中国经济网北京10月29日讯新巨丰（301296）(301296.SZ)今日收报8.64元，跌幅5.37%。目前该股处于 破发状态。 新巨丰发行的保荐机构(主承销商)为中信证券股份有限公司，保荐代表人为孙鹏飞、刘芮辰。新巨丰公 开发行新股的发行费用(不含增值税)合计9,025.82万元，其中，中信证券股份有限公司获得保荐承销费 6,875.82万元。 新巨丰首次公开发行的募集资金总额为114,597.00万元，募集资金净额为105,571.18万元，较原计划多 51571.18万元。新巨丰2022年8月30日披露的招股书显示，公司拟募集资金54,000.00万元，计划用于50 亿包无菌包装材料扩产项目、50亿包新型无菌包装片材材料生产项目、研发中心(2期)建设项目、补充 流动资金。 2022年9月2日，新巨丰在深交所创业板上市，公开发行新股6,300万股，占本次发行后总股本的15%， 发行价格为18.19元/股。上市首日，新巨丰创下股价高点22.07元，为该股上市以来最高价。 ...

Core Insights - Le Mei Packaging, a leading Chinese aseptic packaging manufacturer, has launched the second phase of its production line at its factory in Banten Province, Indonesia, marking a significant step in its global expansion [1] - The new production line is expected to increase the annual capacity to 21 billion packages [1] - The factory, which is Indonesia's first end-to-end aseptic packaging facility, will begin commercial production in 2024, initially producing 12 billion packages annually [1] Company Overview - Le Mei Packaging's Indonesian factory is equipped with world-class equipment and currently employs 450 staff, with approximately 40% of them sourced from Banten Province [1] - The primary products manufactured will be aseptic packaging materials and paper straws, catering to the Indonesian food and beverage industry [1] Industry Impact - The facility is anticipated to reduce Indonesia's reliance on imported aseptic packaging products [1] - The Indonesian Minister of Economic Coordination highlighted that the facility will support the country's free nutrition meal program aimed at improving the health of school children, infants, pregnant women, and nursing mothers [1]

Group 1 - The report highlights that government subsidies stimulated sales in Q2, leading to continued positive revenue growth. The competitive landscape in the small home appliance sector has improved, driving profit recovery, while leading players in the major appliance sector are helping to concentrate market share, suggesting an increase in holdings [2][29]. - The report recommends focusing on two main investment lines: 1) The improvement in the competitive landscape of small home appliances brings profit elasticity, particularly in the vacuum cleaner sector, which has high growth potential and low penetration rates. The kitchen small appliances sector is gradually returning to growth after two years of decline, with a significant increase in sales during the 618 shopping festival [2][29]. - The report indicates that leading brands in the white goods sector are dominating the current price competition, leading to increased industry concentration. The export performance of major appliance manufacturers is expected to gradually recover as uncertainties around tariff policies are clarified [3][31]. Group 2 - The company Salted Fish's differentiated product, the konjac sauce, achieved over 100 million in monthly sales within 16 months, setting a record for the fastest-selling snack product. The konjac snack segment is still in a high-growth phase, supported by a strong supply chain and channel capabilities [7][8]. - The company is expanding its overseas market presence with its own brand "Mowon," developing localized products based on local tastes, which is expected to drive growth in international markets [8][9]. - The report maintains an "increase holdings" rating for the company, projecting EPS of 2.99, 3.73, and 4.63 for 2025-2027, with a target price of 100.00 yuan based on strong performance in konjac products [7][8].

Core Viewpoint - The company's performance is currently under pressure due to internal and external factors, but there are expectations for the release of synergistic effects from integration [1] Investment Highlights - The company has adjusted its earnings expectations for 2025-2026 due to uncertainties in downstream consumption trends, with new earnings expectations for 2027. The projected EPS for 2025-2027 is 0.48, 0.60, and 0.73 yuan respectively, compared to previous estimates of 0.54 and 0.58 yuan for 2025-2026. The target price is set at 13.02 yuan based on an industry average valuation of 27.0X PE for 2025, maintaining a "buy" rating [2] - In Q1 2025, the company reported revenue of 358 million yuan, a year-on-year decrease of 18.18%. The net profit attributable to shareholders was 13 million yuan, down 75.01%, and the net profit after deducting non-recurring items was 11 million yuan, down 74.55%. Sales expenses increased by 57.49% to 12.57 million yuan, primarily due to stock incentive provisions. Tax and additional charges rose by 173.66% to 7.20 million yuan, mainly due to a large stamp duty from the acquisition of Funmei Packaging Co., Ltd. Financial expenses surged by 1392.72% to 20.80 million yuan, mainly due to increased interest expenses from acquisition loans [2] Integration and Synergy - The integration with Funmei Packaging is progressing smoothly, focusing on business collaboration and management to enhance both companies' operational capabilities and competitiveness in the sterile packaging industry. Long-term synergies are expected in product design, technology development, market layout, and operational management, creating greater value for shareholders and customers [3] - The company is implementing a strategic layout of "products + services + professionalism + innovation" in 2025, accelerating the construction of a production line for the "5 billion sterile packaging materials project" to enhance capacity and improve supply chain responsiveness. There will be a focus on cost control and management optimization, promoting standardization, proceduralization, and digitization of production and management processes to improve overall operational efficiency. The company aims to expand its market presence domestically and internationally to increase market share [3]