请务必阅读正文后的重要声明部分 1 在建产能充足，产线效率持续改善。产能方面，公司年产 45万吨高档信息纸机 不断突破瓶颈，实现产能稳步爬坡；江苏基地 80万吨高档特种纸板扩建项目积 极推进，建成后将形成全木浆零塑纸杯原纸、高端社会卡纸和高档烟卡纸等高 附加值品类产能，该项目将为江苏基地规模扩大和生产力提升提供有力支撑， 在成本领先基础上，更好服务华东及海外客户的多元化需求；山东基地将推动 液包、食品卡、高档办公用纸、淋膜纸等差异化产品的持续产量爬坡，同时开 [Table_Author] 分析师：蔡欣 执业证号：S1250517080002 电话：023-67511807 邮箱：cxin@swsc.com.cn 分析师：赵兰亭 执业证号：S1250522080002 电话：023-67511807 邮箱：zhlt@swsc.com.cn 发涂布牛卡、本色纸杯纸、不打水不电晕高档纸杯纸等新型纸品，随着公司新 品产能释放，产线效率进一步提升，公司产品结构有望进一步优化。 | --- | --- | --- | --- | --- | |----------------------------------|---- ...

丨证券研究报告丨 | --- | --- | |--------------------------------------|-------| | | | | | | | 亿元，同比 +2%/-20%/-45% ； | | | 2024Q1 实现 43.98/1.01/0.95 亿 | | | | | [Table_Author] 蔡方羿 仲敏丽 赵智勇 SFC：BRP550 博汇纸业（600966.SH） cjzqdt11111 [Table_Title 博汇纸业 2023A&2024Q1 2] 点评： 销量稳健增长，行业需求承压待修复 公司营收/归母净利润/扣非净利润 2023 年实现 186.93/1.82/1.21 亿元，同比+2%/-20%/-45%； 2023Q4 实现 50.15/2.75/3.32 亿元，同比+11%/扭亏/扭亏；2024Q1 实现 43.98/1.01/0.95 亿 元，同比+6%/扭亏/扭亏。 ⚫ 2023A：收入层面，销量增长带动收入增长，纸价同比下降，文化纸因新产能释放销量同 比高增，白纸板依靠纸机提速和市场开拓实现产销量稳定增长；利润层面，2023 年公司 单季度净利 ...

本报告的信息均来源于本公司认为可信的公开资料，但本公司及其研究人员对该等信息的准确性及完整性不作任何保证。 本报告中的资料、意见及预测仅反映本公司于发布本报告当日的判断，可能会随时调整。在不同时期，本公司可发出与本 报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，对本报告所含信息可在 不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。 博汇纸业（600966.SH） 证券研究报告 | 年报点评报告 聚焦优势产品研发，推进产业链上下游延伸 供需压力仍存、成本压力提升，盈利环比承压。2023 年公司白板纸/文化纸/箱板 纸收入分别为 119.41 亿元/42.45 亿元/18.32 亿元（分别同比-8.9%/+105.9%/- 11.2%），吨毛利分别为 466/633/178 元（分别同比-41.1%/+51.1%/+62.4%）。 根据卓创资讯，2023Q4/2024Q1 内盘针叶浆价格环比+7.2%/-2.0%、阔叶浆价格 环比+24.0%/-2.3%，纸浆逐步进入提价通道。需求端，白卡纸需求分化，整体逐 步恢复，但供给压力仍存，根据卓创资讯，2023Q4 ...

评级说明 民生证券研究院： 分析师承诺 免责声明 北京：北京市东城区建国门内大街 28 号民生金融中心 A 座 18 层； 100005 深圳：广东省深圳市福田区益田路 6001 号太平金融大厦 32 层 05 单元； 518026 [盈利预测与财务指标 Table_Forcast] 推荐 维持评级 当前价格： 5.76 元 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|----------|---------------|------------------------------------| | 投资建议评级标准 | | 评级 \n推荐 | 说明 \n相对基准指数涨幅 15% 以上 | | 以报告发布日后的 12 个月内公司股价（或行业 | | 谨慎推荐 | 相对基准指数涨幅 5%～15% 之间 | | 指数）相对同期基准指数的涨跌幅为基准。其 | 公司评级 | 中性 | 相对基准指数涨幅 -5%～5% 之间 | | ...

第一季度财务报表是否经审计 □是 √否 证券代码：600966 证券简称：博汇纸业 山东博汇纸业股份有限公司 2024 年第一季度报告（修订版） 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2024 年第一季度报告 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 11 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期 增减变动幅度(%) 营业收入 4,398,343,825.09 5.69 归属于上市公司股东的净利润 100,528,281.66 不适用 归属于上市公司股东的扣除非经常性损益的净 利润 94,746,182.49 不适用 经营活动产生的现金流量净额 450,150,472.07 185.61 基本每股收益（元/股） 0. ...

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: 截至本公告日，控股股东山东博汇集团有限公司（以下简称"博汇集团"） 及其一致行动人金光纸业（中国）投资有限公司、宁波亚洲纸管纸箱有限公司持有 公司股份数量为 652,871,937 股，占公司总股本的 48.84%。本次质押展期后，博汇 集团及其一致行动人累计质押数量为 409,756,958 股，占其持有公司股份数的 62.76%，占公司总股本的 30.65%，剩余未质押股份数量为 243,114,979 股，均为无 限售流通股。 山东博汇纸业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 4 月 30 日接到博汇集团通知，获悉其所持有本公司的部分股份质押展期，具体事项如 下： 一、上市公司股份质押展期情况 证券代码：600966 证券简称：博汇纸业 编号：临 2024-016 山东博汇纸业股份有限公司 关于控股股东部分股份质押展期的公告 | | 是否 | | 是否 | 是否 | | | | | | | | | | | 占其所 | 占公 | 质押 ...

2024 年第一季度报告 证券代码：600966 证券简称：博汇纸业 山东博汇纸业股份有限公司 2024 年第一季度报告（修订版） 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 11 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期 增减变动幅度(%) 营业收入 4,398,343,825.09 5.69 归属于上市公司股东的净利润 100,528,281.66 不适用 归属于上市公司股东的扣除非经常性损益的净 利润 94,746,182.49 不适用 经营活动产生的现金流量净额 450,150,472.07 185.61 基本每股收益（元/股） 0. ...

| 前 10 | 名无限售条件股东持股情况 | | | | --- | --- | --- | --- | | 股东名称 | 持有无限售条件 | 股份种类及数量 | | | 流通股的数量 | | 股份种类 | 数量 | | 山东博汇集团有限公司 | 385,496,958 | 人民币普通股 | 385,496,958 | | 宁波亚洲纸管纸箱有限公司 | 267,368,879 | 人民币普通股 | 267,368,879 | | 香港中央结算有限公司 | 10,703,038 | 人民币普通股 | 10,703,038 | | 招商银行股份有限公司－万家中证 1000 | 9,079,026 | 人民币普通股 | 9,079,026 | | 指数增强型发起式证券投资基金 | | | | | 姚志刚 | 8,900,993 | 人民币普通股 | 8,900,993 | | 汇胜集团股份有限公司 | 8,400,000 | 人民币普通股 | 8,400,000 | | 中国银行股份有限公司－博道嘉丰混合 | 5,773,100 | 人民币普通股 | 5,773,100 | | 型证券投资基金 | | | | | ...

Financial Performance - The company reported a total distributable profit of RMB 1,648,826,813.87 as of December 31, 2023[5]. - The proposed cash dividend is RMB 0.2941 per share (including tax), amounting to a total of RMB 36,374,707.59 based on the adjusted share count[5]. - The cash dividend represents 20% of the net profit attributable to shareholders for the year 2023[5]. - The company's operating revenue for 2023 was CNY 18.69 billion, a 1.80% increase compared to CNY 18.36 billion in 2022[25]. - The net profit attributable to shareholders decreased by 20.27% to CNY 181.83 million from CNY 228.07 million in 2022[25]. - The basic earnings per share for 2023 was CNY 0.1470, down 16.81% from CNY 0.1767 in 2022[26]. - The net cash flow from operating activities increased significantly to CNY 2.12 billion, a 1,077.36% increase from CNY 179.94 million in 2022[25]. - The total assets at the end of 2023 were CNY 22.18 billion, a decrease of 2.65% from CNY 22.78 billion at the end of 2022[25]. - The operating cost increased by 2.75% to 16,668.29 million yuan, with significant increases in sales expenses (up 44.09%) and financial expenses (up 39.24%)[59]. - The gross profit margin for the paper industry was 10.84%, a decrease of 0.80 percentage points compared to the previous year[61]. Corporate Governance - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants[4]. - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[9]. - The total compensation for the board members and senior management during the reporting period amounted to 10.3284 million yuan[111]. - Liu Jichun, the General Manager, received a pre-tax compensation of 1.0521 million yuan[109]. - Wei Tongqiu, the Chief Financial Officer, received a pre-tax compensation of 1.1701 million yuan[109]. - The company has appointed new directors and management with terms starting from October 27, 2023, to October 26, 2026[109]. - The company has not reported any shareholding changes among the current directors during the reporting period[109]. - The company has a comprehensive evaluation system for determining the remuneration standards for its directors and senior management[116]. - The company has not faced any penalties from securities regulatory agencies in the past three years[118]. Risk Management - The company has outlined potential risks in its future development strategies in the management discussion section[10]. - The company faces business operation risks due to reliance on international markets for raw materials, which may impact production costs and overall performance[97]. - The company is exposed to exchange rate risks due to reliance on imported key equipment and raw materials, as well as international sales, which may affect profitability[99]. - The company faces policy risks as the paper industry is influenced by national policies promoting energy conservation and emission reduction, which may lead to operational uncertainties[98]. - The domestic paper industry is experiencing intensified competition, which could result in rising raw material costs and declining product prices, negatively impacting the company's performance[98]. Sustainability and ESG Initiatives - The company aims to enhance quality and efficiency while integrating ESG principles into daily management to create value for customers[36]. - The company is committed to achieving "carbon peak and carbon neutrality" goals and is actively working on carbon-neutral product applications[51]. - The company has implemented energy-saving projects to reduce consumption rates of water, electricity, and steam, contributing to its sustainability goals[43]. - The company is focusing on technological innovation and green low-carbon initiatives to drive high-quality development[35]. - The company has published its 2023 Environmental, Social, and Governance (ESG) report, detailing its sustainability efforts and social responsibility initiatives[160]. - The company has invested in advanced pollution control facilities, including a black liquor recovery boiler with a daily processing capacity of 910 tons and a wastewater treatment system capable of handling 100,000 cubic meters per day[148]. - The company has established a dual-carbon management committee to oversee carbon reduction strategies, with a focus on energy efficiency and the use of clean energy sources[158]. - The company has committed to reducing carbon emissions through various measures, including the establishment of photovoltaic power generation projects and the promotion of clean energy use in logistics[156]. Market Trends and Product Development - The company is focusing on differentiated products in green packaging paper, with plans to increase the proportion of high-value-added products in sales[94]. - The market for food packaging is thriving due to the booming consumption in dining and travel, particularly in coffee and milk tea sectors, reflecting new consumer trends towards quality and sustainability[46]. - The company aims to enhance its product structure and quality to meet the growing demand for high-end and lightweight industrial packaging paper[86]. - The company is actively pursuing technological innovation and vertical integration to expand its market share in the paper industry[83]. - The company is focusing on new product development and technological advancements to enhance operational efficiency[179]. Employee Management - The total number of employees in the parent company is 2,600, while the main subsidiaries employ 2,831, resulting in a total of 5,431 employees[128]. - The company has established a salary assessment system based on fairness, justice, and motivation, with clear salary standards and promotion pathways for employees[130]. - The company emphasizes employee training, combining internal and external training methods to enhance employees' business capabilities and knowledge levels[131]. - The number of R&D personnel was 711, making up 13.09% of the total workforce[70]. Related Party Transactions - The company has engaged in various related party transactions, including purchasing steam and electricity from Tianyuan Thermal Power, with transaction details disclosed in previous announcements[174]. - The company has confirmed that there are no significant changes in related party transactions that were not disclosed in temporary announcements[176]. - The company has reported a sale of sludge drying equipment to Jiangsu Haihua for 470.70 million RMB[180]. - The company is involved in multiple related transactions, including the purchase of various equipment and parts from different suppliers, with prices ranging from 0.61 million RMB to 813.55 million RMB[182]. Future Outlook - The company plans to continue leveraging its geographical advantages and stable raw material supply to enhance its market position and product offerings in the future[57]. - Future guidance suggests a positive outlook for revenue growth driven by strategic asset sales and acquisitions[179]. - In 2024, the company plans to deepen digital transformation and green low-carbon transition, aiming for high-quality development and value creation for stakeholders[93].

山东博汇纸业股份有限公司（以下简称"公司"）接到公司持股 5%以上股东宁波 亚洲纸管纸箱有限公司（以下简称"宁波管箱"）通知，宁波管箱根据战略发展需要， 拟以存续分立的方式，分立为宁波管箱（存续公司）和宁波金嘉源纸业有限公司（具 体以工商登记为准，新设公司，以下简称"金嘉源纸业"）。 证券代码：600966 证券简称：博汇纸业 编号：临 2024-006 山东博汇纸业股份有限公司 关于公司持股 5%以上股东存续分立的提示性公告 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。 本次分立完成后，金光纸业及其一致行动人持有公司股份数量未发生变化，合 计持股 652,871,937 股，占公司总股本的 48.84%。公司控股股东仍为山东博汇集团 有限公司，实际控制人仍为黄志源先生。 二、其他事项 一、分立情况 本次分立前，宁波管箱注册资本为 39,780 万美元，金光纸业（中国）投资有限 公司（以下简称"金光纸业"）持有 100%股权；本次分立后，存续公司宁波管箱的 注册资本变更为 17,000 万美元，新设公司金嘉源纸业的注册资本为 ...