Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 1.92%, outperforming the market by 1.53 percentage points, with the paper sub-sector rising by 2.14%, exceeding the market by 1.76 percentage points [2][12] - The report highlights a downward trend in pulp prices, with Chilean hardwood pulp prices dropping to $560 per ton, a decrease of $70 per ton, and softwood pulp prices at $770 per ton, down by $55 per ton [4][23] - The report suggests that the industry is entering a seasonal downturn, leading to a reduction in pulp costs, and recommends leading companies in the integrated forest-pulp-paper sector such as Sun Paper (002078, Buy) [4] - The report anticipates a significant slowdown in the growth of new supply in the paper industry by 2025, with overall supply and demand expected to gradually improve [4] Summary by Sections Market Review - The light manufacturing industry index rose by 1.92% from April 21 to April 27, 2025, ranking 7th among 28 first-level industries [12] - The four major sub-sectors of light manufacturing saw varying increases, with packaging and printing leading at 4.39%, followed by cultural products at 2.78%, paper at 2.14%, and furniture at -0.28% [12][17] Industry Chain Data Tracking Raw Materials - Waste paper prices remained stable, while pulp prices and dissolving pulp prices decreased [23] - The national waste paper price (excluding tax) fell by 1 yuan per ton to 1439 yuan per ton [23] - Chilean hardwood pulp prices decreased by $70 per ton, while softwood pulp prices fell by $55 per ton [23][29] Finished Paper - Most paper prices declined, with double glue paper down by 38 yuan per ton, copper plate paper down by 14 yuan per ton, and white card paper down by 39 yuan per ton [37] - High-end corrugated paper prices remained stable, while low-end corrugated paper prices decreased by 47 yuan per ton [37][44] Profitability Levels - Profitability varied among cultural papers, with small paper companies seeing an increase of 17 yuan per ton in double glue paper, while large companies experienced a decrease of 41 yuan per ton [46] - The profitability of white card paper decreased by 17-39 yuan per ton compared to the previous week [49] Production and Inventory - The cumulative production of mechanical paper and paperboard from January to March 2025 was 38.19 million tons, a year-on-year increase of 3.8% [55] - The inventory of finished products in the paper and paper products industry was estimated at 732 billion yuan [22]

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 1.92%, outperforming the market by 1.53 percentage points, with the paper sub-sector rising by 2.14%, surpassing the market by 1.76 percentage points [2][12] - The report highlights a downward trend in pulp prices, with Chilean hardwood pulp prices dropping by $70 per ton and softwood pulp prices decreasing by $55 per ton [4][23] - The report recommends leading companies in the integrated forest-pulp-paper industry, such as Sun Paper (002078, Buy), and suggests focusing on specialty paper leaders like Xianhe Shares (603733, Buy) and high-end decorative paper leader Huawang Technology (605377, Buy) [4] Summary by Sections 1. Market Review (2025/04/21-2025/04/27) - The light manufacturing industry index rose by 1.92%, with the paper sub-sector increasing by 2.14%, ranking 7th among 28 first-level industries [12][2] - The four major sub-sectors of light manufacturing ranked by growth are packaging and printing, cultural products, paper, and furniture, with respective increases of 4.39%, 2.78%, 2.14%, and a decrease of 0.28% [12][2] 2. Industry Chain Data Tracking: Pulp and Paper Prices Decline 2.1 Raw Materials - Domestic waste paper prices remained stable, while pulp prices fell; hardwood pulp prices decreased by 112 RMB per ton, and softwood pulp prices fell by 40 RMB per ton [9][23] - The report notes a total of 1.79 million tons of pulp inventory at two major Chinese ports, a decrease of 10.9% [24][31] 2.2 Finished Paper - The average market price for various paper products fell, with double glue paper down by 38 RMB per ton, copper plate paper down by 14 RMB per ton, and white card paper down by 39 RMB per ton [37][40][42] 2.3 Profitability Levels - Profitability varied among cultural papers, with small paper companies seeing an increase of 17 RMB per ton, while large companies experienced a decrease of 41 RMB per ton [46][47] - The profitability of waste paper products also declined, with decreases ranging from 9 to 44 RMB per ton [53] 2.4 Mechanism Paper and Board Production - The cumulative production of mechanism paper and board in the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [55] - The report indicates a decrease in imports of paper and board by 8.2% year-on-year, while exports increased by 10.7% [55]

Industry Overview - The corrugated box industry is a significant part of the packaging sector, known for its protective performance, convenient processing characteristics, and environmental advantages, widely used in food, beverage, electronics, and logistics [1][16] - China's corrugated box production has shown fluctuations, with a decline from 34.44 million tons in 2021 to 28.63 million tons in 2023, primarily due to severe inventory backlog, slow market demand recovery, and insufficient end-user demand [1][16] - Despite an increase in express delivery volumes, policies promoting reduction, standardization, and recycling of packaging have hindered effective growth in express packaging [1][16] - Production is expected to grow by 2025 as market demand recovers [1][16] Industry Chain - The upstream of the corrugated packaging industry includes paper mills providing raw materials, with fluctuations in raw paper prices significantly impacting costs and profits for corrugated product manufacturers [8] - The midstream involves the manufacturing and packaging of corrugated paper products, while the downstream includes major application markets such as food, electronics, beverages, and express delivery [8] Market Size and Growth - In 2023, China's packaging market size reached 1,153.91 billion yuan, with the paper and board container segment accounting for 268.26 billion yuan, highlighting its importance in the packaging market [14] - The corrugated packaging industry is expected to benefit from the overall growth in the paper and board production sector, which is projected to reach 15.85 million tons in 2024, a year-on-year increase of 8.6% [10] Competitive Landscape - The industry is witnessing the emergence of large-scale enterprises with advanced production technologies and economies of scale, enhancing their market competitiveness [18] - Key players in the industry include Forest Packaging Group, Xiamen Hexing Packaging, Meiyingsen Group, Shanghai Xintonglian Packaging, and Shenzhen Yutong Packaging, which are expanding their market presence through strategic growth initiatives [18][19] Development Trends - The industry is moving towards green packaging, focusing on using recycled paper to reduce reliance on new wood and lower carbon emissions [23] - Smart technologies, including IoT and AI, are being integrated into corrugated packaging to enhance product tracking, anti-counterfeiting, and data collection, improving production efficiency [24] - There is a growing demand for personalized packaging solutions, driven by advancements in digital printing technology, allowing for customized designs and small-batch production [26]

Group 1 - The stock price of Shanying International (600567) closed at 1.63 yuan on April 18, 2025, with no change, a turnover rate of 0.69%, a trading volume of 374,800 shares, and a transaction amount of 60.99 million yuan [1] - On April 18, the net outflow of main funds was 6.9484 million yuan, accounting for 11.39% of the total transaction amount [8][9] - Retail investors showed a net inflow of 3.8451 million yuan, representing 6.3% of the total transaction amount [9] Group 2 - The company has established recycling pulp production capacity in Thailand to ensure stable raw material supply and is expanding its packaging business in Southeast Asia, particularly in Thailand and Vietnam [3] - The company has not disclosed any plans for cross-border mergers and acquisitions or restructuring of major shareholder's paper assets to avoid competition and related transactions [2][4][5][6][7]

Group 1 - The core viewpoint of the articles highlights that Shanying International's stock closed at 1.63 yuan, down 1.21%, with a rolling PE ratio of 26.14 times and a total market value of 8.918 billion yuan [1] - The average PE ratio for the paper printing industry is 31.60 times, with a median of 29.59 times, placing Shanying International at the 20th position in the industry ranking [1] - As of September 30, 2024, Shanying International had 167,169 shareholders, a decrease of 222 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Shanying International's main business includes the production and sales of boxboard paper, corrugated paper, specialty paper, cardboard, and paper packaging products, as well as domestic and international fiber recycling trade [1] - The company's products, branded as "Shanying," are widely used in consumer electronics, home appliances, chemicals, light industry, and other consumer and industrial sectors [1] - The packaging segment of the company is strategically located in economically developed areas along rivers and coasts, close to major industry clients, with an annual production capacity exceeding 1.4 billion square meters, ranking second in China [1] Group 3 - The latest financial results for the third quarter of 2024 show that the company achieved an operating income of 21.602 billion yuan, a year-on-year increase of 1.36%, and a net profit of 68.5146 million yuan, a year-on-year increase of 158.86%, with a sales gross margin of 7.75% [1]

山鹰国际控股股份公司 关于提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 | 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2025-026 | | --- | --- | --- | --- | --- | | 债券简称：鹰 19 | 转债 | 债券代码：110063 | | | （一）本次担保事项履行的内部决策程序 为满足山鹰国际控股股份公司（以下简称"公司"）合并报表范围内子公司 的日常生产经营及业务发展需要，公司于 2024 年 4 月 22 日召开第九届董事会第 七次会议及第九届监事会第三次会议，于 2024 年 6 月 6 日召开 2023 年年度股东 大会，审议通过《关于 2024 年度担保计划的议案》，同意 2024 年度公司及合并 报表范围内子公司预计对外担保额度不超过人民币 3,050,000 万元。其中，为山 鹰纸业销售有限公司（以下简称"山鹰纸业销售"）提供总额不超过人民币 90,000 万元的担保额度。常州祥恒系资产负债 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 根据公司业绩预告，2024年公司预计实现归母净利润-3.5~-3.9亿元，其中4Q2024预计实现归母净利 润-4.2~-4.6亿元，同比由盈转亏。根据卓创资讯数据，1Q/2Q/3Q/4Q2024箱板纸吨均价分别为 3833/3656/3620/3660元，同比-429/-290/-129/-183元，瓦楞纸吨均价分别为2855/2645/2609/2746元，同 比-271/-202/-155/-181元，废黄板纸吨均价为1515/1439/1467/1530元，同比-153/-143/-56/-46元。2024年箱 板瓦楞纸市场价格下跌，同时公司为应对"山鹰转债"顺利到期兑付，阶段性经营策略转向保障"流动性安 全 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to incur losses in 2024, with a projected net profit of -3.5 to -3.9 billion RMB, marking a significant downturn from previous earnings [2]. - The company is focusing on its core business and enhancing its risk resistance by divesting non-paper assets and some overseas operations, which is gradually improving its debt repayment capacity [3]. - The company holds the second-largest packaging capacity in China, with over 8 million tons of existing capacity, and is currently trading at a low price-to-book ratio of 0.6 [4]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue of 30.645 billion RMB, with a growth rate of 4.47% compared to 2023 [5]. - The projected net profit for 2024 is -368 million RMB, with an EPS of -0.07 RMB [5][10]. - The company’s revenue for 2022 was 34.014 billion RMB, which decreased to 29.333 billion RMB in 2023 [10]. Debt and Asset Management - The company has successfully transferred its Nordic paper assets for 1.611 billion SEK (approximately 1.063 billion RMB) and is planning to transfer 51% of its subsidiary's equity to optimize its asset structure [3]. - The debt-to-asset ratio has improved from 71.37% in Q1 2024 to 69.49% in Q3 2024, indicating a gradual release of debt pressure [3]. Market Conditions - The report highlights a decline in paper prices, with boxboard prices expected to drop by 429 RMB per ton in Q1 2024 compared to the previous year [2]. - The company is adjusting its operational strategy to ensure liquidity safety in response to the upcoming maturity of its convertible bonds [2].

Core Viewpoint - The announcement details the completion of the shareholding increase plan by the controlling shareholder and actual controller of Shanying International Holdings Co., Ltd., highlighting the increase in shareholding and the financial commitment involved [2][11]. Group 1: Shareholding Increase Plan - The controlling shareholder, Fujian Taisheng Industrial Co., Ltd., and actual controller, Mr. Wu Mingwu, planned to increase their shareholding from March 24, 2025, to April 16, 2025, with a total investment of 109.1563 million RMB [2][4]. - The actual controller has cumulatively increased his shareholding by 62,151,200 shares, representing 1.14% of the total share capital, with an investment amount of 109.1603 million RMB (excluding transaction fees) [2][11]. Group 2: Shareholding Structure - Prior to the increase, Fujian Taisheng Industrial and its concerted actions held a total of 1,573,971,965 shares, accounting for 28.77% of the total share capital [3]. - After the completion of the increase, Fujian Taisheng Industrial holds 1,341,572,672 shares (24.52%), while Mr. Wu Mingwu holds 107,880,802 shares (1.97%), leading to a combined holding of 1,636,123,165 shares (29.90%) by the controlling shareholder and concerted actions [11]. Group 3: Compliance and Regulations - The shareholding increase complies with relevant laws and regulations, and does not trigger a mandatory tender offer, ensuring that the controlling shareholder and actual controller remain unchanged [12]. - The actual controller has not reduced his shareholding during the implementation period of the increase plan [13].

Core Viewpoint - Wu Mingwu, the chairman and general manager of Shanying International, increased his shareholding in the company through the Shanghai-Hong Kong Stock Connect, acquiring 10.51 million shares at an average price of 1.79 yuan, totaling 18.81 million yuan, bringing his total holdings to 107.88 million shares [1][2]. Company Overview - Shanying International's main business includes investments and management in manufacturing, resources, high-tech, circulation, and service sectors, as well as trade agency, import and export business, and various paper products manufacturing [1]. - As of June 30, 2024, the company's revenue breakdown is as follows: boxboard revenue is 5.286 billion yuan (37.08%), paper products revenue is 3.292 billion yuan (23.10%), corrugated paper revenue is 2.216 billion yuan (15.55%), other raw paper revenue is 2.052 billion yuan (14.40%), recycled fiber revenue is 1.015 billion yuan (7.12%), and other income is 244 million yuan (1.71%) [1]. Shareholding Changes - On April 3, 2025, Wu Mingwu increased his holdings by 10.51 million shares at an average price of 1.79 yuan, resulting in a total holding of 107.88 million shares [2]. - Prior to this, on March 25, 2025, he sold 24.19 million shares at an average price of 1.81 yuan, and on March 24, 2025, he sold 27.44 million shares at an average price of 1.69 yuan [2]. - As of the latest closing, Shanying International's total market capitalization is 8.809 billion yuan [2].