双塔食品(002481) - 双塔食品调研活动信息

Group 1: Company Overview - Yantai Shuangta Food Co., Ltd. is listed with the stock code 002481 and is known as Shuangta Food [1] Group 2: Investor Relations Activity - The investor relations activity was categorized as a specific object survey, conducted via a telephone conference on August 26, 2020 [2] - Participants included representatives from Taiwan Unified Securities, Taiwan Unified Investment Consulting, and Taiwan Fubon Life Insurance [2] Group 3: Product Differentiation - The company differentiates its high-end protein products, which are used in protein powders, solid beverages, and plant-based meat, from low-end proteins primarily sold to high-performance fish feed clients and premium pet food companies [2][3] - The company plans to expand its plant-based meat offerings, leveraging existing retail, restaurant, and e-commerce channels [3] Group 4: Raw Material Procurement - The company has increased its pea raw material storage from 3 months to over 6 months of production needs due to pandemic-related risks [3] - Current pea raw materials are primarily imported from Canada and France, with plans to diversify sourcing as markets in Russia and Turkey open up [3] Group 5: Market Position and Capacity - The company's pea protein business contributes significantly to its operations, currently holding a market share of 30%-40%, with plans to increase this to 50%-60% [3][4] - The global pea protein production capacity is limited, and the company aims to enhance its market position through product development and capacity expansion [4] Group 6: Technology and Competitive Advantage - The company possesses advanced extraction technologies for pea protein, including acid slurry, dry, and new dry methods, with the new dry method being proprietary and addressing common taste issues [4][5] - The company operates a circular economy model, producing over 10 products from a single pea, which is unique in the industry and allows for a cost reduction of approximately 30% compared to competitors [5] - The company is the largest producer of pea protein globally, with an annual capacity of about 70,000 tons, accounting for approximately 40% of the global market [4][5]