证券代码：600966 证券简称：博汇纸业 编号：临 2024-019 二、本次存续分立的进展情况 当前金嘉源纸业已办理完成工商注册登记手续，并已领取宁波市北仑区市场监 督管理局颁发的《营业执照》，相关信息如下： 1.名称：宁波金嘉源纸业有限公司 2.统一社会信用代码：91330206MADKFEMT6P 3.类型：有限责任公司（港澳台法人独资） 山东博汇纸业股份有限公司 关于公司控股股东一致行动人存续分立的进展公告 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。 一、本次存续分立的基本情况 2024 年 4 月 9 日，山东博汇纸业股份有限公司（以下简称"公司"）发布了《关 于公司持股 5%以上股东存续分立的提示性公告》，公司控股股东山东博汇集团有限 公司（以下简称"博汇集团"）一致行动人宁波亚洲纸管纸箱有限公司（以下简称"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（新设公司，以下简称"金嘉源纸业"）。 特此公告。 山东博汇纸业股份有限公司董事会 8.经营范围：一 ...

证券代码：600966 证券简称：博汇纸业 编号：临 2024-018 山东博汇纸业股份有限公司 关于控股股东部分股份解除质押的公告 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: 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（以下简称"金光纸业"）、宁波亚 洲纸管纸箱有限公司（以下简称"宁波管箱"）持有公司股份数量为 652,871,937 股，占公司总股本的 48.84%。本次解除质押后，博汇集团及其一致行动人累计质押 数量为 399,756,958 股，占其持有公司股份数的 61.23%，占公司总股本的 29.90%， 剩余未质押股份数量为 253,114,979 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 5 月 27 日接到博汇集团通知，获悉其所持有本公司的部分股份被解除质押，具体事项 如下： 一、上市公司股份解除质押 1.本次股份解除质押基本情况 | 持股比例 | 28.84% | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [13] Core Insights - The company reported a year-on-year sales increase in 2023, with Q1 2024 profits showing a sequential decline. In Q4 2023 and Q1 2024, the company achieved revenues of 5.015 billion and 4.398 billion yuan, representing year-on-year growth of 11.05% and 5.69%, respectively. The net profit attributable to shareholders was 275 million and 101 million yuan, with year-on-year increases of 171.44% and 120.23%. Despite steady revenue growth in Q1 2024, profitability showed a sequential decline [4][15] Summary by Sections Sales and Profitability - In 2023, the sales volume of white cardboard increased by 9.48% to 2.7969 million tons, but revenue decreased by 8.86% to 11.941 billion yuan. The sales volume of boxboard rose by 7.16% to 541,600 tons, with revenue down 11.16% to 1.832 billion yuan. The decline in revenue is attributed to falling packaging paper prices. Conversely, cultural paper sales surged by 124.91% to 840,500 tons, with revenue increasing by 105.92% to 4.245 billion yuan, mainly due to new production capacity contributions [4] Project Development - The company is advancing the construction of a new project in Jiangsu, aiming to expand its production capacity for high-end specialty paperboard. This project will focus on high-value differentiated products, including all-wood pulp "zero plastic" paper cup paper, high-end social card paper, and cigarette card paper, to better serve diverse customer needs in East China and overseas. Additionally, the Shandong base will accelerate the industrialization of sterile liquid packaging paper [5] Financial Forecast - The company is expected to achieve net profits of 672 million and 975 million yuan in 2024 and 2025, respectively, with year-on-year growth rates of 269.3% and 45.1%. The closing price on May 21 corresponds to a PE ratio of 11.9 and 8.2 for 2024 and 2025, respectively. The estimated reasonable value range is between 6.50 and 7.00 yuan, based on a PE valuation of 13-14 times for 2024 [17][21]

证券代码：600966 证券简称：博汇纸业 公告编号：2024-017 山东博汇纸业股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 决。本次股东大会的表决方式、表决程序及表决结果符合《公司法》《上市公司 股东大会规则》等法律法规、规范性文件及《公司章程》的有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 7 人，出席 7 人； 2、公司在任监事 3 人，出席 3 人； 3、董事会秘书出席会议，其他高管及见证律师列席会议。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 14 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 452,675,198 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 36.6001 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会 ...

上海市锦天城律师事务所 关于山东博汇纸业股份有限公司 2023 年年度股东大会的 法律意见书 上海市锦天城律师事务所 关于山东博汇纸业股份有限公司 2023 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 致：山东博汇纸业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山东博汇纸业股份有限 公司（以下简称"公司"）委托，就公司召开 2023 年年度股东大会（以下简称 "本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《上市公司股东大会规则》等法律、法规、规章和其他规范性文 件以及《山东博汇纸业股份有限公司章程》（以下简称"《公司章程》"）的有关 规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履 行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相 关事项进行了必要的 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [11][12]. Core Insights - The company reported a revenue of 18.69 billion yuan in 2023, a year-on-year increase of 1.8%, but the net profit attributable to shareholders decreased by 20.3% to 182 million yuan [11]. - The first quarter of 2024 showed a revenue of 4.40 billion yuan, a 5.7% increase year-on-year, with a net profit of 101 million yuan, indicating a return to profitability [11]. - The company is experiencing improved operational efficiency through lean management, which has positively impacted sales volume [11][12]. Financial Summary - Total revenue for 2023 was 18,693 million yuan, with projections for 2024E at 19,519 million yuan, reflecting a growth rate of 4.4% [11][25]. - The gross profit margin for 2023 was 10.8%, with an expected increase to 12.9% in 2024E [11][25]. - The net profit for 2024E is projected to be 683 million yuan, a significant increase of 275.7% compared to 2023 [11][25]. Product and Market Dynamics - The company is focusing on differentiated products, which are expected to enhance profitability, including high-end specialty papers and packaging materials [12]. - The production capacity expansion at the Jiangsu base is aimed at optimizing product structure and reducing wastewater treatment costs [12]. - The company is facing challenges from new industry capacities affecting white card paper prices, leading to a downward price trend [12]. Valuation Metrics - The current stock price corresponds to a PE ratio of 11.9 for 2024, indicating potential upside compared to comparable companies [12]. - The projected net profit for 2026 is 1,255 million yuan, with a year-on-year growth of 28.5% [12].

山东博汇纸业股份有限公司 2023 年年度股东大会会议资料 现场会议时间：2024 年 5 月 21 日 14:30 2023 年年度股东大会会议资料 山东博汇纸业股份有限公司 2023 年年度股东大会会议资料 一、会议召开时间： 3、主持人宣布股东大会开始并公布出席现场会议的股东或代理人人数和所 持有表决权的股份总数、列席人员； 网络投票方式及时间：本次股东大会采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2024 年 5 月 21 日 9:15-9:25、9:30-11:30、 13:00-15:00；通过互联网投票平台的投票时间为 2024 年 5 月 21 日 9:15-15:00。 二、股权登记日：2024 年 5 月 14 日 三、现场会议地点：公司办公楼第三会议室 四、会议的表决方式：采取现场投票和网络投票相结合的方式 五、会议主持人：公司董事长 六、会议议程： 1、出席会议的股东或代理人、董事、监事、董事会秘书、列席高管签到； 2、召集人和见证律师验证股东出席、表决资格； 注：本次会议还将听取 2023 年度独立董事述职报告。 6、与会股东发言质询； 7、相关人员解释和说 ...

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].