投资建议：我们预计公司2025-2027 年营业收入分别为16.58/18.81/21.36 亿元，分别同比增长 6.57%/13.50%/13.54%，预计公司2025-2027 年实现归母净利润1.86/2.15/2.66 亿元，分别同比增长 53.46%/15.81%/23.56%，首次覆盖给予"推荐"评级。 风险提示：原材料价格波动风险，市场开拓不及预期风险，食品安全风险 健康与环保驱动下游需求快速增长，行业集中度有望进一步提升。大豆蛋白下游应用较为广泛，包括肉 制品加工、仿肉行业、休闲食品、保健品行业等，在消费者健康和环保意识提升驱动下，下游需求持续 提升。我国为全球最大的大豆蛋白市场，占据约50%的市场份额，22 年我国大豆蛋白行业规模达到 145.2 亿元，18-22 年CAGR 为3.89%。竞争格局方面，大豆蛋白行业CR5 为60%，公司大豆蛋白的市占 率约10%，公司和嘉华股份等头部厂商近两年销量持续提升，随着落后产能不断出清，行业集中度有望 进一步提升。 全产业链布局铸就高盈利壁垒，产品结构优化盈利中枢有望提升。公司专注非转基因大豆深加工，经过 近二十余年积累成为行业内为数不多的拥有大豆 ...

Core Insights - The city has set a target for the grain and food industry to achieve a main business income of over 210 billion yuan by 2025, with a reported income of 95.5 billion yuan in the first half of the year, exceeding the target by 16.5% [3] - The city has been recognized for its reforms, with two initiatives included in national-level reform pilot programs and receiving multiple awards [1][3] Industry Performance - The grain and food industry has seen significant brand development, with 73 "Qilu Grain and Oil" products recognized, accounting for 30% of the province's total [3] - The city has successfully conducted nine external investment promotions, engaging over 20 enterprises [3][5] Technological Innovation - Four national-level grain innovation centers have conducted 53 research projects, including 29 on deep processing and 17 patent applications [4] Project Development - The city has secured 341 million yuan in project funding, ranking first in the province, with significant support for equipment updates and storage enhancement projects [5] - Several key projects have been completed, including the production of various food products, enhancing the competitiveness of the industry [6] Food Security - The grain purchase and sales market has remained stable, with 117,000 tons of wheat purchased under the minimum purchase price policy, meeting expectations [7] - The city has implemented safety measures for grain production, with all identified issues rectified [7][8] Emergency Preparedness - The emergency response system has been strengthened, with 45 enterprises designated as emergency grain supply companies [9] - The city has built a robust disaster relief material reserve, totaling 318,100 items, ensuring readiness for emergencies [9]