations initially, then shifting to an overweight position in equities as inflation and corporate earnings recover [8][10] Group 2: Industry-Specific Investment Strategies - The defense and military industry is highlighted as a key area for investment, with a focus on modernization and technological advancements in military equipment [15] - The report identifies opportunities in the light manufacturing sector, particularly in global supply chain shifts and the competitive advantages of leading companies [15][16] - It suggests that cyclical assets, particularly in sectors like power equipment, chemicals, and non-ferrous metals, will benefit from the anticipated recovery in PPI and economic demand [12][15] Group 3: Economic and Market Trends - The report predicts a stabilization in economic demand and a gradual recovery in PPI, which will influence market style factors and lead to a rotation from technology growth to cyclical assets [10][11] - It notes that the historical relationship between M1-M2 growth rates and A-share performance suggests a potential upturn in corporate profitability and stock market performance in 2026 [11][12] - The report also highlights the importance of government policies, such as the "Fifteen Five" plan, which emphasizes economic construction and modernization of industries [12][15]

Core Viewpoint - The U.S. Department of Commerce has issued final rulings on anti-dumping and countervailing duties for "thermoformed molded fiber products" from China and Vietnam, significantly impacting the export landscape for these products from China [1] Company Summary - Zhongxin Co., Ltd. is subject to an anti-dumping tax rate of 283.89%, while other Chinese producers/exporters face rates ranging from 49.08% to 477.97% [1] - The company also faces a countervailing duty tax rate of 97.82%, with other Chinese producers/exporters facing rates between 7.56% and 319.92% [1] - In response to these developments, the company plans to expand its market presence outside of the U.S. and will actively seek high-potential target markets while building diversified sales channels [1] Industry Summary - The final rulings by the U.S. Department of Commerce will disrupt the export of thermoformed molded fiber products from China to the U.S., forcing American customers to seek suppliers outside of China [1] - The domestic production capacity in China is expected to become surplus, leading to intensified competition in non-U.S. markets, which will significantly impact Chinese pulp molding manufacturers [1] - The industry is likely to undergo a restructuring of the global supply chain as a result of these rulings [1]

Core Viewpoint - The U.S. Department of Commerce has issued final rulings on anti-dumping and countervailing duties against thermoformed molded fiber products from China and Vietnam, significantly impacting the industry and forcing a restructuring of global supply chains [1]. Group 1: Anti-Dumping and Countervailing Duties - The final anti-dumping duty rate for Zhongxin Co., as a mandatory respondent, is set at 283.89%, while other Chinese producers/exporters face rates ranging from 49.08% to 477.97% [1]. - The final countervailing duty rate for Zhongxin Co. is 97.82%, with other Chinese producers/exporters facing rates between 7.56% and 319.92% [1]. Group 2: Impact on the Industry - The rulings will block the export of thermoformed molded fiber products from China to the U.S., compelling U.S. customers to seek suppliers outside of China, leading to a reorganization of the global supply chain [1]. - The domestic production capacity in China is expected to become surplus, and competition in non-U.S. markets will intensify, posing significant challenges for Chinese pulp molded product manufacturers [1]. Group 3: Company Response - Zhongxin Co. plans to expand its presence in non-U.S. markets and actively identify high-potential target markets while building diversified sales channels [2]. - The company aims to optimize its production capacity and product structure to meet customer demands in the new market environment, providing high-quality products and services to all customers, including those in the U.S. [2]. - As of September 26, 2025, Zhongxin Co.'s stock price is reported at 76.09 yuan per share, with a market capitalization of approximately 7.779 billion yuan [2].

Company and Industry Summary Company Overview - The company is planning to start new production capacity in October and December 2025, with framework agreements signed with customers, indicating potential revenue growth [2][4] - The company operates in the pulp molding industry, particularly focusing on the U.S. market, which has a demand of approximately 220,000 tons [5] Key Points and Arguments Production Capacity and Market Demand - The company will add 100,000 tons of new capacity, leading to an expected total overseas capacity of 180,000 to 190,000 tons by 2026, with the market still facing a supply shortage [2][5] - The domestic factory's net profit margin is around 12% to 13%, while the Thai factory starts at 23%, although it has not yet met expectations due to high fixed asset investments and lower labor efficiency overseas [2][6] Customer Relationships and Revenue Stability - The Thai factory's main customers are U.S. companies, providing a stable income source with sufficient orders [8] - The company expects a good trend in the third-quarter financial report due to strong customer relationships [2][8] Future Expansion Plans - The company plans to build an additional 30,000 tons of capacity in Guangxi in Q4, while also upgrading the Zhejiang factory to enhance product competitiveness [2][10] - Discussions about expanding into Southeast Asia or other regions are ongoing, with a decision expected in Q2 2026 based on market conditions [9] Pricing Strategy and Market Position - The company anticipates capturing approximately 45% of the U.S. market share by 2027 through proactive pricing strategies that stimulate demand and suppress competitors [3][25] - The domestic sales price has dropped to the cost line of other factories, while prices in Thailand will remain stable due to higher demand [19] Financial Performance and Projections - The company aims to maintain revenue and profit levels in 2025 compared to 2024, with significant growth expected in 2026 and 2027, particularly in profit growth outpacing revenue growth [20][21] - The third-quarter orders and shipments are expected to show a significant increase, especially from the Thai base [16] Competitive Advantage - The company maintains a high gross margin of around 15%, significantly higher than competitors, which provides a competitive edge in pricing [5][26] - The integration of upstream and downstream supply chains has enabled the company to achieve higher gross margins [12] Additional Important Insights - The company is exploring alternative product categories in response to plastic bans, including biodegradable materials and white card paper products [13] - The acquisition of Dongguan Dafen aims to extend the company's reach in the pulp molding sector, particularly in the premium packaging segment [14] - The company has a current global market share of about 22%, with expectations to increase this share significantly by 2027 [15]

Core Viewpoint - The company intends to acquire a total of 30% equity in Thailand Far East International Environmental Co., Ltd. for a cash consideration of 20.4 million Thai Baht, aiming to enhance its overseas production capabilities and mitigate uncertainties from the US "double anti-investigation" on its pulp molding industry [1] Group 1: Acquisition Details - The company will acquire 10% of the equity from Xiamen Jitel Trade Co., Ltd. and 20% from Far East Zhongqian (Xiamen) Technology Group Co., Ltd. [1] - The total transaction price for the equity transfer is 20.4 million Thai Baht, based on the registered capital's book value of Thailand Far East [1] - Following the equity transfer, the shareholders of Thailand Far East plan to increase capital by 67 million Thai Baht, with the company contributing 20.1 million Thai Baht at a rate of 1 Thai Baht per registered capital [1] Group 2: Financial Implications - The total investment, including the equity transfer and capital increase subscription, amounts to 40.5 million Thai Baht (approximately 9 million RMB) [1] - The company will maintain a 30% equity stake in Thailand Far East after the completion of the investment [1] Group 3: Strategic Rationale - The investment is aimed at reducing uncertainties arising from the US "double anti-investigation" affecting the company's pulp molding industry [1] - The transaction is based on the principles of complementary advantages and collaborative development between the parties involved [1] - The investment will enhance the company's ability to expand overseas operations and improve service levels to meet diverse customer needs in the pulp molding sector [1]

Investment Rating - The report assigns a "Buy" rating for the company, Zhongxin Co., Ltd. (603091) [2] Core Views - The company is positioned as a leader in the alternative plastic sector, with a significant potential to increase its global market share [4][5] - The report highlights the urgent need for plastic alternatives due to severe plastic pollution, with various countries implementing strict regulations [12][13] - The pulp molding packaging market is expected to grow significantly, driven by global policy changes and increasing consumer demand for sustainable products [22] Summary by Sections 1. Urgency of Plastic Alternatives - The global plastic waste crisis necessitates immediate action, with only 10% of plastic waste being recycled since 1950 [12] - Governments worldwide are tightening regulations on plastic use, prompting leading companies to transition to sustainable alternatives [13] 2. Growth Potential in Pulp Molding - The pulp molding packaging market was valued at $5.11 billion in 2022, with a penetration rate of only 1.4%, indicating substantial growth potential [5][22] - China is a major production base for pulp molding, with a total capacity of 1.79 million tons [22] 3. Competitive Landscape - Zhongxin holds a dominant market share of 18.2% in China's pulp molding food service products, with a concentrated competitive landscape [36] - Despite increased competition, Zhongxin's gross margins remain significantly higher than those of its peers, indicating a strong competitive advantage [36] 4. Focus on Food Service Products - The company specializes in pulp molding food service products, which account for approximately 98% of its revenue [38] - Major clients include well-known global food supply chain companies, enhancing its market position [38] 5. Financial Projections - The company is projected to achieve net profits of 3.6 billion, 6.0 billion, and 7.6 billion yuan for the years 2025, 2026, and 2027, respectively [7] - The report anticipates a compound annual growth rate (CAGR) of 22.7% for revenue from 2019 to 2024 [41]

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].