仙鹤股份 20250228 摘要 • 纸浆价格温和上涨挤压造纸企业盈利，但也带来提价机会，目前造纸行业 产销情况良好，特种纸行业需求稳健增长，进出口剪刀差持续放大，整体 需求增量达 20 万吨以上。 • 特种纸行业呈现结构性增长，细分市场如展宇、格拉辛、热敏、电解电容 器等需求稳增，2 月起特种纸价格陆续上涨，热转印每吨涨价达 1,000 元， 推动行业进入盈利扩张阶段。 • 仙鹤股份广西、湖北基地浆纸产能释放，广西基地已贡献盈利，湖北基地 盈利能力显著改善。公司内部生产协调匹配度提升，将进一步推动盈利扩 张。 • 特种纸行业毛利率处于历史低位，但龙头企业具备柔性化生产优势，供需 优于表观数据。进出口剪刀差及结构性增长驱动需求，龙头企业产能扩张 温和，竞争格局预计不会恶化。 • 预计 2024-2025 年特种纸市场需求增加 60 万吨，与龙头企业扩张计划匹 配。CR5 市场份额提升，行业供需温和，细分市场供需紧张，促使龙头企 业继续扩张。 Q&A 近期投资策略和重点板块有哪些变化？ 近期的投资策略更多地集中在顺周期的低位板块上，尤其关注那些具有成长性 和成本改善逻辑的个股。当前市场对顺周期板块的预期较低，许 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to see a recovery in profitability, with contributions from its Guangxi and Hubei bases [2] - The price of paper products is anticipated to increase slightly due to seasonal demand, supported by rising pulp prices [2] - The company has a clear growth path with significant production capacity expansion planned for 2024 and 2025, leading to a projected paper production growth rate of over 30% in 2025 [2][3] - The company is expected to maintain strong profitability, with net profits projected to reach 1.06 billion, 1.44 billion, and 1.79 billion yuan for 2024, 2025, and 2026 respectively [3] Financial Summary - Total revenue is projected to grow from 8.55 billion yuan in 2023 to 16.64 billion yuan in 2026, reflecting a compound annual growth rate of approximately 25.2% [4] - The net profit attributable to the parent company is expected to increase significantly from 664 million yuan in 2023 to 1.79 billion yuan in 2026, with a year-on-year growth rate of 59.8% in 2024 [4] - The gross margin is expected to improve from 11.6% in 2023 to 16.0% in 2026, indicating better cost management and operational efficiency [4] - The company's price-to-earnings (P/E) ratio is projected to decrease from 21.94 in 2023 to 8.13 in 2026, suggesting an attractive valuation as earnings grow [4][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is expected to see a recovery in profitability, with contributions from its Guangxi and Hubei bases [2] - The growth path is clear, with a focus on the synergy between pulp and paper operations leading to efficiency improvements [2] - The company is positioned as a market leader with abundant orders, and the industry landscape is expected to accelerate concentration in 2025 [3] Financial Performance Summary - Total revenue is projected to grow from 8,553 million in 2023 to 16,637 million in 2026, reflecting a CAGR of 25.2% [4] - The net profit attributable to the parent company is expected to increase from 664 million in 2023 to 1,790 million in 2026, with a significant growth rate of 59.8% in 2024 [4] - The gross margin is anticipated to improve from 11.6% in 2023 to 16.0% in 2026 [4] - The company's PE ratio is projected to decrease from 21.94 in 2023 to 8.13 in 2026, indicating a more attractive valuation over time [4] Growth Drivers - The company plans to launch over 900,000 tons of paper production capacity and approximately 900,000 tons of pulp capacity from its Guangxi and Hubei bases [2] - The local wood resources in Guangxi and the exploration of reed pulp in Hubei are expected to provide cost advantages and improve production efficiency [2] - The company is likely to benefit from rising pulp prices and improved cost structures as it ramps up production in its new bases [2][3]

上海市锦天城律师事务所 关于仙鹤股份有限公司 2025 年第一次临时股东大会的 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 9、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 上海市锦天城律师事务所 关于仙鹤股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：仙鹤股份有限公司 仙鹤股份有限公司（以下简称"公司"）2025 年第一次临时股东大会于 2025 年 2 月 13 日（星期四）14 点 00 分在浙江省衢州市衢江区天湖南路 69 号公司会 议室如期召开。上海市锦天城律师事务所经公司聘请委派王高平律师、邓颖律师 列席，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（2022 年修订）》（以下简称"《股东大会规则》"）等法律法 规、其他规范性文件以及《仙鹤股份有限公司章程》（以下简称"《公司章程》"）、 《仙鹤股份有限公司股东大会议事规则》（以下简称"《议事规则》"）的规定， 就本次股东大会的召集和召开程序、召集人及出席会议人员的资格、会议议案、 表决 ...

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 一、 会议召开和出席情况 | 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2025-010 | | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | 仙鹤股份有限公司 2025 年第一次临时股东大会决议公告 | 1、出席会议的股东和代理人人数 | 159 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 562,425,801 | | 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 | 79.6664 | | 份总数的比例（%） | | (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召集，公司董事长王敏良先生主持会议。会议采用现 (一) 股东大会召开的时间：2025 年 2 月 13 日 (二) 股东大会召开的地点：浙江省衢州市衢江区天湖南路 69 号仙鹤股份有限 公司会议室 (三) 出席会议的普 ...

Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Insights - The special paper industry is experiencing an upward trend, with production and sales increasing by 3.8% and 3.1% year-on-year, respectively, in 2023 [3][16]. - The company is expanding its production capacity significantly, with new projects in Guangxi and Hubei expected to contribute over 90 million tons of paper and pulp capacity [5][32]. - The company has a strong market position in niche markets, with a market share exceeding 45% in tobacco paper and over 90% in low-quantity publishing materials [4][29]. Summary by Sections 1. Growth Momentum and Industry Position - The company has a well-established product matrix and is expanding its production capacity steadily, with a total annual production capacity exceeding 1.6 million tons by 2024 [11]. - The company has a unique corporate culture that emphasizes stability and long-term development, with the Wang family controlling 78.3% of the shares [12]. 2. Industry Understanding - The special paper industry is seeing improved market conditions, with a concentration ratio (CR9) of 59.2% in 2023, indicating a stronger market position for leading companies [3][16]. 3. Competitive Advantages - The company has a robust supply chain for raw materials, with plans to secure 1 million acres of state-owned forest land by 2025 [4][25]. - The company leads in several niche markets, including tobacco and low-quantity publishing materials, which enhances its customer base [4][26]. 4. Short-term Performance - The company is expected to see a sales increase in Q4 2024, benefiting from the gradual implementation of its Guangxi and Hubei projects [5][30]. 5. Growth Sources - The new projects in Guangxi and Hubei are projected to significantly increase production capacity, with a growth rate of over 30% expected by 2025 [5][32]. 6. Current Cycle Position - The company is at a turning point in its profit cycle, with expectations of improved profitability driven by cost reductions and increased self-supply of pulp [6][34]. 7. Valuation System - The company's valuation is expected to recover, with a projected PE ratio of 10.5x for 2025, reflecting its strong market position and growth potential [7][38]. 8. Profit Forecast and Investment Rating - The company is projected to achieve net profits of 1.04 billion, 1.44 billion, and 1.77 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 14.5x, 10.5x, and 8.5x [7][42].

Investment Rating - The investment rating for Xianhe Co., Ltd. is "Buy" [2][7]. Core Viewpoints - The special paper industry is experiencing an upward trend, with production and sales increasing by 3.8% and 3.1% year-on-year, respectively, in 2023 [3][16]. - Xianhe Co., Ltd. is positioned to benefit from its upstream resource integration and the gradual launch of its Guangxi and Hubei projects, which are expected to significantly enhance production capacity and profitability [5][32]. - The company has a strong market position in niche markets, with a market share exceeding 45% in tobacco paper and over 90% in low-grammage publishing paper [4][26]. Summary by Sections 1. Industry Overview - The special paper industry saw a production of 7.43 million tons and sales of 7.25 million tons in 2023, with an overall operating rate of 84.3% [3][16]. - The industry is characterized by a significant increase in export volume and a decline in import volume, indicating a favorable supply-demand relationship compared to bulk paper [3][16]. 2. Company Development - Xianhe Co., Ltd. has expanded its product matrix and production capacity since its establishment in 1997, now producing over 1.6 million tons annually across various special paper products [11][12]. - The company has a unique corporate culture that emphasizes stability and long-term development, with a concentrated ownership structure led by the Wang family [12][13]. 3. Competitive Advantages - Xianhe Co., Ltd. has a robust supply chain with self-owned and contracted forest land ensuring a stable supply of raw materials [4][25]. - The company has developed self-research production equipment that allows for flexible production of multiple paper types, enhancing its ability to respond to market demands [4][26]. 4. Financial Performance and Forecast - The company is expected to achieve a revenue of 10.07 billion yuan in 2024, with a year-on-year growth rate of 17.7% [8][42]. - The projected net profit for 2024 is 1.04 billion yuan, reflecting a significant recovery from previous years [8][42]. - The company's gross margin is anticipated to improve, reaching 15.4% in 2024, driven by increased self-produced pulp and cost improvements [8][42]. 5. Valuation - The historical PE ratio for Xianhe Co., Ltd. has fluctuated between 10X and 15X in recent years, with a projected PE of 10.5X for 2025 [7][38]. - The company is expected to maintain a strong growth trajectory, with a projected net profit of 1.77 billion yuan by 2026 [8][42].

仙鹤股份有限公司 2025 年第一次临时股东大会 会议资料 | 会议议程 3 | | --- | | 会议须知 5 | | 议案一：关于2025年度对外担保额度预计的议案 6 | | 议案二：关于2024年度日常关联交易情况及2025年度日常关联交易预计的议 | | 案 12 | | 议案三：关于2025年度向银行申请综合授信额度的议案 20 | 2025 年第一次临时股东大会会议资料 仙鹤股份有限公司 2025 年第一次临时股东大会会议议程 一、会议召开时间： 股票代码：603733 中国·衢州 二〇二五年二月 | | | 现场会议时间：2025 年 2 月 13 日（星期四）14 点 00 分 网络投票时间： 2、已登记而无法出席会议的股东，可书面委托代理人出席，代理人不必是公 司的股东； 3、公司董事、监事及高级管理人员； 4、公司聘请的律师。 五、会议主持人：公司董事长王敏良先生 六、审议事项： 1、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 2025 年 2 月 13 日（星期四）9:15-9:25，9:30-11:30，13:00-15:00； 2、通过互联网投票平台的投票时 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.0-1.08 billion yuan for the year 2024, representing a year-on-year increase of 50.7% to 62.7%, with a median estimate of 1.04 billion yuan, which is a 56.7% increase [1] - The fourth quarter of 2024 is projected to have a net profit attributable to shareholders of 180-260 million yuan, reflecting a year-on-year decrease of 35.1% to 6.7%, with a median estimate of 220 million yuan, which is a 20.9% decrease [1] - The company is benefiting from the gradual implementation of projects in Guangxi and Hubei, as well as the expansion of overseas business, which is expected to maintain sales momentum [2] - The company anticipates a production increase of 30% to 40% in 2025 due to new production capacities from the Guangxi and Hubei projects [3] Summary by Sections Financial Performance - The total revenue for 2024 is estimated at 10.065 billion yuan, with a year-on-year growth rate of 17.7% [5] - The net profit attributable to shareholders for 2024 is projected at 1.043 billion yuan, with a year-on-year growth rate of 57.1% [5] - The gross profit margin is expected to improve to 15.4% in 2024 [5] Production Capacity and Projects - The Hubei project is expected to contribute over 30,000 tons of production in the first half of 2024, with additional production lines expected to come online in early 2025 [3] - The Guangxi project is projected to add approximately 90,000 tons of paper production capacity, with significant contributions from both projects anticipated in 2025 [3] Profitability Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 1.043 billion yuan, 1.435 billion yuan, and 1.773 billion yuan, respectively, with corresponding P/E ratios of 14.7X, 10.6X, and 8.7X [3]

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-007 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于2024年度日常关联交易情况及2025年度 日常关联交易预计的公告 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。 重要内容提示: 是否需要提交股东大会审议：是 日常关联交易对上市公司的影响：仙鹤股份有限公司（以下简称"公司"）与关 联方的关联交易为开展日常经营所需，公司与各关联方相互提供产品或服务的定价、结算 办法是以市场价格为基础，不会对公司未来的财务状况、经营成果产生重大不利影响。关 联交易的风险可控，不会影响公司的独立性，不会对关联方形成依赖，不会损害相关各方 及中小股东的利益。 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 1、公司于2025年1月23日召开第三届独立董事第三次专门会议，审议通过了《关于 2024年度日常关联交易情况及2025年度日常关联交易预计的议案》，并形成以下意见：公 ...