证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 五洲特纸(605007) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 五洲特纸：产能加速扩张，盈利逐步回暖 [Table_ReportDate] 2025 年 04 月 13 日 报告内容摘要: [Table_S 事件： ummary] 1） 湖北项目进展顺利：2025 年 4 月 10 日五洲湖北 PM18 纸机顺利开机投产， 该纸机设计幅宽 8660mm、设计车速 1200m/min，单日产能超 1800 吨，年产 能达 55 万吨。伴随新纸机投产，公司湖北包装纸基地固费摊销、能耗节降等有 望稳步改善，推动包装纸盈利持续优化。 请阅读最后一页免责声明及信 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 五洲特纸(605007) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 五洲特纸：产能加速扩张，盈利逐步回暖 [Table_ReportDate] 2025 年 04 月 13 日 报告内容摘要: [Table_S 事件： ummary] 2）公司发布 2024 年报：24 年公司实现收入 76.56 亿元（同比+17.4%），归 母净利润 3.62 亿元（同比+33.2%），扣非归母净利润 3.27 亿元（同比+30.6%）； 24Q4 公司实现收入 21.90 亿元（同比+18.1%），归母净利润 0.35 亿元（同比 -79.0%），扣非归母净利润 0. ...

Core Viewpoint - The company reported a revenue of 7.66 billion yuan for 2024, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 360 million yuan, up 32.6% year-on-year [2]. Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.19 billion yuan, which is an 18.1% increase year-on-year, but the net profit attributable to shareholders dropped to 34.86 million yuan, a significant decline of 79.0% year-on-year [2]. - The overall gross margin for 2024 was 9.9%, an increase of 0.3 percentage points year-on-year, while the gross margin for Q4 2024 was 5.6%, down 9.5 percentage points year-on-year and 5.1 percentage points quarter-on-quarter [4]. Group 2: Production and Sales Growth - The company produced 1.499 million tons of paper in 2024, with sales reaching 1.466 million tons, marking increases of 40.8% and 38.7% year-on-year, respectively [3]. - Sales volumes for various products in 2024 were as follows: food packaging (60500 tons), daily consumer (27900 tons), publishing and printing (22600 tons), industrial packaging (31700 tons), and industrial supporting materials (3800 tons), with notable growth in industrial packaging (17211.6%) and industrial supporting materials (229.7%) [3]. Group 3: Cost and Margin Analysis - The decline in Q4 2024 gross margin was attributed to product mix adjustments, an increase in low-margin industrial packaging revenue, and rising wood pulp inventory costs [4]. - The gross margins for different product categories in 2024 were: food packaging (4.1%), daily consumer (21.2%), publishing and printing (3.8%), and industrial supporting materials (10.1%), with varying year-on-year changes [4]. Group 4: Strategic Outlook - For 2025, the company plans to accelerate its pulp-paper integration projects, with 300,000 tons of chemical pulp already reaching near full production and a 600,000-ton chemical pulp production line under construction [5]. - The company aims to diversify its product offerings, maintaining its focus on food packaging paper, glassine paper, digital transfer paper, and tracing paper, while expanding into larger markets for publishing and industrial packaging materials [5].

Core Viewpoint - Wuzhou Special Paper reported significant growth in total revenue and net profit for 2024, but faced substantial profit decline in the fourth quarter, indicating potential challenges in cash flow and debt management [2][3][9] Operational Overview - Total revenue for 2024 reached 7.656 billion yuan, a year-on-year increase of 17.43% - Net profit attributable to shareholders was 362 million yuan, up 33.2% year-on-year - Deducted non-recurring profit was 327 million yuan, reflecting a 30.57% increase year-on-year [2] Quarterly Performance - In Q4, total revenue was 2.19 billion yuan, a year-on-year increase of 18.06% - Net profit attributable to shareholders fell to 34.86 million yuan, a decline of 78.84% year-on-year - Deducted non-recurring profit was 11.30 million yuan, down 92.83% year-on-year, indicating significant profit pressure at year-end [3] Key Financial Metrics - Gross margin was 9.87%, an increase of 2.89 percentage points year-on-year - Net margin was 4.73%, up 12.79 percentage points year-on-year - Operating cash flow per share was -0.20 yuan, a decrease of 107.54% year-on-year, highlighting poor cash flow from operations [4] Asset and Liability Situation - Interest-bearing debt totaled 5.721 billion yuan, an increase of 61.33% year-on-year - Current ratio was 0.79, indicating significant short-term debt pressure - Cash and cash equivalents amounted to 1.307 billion yuan, a year-on-year increase of 129.99%, primarily due to refinancing [5] Cost and Expenses - Total selling, administrative, and financial expenses were 265 million yuan, accounting for 3.47% of revenue, an increase of 9.68% year-on-year - Financial expenses rose significantly by 52.4% year-on-year, mainly due to interest capitalization from convertible bond fundraising projects [6] Main Revenue Composition - Main revenue sources included food packaging materials (3.15 billion yuan, 41.14%), daily consumer materials (2.448 billion yuan, 31.97%), publishing and printing materials (1.007 billion yuan, 13.15%), industrial packaging materials (747 million yuan, 9.76%), and industrial supporting materials (287 million yuan, 3.75%) - Daily consumer materials had the highest gross margin at 21.24% [7] Cash Flow and Debt Status - Net cash flow from operating activities was negative, decreasing by 108.9% year-on-year, primarily due to expansion projects in Hubei and Jiangxi - Total interest-bearing debt was 5.721 billion yuan, with an interest-bearing asset-liability ratio of 49.16%, indicating high debt pressure [8] Summary - Overall, Wuzhou Special Paper achieved significant growth in revenue and net profit for 2024, but experienced a notable decline in profitability in Q4 - The company faces considerable cash flow and debt pressures, particularly in short-term debt management, necessitating close attention to future cash flow management and debt repayment capabilities [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 7.66 billion yuan in 2024, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 360 million yuan, up 32.6% year-on-year [5] - The company completed a production volume of 1.499 million tons of mechanical paper and a sales volume of 1.466 million tons in 2024, with year-on-year growth of 40.8% and 38.7% respectively [6] - The company is advancing its product diversification and pulp-paper integration strategy, with new production capacities coming online [8][9] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 2.19 billion yuan, a year-on-year increase of 18.1%, but a net profit of 34.86 million yuan, down 79.0% year-on-year [5] - The gross margin for 2024 was 9.9%, up 0.3 percentage points year-on-year, while Q4 2024 gross margin was 5.6%, down 9.5 percentage points year-on-year [7] Production and Sales - The company’s product sales included food packaging (605,000 tons), daily consumer products (279,000 tons), publishing and printing (226,000 tons), industrial packaging (317,000 tons), and industrial supporting materials (38,000 tons) [6] - The company’s new production lines in Hubei and other regions are contributing to the rapid growth in production and sales [6] Strategic Outlook - The company is focusing on expanding its pulp-paper integration projects and diversifying its product matrix, which includes entering larger market segments such as publishing and industrial packaging materials [8] - The company plans to launch new product types in 2025 to mitigate market risks associated with single paper types [8] Valuation and Forecast - The revenue forecasts for 2025 and 2026 have been adjusted to 9.94 billion yuan and 11.55 billion yuan, respectively, reflecting a decrease of 14% and 15% [9] - The projected net profit for 2025 and 2026 is revised to 360 million yuan and 430 million yuan, down 38% and 40% respectively [9]

特 五 洲 特 纸 五洲特种纸业集团股份有限公司 2024年度环境、社会和公司治理（ESG）报告 01 目录 | 关于报告 … | 3 | | --- | --- | | 害室长致辞 | 5 | | 可持续发展关键绩效表 | ნ | | 关于"五洲特纸" … | 7 | | 可持续发展治理 - | 13 | | 可持续治理垫构 … | 13 | | | 13 | | 利益相关方沟通 … | 15 | | 实质性议题分析 . | 16 | | 风险管理 … | 16 | | 反腐倡廉 | 18 | | 环境 | 20 | | 应对气候变化 . | 20 | | 环境管理体系 | 22 | | 能源管理 | 24 | | 水资源管理 . | 26 | | 污染物治理 | 27 | | 减碳措施。 www. | 32 | | 循环经济实践 | 32 | | 차스 | 33 | | 员工雇佣 | 33 | | 员工关爱 … | રૂટ | | 员工成长 | 37 | | 员工健康与安全… | 38 | | 产品中心 | 41 | | 客户与供应链管理 … | 45 | | 数据安全与客户隐私保护 … | 48 | | ...

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。 五洲特种纸业集团股份有限公司（以下简称"公司"或"本公司"）根据中 国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）和上海证券交 易所印发的《上海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》（上证发〔2023〕193 号）的规定，将本公司 2024 年度募集资 金存放与使用情况专项说明如下。 | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 2024 年度募集资金存放与使用情况的专项报告 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、公司公开发行可转换公司债券募集资金 根据中国证券监督管理委员会《关于核准衢州五洲特种纸业股份有限公司公 开发行可转换公司债券的批复 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 关于预计 2025 年度担保额度的公告 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: 被担保人名称：浙江五星纸业有限公司（以下简称"浙江五星"）、五洲特 种纸业（江西）有限公司（以下简称"五洲特纸（江西）"）、五洲特种纸 业（湖北）有限公司（以下简称"五洲特纸（湖北）"）、五洲特种纸业（汉 川）有限公司（以下简称"五洲特纸（汉川）"）、湖北祉星热力能源有限 公司（以下简称"湖北祉星热力"）、九江诚宇物流有限公司（以下简称"九 江诚宇"）、五洲特种纸业（龙游）有限公司（以下简称"五洲特纸（龙游）"）、 江西泽川供应链管理有限公司（以下简称"江西泽川"）。上述公司均为五 洲特种纸业集团股份有限公司（以下简称"公司"或"五洲特纸"）控股子 公司。其中除五洲特纸（龙游）、江西泽川外，均为公司全资子公司。 ...

| | 9.31% | 11.22% | 10.25% | | --- | --- | --- | --- | | ROE | | | | 2025 年，公司将持续聚焦主业，积极践行"精益求精、控制成本、简单高 效、形成体系"的企业方针，多措并举提升公司经营质量。一是持续推进产品多 元化战略，近几年来公司在原有食品包装纸、格拉辛纸、描图纸基础上，通过新 建产能，并购吸收等方式，新增了工业配套衬纸、数码转印纸、工业包装纸等产 品，丰富了产品矩阵，取得了良好的经济效益，2025 年还将增添新的产品到公 司产品阵营中；二是产能的有序扩张，公司通过江西基地和湖北基地的建设，产 销量得到了较大的提高，为公司收入和利润的可持续发展打下良好的基础；三是 加强精细化成本管理，通过原辅材料采购、能源供应等方面的成本管控、提高纸 机设备运行效率、优化工艺配方等多种举措实现降本目标；四是强化质量意识， 完善标准体系，持续开展产品质量提升行动，打造过硬产品品质；五是积极推进 浆纸一体化、物流供应链的延伸，通过自产浆线、自建物流码头、自有物流运力 实现上游闭环；六是加快全球化布局，进而提升市场占有率，拓宽产业布局。 二、聚焦新质生产力 ...

五洲特种纸业集团股份有限公司 2024 年度会计师事务所履职情况评估报告 天健会计师事务所（特殊普通合伙）（以下简称"天健所"）为五洲特种纸 业集团股份有限公司（以下简称"公司"）2024 年度审计机构，担任财务报告 和内部控制审计工作。根据《国有企业、上市公司选聘会计师事务所管理办法》 相关规定，公司对天健所 2024 年审计过程中的履职情况进行评估。经评估，公 司认为天健所在履职过程中坚持以公允、客观的态度进行独立审计，表现了良好 的职业操守和专业素质，按时完成了公司年报审计工作，出具的审计报告客观、 公正、公允地反映了公司经营成果和财务状况。具体情况如下： 一、资质条件 | （一）会计师事务所基本信息 | | --- | | 事务所名称 | | 天健会计师事务所（特殊普通合伙） | | | | --- | --- | --- | --- | --- | | 成立日期 | 2011 年 7 月 | 18 | 日 组织形式 特殊普通合伙 | | | 注册地址 | | | 浙江省杭州市西湖区灵隐街道西溪路 号 128 | | | 首席合伙人 | 钟建国 | | 上年末合伙人数量 人 | 241 | | 上年末 ...