Company Overview - The company achieved a revenue of 8.55 billion yuan in 2023, a year-on-year increase of 10.5%, with a net profit attributable to the parent company of 660 million yuan, a year-on-year decrease of 6.5% [35] - In Q4 2023, the company's revenue was 2.34 billion yuan, a year-on-year increase of 5.1%, with a net profit attributable to the parent company of 280 million yuan, a year-on-year increase of 96.7% [35] - In Q1 2024, the company's revenue was 2.21 billion yuan, a year-on-year increase of 20.2%, with a net profit attributable to the parent company of 270 million yuan, a year-on-year increase of 120.1% [35] Product Performance - The daily consumer goods series achieved revenue of 4.11 billion yuan in 2023, a year-on-year increase of 15.5%, with a gross margin of 11% [1][4] - The food and medical packaging materials series achieved revenue of 1.73 billion yuan in 2023, a year-on-year increase of 14.6%, with a gross margin of 6.9% [1][4] - The business communication and publishing printing materials series achieved revenue of 710 million yuan in 2023, a year-on-year decrease of 8.0%, with a gross margin of 14.3% [1][4] - The tobacco industry supporting series achieved revenue of 810 million yuan in 2023, a year-on-year increase of 0.8%, with a gross margin of 16.5% [1][4] - The electrical and industrial paper series achieved revenue of 680 million yuan in 2023, a year-on-year increase of 17.9%, with a gross margin of 14.3% [1][4] Regional Performance - Domestic sales revenue reached 7.53 billion yuan in 2023, a year-on-year increase of 11.2%, with a gross margin of 10.6% [1][4] - Export sales revenue reached 570 million yuan in 2023, a year-on-year decrease of 5.1%, with a gross margin of 20.3% [1][4] Financial Projections - The company's revenue is expected to reach 10.54 billion yuan in 2024, 12.50 billion yuan in 2025, and 14.72 billion yuan in 2026 [3][27] - Net profit attributable to the parent company is expected to be 1.03 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.64 billion yuan in 2026 [3][27] - EPS is projected to be 1.46 yuan in 2024, 1.86 yuan in 2025, and 2.33 yuan in 2026 [31][36] Capacity Expansion - The company's two major projects, the "High-performance Paper-based New Materials in Sanjiangkou New District" and the "Annual 2.5 Million Tons of High-performance Paper-based New Materials Circular Economy in Hubei Shishou," are progressing as planned, with the first phase nearing completion and expected to start production in 2024 [5] Industry Outlook - The company's product matrix is rich, and downstream demand is expected to recover marginally, maintaining a "Hold" rating [36] - The company's profitability is improving, and new production capacity is gradually being released [38]

股 票 研 究 [Table_MainInfo] [Table_Title] 仙鹤股份(603733) | --- | --- | --- | |----------|---------------------------|------------------------------------------| | | 刘佳昆 ( 分析师 ) | 仙鹤股份 2023 年及 \n毛宇翔 ( 研究助理 ) | | | 021-38038184 | 0755-23976668 | | | liujiakun029641@gtjas.com | maoyuxiang029547@gtjas.co | | 证书编号 | S0880524040004 | m S0880124030007 | 投资要点： 请务必阅读正文之后的免责条款部分 | --- | --- | --- | |--------------------------------|--------------|-------------| | | | | | [Table_ 交易数据 Market] | | | | 52 周内股价区间（元） | | 11.80 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [10]. Core Insights - The company reported a revenue of 2.21 billion yuan in Q1 2024, representing a year-on-year growth of 20.2%, and a net profit of 270 million yuan, which is a significant increase of 120.1% year-on-year [3][4]. - The strong performance is attributed to the release of new production capacity, particularly from the 300,000-ton food-grade paper project and the 300,000-ton specialty paper project, which commenced operations in April 2023 and January 2024, respectively [3]. - The company's gross margin improved significantly, reaching 18.0% in Q1 2024, an increase of 8.0 percentage points year-on-year, while remaining stable compared to the previous quarter [5]. - The report highlights the company's effective inventory management and cost control, which contributed to the improved gross margin [5]. - The company is expanding its "pulp-paper integration" strategy, with plans for an additional 800,000-ton self-produced pulp project expected to be fully operational by Q4 2024, enhancing its competitive advantage [5]. Financial Summary - The company’s total revenue is projected to grow from 8.55 billion yuan in 2023 to 11.59 billion yuan in 2024, reflecting a growth rate of 35.49% [6]. - The net profit is expected to increase from 664 million yuan in 2023 to 998 million yuan in 2024, with a growth rate of 50.27% [6]. - Earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 1.41 yuan in 2024 [6]. - The report indicates a low valuation with price-to-earnings (P/E) ratios of 13, 9, and 7 for 2024, 2025, and 2026, respectively, suggesting potential for price appreciation [5][6].

[Table_Contacts] 盈利持续修复，推进浆纸一体化布局 ⚫ 24Q1 同比增速靓丽。23 年营收 85.53 亿元，同比增长 10.53%，归母 净利 6.64 亿元，同比下降 6.55%，扣非归母净利 5.95 亿元，同比增长 6.81%。24Q1 营收 22.09 亿元，同比增长 20.2%，环比下降 5.6%； 归母净利 2.69 亿元，同比增长 120.1%，环比下降 4.6%；扣非归母净 利 2.37 亿元，同比增长 106%，环比下降 15.3%，公司盈利修复显著。 ⚫ 分产品来看，23 年日用消费系列营收 yoy+15.5%，量/价 yoy+19.3%/ -3.2%；电气及工业用纸营收 yoy+17.9%，量/价 yoy+22.2%/-3.5%； 烟草行业配套系列营收 yoy+0.8%，量/价 yoy 持平/+0.8%。23 年食品 与医疗包装材料系列营收 yoy+14.6%，量/价 yoy+49.0%/-23.1%，随 着涂布类产品增加、自产浆助推成本下移，食品卡纸盈利改善可期。 ⚫ 季度盈利能力显著回升。24Q1 毛利率/净利率 18.0%/12.3%，同比 +8.0/+5.6p ...

1、《仙鹤股份（603733.SH）：盈利修复靓丽，林浆纸 2、《仙鹤股份（603733.SH）：产销创新高、盈利稳步 3、《仙鹤股份（603733.SH）：经营拐点显现，盈利能 证券研究报告 | 季报点评 仙鹤股份（603733.SH） 公司发布 2024 一季报：2024Q1 实现收入 22.09 亿元（同比+20.2%），归母净利润为 2.69 亿元（同比+120.1%），扣非归母净利润为 2.37 亿元（同比+106.0%）。销量季 节性环比略下滑，受益于 23Q4 提价函逐步落地，24Q1 均价环比小幅上升。根据我们判 断测算：公司前期囤货、成本可控，叠加食品卡有望减亏、产品结构改善，整体吨盈利 达 900+元/吨（环比略增）；剔除食品卡影响、薄纸吨盈利环比稳定。展望未来，24Q2 公司仍处提价趋势，且成本可控，吨盈利有望维持高位。 盈利显著改善，财务费用略提升。2024Q1 毛利率为 18.0%（同比+8.0pct），归母净利 率为 12.2%（同比+5.5pct）。从费用表现来看，2024Q1 期间费用率为 5.7%（同比 +1.3pct），其中销售/研发/管理/财务费用率分别为 0.2%/1. ...

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上半年整体上来讲是感觉倒是比较困难的这个困难主要来自于虽然大家市场对降价下降是有预期的或者说降价的确在报价上已经往下走了但其实大家在仓库里面存放的准备再用的这部分的库存成本都是高的所以其实更多的是因为降价下降带来的指价下调的压力导致上半年大家的经营都比较的紧张 然后整个市场的需求相对来说没有这么好或者说疫情结束之后一下子没有释放和开放的那么快所以大家都面临一定的压力到了下半年整体上面来讲就慢慢的有所服输看上去有所服输从需求上看上去还不错整个政治行业的订单大家都还有还在另外整体上面来讲大家的成本也因为上半年的低价木匠 可能会有一些减缓这个根据不同的行业不同的公司可能都会有不同的一些实际的情况因为有些可能在300年拿到了这个低价家有些可能并没有所以大家可能成本上还有一点不一样但总体大家看到特动车公司在三季度开始都有一定的所谓的恢复如果说在去年总体还是表现亏损的公司在今年的一季度也是应该 转亏为盈了扭亏为盈了所以整个趋势可以看到这东西在逐步的向前走但是我也会积极的和大家去提一个醒其实大家看到目前的整个市场的现象其实还有一些可能并不是实际的情况大家看到的现在感觉大家有所服输的确是在这样的一条路上但是我们在接下来可能行 ...

2024 年 1—3 月 -- 公司负责人：王敏良 主管会计工作负责人：王敏岚 会计机构负责人：叶小琴 合并利润表 | --- | --- | --- | |-------------------------------------------|-------------------|-------------------| | | | | | | | | | 代理买卖证券款 | | | | 代理承销证券款 | | | | 应付职工薪酬 | 57,558,382.97 | 124,524,205.53 | | 应交税费 | 66,053,238.72 | 110,160,597.12 | | 其他应付款 | 6,616,750.00 | 7,602,310.00 | | 其中：应付利息 | | | | 应付股利 | | | | 应付手续费及佣金 | | | | 应付分保账款 | | | | 持有待售负债 | | | | 一年内到期的非流动负债 | 386,379,283.32 | 385,093,315.89 | | 其他流动负债 | 88,603,820.45 | 89,108,249.05 | | 流动负 ...

证券代码：603733 证券简称：仙鹤股份 公告编号：2024-025 债券代码：113632 债券简称：鹤21转债 仙鹤股份有限公司 关于接待机构调研情况的公告 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个别及连带责任。 仙鹤股份有限公司（以下简称“公司”）于 2024年4月26日、4月27日通 过电话会议交流形式接待了机构投资者调研，现将调研具体情况公告如下： 一、调研基本情况 调研时间：2024年4月26日、4月27 日 调研方式：电话会议交流 调研机构名称（排名不分先后）：国盛证券、中金公司、东方证券、东北证 券、东兴证券、申万证券、兴业证券、中信证券、中泰证券、华泰证券、浙商证 券、国海证券、西南证券、广发证券、南方基金、南华基金、银华基金、华宝基 金、万家基金、德邦基金、兴银基金、永赢基金、招商基金、信诚基金、融通基 金、嘉实基金、中海基金、汇安基金、湘财基金、诺德基金、格林基金、恒越基 金、鹏扬基金、巨子基金、子呈基金、富安达基金、淡水泉基金、景顺长城基金、 ...

2024 年 4 月 29 日 收益表现 % 1M 3M 1Y 相对 5.10 19.11 -16.32 绝对 7.43 27.59 -26.45 资料来源：Wind 公司研究 营收稳健增长，四季度毛利率环比改善明显 ——仙鹤股份（603733.SH） 2023 年报点评 买入（维持） 当前价：18.08 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 市场数据 总股本(亿股) 7.06 总市值(亿元)： 127.64 一年最低/最高(元)： 11.31/25.41 近 3 月换手率： 37.18% 股价相对走势 -52% -36% -21% -5% 10% 04/23 07/23 10/23 01/24 仙鹤股份 沪深300 相关研报 点评： 敬请参阅最后一页特别声明 -1- 证券研究报告 利润表现超预期，维持"买入"评级：我们基本维持 2024-2025 年营收预测为 115.9/147.2 亿元，并新增 2026 年营收预测为 177.9 亿 ...