Shuangta Food (002481) First Coverage Report: Revolution and Lead in the Blue Ocean of Pea Protein Derived Strong Added Value Artificial Meat

Substitute protein is the general trend. The clear development direction of the artificial meat industry has led to the shrinking of farming and animal husbandry. The economic development has accelerated the demand for protein transfer, the spread of alternative animal epidemics and the pressure of environmental protection organizations. The market for meat substitutes will usher in high speed.development of.

“Artificial meat” is a big concept, which is a general term for the existing four types of alternative proteins. Plant meat has low overall cost, strong safety, easy digestion, and small substitution for animal welfare and the environment. Therefore, in a large number of applications, the future may beIt is a subdivided field of accelerated development in the concept of artificial meat.

Pea protein is the main raw material of plant-based artificial meat. The diversity of artificial meat products in the future will place higher requirements on the technical level of protein extraction from peas.

Shuangta Food has always been deeply cultivated in the field of pea protein, and has accumulated rich experience in the storage of pea raw materials and the research and development of pea protein extraction.

Shuangta Food has accumulated complete pea protein production technology due to the fan business, attracting global attention. Pea protein is an accessory in the processing of fans. Shuangta Food is the largest fan production company in China. It has always strictly controlled the product quality, and the traditional fan business is stable.development of.
With the rebound in revenue and the expansion of new channels, the city’s share has increased.

The company has initially established the Longkou Fan Research Institute in the industry, and has the only “nationally recognized laboratory” in the fan industry.

The company takes advanced processing of pea beans as a breakthrough through leading technology, reorganizing pea beans protein, additive fiber and other products.

In 2018, pea edible protein revenue was 5.

10,000 yuan, an increase of 70 in ten years.

62%, the scale of revenue exceeded fans for the first time, accounting for 21% of revenue.

32%, becoming the company’s main source of profit, is an important strategic reserve of the company.

The exchange of international artificial meat faucets beyond meat and twin tower foods confirmed the company’s layout in 深圳桑拿网 the international pea protein industry, and recognized the company’s pea protein quality and world-leading technology.

The scientific and technological achievements have reached the “1 + 10” circular economy model, and channel collaboration has helped downstream expansion companies invest heavily in scientific and technological research and development, pioneering the transformation into a “1 + 10” production model in the industry, driving enterprises to achieve production from a single fan,Transformation of the entire industrialization chain.

In May 2019, the Twin Towers Food 10 Deep Peel Bean Deep Processing Project officially started construction. The protein purity will reach more than 88%, and the functional protein types will be divided to provide protein products with different performance and characteristics for 武汉夜网论坛 different fields.The market needs of different customers have achieved historic breakthroughs.

In 2019, the company tried to launch pea protein meat mooncakes through in-depth research and development, tested the artificial meat field for the first time, and transformed continuous investment in research and development. We expect that the twin towers will make greater breakthroughs in the artificial meat field and extend the industrial chain.At the same time, the synergy of channels can be used to expand the exploration of multiple types of artificial meat and provide a strong and sustainable profit growth point for the company’s future development.

Earnings forecast: The company is expected to realize revenue 24 in 2019-2021.

02/28.

46/38.

250,000 yuan, an increase of 0 in ten years.

95% / 18.

48% / 34.

4%, achieving a net profit of 2.

16/3.

92/6.

840,000 yuan, an increase of 135 in ten years.

55% / 81.

19% / 74.

45%, EPS are 0.

17/0.

32/0.

55 yuan.

Covered for the first time, giving the company an estimated 35 times in 2020 with a target price of 11.

2 yuan, give the company a “buy” rating.

Risk warning: food safety risks; raw material price fluctuation risks; protein sales are less than expected