Sun Paper (002078): 18 results extend quarterly, paper prices rebound + capacity expansion to ensure moderate growth

Sun Paper (002078): 18 results extend quarterly, paper prices rebound + capacity expansion to ensure moderate growth

Sun Paper 18 Annual Report: The company’s 18-year operating income was 217.

70,000 yuan, an increase of 15 in ten years.

2%; net profit attributable to mother 22.

400 million, an increase of 10 in ten years.

5%, after deducting non-growth 8.

5%.

Single fourth quarter revenue 56.

6 trillion, an increase of 9 in ten years.

1%; net profit attributable to mother 4.

4 ‰, 32 years ago.

9%, deduction is not 36.

3%.

Revenue growth rate declined quarter by quarter: 18Q1-4 revenue growth rate was 14 respectively.

3%, 26.

8%, 12.

5%, 9.

1%, affected by paper price gains, the company’s revenue growth has continued to decline since the second half of the year.

1) The company’s main products include coated paper, offset paper, and cardboard paper prices continued to rise in the second half of the year. At present, the prices of coated paper and offset paper are about 5660 and 6120 yuan / ton, respectively, a higher point of 20-25% reduction;About 4300 yuan / ton, the higher point is offset by about 20%.

Overall, the average prices of copper plate and offset paper were 6800 yuan and 7,000 yuan / ton, respectively, an increase of 1% and 3%. The average 18-year price of boxboard paper was about 4,800 yuan / ton, which was an increase of about 3%.

A rough estimate is that the short-term company’s net profit per ton is about 650 yuan / ton, which is replaced by about 10% per ton. Among them, Q4’s single-quarter net profit is about 420 yuan / ton, which is a sequential decrease of about 15% and 50%, respectively.There is expansion and contraction.

19 In the past, major paper mills issued price increase letters one after 重庆耍耍网 another. The landing situation is good, the overlapping pulp prices have dropped, and the net profit per ton is expected to improve in 19 years. 2) The company’s paper sales volume in 1989 has increased 297.

5%, mainly contributed by new capacity.

The company’s 20 banknote special paper project (mainly high-gram heavyweight cultural paper) was successfully started on March 8. The Zoucheng 80 banknote packaging paper project put into operation the first paper machine in July, and the second paper machine entered the trial production stage in August.

In terms of pulp, the Laos 50-ton chemical waste project (technical transformation increased 20 tons of output) has been put into production in June, and wood pulp and semi-chemical pulp have been put into production in April and August respectively.

The company’s pulp and paper production capacity reached 602 at the end of the 18th.

Profit forecast and investment advice: We expect the company’s net profit to be 20 in 19-21.

100 million, 25.

500 million, 30.

600 million, an increase of -10.

3%, 26.

9%, 20%, given a 6-month target price of 10.

14 yuan, maintain “Buy-A” rating.