东方证券研报指出,出海加码叠加产能扩张,三全食品加速多元化增长布局。7月21日公司公告,拟投资2.8亿澳元在澳大利亚设立生产基地,正式启动海外本地化战略。出口进入壁垒较高,“在澳设厂”成为可选突破口,但需关注后续的投资回报节奏与渠道落地能力。公司太仓项目建设顺利,有望强化华东产能布局。项目投产后有望显著增强公司在华东市场的供给能力,缩短配送半径、降低物流成本。此外,公司电商团队重构完成,自营+定制产品齐发力。结合公司在电商与KA渠道的组织重构已初见成效、海外市场通过在澳设厂实现本地化布局,有望打开新增长空间,参考当前可比公司估值水平,给予公司2025年18倍PE,对应目标价11.70元,维持“买入”评级。
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