| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-050 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 公司持续督导保荐机构由东方投行变更为东方证券。本次持续督导保荐机构 主体变更事项不属于公司更换持续督导机构事项。 特此公告。 仙鹤股份有限公司董事会 2024 年 9 月 6 日 仙鹤股份有限公司 关于持续督导保荐机构主体变更的公告 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"）近日接到公司首次公开发行股票之 持续督导机构东方证券承销保荐有限公司（以下简称"东方投行"）的通知，根 据中国证券监督管理委员会于 2023 年 2 月 28 日出具的《关于核准东方证券股份 有限公司吸收合并东方证券承销保荐有限公司暨变更业务范围的批复》（证监许 可〔2023〕425 号），东方证券股份有限公司（以下简称"东方证券"）获准吸收 合并投行业务全资子公司东方投行，吸收合并之后东方投行解散。 东方证券已于近日自证 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 18 日 仙鹤股份(603733.SH) 浆价回落+自制浆产能释放， 盈利能力有望改善 事件：仙鹤股份发布 2024 年半年报。2024H1 公司实现营收 46.04 亿元，同比增长 22.23%；归母净利润 5.50 亿元，同比增长 204.73%； 扣非后归母净利润 4.99 亿元，同比增长 237.55%。 其中，2024Q2 单季度公司实现营收 23.95 亿元，同比增长 24.14%;归 母净利润 2.82 亿元，同比增长 381.29%；扣非后归母净利润 2.62 亿 元，同比增长 698.66%。 下游稳步复苏+产能释放 H1 营收稳增，食品卡 H2 有望量价双增 分产品看，2024H1 下游消费逐步复苏，公司食品与医疗包装材料系 列、日用消费系列、电气及工业用纸系列产品显著增长。其中，食品 与医疗包装材料系列方面，伴随产能扩张，公司 2024H1 实现销量 10.86 万吨，同比增长 50.19%。电气及工业用纸系列产品方面，公 司已成为国内重要的电子元件材料生产配套企业，2024H1 电解电容 器纸基材料销量达 0 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company's performance meets expectations, and the future production of self-made pulp is expected to smooth cost fluctuations, with orderly expansion of diversified paper products [2] - The target price is raised to 22.28 yuan, based on a 15.0x PE for 2024, reflecting the company's diversified paper product layout and enhanced profitability from self-made pulp production [1][5] Financial Summary - Revenue for 2024 is projected at 10,777 million yuan, representing a 26.0% increase from 2023 [2] - Net profit attributable to the parent company is expected to reach 1,048 million yuan in 2024, a 58.0% increase compared to 2023 [2] - Earnings per share (EPS) is forecasted to be 1.49 yuan in 2024, increasing to 2.29 yuan by 2026 [2] - The net asset return rate is expected to improve from 9.1% in 2023 to 13.0% in 2024 [2] Production and Sales Performance - In the first half of 2024, the company achieved a mechanism paper output of 554,700 tons, a year-on-year increase of 32% [1] - The sales volume of specialty paper pulp reached 513,600 tons in the same period, also up 32% year-on-year [1] - The company’s brand recognition for the Xianhe brand continues to rise, with market share in specific segments steadily increasing [1] Pricing and Profitability - The gross margin for Q2 2024 was reported at 17.4%, with a net margin of 10.9%, showing resilience against cost pressures through effective price increases [1] - The company recorded a loss of 27.46 million yuan in white card paper for H1 2024, but this loss has narrowed compared to the previous year [1] Capacity Expansion and Future Outlook - New production capacities are being gradually implemented, with significant output expected from new projects in H2 2024 [1] - The self-sufficiency rate for pulp is anticipated to reach 30%-40% in the second half of 2024, which is expected to reduce costs [1]

谢谢大家今天晚上来参加先贺的这样一个中报交流其实公司之前也发过业绩预告总体上来说的话应该说二季度的这样一个业绩还是实现了非常明确的或者说在整个市场环境比较差的情况下应该说在二季度这样一个业绩还是非常好的同时环比一季度应该说也实现了一个小范围的或者说小比例的这样一个提升应该说这也是 逆势实现了应该说是我们整体的军家的稳定实现了多元益的这样一个提升那我们今天也是邀请到了公司的董秘王总那也是大家老朋友了跟大家做一个应该说是中报的这样一个分享那要不还是先麻烦王总对于大概的整体的这样一个二级组的情况包括对于下半年的展望看看能不能帮我们稍微分享一下感谢 好的 谢谢国生然后谢谢各位投资者晚上能够抽时间来听这个鑫河的业绩交流会因为今天我的喉咙稍微有点不好所以的话可能我在前面的话稍微简短一点然后给更多的时间给各位投资者问一些问题然后再做一些答复整体上面来讲2024年相比2023年来讲的话大家可以发现整个中国的经济还是在复苏的过程中虽然说我们看到很多数据不是特别好 消费数据都比较差但是作为这个特务者行业的因素我们是服务于下游的消费的不管整个下游的消费哪个行业相对哪个客户相对弱一点哪个客户相对强一点但是对于鲜河来讲整体的盘面还是比 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 24.5 CNY per share, compared to the current price of 16.01 CNY [1]. Core Views - The company reported its 2024 mid-year results, achieving revenue of 4.6 billion CNY, a year-on-year increase of 22.2%, and a net profit attributable to shareholders of 550 million CNY, up 204.7% [1]. - The company is experiencing strong production and sales, with significant growth in both domestic and overseas markets, particularly in the special paper segment [1]. - The profitability is recovering with effective cost control, as evidenced by an increase in gross margin to 17.7%, up 8.6 percentage points year-on-year [1]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 4.6 billion CNY, with a net profit of 550 million CNY and a net profit excluding non-recurring items of 500 million CNY, reflecting year-on-year growth rates of 22.2%, 204.7%, and 237.6% respectively [1]. - In Q2 2024, the company reported revenue of 2.39 billion CNY, net profit of 280 million CNY, and net profit excluding non-recurring items of 260 million CNY, with year-on-year growth rates of 24.1%, 381.3%, and 698.7% respectively [1]. - The company’s production capacity is steadily increasing, with a total production of 554,700 tons of paper in the first half of 2024, a 22% increase year-on-year [1]. Future Outlook - The company is expected to continue benefiting from its integrated strategy in the pulp and paper industry, with projected profits of 1.085 billion CNY, 1.407 billion CNY, and 1.698 billion CNY for 2024, 2025, and 2026 respectively, corresponding to a price-to-earnings ratio of 10, 8, and 7 times [1][2]. - The company is also expanding its overseas market presence, successfully entering the supply chain of a leading global tobacco company, with export revenue of 370 million CNY in the first half of 2024 [1].

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 8 月 15 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 8 月 15 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、中信证券、光大证券、中金公 司、东方证券、东北证券、国海证券、中原证券、国投证券、中泰证券、国泰证 券、安信证券、华福证券、浙商证券、国泰君安证券、中信建投证券、太平洋证 券、方圆基金、信诚基金、通和基金、富国基金、富达基金、兴银基金、兴全基 金、万家基金、巨子基金、金鹰基金、民生基金、融通基金、南方基金、南华基 金、华融基金、华夏基金、银华基金、招商基金、中银基金、中融基金、中金基 金、汇安基金、太平基金、恒越基金、蜂巢基金、天弘基金、泓德基金、瑞达基 金、惠理基金、嘉实基金、正圆基金、峰境基金、玄鹿基金、玄甲基金、天治基 金、保银基金、翎展基金、瓴仁基金、路博迈基金、华泰保兴基金、 ...

Investment Rating - The report assigns a "Buy" investment rating to the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][5][14]. Core Views - The company has shown significant growth in profitability, with a 204.73% year-on-year increase in net profit attributable to shareholders, driven by production capacity expansion and improved operational efficiency [1][3]. - The company is advancing two major investment projects, each valued at over 10 billion RMB, aimed at enhancing its integrated production capabilities in the paper industry [1][2]. - The company has successfully established stable relationships with international clients, contributing to a steady growth in export revenues [1][4]. Financial Performance - In the first half of 2024, the company achieved a revenue of 46.04 billion RMB, representing a year-on-year growth of 22.23% [1][6]. - The net profit for the same period reached 5.50 billion RMB, with a significant increase of 204.73% compared to the previous year [1][6]. - The gross profit margin improved to 17.69%, up by 8.58 percentage points year-on-year, reflecting better cost management and product pricing strategies [3][4]. Production and Sales - The company reported a production volume of 55.47 million tons of paper in the first half of 2024, a 22% increase year-on-year, and a sales volume of 51.36 million tons of specialty paper, up 31.77% [1][2]. - The production of food-grade paper reached 4.76 million tons, with sales hitting 5.13 million tons, showing a substantial improvement in profitability since the initial launch of the project [2][3]. Market Position and Strategy - The company is expanding its market presence in Europe, Southeast Asia, and the Middle East, with export sales reaching 3.66 billion RMB in the first half of 2024 [1][4]. - The ongoing development of new products and technologies, along with optimized raw material procurement, is expected to further enhance the company's competitive edge in the specialty paper market [3][4]. Future Projections - The company is projected to achieve net profits of 10.42 billion RMB, 13.42 billion RMB, and 17.48 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 1.48 RMB, 1.90 RMB, and 2.48 RMB [5][6].

公司点评报告 · 轻工行业 市场开拓驱动成长, 产能项目稳步落地 2024年8月15日 核心观点 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Industry] [公Ta司ble盈_F利in预anc测e]及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,738 8,553 10,222 12,423 14,729 增长率 yoy% 28.6% 10.5% 19.5% 21.5% 18.6% 净利润（百万元） 710 664 1,078 1,352 1,606 增长率 yoy% -30.1% -6.5% 62.4% 25.4% 18.8% 每股收益（元） 1.01 0.94 1.53 1.92 2.27 每股现金流量 0.10 0.09 1.91 1.69 2.27 净资产收益率 10.3% 9.0% 13.1% 14.6% 15.4% P/E 15.9 17.0 10.5 8.4 7.0 P/B 1.6 1.5 1.4 1.2 1.1 备注：股价信息为 8 月 15 日收盘价 仙鹤股份（603733）/轻工 证券研究报告/公司点评 2024 年 8 月 15 日 [评Ta级ble：_T买itle入] （维持） 市场价格：16.01 元 分析师：张潇 执业证书编号：S07405230300 ...

证券研究报告 | 半年报点评 2024 年 08 月 15 日 仙鹤股份（603733.SH） 盈利环比改善，新项目放量可期 公司发布 2024 年半年报：24H1 收入实现 46.04 亿元（同比+22.2%），归母净利 润 5.50 亿元（同比+204.7%），扣非归母净利润 4.99 亿元（同比+237.6%）；24Q2 收入实现 23.95 亿元（同比+24.1%），归母净利润 2.82 亿元（同比+381.3%）， 扣非归母净利润 2.62 亿元（同比+698.7%）。根据我们测算，预计公司 Q2 销量环 比提升（本部约+2.2 万吨，夏王约+1.5 万吨）；日用消费纸种提价、驱动整体 Q2 价盘稳固，吨盈利弱势稳定（Q2 薄纸吨盈利环比小幅下降，夏王盈利环比改善，食 品卡延续承压）。展望未来，Q3 成本延续上涨、纸价预计平稳，吨盈利预计小幅收 窄；Q4 公司自给浆比例提升、低价浆入库，盈利有望回暖。 强势纸种表现优异，积极出海扩张份额。24H1 日用消费/食品医疗/电气工业/烟草用 纸/商务交流分别实现收入 22.98/8.41/3.96/3.91/3.43 亿元，其中公司在优势赛道强 势扩张，日 ...