Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 20.77 billion, 23.01 billion, and 25.32 billion yuan, representing year-on-year growth of 11.1%, 10.8%, and 10.0% respectively [2][19]. - The net profit attributable to shareholders is forecasted to be 734 million, 1.011 billion, and 1.171 billion yuan for 2024 to 2026, with significant year-on-year growth of 303.8%, 37.7%, and 15.8% respectively [2][19]. - The report highlights an improvement in profitability metrics, with a projected PE ratio of 10.8, 7.9, and 6.8 for 2024 to 2026 [2][19]. Financial Summary - Revenue for 2023 is reported at 18.693 billion yuan, with a year-on-year growth of 1.8% [19]. - The gross margin is expected to improve from 10.8% in 2023 to 13.9% in 2024, and remain stable at 14.6% for 2025 and 2026 [19]. - Return on equity (ROE) is projected to increase from 2.7% in 2023 to 10.0% in 2024, reaching 12.3% and 12.8% in 2025 and 2026 respectively [19]. - Earnings per share (EPS) are expected to rise from 0.14 yuan in 2024 to 0.88 yuan in 2026 [19]. Operational Insights - The company has a current production capacity of 4.25 million tons, with a production output of 4.19 million tons and sales of 4.30 million tons in 2023 [18]. - The report indicates that the company is optimizing its product structure and enhancing profitability, with plans for additional capacity expansion in Jiangsu [18].

Investment Rating - The report maintains a "Recommended" rating for the company [10][27]. Core Views - The company achieved a revenue of 18.693 billion yuan in 2023, with a year-on-year growth of 1.8%. However, the net profit attributable to shareholders decreased by 20.3% to 182 million yuan. In Q1 2024, revenue increased by 5.7% to 4.4 billion yuan, and net profit surged by 120.2% to 100 million yuan [1][27]. - The company is positioned as a leader in the white card paper industry, with expectations for market share growth following new capacity releases. The report anticipates a gradual recovery in profitability and a stable demand for cultural paper [27]. Financial Summary - In 2023, the company reported total revenue of 18.693 billion yuan, with a net profit of 182 million yuan, reflecting a decline of 20.3% year-on-year. The forecast for 2024 estimates revenue growth to 21.35 billion yuan and a significant recovery in net profit to 654 million yuan, representing a growth of 259.8% [17][27]. - The company's gross margin for 2023 was 10.8%, down 0.8 percentage points from the previous year. However, Q1 2024 saw an improvement in gross margin to 13.3% [27]. - The report projects earnings per share (EPS) to increase from 0.14 yuan in 2023 to 0.49 yuan in 2024, with a price-to-earnings (P/E) ratio decreasing from 44 to 12 over the same period [17][27].

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1]. Core Insights - The company reported a revenue of 18.7 billion in 2023, a year-on-year increase of 2%, while the net profit attributable to shareholders was 1.8 billion, a decrease of 20%. The adjusted net profit was 1.2 billion, down 45% [1][3]. - In Q4 2023, the company achieved a revenue of 5 billion, marking an 11% increase, and a net profit of 275 million, which is a significant increase of 171% [1]. - The gross margin for Q1 2024 was 13.3%, up 18 percentage points year-on-year, while the net margin was 2.3%, an increase of 14 percentage points [2]. - The company is adjusting its profit forecast for 2024-2026, expecting net profits of 690 million, 870 million, and 1.13 billion respectively, with corresponding P/E ratios of 11, 9, and 7 [3]. Financial Performance Summary - In 2023, the company’s revenue from white paperboard was 11.9 billion, down 9%, with a gross margin of 11%, a decrease of 3 percentage points. The sales volume was 280 thousand tons, an increase of 9% [7]. - Cultural paper revenue was 4.2 billion, up 106%, with a gross margin of 13%, an increase of 5 percentage points, and sales volume of 84 thousand tons, up 125% [7]. - The revenue from boxboard paper was 1.8 billion, down 11%, with a gross margin of 5%, an increase of 3 percentage points, and sales volume of 54 thousand tons, up 7% [7]. - The company’s total assets decreased from 22.78 billion in 2022 to 22.18 billion in 2023, while total liabilities also decreased from 16.26 billion to 15.51 billion [11]. Market Dynamics - The demand for cultural paper remains stable, supported by educational materials and other consistent needs. The market for boxboard paper is facing challenges due to high import levels and weak demand in the real estate sector [2][8]. - The company is focusing on innovation across all aspects of its operations, including product design and raw material procurement, to adapt to market conditions [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][25]. Core Views - The company has shown steady growth in production and sales, with improving profitability trends [14][15]. - The overall revenue for 2023 was 186.9 billion yuan, a year-on-year increase of 1.8%, while the net profit attributable to shareholders was 1.8 billion yuan, a decrease of 20.3% [1][5]. - The company is expected to see significant earnings growth in the coming years, with projected EPS of 0.58 yuan, 0.71 yuan, and 0.82 yuan for 2024, 2025, and 2026 respectively [4][5]. Performance Summary - In Q4 2023, the company achieved a revenue of 50.2 billion yuan, a year-on-year increase of 11%, and a net profit of 2.7 billion yuan, a year-on-year increase of 171.4% [1][5]. - For Q1 2024, the company reported a revenue of 44 billion yuan, a year-on-year increase of 5.7%, and a net profit of 1 billion yuan, a year-on-year increase of 120.2% [1][5]. Production and Sales - The company produced 4.188 million tons of mechanical paper in 2023, a year-on-year increase of 14.1% [2]. - Whiteboard paper revenue reached 11.94 billion yuan in 2023, with production and sales volumes increasing by 2.8% and 9.5% respectively [2]. Revenue Breakdown - Cultural paper revenue increased significantly by 105.9% to 4.25 billion yuan in 2023, driven by stable demand for educational materials [2][23]. - Boxboard paper revenue decreased by 11.2% to 1.83 billion yuan due to weak demand in the domestic real estate market [2][23]. Profitability Analysis - The overall gross margin for the company in 2023 was 10.8%, with a notable improvement in Q4 2023 gross margin to 17.1% [15]. - The gross margin for cultural paper was 12.5%, reflecting a year-on-year increase of 4.9 percentage points [15]. Future Outlook - The company is expected to benefit from a recovery in white card prices and improved margins, with projected revenue growth rates of 13.94%, 10.02%, and 8.48% for 2024, 2025, and 2026 respectively [4][6][23]. - The company has sufficient capacity planning and is expected to improve its profitability margins [4][25].

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 5.76 yuan [6][8]. Core Insights - The company achieved a revenue of 18.693 billion yuan in 2023, reflecting a year-on-year growth of 1.80%. However, the net profit attributable to shareholders decreased by 20.27% to 1.82 billion yuan [15]. - In Q1 2024, the company reported a revenue of 4.398 billion yuan, a 5.69% increase year-on-year, driven by improved production capacity [15]. - The company is positioned as a leader in the white card paper industry and is expected to benefit from the new "plastic limit order" policy, with projected net profits of 8.79 billion yuan, 12.18 billion yuan, and 16.14 billion yuan for 2024-2026 [15]. Financial Forecasts and Key Metrics - Revenue projections for 2024E, 2025E, and 2026E are 21.199 billion yuan, 24.785 billion yuan, and 28.771 billion yuan respectively, with growth rates of 13.4%, 16.9%, and 16.1% [9]. - The net profit attributable to shareholders is forecasted to be 879 million yuan in 2024E, 1.218 billion yuan in 2025E, and 1.614 billion yuan in 2026E, with corresponding growth rates of 383.6%, 38.5%, and 32.5% [9]. - The company's PE ratios for the forecasted years are 9X for 2024E, 6X for 2025E, and 5X for 2026E, indicating a favorable valuation trend [15]. Product and Market Analysis - The company’s revenue from various products in 2023 included 11.941 billion yuan from white paperboard, 4.245 billion yuan from cultural paper, and 1.832 billion yuan from boxboard, with respective year-on-year changes of -8.86%, +105.92%, and -11.16% [15]. - The company is focusing on product upgrades and has seen improvements in profitability, with a significant increase in cash flow from operations, which reached 2.119 billion yuan in 2024Q1, up 185.61% year-on-year [15].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,398,343,825.09, representing a year-on-year increase of 5.69%[2] - The net profit attributable to shareholders of the listed company was CNY 100,528,281.66, with a net profit excluding non-recurring gains and losses of CNY 94,746,182.49[2] - In Q1 2024, the company reported a net profit of ¥100,528,281.66, a significant recovery from a net loss of ¥497,045,819.82 in Q1 2023[15] - Operating profit for Q1 2024 was ¥125,718,445.39, compared to a loss of ¥599,443,743.24 in the same period last year[15] - Total comprehensive income for the period was ¥100,628,601.49, a recovery from a loss of ¥492,635,436.16 in the previous year[16] Cash Flow - The net cash flow from operating activities increased by 185.61% to CNY 450,150,472.07 due to increased product sales and lower raw material prices[4] - The company’s cash flow from operating activities generated a net inflow of ¥450,150,472.07, a substantial increase from ¥157,607,690.01 in Q1 2023[19] - The cash inflow from operating activities totaled ¥4,210,788,754.01, compared to ¥3,896,485,346.60 in the same quarter last year, marking an increase of approximately 8%[19] - The net cash flow from investing activities was -$176,939,973.94, a significant decrease compared to $7,773,476.25 in the previous year[20] - The net cash flow from financing activities was -$462,885,628.09, contrasting with a positive $72,126,392.79 in the same quarter last year[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 23,432,510,397.82, up 5.67% from the end of the previous year[3] - Total assets increased to ¥23,432,510,397.82 from ¥22,175,682,864.73, marking a growth of about 5.7%[11] - Total liabilities rose to ¥16,663,157,901.20 from ¥15,506,958,969.60, indicating an increase of approximately 7.4%[11] - Cash and cash equivalents increased to ¥3,614,110,343.26 as of March 31, 2024, compared to ¥3,427,160,483.71 at the end of 2023, reflecting a growth of 5.5%[10] Shareholder Information - The equity attributable to shareholders of the listed company was CNY 6,769,352,496.62, an increase of 1.51% compared to the end of the previous year[3] - The company reported a total of 51,643 common shareholders at the end of the reporting period[6] - The largest shareholder, Shandong Bohui Group Co., Ltd., held 28.84% of the shares, with 385,496,958 shares pledged[6] Expenses - Total operating costs for Q1 2024 were ¥4,288,376,893.80, down from ¥4,825,634,833.71 in Q1 2023, indicating a reduction of approximately 11.1%[14] - Research and development expenses increased to ¥171,086,879.26 from ¥109,259,933.93, reflecting a growth of approximately 56.5% year-over-year[15] - The company reported a decrease in financial expenses to ¥92,905,621.84 from ¥140,735,437.70, a reduction of about 34%[15] Earnings Per Share - Basic and diluted earnings per share for Q1 2024 were ¥0.0813, compared to a loss of ¥0.4019 per share in Q1 2023[16] Other Information - The company recognized non-recurring gains of CNY 5,782,099.17 during the reporting period[4] - The company did not disclose any new product developments or market expansion strategies in this report[8] - The company is not applying new accounting standards or interpretations for the first time in 2024[20]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,398,343,825.09, representing a year-on-year increase of 5.69%[2] - The net profit attributable to shareholders for the same period was CNY 100,528,281.66, with a net profit excluding non-recurring items of CNY 94,746,182.49[2] - The net cash flow from operating activities increased significantly by 185.61%, amounting to CNY 450,150,472.07[4] - The weighted average return on equity rose by 9.43 percentage points to 1.50%[4] - The company reported a net profit margin improvement, with net income figures to be detailed in future reports[14] - In Q1 2024, the company reported a net profit of ¥100,528,281.66, a significant recovery from a net loss of ¥497,045,819.82 in Q1 2023[15] - Operating profit for Q1 2024 was ¥125,718,445.39, compared to a loss of ¥599,443,743.24 in the same period last year[15] - Revenue from sales of goods and services reached ¥4,149,763,446.57, up from ¥3,765,925,930.46 in Q1 2023, indicating a growth of approximately 10.2%[18] - Total comprehensive income for the period was ¥100,628,601.49, compared to a loss of ¥492,635,436.16 in the same quarter last year[16] Assets and Liabilities - Total assets at the end of the reporting period were CNY 23,432,510,397.82, up 5.67% from the previous year[3] - The equity attributable to shareholders increased to CNY 6,769,352,496.62, reflecting a 1.51% rise compared to the end of the previous year[3] - Total liabilities rose to ¥16,663,157,901.20 from ¥15,506,958,969.60, indicating an increase of approximately 7.4%[11] - Total assets amounted to ¥23,432,510,397.82, compared to ¥22,175,682,864.73 at the end of 2023, marking an increase of 5.7%[11] - Shareholders' equity increased to ¥6,769,352,496.62 from ¥6,668,723,895.13, reflecting a growth of about 1.5%[12] Cash Flow - Cash and cash equivalents increased to ¥3,614,110,343.26 as of March 31, 2024, compared to ¥3,427,160,483.71 at the end of 2023, reflecting a growth of 5.5%[10] - The company’s cash flow from operating activities generated a net inflow of ¥450,150,472.07, a substantial increase from ¥157,607,690.01 in Q1 2023[19] - The company received cash related to operating activities totaling ¥4,210,788,754.01, an increase from ¥3,896,485,346.60 in the previous year[19] - The net cash flow from investing activities was -$176,939,973.94, a significant decrease compared to $7,773,476.25 in the previous year[20] - Total cash inflow from financing activities amounted to $2,547,381,859.26, down from $3,847,285,197.76 year-over-year[20] - The net cash flow from financing activities was -$462,885,628.09, contrasting with a positive $72,126,392.79 in the same quarter last year[20] - The cash and cash equivalents at the end of the period totaled $900,645,653.23, compared to $769,572,163.89 at the end of the previous year[20] - The company experienced a net decrease in cash and cash equivalents of -$190,262,638.60, compared to an increase of $239,376,248.90 in the prior year[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 51,643[6] - The largest shareholder, Shandong Bohui Group Co., Ltd., holds 28.84% of the shares, amounting to 385,496,958 shares[6] Government Support and Costs - The company received government subsidies amounting to CNY 12,507,252.94, which positively impacted its financial performance[4] - The company reported a decrease in raw material prices, which contributed to a reduction in product costs and improved profitability[4] - Total operating costs for Q1 2024 were ¥4,288,376,893.80, down from ¥4,825,634,833.71 in Q1 2023, indicating a reduction of approximately 11.1%[14] Research and Development - Research and development expenses rose to ¥171,086,879.26, up from ¥109,259,933.93 in the previous year, reflecting a focus on innovation[15] Tax and Financial Management - The company’s tax expenses for Q1 2024 were ¥21,063,205.68, contrasting with a tax benefit of ¥100,690,737.76 in Q1 2023[15] - The company reported a decrease in financial expenses to ¥92,905,621.84 from ¥140,735,437.70, indicating improved financial management[15] Future Outlook - Future outlook includes plans for market expansion and potential new product launches, although specific details were not disclosed in the current report[14] Accounting Standards - The company did not apply new accounting standards or interpretations starting in 2024[20]