双塔食品(002481) - 双塔食品调研活动信息(1)

Group 1: Financial Performance - The company's net profit has maintained a high growth rate in the first three quarters of 2020, indicating sustainable future performance growth [2] - Prepayments increased significantly due to a domestic order meeting that generated 230 million CNY, a substantial rise compared to the same period last year [4] Group 2: Product Development and Market Strategy - Future growth points are expected to come from sales of pea protein, vermicelli, dietary fiber, plant-based meat, albumin, and oligosaccharides, with a focus on high-margin products [3] - The company plans to double its vermicelli production capacity in the next two years, primarily through self-built production facilities in key consumer markets, which could save around 50% in transportation costs [4] Group 3: Market Position and Sales Channels - Currently, the company holds a market share of 30%-40% in pea protein, with plans to increase it to 50%-60% over the next 2-3 years, expanding production capacity by 20% annually [5] - Pea protein is primarily sold to the European and American markets, with 70% through distributors and 30% direct sales to end customers [3] Group 4: Competitive Advantages - The company is the leading enterprise in the pea protein raw material industry, with the largest scale, advanced technology, and the lowest comprehensive cost advantage [5] - The transition from low-end to high-end pea protein production is planned without significant difficulties due to the company's mastery of core extraction technology [4]