路斯股份（832419） 证券研究报告·北交所公司点评报告·饲料 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 2025 中报点评：受肉粉影响国内增速略有放 缓，海外市场逐步放量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 696.31 | 777.64 | 887.43 | 1,030.48 | 1,177.26 | | 同比 | 26.82 | 11.68 | 14.12 | 16.12 | 14.24 | | 归母净利润（百万元） | 68.40 | 78.36 | 79.73 | 95.40 | 114.92 | | 同比 | 58.58 | 14.57 | 1.75 | 19.65 | 20.46 | | EPS-最新摊薄（元/股） | 0.66 | 0.76 | 0.77 | 0.92 | 1.11 | | P/E（现价&最新摊薄） | 35.19 ...

证券研究报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 收盘价（元） | | | | 23.30 | | | | --- | --- | --- | --- | --- | --- | --- | | 年 内 最 | | | | | | | | （元） | | | | | | | | 总市值（百万元） | | | | 2,407.04 | | | | 流通市值（百万元） | | | | 2,180.89 | | | | 总股本（百万股） | | | | 103.31 | | | | 资产负债率（%） | | | | 22.79 | | | | 每股净资产（元/股） | | | | 5.50 | | | | 一 | | | | | | | | 资料来源：聚源数据 | | | | | | | | 低 | | | | | | | | 高 / 最 | | | | | | | | 基本数据 | 2025 | 年 | 08 | 日 | 25 | 月 | ...

公司公告显示，控股股东豪兴投资近期解除了510万股的质押，占其所持股份比例2.22%。截至公告 日，豪兴投资及其一致行动人累计质押股份占其所持股份比例为67.64%。 资金流向方面，欢乐家当日主力资金净流出1012.94万元，近五日主力资金净流入369.43万元。 风险提示：股市有风险，投资需谨慎。 截至2025年8月21日收盘，欢乐家股价报16.82元，较前一交易日下跌1.35%。当日成交量为9.49万手， 成交金额达1.61亿元。 欢乐家属于食品饮料行业，主营业务包括饮料和罐头产品的生产和销售。2024年公司营业收入中，饮料 行业占比59.6%，罐头行业占比35.85%。 ...

Core Insights - The core viewpoint of the article emphasizes the robust growth and potential of the citrus deep processing industry in China, driven by increasing production and innovation in high-value products [1][6][10]. Group 1: Overview of Citrus Deep Processing - Citrus deep processing refers to the refined treatment of citrus fruits (such as oranges, grapefruits, and lemons) through physical, chemical, or biological methods to transform them into high-value products [2]. - The main product categories include food products (juices, jams, canned goods), chemical extracts (essential oils, pectin), biological products (fruit wines, enzymes), and by-product utilization (feed, organic fertilizers) [2]. Group 2: Industry Chain of Citrus Deep Processing - The industry chain is characterized by a collaborative structure: stable upstream supply, quality enhancement in midstream processing, and market expansion downstream [4]. - Upstream focuses on large-scale planting in major production areas like Guangxi and Hunan, ensuring stable raw material supply through standardized management and new variety cultivation [4]. - Midstream emphasizes technological innovation in deep processing, achieving over 80% comprehensive utilization of by-products [4]. - Downstream involves building a multi-channel sales network, leveraging e-commerce and retail to meet consumer demands [4]. Group 3: Current Development Status - China is a major citrus producer, with a total output of 67.9149 million tons in 2024, reflecting a 5.56% increase from the previous year [6][8]. - The agricultural output value has grown from 148.49 billion yuan in 2018 to 233.88 billion yuan in 2024, with a compound annual growth rate of 7.8% [10]. - The industry exhibits regional concentration, with Guangxi, Hunan, Sichuan, Guangdong, and Jiangxi contributing over 70% of the total output [8]. Group 4: Market Structure and Competition - The citrus deep processing industry has developed a diversified market structure, with juice processing as the leading segment, projected to reach a market size of approximately 14 billion yuan in 2024 [12][14]. - Major players like Huiyuan Juice and Nongfu Spring dominate the market, while regional leaders focus on niche segments [14][16]. - The competition is shifting from price wars to a focus on technology, brand, and service, with high-value processed products becoming the focal point [14]. Group 5: Future Development Trends - The industry is expected to focus on three main trends: innovation in high-value products, smart and green transformation, and internationalization of industry clusters [18][20]. - High-value products such as NFC juice and functional beverages are anticipated to drive growth, with the production capacity of NFC orange juice in Chongqing expected to reach 200,000 tons by 2025 [18][20]. - Technological advancements and smart production systems are crucial for industry transformation, with a goal to increase resource utilization rates significantly by 2030 [20]. - Regional clusters and international branding will reshape the competitive landscape, with support from policies enhancing the integration of the entire industry chain [21].

北美最大包装食物公司之一康尼格拉CEO：看到罐头钢材出现"巨大"的通货膨胀。 ...

Core Viewpoint - The Huangshi Market Supervision Administration has conducted a food safety inspection, revealing that out of 624 food samples tested, 613 passed while 11 were found to be non-compliant, highlighting ongoing food safety concerns in the region [3][4]. Summary by Categories Inspection Results - A total of 624 food samples were tested, covering 21 categories including grain products, edible oils, pastries, alcoholic beverages, meat products, beverages, condiments, tea, eggs, dairy, vegetable products, frozen foods, canned goods, aquatic products, starch, honey, fruit products, convenience foods, catering foods, and agricultural products [3]. - Of the 624 samples, 613 were compliant, resulting in a compliance rate of approximately 98.24% [4]. Non-compliance Details - The 11 non-compliant samples included: - 1 batch of condiments with excessive sulfur dioxide residue - 3 batches of vegetable products with violations related to lemon yellow, benzoic acid, and sorbic acid - 2 batches of agricultural products with pesticide residues (thiamethoxam and enrofloxacin) - 5 batches of catering foods with issues related to anionic synthetic detergents, sodium saccharin, sweeteners, and coliform bacteria [4][5]. Follow-up Actions - The Huangshi Market Supervision Administration has mandated immediate investigation and handling of the non-compliant products, including actions such as removal from shelves, recalls, and sales suspensions, along with further legal investigations [5].

Group 1 - The Rongcheng City Craftsman College Alliance has been officially established, consisting of 16 colleges covering high-end equipment manufacturing, marine medicine and food, and rural revitalization, creating a new platform for regional skilled talent cultivation and industrial innovation [1] - The alliance has gathered a high-quality teaching team, including a significant proportion of graduate-educated and "dual-qualified" teachers, with 25 nationally certified part-time trainers and 41 internal certified trainers across 14 professional fields, developing over 600 internal courses and more than 1900 practical case studies [1] - The teaching approach emphasizes hands-on experience and cutting-edge technology, fostering a rich learning environment for talent development [1] Group 2 - The alliance collaborates deeply with over 240 municipal and higher-level industry chain innovation studios, forming a collaborative innovation "ecosystem" [2] - The Taixiang Group Craftsman College leads the establishment of an innovation studio alliance with 108 studios, achieving over 60 results transformation and solving more than 180 technical challenges [2] - Customized training programs are developed based on industry needs and worker characteristics, with over 20 specialized skill training sessions conducted for the marine food industry chain, integrating practical training in automated production processes [2]

Group 1 - The core viewpoint of the article highlights the ongoing issues of food additive misuse in various food categories, despite some products passing inspections [1][2] - The special inspection covered 780 batches of food across 21 categories, including pastries, canned goods, and grain products, revealing that certain categories like meat, seafood, beverages, and dairy did not have any non-compliant samples [1] - However, violations were found in categories such as sugar, starch products, tea, fruit products, alcoholic beverages, and soy products, indicating a significant concern regarding food safety [1] Group 2 - Specific issues identified include the misuse of bleaching agents like sulfur dioxide, sweeteners such as saccharin, and preservatives like dehydroacetic acid in various food products [1] - The inspection revealed 21 batches of spices with non-compliant levels of sulfur dioxide and 20 batches of agricultural products with unauthorized sweeteners and preservatives [1] - In response to the findings, the market regulatory authority is taking measures to enhance the inspection and supervision of food additives, aiming to mitigate food safety risks and enforce compliance [2]

Core Viewpoint - The article highlights the strong performance of Shuanghui Development in the food processing industry, particularly its cash dividend distribution and robust financial results, showcasing its leading position in the market and effective implementation of a comprehensive industrial strategy [1][2][7]. Financial Performance - As of June 25, 2024, Shuanghui Development distributed a total of 2.598 billion yuan in dividends, with a payout of 7.5 yuan per 10 shares, leading the food processing sector [1]. - In 2024, the company achieved an operating profit of approximately 6.659 billion yuan, reflecting a year-on-year growth of 0.33% [2]. - For the first quarter of 2025, Shuanghui Development reported revenues of 14.269 billion yuan and a net profit attributable to shareholders of 1.137 billion yuan, with total assets increasing by 15.32% to 42.998 billion yuan compared to the end of 2024 [2]. Business Segments - The core business of Shuanghui Development, packaged meat products, generated revenues of 5.58 billion yuan in the first quarter, covering various categories such as ham, sausages, and canned goods [4]. - The company has seen a 21.8% year-on-year increase in new channel terminal shipments and an 8.9% growth in online transaction volume [4]. - Shuanghui Development is expanding its B-end channel development and enhancing partnerships with platforms like Meituan and Ele.me to boost online business scale [4]. Market Strategy - The company is focusing on market development in its slaughtering business to expand its customer base and market share [6]. - Shuanghui Development is enhancing its product offerings by introducing customized and refined processing products to meet niche market demands [6]. - The company has invested 755 million yuan in R&D over the past five years to drive innovation and upgrade its entire industrial chain [8]. Digital Transformation - Shuanghui Development holds a 40.38% share of the net profit in the food processing industry, amounting to 1.137 billion yuan in the first quarter of 2025 [7]. - The company is advancing its digital transformation by implementing marketing digitalization and utilizing tools like cloud services and collaborative platforms to enhance operational efficiency [7]. - A digital transformation committee was established to oversee the integration of management, R&D, and operations into a cohesive digital strategy [7].

Core Viewpoint - The doubling of tariffs on steel and aluminum to 50% by the Trump administration is significantly impacting U.S. food manufacturers, leading them to reconsider their packaging strategies and shift towards alternatives like sterile cartons, glass, and plastic [1][2][3]. Group 1: Impact on Food Manufacturers - Pacific Coast Producers, a major canned food supplier, is facing a 6% increase in special steel costs due to the new tariffs, which could lead to annual losses of up to $40 million and a planned 24% price increase for customers [1][3]. - The influx of imported canned goods from China and Southeast Asia has been driving down prices for domestic products since 2017, exacerbating the impact of the new tariffs [1][3]. - Companies are exploring alternative packaging solutions, such as sterile cartons from Tetra Pak and SIG Group, to mitigate rising costs [2][3]. Group 2: Industry Response and Trends - The beverage industry is also affected, with Coca-Cola indicating a potential shift towards plastic packaging if aluminum costs rise significantly [2][5]. - The American Glass Packaging Association is seeing opportunities to capture market share from aluminum cans due to the tariffs [3][4]. - Analysts suggest that if tariffs persist, companies will need to rethink their packaging strategies to maintain profitability [3][4]. Group 3: Challenges in Transitioning Packaging - Transitioning to alternatives like glass or sterile cartons presents logistical and cost challenges, as glass is generally more expensive due to its heavier weight [4][5]. - The majority of aluminum used in beverage cans is recycled, which may shield some manufacturers from tariff impacts [4][5]. - Companies that have diversified their packaging options, like Coca-Cola, may adapt more easily to tariff changes compared to those focused solely on canned products [5][6].