漯河食品频频"出海"、食品及关联产业加速融入国内国外大市场的背后，是该市坚持创新驱动、大 力培育壮大新质生产力的结果。 2022年9月，漯河市建成了河南省唯一的食品类省实验室——中原食品实验室。目前，这个食品产 业"创新大脑"汇聚了14名院士领衔的23支科研团队，聚焦营养健康、食药同源、未来食品等前沿领域， 已突破了32项关键技术、发布了40项代表性成果。从"制造工厂"到"创新策源地"，漯河仅仅用了不到3 年时间。 在这里，中小企业通过共享实验室实现了"拎包研发"，政府搭建的"中原食品科创园创新综合体"让 创新成果"周周有路演、月月有转化"，形成了"热带雨林式"的创新生态。 科技日报记者 张毅力 通讯员 张晓甫 "这是今年第三批出口的货物了，巧克力棒在海外是'网红'食品。"近日，河南麦恩食品有限公司贸 易部部长李卫民指着一排装满"网红"食品的集装箱告诉科技日报记者，一季度以来，公司多类产品已出 口英国等国家，海外销售态势持续向好。 漯河市政府发布的数据显示，今年一季度，漯河食品出口额1.9亿元，同比增长84.7%，增速强劲。 食品"出海"何以加速？漯河作为全国首家中国食品名城，按照"世界眼光、中国经典、河南名 ...

Company Research - The company reported a revenue of 4.465 billion yuan in 2024, representing a year-on-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% year-on-year, with a basic earnings per share of 1.34 yuan [12] - In Q1 2025, the company achieved a revenue of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91.155 million yuan, up 62.13% year-on-year, with a basic earnings per share of 0.31 yuan [12] - The company's gross margin improved due to higher margins on staple and canned products, with gross margins increasing by 1.88 and 4.02 percentage points year-on-year to 28.16% and 31.87% respectively in 2024 and Q1 2025 [12][13] - The company focused on enhancing its own brand marketing, leading to a significant increase in brand recognition and sales, with a 131% year-on-year growth in GMV during the Double 11 shopping festival in 2024 [13][15] - The company expanded its overseas market presence, entering 9 new countries in 2024, and its overseas revenue growth rate was 14.62% for the year, with further production capacity expansion planned for Canada and the US [15][16] Industry Research - The overall number of equity funds increased to 6,774 by the end of Q1 2025, with a total scale of 74,529.42 billion yuan, reflecting a growth of 1,005.15 billion yuan from the previous quarter [9] - The average equity fund position increased, with flexible allocation funds seeing the largest rise of 1.44 percentage points to 71.90% [9][10] - The industry saw an increase in allocation towards automotive and non-ferrous metals, while reducing exposure to electric power equipment and non-bank financials [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 59.5 CNY, compared to the closing price of 48.58 CNY on April 23, 2025 [6][12]. Core Insights - The company achieved a revenue of 4.465 billion CNY and a net profit of 394 million CNY in 2024, representing year-on-year growth of 19.15% and 68.89% respectively. The first quarter of 2025 saw revenues of 1.1 billion CNY and net profits of 91 million CNY, with year-on-year increases of 25.4% and 62% [3][12]. - The company's strategy of focusing on staple food products has led to significant revenue growth, with overseas revenue expected to reach 3.051 billion CNY in 2024, accounting for 68.33% of total revenue, a year-on-year increase of 14.62% [3][12]. - The company is expanding its overseas production capacity, particularly in the U.S. and Canada, with the second phase of the U.S. factory expected to be operational by 2026. This expansion is anticipated to enhance profitability [3][12]. Financial Summary - Revenue projections for 2025-2027 are 5.284 billion CNY, 6.3 billion CNY, and 7.659 billion CNY respectively, with net profits expected to be 503 million CNY, 635 million CNY, and 826 million CNY [2][12]. - Earnings per share (EPS) are projected to grow from 1.34 CNY in 2025 to 2.80 CNY by 2027, indicating a strong upward trend in profitability [2][12]. - The company’s gross margin is expected to improve from 28.2% in 2024 to 31.6% in 2027, reflecting enhanced operational efficiency [2][12].