证券研究报告 农林牧渔 | 农产品加工 北交所|首次覆盖报告 hyzqdatemark 2026 年 01 月 28 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 2026 | 年 | 01 | | | | | | | 月 | 27 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 11.15 | | | | | | | | | | 年 | | | | | | | | | 一 | 内 | | | | | | （元） | | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | | | | | | 流通市值（百万元） | | | | | | 2,162.07 | | | | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Insights - The company, originating from Denmark, has pioneered and leads the egg processing industry in China, with a strong market position and growth potential [8][21]. - The domestic egg processing ratio is low, currently at 5%-7%, compared to 50% in Japan, 33% in the USA, and 25% in the EU, indicating significant room for market expansion [8][40]. - The company has established a robust quality control system and customer relationships, which are expected to create competitive barriers and drive industry growth [8][12]. Financial Data and Profitability Forecast - Total revenue projections for the company are as follows: - 2024: 906 million CNY - 2025: 914 million CNY - 2026: 1,084 million CNY - 2027: 1,236 million CNY - The expected growth rates are -6.8% for 2024, 0.8% for 2025, 18.6% for 2026, and 14.1% for 2027 [7]. - Net profit forecasts are: - 2025: 94 million CNY - 2026: 112 million CNY - 2027: 130 million CNY - The company’s gross margin is projected to be around 23.8% in 2025, with a return on equity (ROE) of 15.1% [7][9]. Business Overview - The company has four main product lines: liquid eggs, egg powder, prepared egg products, and beverages, with liquid eggs and egg powder accounting for over 90% of revenue [29][30]. - The prepared egg products segment is experiencing rapid growth, while the beverage segment is still in the cultivation phase [29][30]. Market Demand and Growth Drivers - The baking market in China is expected to grow at a CAGR of 7.4% from 2023 to 2029, driven by diverse consumption scenarios [57]. - The restaurant sector is seeing a shift towards more affordable and nutritious ingredients, with eggs being a key component [8][57]. - The C-end market is expanding, particularly among younger consumers who are increasingly health-conscious [8][57]. Competitive Advantages - The company has a high-level, standardized quality control system that covers the entire production process, ensuring food safety [8][12]. - It has accumulated significant customer resources, which are being converted into competitive barriers [8][12]. Investment Analysis - The company is projected to achieve net profits of 0.94 billion CNY in 2025, 1.12 billion CNY in 2026, and 1.30 billion CNY in 2027, with corresponding price-to-earnings (PE) ratios of 24, 20, and 17 [9]. - The target market capitalization is set at 3.2 billion CNY, indicating a potential upside of 45% from the current closing price [9].

Core Viewpoint - The "Shu Li An Yi · Source Flavor Yanjiang" consumption season promotion event aims to connect local agricultural and industrial products with consumers, enhancing local economic activity and promoting regional specialties [1][3]. Group 1: Event Overview - The event took place in Yanjiang District, Ziyang City, Sichuan, featuring 28 unique booths showcasing agricultural products, industrial goods, and local merchants [1]. - The event is designed to provide a one-stop shopping experience, covering the entire agricultural and industrial product chain [3]. Group 2: Product Highlights - Featured products included local delicacies such as "Jiang E'er" marinated goose, fresh crayfish, and unique local citrus fruits, which attracted significant consumer interest [3]. - Industrial products showcased included pre-packaged egg products and deep-processed food items from local companies, emphasizing quality and local demand [3]. Group 3: Economic Impact - The event is expected to attract over 50,000 participants and generate nearly 1 million yuan in consumer spending [3]. - The promotion aligns with Sichuan Province's initiative to cultivate the "Shu Li An Yi" consumption brand, leveraging the region's ecological advantages [3].

Industry Overview - The egg products industry in China has seen significant growth, with the market size increasing from 39.743 billion yuan in 2020 to 51.543 billion yuan in 2024 [1][9] - The industry includes traditional products like salted eggs and century eggs, as well as modern products such as liquid eggs and egg powder, which are increasingly in demand due to changing consumer preferences [1][9] Market Environment - In 2024, China's total retail sales of consumer goods reached 48.334 trillion yuan, with a year-on-year growth rate of 3.48%, indicating a stable recovery in market consumption [7] - The demand for egg products is expected to grow, driven by the increasing reliance of the baking and catering industries on egg products [7] Current Industry Status - The consumption of egg products in China is still low, with only 5%-7% of the total egg consumption being processed, compared to higher percentages in countries like Japan and the USA [11] - The industry is in its early stages, with many companies having small scales and low market concentration, primarily producing traditional egg products [13] Competitive Landscape - The egg products industry in China is characterized by small-scale enterprises, with most companies having a market capitalization of less than 5 billion yuan [13] - Key players in the industry include Suzhou Oufu Egg Industry Co., Ltd., Jilin Jinyi Food Co., Ltd., and Heilongjiang Zhongnong Xinghe Biotechnology Co., Ltd. [13][15] Future Trends - The industry is transitioning towards scale and standardization, with the top ten egg-laying enterprises holding a market share of 42% in 2024, expected to exceed 50% by 2030 [19] - Technological advancements in processing methods are extending the shelf life of egg products and driving the development of functional products, which are becoming a new growth area [20][21] - Consumer demand is shifting towards healthier and more convenient options, with organic and ready-to-eat egg products seeing significant growth [22]