Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company is expected to see a rise in costs but maintain stable pricing, leading to strong profit performance. The projected net profit for Q3 is between 242 million to 280 million yuan, representing a year-on-year increase of 20.1% to 38.9% [2] - The company benefits from the gradual implementation of projects in Guangxi and Hubei, leading to improved production and sales. The average price remains stable, although there is a slight increase in costs [2] - The integration of forest, pulp, and paper production is accelerating, which is expected to reduce the impact of cost cycles over time [2] Financial Performance Summary - The company's revenue for 2022 was 7,738 million yuan, with a projected increase to 10,065 million yuan in 2024, reflecting a year-on-year growth rate of 17.7% [3] - The net profit for 2022 was 710 million yuan, with an expected increase to 1,082 million yuan in 2024, indicating a growth rate of 63.0% [3] - The earnings per share (EPS) for 2022 was 1.01 yuan, projected to rise to 1.53 yuan in 2024 [3][10] Production and Sales Outlook - The company is expected to maintain a favorable production and sales environment, with an anticipated increase in sales volume in Q3 due to successful project implementations [2] - The company has launched new production lines in Hubei and Guangxi, which are expected to contribute significantly to production capacity, with a total of approximately 600,000 tons of paper production capacity from these projects [2] Profitability Forecast - The forecasted net profit for the company from 2024 to 2026 is 10.8 billion yuan, 14.7 billion yuan, and 18.7 billion yuan respectively, with corresponding P/E ratios of 12.1X, 8.9X, and 7.0X [2]

Financial Performance - The company expects a net profit attributable to shareholders for the first three quarters of 2024 to be between 792 million and 830 million yuan, representing an increase of 41.02 million to 44.82 million yuan compared to the same period last year, a year-on-year increase of 107.42% to 117.37%[2]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 722 million and 760 million yuan, an increase of 40.68 million to 44.48 million yuan compared to the same period last year, a year-on-year increase of 129.09% to 141.14%[3]. - The net profit for the same period last year was 381.83 million yuan, and the net profit after deducting non-recurring gains and losses was 315.17 million yuan[4]. Business Strategy - The company is expanding the application of paper-based new materials, which are experiencing rapid growth due to technological advancements and policy support, contributing to stable profit margins[5]. - The company has implemented photovoltaic power generation projects across its production parks to mitigate energy supply risks and reduce production costs[5]. - The company has established stable relationships with international clients through years of overseas market expansion, leading to steady growth in export markets[5]. Forecast and Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an accounting firm[6]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change in the official third-quarter report[7].

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-054 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 可转债转股结果暨股份变动公告 （二）可转债上市情况 经上海证券交易所自律监管决定书[2021]461 号文同意，公司本次发行的 20.50 亿元可转换公司债券于 2021 年 12 月 9 日起在上海证券交易所挂牌交易， 债券简称"鹤 21 转债"，债券代码"113632"。 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： 累计转股情况：截至 2024 年 9 月 30 日，累计共有人民币 97,000 元"鹤 21 转债"已转换成公司股票，累计转股数量为 3,285 股，占可转债转股前公司已 发行股份总额的 0.00047%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的"鹤 21 转债" 金额为人民币 2,049,902,000 元，占可转债发行总量的 99.9953%。 本季度转股情况：自 2 ...

关于不向下修正"鹤 21 转债"转股价格的公告 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 重要内容提示： 自 2024 年 8 月 20 日至 2024 年 9 月 18 日，仙鹤股份有限公司（以下简 称"公司"）股票已出现任意连续三十个交易日中至少有十五个交易日的收盘价 低于当期转股价格的 80%（即 15.59 元/股）的情形，触及"鹤 21 转债"转股价 格向下修正条款。 经公司第三届董事会第二十四次会议审议通过，公司董事会决定本次不 行使"鹤 21 转债"的转股价格向下修正权利，且未来三个月内（即 2024 年 9 月 19 日至 2024 年 12 月 18 日），若再次触发"鹤 21 转债"转股价格向下修正条款， 公司亦不提出向下修正方案。在此期间之后，自 2024 年 12 月 19 日起首个交易 日开始重新起算，若再次触发"鹤 21 转债"转股价格向下修正条款，届时公司 董事会将再次召开会议决定是否行使"鹤 21 转债"的转股价格向下修正权利。 | 证券代码：603733 | 证券 ...

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-052 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 关于召开 2024 年半年度业绩说明会的公告 投资者可于 2024 年 9 月 12 日（星期四）至 9 月 20 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 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： 会议召开时间： 2024 年 9 月 23 日（星期一）上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sse nfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 仙鹤股份有限公司（以下简称"公司"）已于 2024 年 8 月 15 日发布公司 2024 年半年度报告。为便于广大投资者更全面深入地 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 10 日收盘价（元） ] | 15.25 | | 52 周股价波动（元） | 11.31-20.58 | | 总股本 / 流通 A 股（百万股） | 706/706 | | 总市值 / 流通市值（百万元 | 10766/10766 | | 相关研究 | | | [Table_ReportInfo] 《食品卡产能逐步释放，两大新基地投产在 | | | 即》 2024.06.07 | | 市场表现 [Table_QuoteInfo] -37.73% -28.73% -19.73% -10.73% -1.73% 7.27% 2023/9 2023/12 2024/3 2024/6 仙鹤股份 海通综指 | --- | --- | --- | --- | |------------------------ ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-051 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 正"鹤21转债"转股价格的议案》，"鹤21转债"的转股价格自2022年8月3日起由38.74 元/股调整为27.23元/股。具体内容详见公司于2022年8月2日在上海证券交易所网站 （www.sse.com.cn）披露的《仙鹤股份有限公司关于向下修正"鹤21转债"转股价格的 公告》（公告编号：2022-062）。 3、因公司实施2022年年度权益分派，"鹤21转债"转股价格自2023年6月19日起由 27.23元/股调整为26.92元/股。具体内容详见公司于2023年6月13日在上海证券交易所网 站（www.sse.com.cn）披露的《仙鹤股份有限公司关于实施2022年年度权益分派调整 "鹤21转债"转股价格的公告》（公告编号：2023-051）。 关于"鹤21转债"预计满足转股价格修正条件 的提示性公告 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 ...

| 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]