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2026-2027年安琪酵母预计新增产能估算
2026-2027年安琪酵母预计新增产能估算
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所属报告:
安琪酵母(600298)-A股公司研究报告:全球化破局周期性降本-260227(37页).pdf
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相关数据
图8、2021-2025年安费诺分板块营收(亿美元)
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行业数据
2026-07-20
原图定位
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图9、2021-2025年安费诺分板块营收占比
fCDlubTku70gfCDpgJrkv6Hop6PlhrPmlrnmoYggfCDmgbbliqPnjq/looPop6PlhrPmlrnmoYggfCDkupLov57kuI7kvKDmhJ/ns7vnu58gfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjEgfCA0NC40MyUgICAgICAgfCAyNS4zMCUgICAgICAgICAgIHwgMzAuMjclICAgICAgICAgfAp8IDIwMjIgfCA0NC43OCUgICAgICAgfCAyNC42MSUgICAgICAgICAgIHwgMzAuNjAlICAgICAgICAgfAp8IDIwMjMgfCAzOS4xMyUgICAgICAgfCAyOC4xMiUgICAgICAgICAgIHwgMzIuNzQlICAgICAgICAgfAp8IDIwMjQgfCA0MS41NCUgICAgICAgfCAyOS4wMiUgICAgICAgICAgIHwgMjkuNDQlICAgICAgICAgfAp8IDIwMjUgfCA1Mi4yMCUgICAgICAgfCAyNS40NyUgICAgICAgICAgIHwgMjIuMzMlICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5YWs5Y+45YWs5ZGK77yM5YW05Lia6K+B5Yi457uP5rWO5LiO6YeR6J6N56CU56m26Zmi5pW055CG
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行业数据
2026-07-20
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表2、安费诺三大业务板块(截至2025年)项目通信解决方案恶劣环境解决方案互连和传感器系统
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行业数据
2026-07-20
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表1、2025年安费诺开始或完成的并购项
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行业数据
2026-07-20
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图3、2025年安费诺各地区销售占比情况个)(截至2026年7月)
KioyMDI15bm05a6J6LS56K+65ZCE5Zyw5Yy66ZSA5ZSu5Y2g5q+U5oOF5Ya1KioKCnwg5Zyw5Yy6IHwg6ZSA5ZSu5Y2g5q+UIHwKfDotLS0tOnw6LS0tLS0tLS06fAp8IOS6mua0siB8IDQyJSB8Cnwg5YyX576OIHwgNDElIHwKfCDmrKfmtLIgfCAxNSUgfAp8IOWFtuS7liB8IDIlIHwKCioq6LWE5paZ5p2l5rqQ77yaKiog5a6J6LS56K+6MjAyNuW5tOaKleWFs+adkOaWme+8jOWFtOS4muivgeWIuOe7j+a1juS4jumHkQ==
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2026-07-20
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图12、2021-2025年安费诺分领域营收(亿美元)
5Lul5LiL5piv5Zu+54mH5Lit5o+Q5Y+W55qEMjAyMS0yMDI15bm05a6J6LS56K+65YiG6aKG5Z+f6JCl5pS25pWw5o2u77yaCgojIyMgMjAyMS0yMDI15bm05a6J6LS56K+65YiG6aKG5Z+f6JCl5pS277yI5Lq/576O5YWD77yJCgp8IOS4muWKoemihuWfnyB8IDIwMjHlubQgfCAyMDIy5bm0IHwgMjAyM+W5tCB8IDIwMjTlubQgfCAyMDI15bm0IHwKfDotLS0tLS0tLTp8Oi0tLS0tLTp8Oi0tLS0tLTp8Oi0tLS0tLTp8Oi0tLS0tLTp8Oi0tLS0tLTp8CnwgKirmsb3ovaYqKiB8IDIxLjAgfCAyNi4wIHwgMjguNSB8IDMwLjAgfCAzNC4wIHwKfCAqKuWVhueUqOiIquepuuiIquWkqSoqIHwgMi4wIHwgMy41IHwgNC41IHwgOC41IHwgMTEuMCB8CnwgKirpgJrkv6HnvZHnu5wqKiB8IDkuNzkgfCAxMi42MiB8IDEwLjA0IHwgOS4xMyB8IDIzLjA5IHwKfCAqKumYsuWKoSoqIHwgMTEuNSB8IDExLjAgfCAxMy4yIHwgMTYuMCB8IDE5LjUgfAp8ICoq5bel5LiaKiogfCAyMi44NCB8IDI2LjUxIHwgMjMuODUgfCAzNi4wIHwgNDMuNSB8CnwgKipJVOWPiuaVsOaNrumAmuS/oSoqIHwgMjIuMCB8IDI1LjUgfCAyMy4yIHwgMzYuNTMgfCA4My4xNCB8CnwgKirnp7vliqjorr7lpIcqKiB8IDEyLjUgfCAxMy4wIHwgMTEuOCB8IDEzLjAgfCAxMy4wIHwKCj4gKirms6gqKu+8muihqOS4reWKoOeyl+aVsOWtl+S4uuWbvuihqOS4reaYjuehruagh+azqOeahOaVsOWAvO+8m+mdnuWKoOeyl+aVsOWtl+S4uuagueaNruafseeKtuWbvuavlOS+i+S8sOeul+eahOi/keS8vOWAvO+8iOS/neeVmeS4gOS9jeWwj+aVsO+8ieOAggoKLS0tCgoqKui1hOaWmeadpea6kCoq77ya5YWs5Y+45YWs5ZGK77yM5YW05Lia6K+B5Yi457uP5rWO5LiO6YeR6J6N56CU56m26Zmi5pW055CG
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行业数据
2026-07-20
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图11、2021-2025年安费诺分板块营业利润率
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行业数据
2026-07-20
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安联报告显示2024年以来中国股市表现强劲(截至2025年7月31日)
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2026-04-27
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数据来源:安联贸易2026年全球调查报告
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行业数据
2026-04-22
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安琪酵母2025年盈利改善
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行业数据
2026-04-08
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2025年Mintegral在游戏类App安卓端的实力排名和体量排名均进入
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行业数据
2026-03-31
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图6-22020-2025年安井食品预制菜业务收入及毛利率 (单位:亿元)
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自研数据
2026-03-04
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荷兰安世半导体单方面决定自2025年10月26日起停止向ATGD供应晶圆
fCDkuLvkvZMgICAgICAgICB8IOihjOS4uiAgICAgICAgICAgICAgICAgICAgIHwg5pe26Ze0ICAgICAgICAgICAgICAgfAp8LS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS18Cnwg6I235YWw5a6J5LiW5Y2K5a+85L2TIHwg5YGc5q2i5ZCRQVRHROS+m+W6lOaZtuWchiAgICAgICB8IDIwMjXlubQxMOaciDI25pel6LW3ICAgfAoK6LWE5paZ5p2l5rqQ77ya5a6J5LiW5Lit5Zu977yM6KW/6YOo6K+B5Yi456CU5Y+R5Lit5b+D
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行业数据
2026-03-02
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乐斯福、安琪、马利竞争格局
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竞争格局
2026-02-28
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2013-2025Q3安琪酵母归母/扣非净利润及增速
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2026-02-28
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的增长,海外提价与产品结构优化端预计贡献约2%的增长。具体来看:(1)海外产能扩张是增长的核心驱动。根据安琪酵母2024年年报及对外投资公告,公司计划于2026年新增产能2-3万吨 ,叠加2025年的扩建项目,预计总新增产能达3-4万吨,对应产能提升率约7%-8%。如前文所述,考虑到海外产能目前的供不应求,我们认为,这一产能扩张幅度与公司同水平的收入增长目标高度匹配。(2)价格端与新品增量提供额外弹性。在提价空间方面,国内市场因成本端糖蜜价格处于历史低位,且需考虑下游客户接受度,提价空间相对较小;相比之下,海外市场提价潜力更大,主要系竞争对手成本压力上升(如欧洲地区受俄罗斯断供影响,生产成本及糖蜜采购成本显著上涨,且受此影响,欧洲厂商转向埃及采购亦推高了埃及糖蜜售价)。在新品增量方面,公司重点聚焦酵母蛋白、农业微生物饲料、动物饲料及食品原料等细分赛道,通过精耕细作挖掘新的增长点。
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安琪酵母(600298)-A股公司研究报告:全球化破局周期性降本-260227(37页).pdf
安琪外采糖蜜需求量约55-75万吨
公司海外产能布局
乐斯福、安琪、马利竞争格局
安琪酵母、乐斯福、英联马利国内产能布局
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