Core viewpointsFierce34000Sun Paper publishes its 24-year quarterly report. The company achieved revenue of 101 in the first quarter of 24.Fierce34000.8.5 billion yuan, year-on-year + 3Fierce34000.87%; realized net profit of 956 million, + 69.04% compared with the same period last year, and + 0.74% compared with the previous year. The company's profit end has achieved positive growth compared with the same period last year and month-on-month. At present, the paper industry is still facing some pressure, and Sun Paper is expected to continue to open the competitive gap with small enterprises and expand its leading advantage. The advantage of forest-pulp-paper integration has been gradually expanded. In the first quarter of 24, the company's gross profit margin reached 17.99%, year-on-year + 4.48pct, month-on-month + 0.87pct, gross margin improvement trend is expected to continue. According to the release of Sun PaperFierce34000According to the 23-year ESG report, since the company started the forest-pulp-paper integration project in Laos in 2008, the company has planted 60000 hectares of woodland in 23 years, and the total pulp and paper output is about 1.38 million tons, + 10% of the same period last year. With the acceleration of planting in Laos, it is expected that the cutting efficiency will be further improved, the cost reduction and peak season price increase can be transmitted, and the company's gross profit margin is expected to continue to improve. The expansion of new projects will be accelerated. According to the company's quarterly report for 24 years, the company plans two phases of Nanning household paper project, with a total production capacity of 300000 tons, with four household paper production lines built in each phase, and the first phase is expected to be put into production in the fourth quarter of 24. In addition, the second phase of Nanning forest-pulp-paper integration project is expected to build a production line with an annual output of 400000 tons of special paper, 350000 tons of bleached chemical wood pulp and 150000 tons of mechanical wood pulp, with a total investment of no more than 7 billion yuan. The project is expected to continuously optimize the company's product structure and effectively expand the company's sales channels in the southern market. Profit forecast and investment advice. The company's three major bases in Laos, Shandong and Nanning continue to cooperate, and are optimistic about the transmission of price increases in the peak season in the short term and the stability of woodland planting in Laos in order to continuously enlarge the advantages of forest-pulp-paper integration of the company. It is estimated that the EPS for 24-26 years will be 1.3Accord1.6 12xPE per share, with reference to the industry comparable company to give the company a reasonable valuation of 24-year CPG, corresponding to a reasonable value of 16.0RMB per share, maintaining a "buy" rating. Risk hint. Raw material prices fluctuate, project production falls short of expectations, and demand at home and abroad declines. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.