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 maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [7][22]. Core Views - The company is entering a performance realization phase with its Thailand operations, which are expected to drive future growth. The first phase of production has reached full capacity, and the second phase is under construction, set to launch in 2026 [4][5]. - Despite facing challenges from U.S. trade policies, the company is enhancing its overseas presence to mitigate risks and improve supply chain resilience. The initial ruling on anti-dumping and countervailing duties has been established, with the company successfully transitioning its production capacity overseas [5][7]. - The company is diversifying its product applications beyond food service items, including entry into high-end industrial packaging for electronics, cosmetics, and health products, which is expected to create new growth opportunities [5][6]. Financial Performance Summary - In the first half of 2025, the company reported revenue of 675 million yuan, a year-on-year decrease of 4.57%, and a net profit of 117 million yuan, down 14.76%. The second quarter alone saw revenue of 303 million yuan, a decline of 17.87%, and a net profit of 44 million yuan, down 39.8% [3][6]. - The gross margin for the first half of 2025 was 31.6%, a decrease of 3.2 percentage points year-on-year, while the net margin was 17.3%, down 2.1 percentage points. The second quarter margins were further impacted, with gross and net margins at 28.5% and 14.62%, respectively [6][7]. - The company’s Thailand operations generated revenue of 61.98 million yuan and a net profit of 14.37 million yuan in the first half of 2025, achieving a net profit margin of 23.2%, which exceeds the previous year's levels [5][6]. Earnings Forecast - The earnings forecast for the company has been slightly adjusted, with expected net profits of 312 million yuan, 529 million yuan, and 648 million yuan for 2025, 2026, and 2027, respectively. This reflects a year-on-year change of -4%, +70%, and +23% [7][8].

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]