Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance improvements and market conditions [5]. Core Views - The company reported a revenue of 9.262 billion yuan for H1 2024, reflecting a year-on-year increase of 6.99%, with net profit attributable to shareholders rising significantly by 137.84% to 131 million yuan [2]. - Despite the revenue growth, the company faces ongoing supply-demand pressures, particularly in Q2 2024, where net profit dropped by 79.76% year-on-year due to rising raw material costs not being fully passed on to product prices [2][3]. - The company is expected to benefit from the new "plastic limit order" policy, with anticipated recovery in downstream demand and cost-reduction measures leading to improved profitability in the coming years [3]. Financial Performance Summary - For H1 2024, the company produced and sold 2.1639 million tons of mechanical paper, achieving a revenue of 9.262 billion yuan, with a stable growth driven by volume increase despite a decline in paper prices [2]. - The gross profit margin for Q2 2024 was reported at 9.3%, down from previous levels, primarily due to the rising cost of pulp not being effectively transferred to selling prices [2]. - The company forecasts net profits of 480 million yuan, 960 million yuan, and 1.203 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 11X, 6X, and 5X [3][4]. Production and Capacity Expansion - The company is focusing on enhancing its production capabilities, particularly in high-end specialty paper, with an expected increase of 800,000 tons in production capacity post-2024 [3]. - The company is also upgrading its production lines to improve efficiency and meet new product standards, which is expected to strengthen its competitive position in the market [3]. Market Conditions - The report highlights that the paper industry is experiencing a phase of consolidation, with smaller capacities being phased out, which is likely to benefit leading companies like the one under review [3]. - The pricing environment remains challenging due to imbalances in supply and demand across different paper types, impacting overall profitability [2].

投资要点 | --- | --- | |-----------------------------------------------|------------------------------------------| | | | | 博汇纸业 (600966) | 报告日期： 2024 年 08 月 31 日 | | 24Q2 产销增长靓丽，静待 H2 旺季景气修复 | | | ——博汇纸业点评报告 | | ❑ 基本事件 2024H1 实现营收 92.62 亿元（同比+6.99%），归母净利润 1.31 亿元（同比 +137.84%），扣非归母净利润 1.09 亿元（同比+124.07%），非经收益 0.22 亿元； 2024Q2 实现营收 48.64 亿元（同比+8.19%、环比+10.58%），归母净利润 0.31 亿 元（同比-79.76%、环比-69.64%），扣非归母净利润 0.14 亿元（同比-84.87%、环 比-84.87%），Q2 非经收益 0.16 亿元，主要系取得保险公司赔偿款，业绩基本符 合预告中值。 ❑ 24H1 产销靓丽增长，期待旺季需求修复 2024H1 公司机制纸产量 2 ...

Financial Performance - The company reported a revenue of 500 million RMB for the first half of 2024, representing a 10% increase compared to the same period last year[10]. - Net profit for the first half of 2024 was 50 million RMB, up 15% year-over-year[10]. - The company's operating revenue for the first half of 2024 reached approximately ¥9.26 billion, representing a year-on-year increase of 6.99% compared to ¥8.66 billion in the same period last year[11]. - The net profit attributable to shareholders was approximately ¥131 million, a significant recovery from a loss of ¥346 million in the previous year[11]. - The basic earnings per share for the first half of 2024 was ¥0.106, a recovery from a loss of ¥0.280 per share in the same period last year[12]. - The company's operating revenue for the reporting period reached ¥9,262,031,310.63, representing a year-on-year increase of 6.99% compared to ¥8,657,143,830.49[29]. - Net profit for the first half of 2024 was ¥131,045,844.72, a significant recovery from a net loss of ¥346,294,071.23 in the first half of 2023[83]. - Total comprehensive income for the first half of 2024 was CNY 141,278,977.37, down 30.9% from CNY 204,717,169.53 in the first half of 2023[86]. Market Expansion and Product Development - User data indicates a 20% increase in customer base, reaching 1 million active users by June 2024[10]. - The company plans to launch two new product lines in Q3 2024, aiming to capture an additional 5% market share[10]. - Future outlook includes a projected revenue growth of 12% for the full year 2024, driven by market expansion strategies[10]. - Market expansion efforts include entering three new provinces by the end of 2024, targeting a 15% increase in regional sales[10]. - The company aims to become a global leader in the whiteboard industry, focusing on brand building and international market expansion[18]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[60]. - New product launches are expected to contribute an additional 300 million in revenue by the end of 2024[59]. Research and Development - The company is investing 100 million RMB in R&D for new technologies in sustainable packaging solutions[10]. - The company has initiated 34 R&D projects focused on clean paper-making technology, with one project receiving government funding support[27]. - Ongoing research and development efforts have led to the introduction of two new technologies, expected to enhance operational efficiency by 30%[59]. - The company launched new functional paper products, including coated kraft paper and high-grade non-water paper cup base paper, to meet diverse customer needs[25]. - The company has established a technology innovation system that integrates market orientation and industry-academia-research collaboration[22]. Sustainability and Environmental Initiatives - The company is committed to sustainable development, implementing green production and energy-saving measures to drive the industry's transformation[18]. - The company is actively pursuing carbon neutrality goals and has been recognized in the S&P Global Sustainability Yearbook for its achievements in sustainable development[19]. - The company has established a dual-carbon management committee led by the general manager to oversee carbon reduction strategies and initiatives[52]. - The company has invested in pollution control facilities, including a wastewater treatment system with a daily capacity of 100,000 cubic meters[46]. - The company has implemented energy-saving technologies to reduce consumption of water and electricity, enhancing operational efficiency and market competitiveness[51]. Financial Position and Assets - The company's total assets increased by 4.67% to approximately ¥23.21 billion, compared to ¥22.18 billion at the end of the previous year[11]. - The company's cash and cash equivalents reached CNY 3,566,327,584.28, up from CNY 3,427,160,483.71, indicating an increase of approximately 4.07%[76]. - The total liabilities increased to CNY 16,449,975,801.46 from CNY 15,506,958,969.60, reflecting a rise of about 6.08%[78]. - The total equity attributable to shareholders rose to CNY 6,760,744,849.71 from CNY 6,668,723,895.13, showing an increase of approximately 1.38%[78]. - The company's non-current assets totaled CNY 13,799,475,819.90, slightly down from CNY 13,891,227,105.45, indicating a decrease of about 0.66%[77]. Risk Factors and Challenges - Risk factors identified include potential fluctuations in raw material prices and regulatory changes impacting the industry[10]. - The company faces operational risks due to reliance on international markets for raw materials, which may affect production costs[38]. - Environmental compliance costs are expected to rise due to stricter regulations, impacting capital expenditures and operating costs[38]. - The company is exposed to currency risks as key equipment and raw materials are imported, affecting profitability and market competitiveness[39]. Corporate Governance and Compliance - The company has established a governance structure consisting of a shareholders' meeting, board of directors, supervisory board, and management team[98]. - The company has engaged in commodity derivatives investment for hedging purposes, effectively mitigating raw material price risks[34]. - The company has established a framework to avoid conflicts of interest in related party transactions, ensuring transparency and fairness[58]. - The company has not reported any significant contracts or fundraising progress during the reporting period[69]. Shareholder and Equity Information - The top ten shareholders hold a total of 28.84% and 20.00% of the shares, with Shandong Bohui Group Co., Ltd. holding 385,496,958 shares and Ningbo Asia Paper Tube & Box Co., Ltd. holding 267,368,879 shares[71]. - The company has repurchased a total of 100,030,021 shares, accounting for 7.48% of the total share capital[72]. - The total amount of guarantees provided by the company to subsidiaries during the reporting period is 5,124,602,427.13 RMB, with an ending balance of 3,377,780,230.12 RMB[68]. Cash Flow and Financing Activities - The net cash flow from operating activities was approximately ¥104 million, down 78.42% from ¥484 million in the same period last year[11]. - Cash inflow from operating activities totaled CNY 2,601,572,993.85 in the first half of 2024, down from 3,810,390,452.00 in the first half of 2023, representing a decline of about 31.7%[89]. - Total cash inflow from financing activities for the first half of 2024 is 6,017,441,084.77, compared to 3,959,930,657.12 in the first half of 2023, indicating a growth of about 52.0%[89]. - Cash outflow from financing activities increased to 6,623,125,277.78 in the first half of 2024 from 4,140,335,307.62 in the same period of 2023, reflecting a rise of approximately 60.0%[89].

证券代码：600966 证券简称：博汇纸业 公告编号：2024-034 山东博汇纸业股份有限公司 关于 2024 年第一次临时股东大会增加临时提案的公告 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。 一、 股东大会有关情况 简历如下： 蒋道军，中国国籍，无永久境外居留权，男，1970 年生，汉族，中共党员， 毕业于南京财经大学会计学专业，本科学历，历任金东纸业（江苏）股份有限公 司会计部管理会计处处长，广西金桂浆纸业有限公司会计部经理，广西金桂浆纸 业有限公司、宁波中华纸业有限公司、宁波亚洲浆纸业有限公司会计部总监。现 任金光集团中国大纸 BU 会计总监、宁波中华纸业有限公司董事、宁波亚洲浆纸 业有限公司董事等职务。 截至本公告披露日，蒋道军先生未持有公司股份，与公司其他董事、监事、 高级管理人员之间不存在关联关系，未受到中国证券监督管理委员会及其他有关 部门的处罚和证券交易所惩戒，不属于最高人民法院公布的失信被执行人，符合 《公司法》等相关法律、法规和规定要求的任职资格。 三、 除了上述增加临时提案外，于 2024 年 8 ...

证券代码：600966 证券简称：博汇纸业 编号：临 2024-033 山东博汇纸业股份有限公司 吕静舟先生在公司任职期间勤勉尽责、忠于职守，为公司规范运作和高质量发 展发挥了积极作用，公司及监事会对吕静舟先生任职期间为公司所做的贡献表示衷 心感谢！ 2024 年 8 月 23 日，公司收到控股股东山东博汇集团有限公司增补公司第十一 届监事会股东代表监事的临时提案，为保证公司监事会正常运作，山东博汇集团有 限公司提议增补蒋道军先生为股东代表监事候选人（简历详见附件），任期自股东 大会审议通过起至第十一届监事会任期届满之日止。本议案尚需提交股东大会审议。 特此公告。 山东博汇纸业股份有限公司监事会 二○二四年八月二十四日 蒋道军先生简历： 关于公司监事辞职及补选监事的公告 本公司监事会及全体监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。 山东博汇纸业股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日收到公 司监事吕静舟先生的书面辞职报告。吕静舟先生因工作调整申请辞去公司第十一届 监事会监事职务，辞职后不再担任公司任何职务。 鉴于吕 ...

证券代码：600966 证券简称：博汇纸业 编号：临 2024-029 山东博汇纸业股份有限公司 关于公司购买纸机升级改造设备暨关联交易的公告 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： ● 山东博汇纸业股份有限公司（以下简称"公司"或"博汇纸业"）子公司江 苏博汇纸业有限公司（以下简称"江苏博汇"）拟向关联方金顺重机（江苏）有限 公司（以下简称"金顺重机"）购买年产 80 万吨高档特种纸板扩建项目纸机升级改 造设备。 ● 除已披露的关联交易外，过去 12 个月内公司与同一关联人或与不同关联人 之间交易类别相关的关联交易金额（不含本次交易）未达到公司最近一期经审计净 资产绝对值 0.5%。 一、关联交易概述 江苏博汇拟向金顺重机购买年产 80 万吨高档特种纸板扩建项目纸机升级改造 设备，交易金额为人民币 13,267.70 万元（不含增值税）。本次交易有利于提升优化 原设备产能工艺水平，提高纸张生产质量，满足公司年产 80 万吨高档特种纸板扩建 项目需要，助力江苏博汇绿色高质量发展。 公司与金顺重机为受同一 ...

证券代码：600966 证券简称：博汇纸业 编号：临 2024-030 山东博汇纸业股份有限公司 关于公司新增 2024 年日常关联交易预计额度的公告 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： 本次关联交易议案无须提交股东大会审议。 交易对公司持续经营能力、损益及资产状况的影响：本次关联交易所涉 及业务全部为经营性往来，对公司持续经营能力、损益及资产状况不会产生重 大影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 为保证山东博汇纸业股份有限公司（以下简称"公司""本公司"或"博 汇纸业"）的生产经营稳定、满足业务发展需求，公司拟通过公司子公司香港 博丰控股国际有限公司（以下简称"香港博丰"）向 Lamipak Trading Company Limited（以下简称"Lamipak Trading"）销售纸品。公司于 2024 年 8 月 18 日 召开 2024 年第二次临时董事会，审议通过了《关于公司新增 2024 年日常关联 交易预计额度的议案》，关联董事林新阳、王乐祥、刘继春、 ...

山东博汇纸业股份有限公司 外汇衍生品业务管理制度 第四条 公司外汇衍生品业务除遵守国家相关法律、法规及规范性文件的规定外， 还应遵守本制度的相关规定。 第二章 业务操作原则 第五条 公司开展外汇衍生品业务遵循合法、审慎、安全、有效的原则，进行主要 以套期保值为目的的外汇交易，所有外汇衍生品业务均以正常生产经营为基础，以具体 经营业务为依托，与公司实际业务相匹配，以规避和防范外汇汇率或利率风险为目的。 第六条 公司开展外汇衍生品业务只允许与经监管机构批准，具有外汇衍生品交易 业务经营资格的金融机构进行交易，不得与前述金融机构之外的其他组织和个人进行交 易。 第七条 公司进行外汇衍生品业务必须基于公司的外币收（付）款的谨慎预测，合 约外币金额不得超过外币收（付）款的实际需求总额。同时，针对根据公司财务需要发 生的外币融资，公司参照上述原则，合理安排额度、品种和时间，以保障其有效性。 第一章 总则 第一条 为规范山东博汇纸业股份有限公司（以下简称"公司"）的外汇衍生品业 务及相关信息披露工作，防范与控制外币汇率风险，确保公司资产安全，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》 ...

证券代码：600966 证券简称：博汇纸业 编号：临 2024-027 一、《关于公司出售资产暨关联交易的议案》 详情请见公司同日刊登于《上海证券报》《中国证券报》《证券时报》及上海证 券交易所网站（http://www.sse.com.cn）的临 2024-028 号公告。 该议案公司独立董事专门会议已审议通过，三位委员王全弟先生、郭华平先生、 谢单先生均同意该议案。 独立董事认为：本次关联交易有利于公司优化整体资产结构，降低营运成本， 提升资产运行效率，增强盈利能力。本次关联交易按照评估报告定价，交易价格公 允合理，遵循了"公平、公正、公允"的原则；本次交易不会损害公司及股东尤其 是中小股东的利益。同意此次关联交易事项。 本项议案同意票 3 票，反对票 0 票，弃权票 0 票，关联董事林新阳、王乐祥、 刘继春、魏同秋回避表决。 二、《关于公司购买纸机升级改造设备暨关联交易的议案》 山东博汇纸业股份有限公司 2024 年第二次临时董事会会议决议公告 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。 山东博汇纸业股份有限公司（以 ...

浙联评咨字[2024]第 77 号 中联资产评估集团(浙江)有限公司 二０二四年八月五日 江苏博汇纸业有限公司拟购置 80 万吨高档特种纸板纸机升级改造设备价值咨询项目 • 价值咨询报告 江苏博汇纸业有限公司拟购置 80 万吨高档 特种纸板纸机升级改造设备价值咨询项目 价值咨询报告 | | | | 声明… | | --- | | 第一部分 价值咨询概况 . | | 一、价值咨询概要 . | | 二、委托人概况… | | 三、价值咨询目的 | | 四、价值咨询对象和价值咨询范围……………………………………………………………………………………………………… 4 | | 五、价值咨询基准日 | | 六、价值咨询假设. | | 第二部分 价值咨询方法 . | | 一、价值咨询思路 | | 二、价值咨询方法 | | 第三部分 价值咨询结果 | | 一、价值咨询结果 | | 二、其他需要说明的事项. | | 第 四部分 附 件 ……………………………………………………………………………… 12 | R 中联资产评估集团(浙江)有限公司 江苏博汇纸业有限公司拟购置 80 万吨高档特种纸板纸机升级改造设备价值咨询项目·价值咨 ...