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Research Reports on Investment Opportunities | Guosen: Maintain "Outperform the Market" rating for Shandong Sun Paper, with outstanding profits.
Gelonghui, January 8 | Guosen's Research Reports point out that Shandong Sun Paper (002078.SZ) is a large comprehensive papermaking industry leader, adhering to its main business for forty years, extending and expanding its business along the wood-pulp-paper Industry Chain, horizontally scaling up and vertically integrating. The main products, cultural paper, corrugated board, and dissolving pulp, account for 42.5%/24.8%/9.3% of revenue, possessing scale and brand advantages. Since 2022, the papermaking industry has been at the bottom of a cycle characterized by shrinking demand, supply shocks, and soaring commodity prices, resulting in significant fluctuations in profitability and general pressure on paper companies. The standout performer in profitability has been Shandong Sun Paper, with profit margins maintaining between 7-9% over the past three years.
Shandong Sun Paper (002078): Exceptional profitability, dancing together in cyclical growth.
A leading Papermaking company that transcends cycles. The company is a large comprehensive Papermaking leader that has steadfastly focused on its main business for forty years, expanding and extending its Business along the Industry Chain of wood, pulp, and paper. It achieves horizontal scalability and vertical integration, with main products including cultural paper, cardboard, and dissolving pulp, accounting for 4% of revenue.
Express News | Founder Securities: Pay attention to investment opportunities in the Papermaking and packaging sectors.
Xinda Securities: ND PAPER's performance in the first half of 2024 is strong, with accelerated integration of pulp and paper layout.
Cinda Securities published a research report estimating that ND PAPER (02689) will have a net income attributable to shareholders of 1.21 billion yuan, 2.11 billion yuan, and 3.54 billion yuan for the fiscal years 2025-2027. The company achieved revenues of 29.134 billion yuan in FY2024H2 (January-June 2024), which is an increase of 13.8% year-on-year, with a net income of 0.458 billion yuan (up 146.1% year-on-year). The sales volume increased by 1.6 million tons year-on-year to 9.6 million tons, and after excluding exchange gains and losses, the net profit per ton was 45 yuan (an increase of 10 yuan/ton quarter-on-quarter). Despite a slight decline in profitability in Q3 due to weak terminal demand and sluggish demand,
China International Capital Corporation Papermaking 2025 Outlook: Starting Point of Demand Recovery, End of Capacity Cycle.
Papermaking, being a cyclical commodity highly sensitive to Consumer demand, is expected to benefit from high certainty in demand by 2025, especially with the expectation of mid-single-digit year-on-year growth in the demand for packaging paper and specialty paper.
Pulp and paper stocks in A-shares are rising, with Shandong Bohui Paper Industrial hitting the limit up.
Gelonghui November 20th | shandong bohui paper industrial hit the limit up, mcc meili cloud, yueyang forest & paper, shandong huatai paper industry shareholding, shandong sun paper all rose by more than 5%. On the news front, shandong chenming paper announced that due to the downturn in the papermaking business, the company is facing a debt default of up to 2.394 billion yuan. As a result, about 71.7% of the production capacity has been forced to shut down or limit production.
