在徐拥军眼里，山东得天独厚的农产品资源、优质稳定的原料和绿色食品生产基地是工业园发展的重要 支撑。 "山东是优质粮食生产大省，工业园周边周边毗邻山东优质花生及小麦的主产区，而花生、小麦正是我 们的主要产品原料，大大降低了企业的原料收储成本。"徐拥军算了一笔账："以花生为例，现在园区年 均消耗花生18万吨，全部来自山东本地。我们投产后探索订单"农业+标准化生产"模式，建立万亩高油 酸花生绿色种植基地，带动胶州、平度等地300多个农户增收，亩产效益提升1.2万元。" "我们最初计划投资3亿美元建粮油加工厂，如今三期项目正在建设中，总投资追加到18亿美元。"园区 总经理徐拥军指着连片的厂房感慨道，"是山东、青岛的产业生态让我们敢把'试验田'变成'主战场'。" 作为山东省重点外商投资项目，益海嘉里(青岛)食品工业园项目由世界500强——新加坡丰益国际投资 建设，是国内规模最大、品类最全的综合性食品园区之一。落地6年来，项目经过两次增资，投资规模 从3亿美元攀升至18亿美元，分三期建设，其中一期已经投产，主要进行面粉加工、花生榨油、芝麻榨 油等。 6月24日，在位于胶州市洋河镇的益海嘉里(青岛)食品工业园内的车间内，各 ...

Investment Thesis - The company is expected to benefit from a decline in raw material costs, leading to a significant recovery in profitability, with packaging oil gross margin increasing by 2.28 percentage points to 13.51% and meal gross margin increasing by 3.20 percentage points to 4.65% in 2024 [1][2] - The company plans to expand its distribution channels, with a net increase of 103 distributors to a total of 1,305 in 2024, and online direct sales revenue is projected to grow by 30.22% [1][2] - The company is investing 1 billion yuan to establish a 1 million tons/year edible oil processing project in Weinan, Shaanxi, to capture the consumption upgrade opportunities in the northwest market [1][2] Financial Performance - The company's revenue decreased by 15.12% year-on-year, despite a 3.30% increase in the sales volume of its food processing business, indicating that the revenue decline was primarily due to lower product prices following raw material cost reductions [2] - The company is expected to maintain a favorable gross margin level due to a continued easing of raw material supply and demand in 2025 [2] Product and Market Strategy - The company is focusing on product marketing and market development, optimizing its sales organization, and establishing special teams for recruitment, while also introducing new products such as sesame oil and promoting high-value products like high oleic canola oil and tea oil [2] - The company has five production bases with reasonable capacity utilization, and ongoing projects in Maoming and Changsha are still under construction [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.65 yuan, 0.83 yuan, and 1.02 yuan respectively, with corresponding dynamic PE ratios of 15, 12, and 9 times [3] - The company is given a target price of 16.25 yuan based on a 25 times PE for 2025, with a "buy" rating assigned [3]

Core Insights - The company reported a revenue of 5.943 billion yuan in 2024, a year-on-year decrease of 15.12%, while the net profit attributable to shareholders was 177 million yuan, an increase of 133.5% [1] - For Q1 2025, the company achieved a revenue of 1.486 billion yuan, a year-on-year decrease of 2.11%, with a net profit of 103 million yuan, up 38.63% year-on-year [1] - The company plans to distribute a cash dividend of 1.28 yuan per 10 shares, totaling 44.0279 million yuan [1] Financial Performance - The gross profit margin for 2024 was 9.57%, the highest in the last six years; for Q1 2025, it was 13.55%, also the best for the same period in six years [1] - The asset-liability ratio at the end of 2024 was 46.13%, a decrease of 11.06 percentage points from the previous year [1] Sales and Market Position - The company maintained resilient sales, with packaging oil sales reaching 347,200 tons in 2024, a year-on-year increase of 3.3%, and 209,500 tons in the second half of the year, up 6.95% [2] - The company ranked 7th in the 2024 China Brand Power Index (C-BPI) for edible oil, improving by 4 places from 2023, indicating enhanced brand recognition and reputation [2] Product Development - The company is expanding its high-margin seasoning oil products, launching new products such as sesame oil series in 2024, which enhances profitability and risk resilience [2] Distribution and Risk Management - The number of distributors increased to 1,305, a year-on-year growth of 8.57%, with a significant focus on the East China region, where distributor numbers rose by 19.3% [3] - The company effectively utilizes futures as a procurement and risk management tool, ranking 7th among listed companies in terms of hedging profitability in 2023, achieving a total profit and loss of approximately 540 million yuan from hedging tools [3] Supply Chain and Regulatory Environment - The company has shifted its soybean import sources to Brazil, mitigating the impact of tariffs on U.S. soybeans [4] - The company is monitoring the anti-dumping investigation on Canadian canola seeds and the subsequent tariff changes on canola oil and meal, which could affect future operations [4] Profit Forecast - The company anticipates revenues of 6.26 billion yuan, 6.64 billion yuan, and 7.25 billion yuan for 2025-2027, with net profits of 222 million yuan, 285 million yuan, and 350 million yuan respectively [4]

齐鲁晚报.齐鲁壹点王芳通讯员袁家星 者 多 降 2025年4月28日 星期一 十四载测量 彩群再出发 特刊 T33 棣丰街道地处县城新区和经济开 发区,为无棣县政府驻地,面积80平方公 里。辖3个农村社区、12个城市社区,31个 行政村和64个居民小区,常住人口6.6万 人。辖区内交通便利、资源丰富,基础设 施完善,自然环境优美。过去的一年,棣 丰街道在县委、县政府的坚强领导下, 锚定县城新区、经济开发区、高铁片区 三区"区位优势,全力拼经济、稳增长、 防风险、优结构,为"活力新城 和美棣 丰"高质量发展迈出坚实步伐。 抓经济、稳增长,经济发展取得新成效。经 济运行稳中向好。主要经济指标垃速持续高于 全县平均水平、领跑全县,17项主要经济指标 中14项增速列全县前三位。全年一般公共预算 收入突破1.1亿元,税收增幅9.56%,列全县第 一位。"四上"培育提质增效。立足棣丰产业发 展格局,实施"四上"企业培育"接二连三"工 程,四上单位数量179家,位居全县第一位, 度纳统"四上"企业32家,列全市92个乡镇(街 油(班 位。升规纳统经验做法《以"四找"促 "四解"精准开展"四上"企业培训班 | 隆巴 建日," ...