持续推动公司全球产能布局，海外销售收入占比提升至59.73%。一方面，公司持续推动全球产能布 局，构建稳固的全球供应链生产基地，进一步提升全球市场的服务能力和供应能力。另一方面，公司高 度重视自主创新，加强技术研发力度，推动配方和产品不断升级迭代，加快新产品产业化的节奏；此 外，公司持续加强团队建设并扩大经验丰富的海外专业队伍，加大市场推广力度和品牌建设力度，使得 海外销售收入持续增长，报告期内同比增长6.56%，占整体收入比重59.73%。 投资建议：公司是行业内四大主要的卫材热熔胶提供商之一，目前已经进入国际和国内卫生用品龙头企 业供应链。未来随着公司海外市场的持续开拓，公司业绩有望保持快速增长。预计公司2025-2027 年归 母净利润分别为1.63、2.05、2.47 亿元，同比增速分别为+108.72%、+25.81%、+20.18%，对应PE 分别 为21X、17X、13X。维持"强烈推荐"评级。 风险提示：1.市场竞争加剧、成长性放缓的风险；2.原材料价格波动风险；3.项目未能如期产生效益的 风险；4.海外经营与贸易的风险。 事件：8 月25 日晚，公司发布2025 年半年度报告，1H25 公司 ...

Group 1: Market Position and Competition - The top ten global hygiene product manufacturers hold a significant market share, making entry into this segment challenging due to high technical requirements and long customer certification cycles [1] - The company possesses comprehensive competitive advantages in technology, service, and cost, supported by a diverse global team with over ten years of industry experience [1] - The company has established a robust global supply chain system, enhancing its market supply capabilities and ability to respond to international trade barriers [1] Group 2: Research and Development - The company has built a complete hot melt adhesive supply chain, with over 60% of raw material supply sourced globally, allowing for structural advantages in raw material supply and new product development [2] - Continuous enhancement of R&D and technological innovation capabilities has led to successful integration of domestic raw materials into product formulations, maintaining performance and cost advantages [2] Group 3: International Expansion - The overseas market for hygiene hot melt adhesives represents a significant portion of the global market, necessitating local production bases for further market expansion [4] - The company’s overseas factories in Poland and Malaysia serve as strategic investments and enhance brand image, competitiveness, and customer retention in international markets [4][5] Group 4: Impact of Trade Policies - The company’s current sales in the North American market are minimal, making the impact of U.S. tariff policies limited; however, it is strategically planning to expand in this region [6] - The company is closely monitoring international trade policy changes to adapt its strategies accordingly [6] Group 5: Material Costs and Market Trends - Raw material prices are subject to supply and demand dynamics, with potential short-term fluctuations; however, a downward trend was observed in early 2025 [7] - International shipping costs have also seen a decline, but recent spikes due to market conditions indicate potential risks for future price increases [7] Group 6: Regulatory Environment - The new hygiene requirements for disposable sanitary products provide a framework for manufacturers to enhance product standards, potentially accelerating the exit of non-compliant smaller firms [8] - The company is already a qualified supplier for major global hygiene brands, which positions it favorably for future growth as industry concentration increases [8] Group 7: Future Growth Strategies - The company aims to strengthen its market presence, particularly in overseas markets, while exploring opportunities in other application areas to create a second growth curve [8]

Group 1: Business Impact and Market Position - The new hygiene standards (GB 15979-2024) will positively influence the company's product development and compliance, particularly in the hygiene product sector [1] - Major clients include Kimberly-Clark, Drylock, and Procter & Gamble, with significant market share and ongoing opportunities for expansion [2] - The company aims to enhance its international competitiveness and brand influence through continuous innovation and market expansion [10] Group 2: Financial Performance and Projections - In 2024, the company achieved a revenue of CNY 2.006 billion, a year-on-year increase of 23.27%, with domestic revenue at CNY 840 million (up 14.97%) and overseas revenue at CNY 1.166 billion (up 30.03%) [16] - The first quarter of 2025 saw a revenue of CNY 503 million, reflecting a 4.80% year-on-year growth, and a net profit of CNY 35.517 million, up 13.62% [16] - The company expects a sales revenue growth of no less than 10% in 2025 compared to 2024 [16] Group 3: Strategic Initiatives and Challenges - The company is focusing on enhancing its supply chain and operational efficiency to mitigate risks associated with international trade and geopolitical factors [10] - A significant loss of CNY 24.7157 million was reported for the Mexican subsidiary due to currency fluctuations and project delays [3] - The company is actively pursuing new product development in various sectors, including medical and maternal care, to diversify its offerings [5] Group 4: Shareholder Concerns and Market Sentiment - The company's stock price is currently below the issue price, attributed to various market factors, but management remains confident in long-term growth [10] - Shareholder actions, such as the reduction of holdings by original shareholders, are compliant with regulations and do not reflect a lack of confidence in the company's future [12] - The company emphasizes the importance of long-term investment and value creation, urging investors to consider the broader market context [11]

Group 1: Production and Cost Analysis - The production costs of the Guangzhou headquarters factory differ from those of the Poland factory, with the latter being higher due to factors like location and customer positioning [1] - The company maintains a structural cost advantage over competitors through continuous R&D and collaboration with domestic suppliers [1] Group 2: New Product Development - New products such as wet-strength adhesive, next-generation urine-visible adhesive, high-performance multipurpose adhesive, and medical adhesives have been commercialized [2] - Other new products like next-generation soft adhesive, biodegradable hot melt adhesive, bio-based hot melt adhesive, and S rubber special reinforced adhesive are in trial stages with some customers, ready for commercialization [2] Group 3: Market Expansion and Partnerships - The company has established partnerships with Kao and Procter & Gamble, but still has low market share in these collaborations, indicating significant growth potential [3] - The domestic market share in the hot melt adhesive sector is relatively high, but overseas market share remains small, presenting opportunities for expansion [4] Group 4: Strategic Focus and Future Directions - The company aims to enhance brand building and increase its global market influence while expanding market share, particularly in overseas markets [4] - The application fields for hot melt adhesives are extensive, covering various industries, and the company is exploring new application areas to create a second growth curve [4] Group 5: Shareholder Information - The major shareholder, Zibo Fufeng Hongjin Investment Partnership, has not expressed any intention to reduce their holdings, indicating trust in the company [6]

Group 1: Financial Performance - The company expects a revenue growth of over 10% in 2025 compared to 2024 [9] - In 2024, the company maintained a revenue growth rate of over 20%, but net profit saw a significant decline due to rising raw material prices and international shipping costs [1] - The first quarter of 2025 showed a recovery in gross margin and net profit margin, attributed to a decrease in raw material prices and international shipping costs [2] Group 2: Market Conditions - Raw material prices have been on an upward trend since Q4 2023, with expectations of stabilization and decline by Q4 2024 [3] - International shipping costs surged from Q2 2024 but have started to decline, although they have not yet returned to the levels of the previous year [3] - The company faces risks of fluctuating raw material and shipping prices due to international political and economic conditions [3] Group 3: Strategic Planning - The company has a long-term plan to expand into the North American market, supported by its production base in Poland and ongoing construction in Malaysia [4] - The company is enhancing its global supply chain to improve its ability to respond to international trade barriers [4] - The company has implemented measures to improve cash flow, resulting in a positive cash flow in Q1 2025 [5] Group 4: Market Opportunities - The market for hygiene hot melt adhesives is expected to grow significantly, particularly in emerging markets with low penetration rates [6] - The company holds a strong market share domestically but has substantial growth potential in overseas markets, especially among the top ten global hygiene product manufacturers [6] Group 5: Production Capacity - Current production capacities include 120,000 tons at the Guangzhou headquarters, 87,500 tons at the Xian Village factory, and 61,000 tons in Poland, with a planned capacity of 60,000 tons in Malaysia [7][8] - The company is strategically managing production across its global facilities rather than focusing solely on individual factory utilization rates [8] Group 6: Shareholder Returns - The company is committed to enhancing its governance structure and ensuring shareholder rights while implementing a profit distribution policy based on operational performance [10]

Core Viewpoint - The company experienced a decline in net profit for 2024 due to rising raw material prices and shipping costs, but showed signs of recovery in Q1 2025 with improved revenue and profit margins [1][2]. Financial Performance - In 2024, the company achieved total revenue of 2.006 billion yuan, a year-on-year increase of 23.27%, but the net profit attributable to shareholders was 78 million yuan, a decrease of 27.70% [1]. - For Q4 2024, total revenue was 559 million yuan, up 20.52% year-on-year and 10.44% quarter-on-quarter, while net profit was 11 million yuan, down 61.08% year-on-year but up 16.04% quarter-on-quarter [1]. - In Q1 2025, total revenue reached 503 million yuan, a year-on-year increase of 4.80% but a quarter-on-quarter decrease of 9.88%, with net profit at 36 million yuan, up 13.62% year-on-year and significantly up 218.29% quarter-on-quarter [1]. Cost and Margin Analysis - The decline in 2024 performance was attributed to increased raw material prices and shipping costs, while Q1 2025 saw a reduction in shipping costs leading to a gross margin increase of 5.52 percentage points quarter-on-quarter [2]. - By April 25, 2025, the China Export Container Freight Index was 1122.40, down 27.48% from the beginning of the year, positively impacting Q1 2025 performance [2]. Global Expansion and Innovation - The company is actively expanding its global production capacity, with overseas sales revenue increasing by 30.03% year-on-year, accounting for 58.12% of total revenue [3]. - Emphasis on independent innovation and technology development is driving product upgrades and faster industrialization of new products [3]. Investment Outlook - The company is one of the four major suppliers of hot melt adhesives in the industry and has entered the supply chains of leading domestic and international hygiene product companies [3]. - Projected net profits for 2025-2027 are 144 million, 205 million, and 246 million yuan, with year-on-year growth rates of 84.68%, 41.94%, and 20.21% respectively, corresponding to P/E ratios of 16X, 11X, and 9X [3].