Investment Rating - The report assigns a "Hold" rating for the company [5] Core Insights - The company is a leader in the konjac powder industry, with its products including konjac hydrophilic colloids, konjac foods, and konjac beauty products. The main profit contributor is konjac purified micro powder [5][15] - The company has established a solid procurement network for konjac raw materials across major production areas in China, ensuring supply chain reliability [31] - The konjac food segment is experiencing a rising revenue share and gross margin, while the revenue share of konjac powder is declining [5][21] - The company exports its konjac powder products to over 40 countries and regions, with a focus on B-end customers [33] Company Overview - The company was founded in 2007 and listed on the Beijing Stock Exchange in 2023 [13] - The main business includes deep processing of konjac and related product development, production, and sales [5][15] - The company has a strong R&D capability and is transitioning from a raw material manufacturer to an application service provider [17] Financial Forecast - The company expects revenue growth rates of 17.28%, 19.30%, and 19.45% for 2024, 2025, and 2026, respectively, with net profit growth rates of 56.37%, 21.73%, and 24.69% for the same years [5][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.12, 1.36, and 1.70 yuan, respectively [4] Industry Overview - The market for spicy snack vegetables in China is expected to grow significantly, with a projected CAGR of 17.2% from 2021 to 2026 [51] - The konjac gel, as a food additive, is gaining popularity due to its health benefits, including weight management and blood sugar regulation [51]
一致魔芋：魔芋粉行业领军者，魔芋食品成为第二增长曲线-20250219