市场数据(2024-08-20) 收盘价(元) 11.77 一年内最高/最低(元) 24.17/11.77 沪深 300 指数 3,332.70 市净率(倍) 1.37 流通市值(亿元) 54.70 基础数据(2024-06-30) 每股净资产(元) 8.57 每股经营现金流(元) 0.38 毛利率(%) 18.65 净资产收益率_摊薄(%) 7.59 资产负债率(%) 29.86 总股本/流通股(万股) 46,473.92/46,470.49 B 股/H 股(万股) 0.00/0.00 造纸Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 经营业绩稳步增长，首次实施中期分红 ——华旺科技(605377)中报点评 发布日期：2024 年 08 月 21 日 事件： 证券研究报告-中报点评 买入(首次) 公司发布 2024 年半年度报告。2024 年上半年实现营业收入 19.47 亿元，同比+4.59%，实现归母净利润 3.02 亿元，同比+28.06%,，扣非 归母净利润 2.74 亿元，同比+24.47%；经营活动产生的现金流量净额 1 ...

Financial Data and Key Indicators Changes - The company's revenue for the first half of the year was primarily driven by the contribution from decorative paper, with revenue from the main product line reaching 1.541 billion, a year-on-year increase of 5.75% [2] - Trade revenue remained stable at 380 million, showing no significant change compared to the previous year [2] - The overall cost is expected to remain high in Q3, with a release of cost pressure anticipated in Q4 due to price reductions [1][2] Business Line Data and Key Indicators Changes - Domestic sales of the main product line reached 1.12 billion, a year-on-year increase of 5%, accounting for 72% of total sales, while international sales accounted for approximately 27% with a slight increase [3] - The overall sales volume for both domestic and international markets achieved double-digit growth [3] Market Data and Key Indicators Changes - The company is experiencing a downward trend in product prices, with a recent price drop of 100 USD, bringing the current price to 650 USD [1] - The price of titanium dioxide is also in a downward trend, contributing to reduced operational pressure in the second half of the year [1] Company Strategy and Development Direction - The company plans to continue expanding its domestic and international customer base, with a focus on overseas market development [4] - The company is preparing materials for anti-dumping measures, with expectations for a conclusion in 9 to 12 months [4][5] - The company maintains confidence in its high-end product strategy, believing that the outcome of the anti-dumping case will not be overly pessimistic [5] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall economic environment remains under pressure, affecting both domestic and international markets [7] - The company expects to maintain a stable performance despite industry challenges, with ongoing efforts to enhance product quality and customer experience [18][19] - The management expressed confidence in the company's ability to navigate through competitive pressures and maintain profitability [36] Other Important Information - The company plans to increase its dividend payout, supported by stable cash flow and operational performance [13][14] - Capital expenditures are expected to remain low, with future investments primarily focused on machinery rather than large-scale infrastructure [14] Q&A Session Summary Question: What is the price trend for domestic and export sales? - The average selling price has slightly decreased due to a downward shift in order structure, affecting overall revenue [6] Question: How has shipping cost impacted the business? - Shipping costs have normalized, with a significant reduction of 10% to 20% from previous highs, positively impacting export volumes [7] Question: What is the outlook for the European market amid anti-dumping measures? - Regardless of the outcome, the company will continue to pursue market expansion in Europe, maintaining strong customer relationships [26] Question: How does the company view the competitive landscape and new capacity in the industry? - The company believes that while competition may intensify, it is well-prepared to adapt and maintain its market position [34][35] Question: What is the expected impact of new product launches on market share? - The company is focused on developing new products to enhance customer experience and adapt to market demands, which should support market share growth [19][23]

Financial Performance - In the first half of 2024, the company achieved operating revenue of 194,655.50 million yuan, a year-on-year increase of 4.59% [4] - The net profit attributable to shareholders was 30,215.16 million yuan, reflecting a growth of 28.06% compared to the same period last year [4] - The net profit after deducting non-recurring gains and losses was 27,425.99 million yuan, up by 24.47% year-on-year [4] - The net cash flow from operating activities was 17,693.99 million yuan, showing a significant increase of 103.68% [5] Dividend Policy - Over the past three years (2021-2023), the company distributed a total of 70,837.72 million yuan in cash dividends, with a cash dividend payout ratio averaging 46.5% [5] - For the 2024 interim profit distribution plan, the company intends to distribute a cash dividend of 4.20 yuan (including tax) per 10 shares, totaling 19,484.90 million yuan, which accounts for 64.49% of the net profit attributable to shareholders for the first half of 2024 [5][6] Export Performance - In the first half of 2024, the company achieved foreign sales revenue of 421 million yuan, an increase of 8.56% compared to the same period last year [6] - The main export markets include Europe and Southeast Asia, with plans to further enhance market share in these regions [6] Industry Trends - In 2023, the sales volume of decorative paper in China reached 141.07 million tons, marking a year-on-year growth of 33.48% [8] - The demand for decorative paper in China continues to grow steadily, driven by structural optimization and expansion into new application areas [8] - The industry is expected to shift towards high-end products, with lower-end capacities gradually exiting the market due to increasing consumer quality demands [8][9] Cost Control Advantages - The company has established a comprehensive cost control system throughout the production cycle, leveraging over 20 years of production experience [7] - By combining large-scale production with rich management experience, the company effectively reduces raw material and energy waste while ensuring product quality stability [7][8]

2024 年第四次临时股东大会 会议资料 2024 年 9 月 2 日 杭州华旺新材料科技股份有限公司 2024 年第四次临时股东大会会议资料 目 录 证券代码：605377 证券简称：华旺科技 杭州华旺新材料科技股份有限公司 三、股东及股东代理人依法享有发言权、质询权、表决权等权利。要求发言 的股东及股东代理人，应于会议开始前 15 分钟向公司会务人员进行登记，出示 有效的持股证明，填写《发言登记表》；登记发言的人数原则上以十人为限，超 过十人时安排持股数最多的前十名股东依次发言；股东及股东代理人发言应围绕 本次股东大会的议题进行，简明扼要，时间不超过 5 分钟。 四、主持人可安排公司董事和高级管理人员回答股东所提问题，对于可能将 泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主持人或其 指定的有关人员有权拒绝回答。 五、出席股东大会的股东及股东代理人，对于非累积投票的议案，应当对 提交表决的议案发表如下意见之一：同意、反对或弃权，并以打"√"表示。 出席现场会议的股东及股东代表务必在表决票上签署股东名称或姓名。未填、 错填、字迹无法辨认的表决票、未投的表决票均视为投票人放弃表决权利，其 所 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 3,436 | 3,976 | 4,493 | 5,211 | 5,998 | | (+/-)% | 16.9% | 15.7% | 13.0% | 16.0% | 15.1% | | 净利润（归母） | 467 | 566 | 630 | 745 | 861 | | (+/-)% | 4.2% | 21.1% | 11.3% | 18.3% | 15.6% | | 每股净收益（元） | 1.01 | 1.22 | 1.36 | 1.60 | 1.85 | | 净资产收益率 (%) | 13.0% | 14.1% | 14.5% | 15.5% | 16.1 ...

利润端符合预期，首次进行中期分红 华旺科技(605377)/轻工制造 证券研究报告/公司点评 2024 年 08 月 16 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17.9 CNY per share, compared to the current price of 11.94 CNY [1]. Core Insights - The company's performance in the first half of 2024 met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 1.95 billion, 300 million, and 270 million CNY respectively, showing year-on-year growth of 4.6%, 28.1%, and 24.5% [1]. - The company focuses on the mid-to-high-end decorative paper market, with stable performance in its decorative paper and wood pulp trading businesses, achieving revenues of 1.54 billion and 380 million CNY respectively in the first half of 2024 [1]. - The company has established long-term partnerships with many well-known foreign printing factories, leading to a steady increase in overseas market share, with domestic and foreign revenues of 1.53 billion and 420 million CNY respectively in the first half of 2024 [1]. - The company’s gross profit margin for the first half of 2024 was 18.6%, an increase of 2.2 percentage points year-on-year, while the net profit margin attributable to shareholders increased by 2.8 percentage points to 15.5% [1]. - The impact of the European anti-dumping investigation is expected to be limited, as the company's sales in the EU region accounted for less than 5% of total sales [1]. - The company has a high dividend payout, distributing 4.2 CNY per 10 shares, corresponding to a mid-term dividend rate of 64.5% [1]. - The company is actively expanding into overseas markets and diversifying its product offerings, including high-quality food paper and medical-grade paper, which are expected to drive long-term growth [1]. Financial Summary - For 2024, the company is projected to achieve revenues of 4.495 billion CNY, with a year-on-year growth rate of 13.0%, and a net profit of 628 million CNY, reflecting an 11.0% increase [2]. - The earnings per share (EPS) is expected to be 1.35 CNY in 2024, with a price-to-earnings (P/E) ratio of 9 [2]. - The company’s total assets are projected to reach 7.08 billion CNY by 2024, with a debt-to-equity ratio of 11.2% [6].

证 券 研 究 报 告 华旺科技（605377）2024 年中报点评 强推（维持） 业绩表现符合预期，高分红凸显长期价值 目标价：17.9 元 当前价：11.94 元 事项： 公司公布 2024 年中报。24H1 公司实现营收/归母净利润/扣非归母净利润 19.5/3.0/2.7 亿元，YoY+4.6%/+28.1%/+24.5%；24Q2 实现营收/归母净利润/扣 非归母净利润 9.9/1.6/1.3 亿元，YoY+5.0%/+20.9%/+4.5%，业绩落入预告区间。 评论： 装饰原纸表现稳健，海外市场延续增长。公司专注于中高端装饰原纸领域，生 产和研发能力领先，市场份额稳步提升；上半年公司装饰原纸/木浆贸易业务 分别实现营收 15.4/3.8 亿，同比+6.1%/-0.8%。分区域看，公司已经与众多国外 知名印刷厂建立长期合作关系，并持续加大海外市场开拓力度，外销份额稳步 提升，24H1 国内/国外分别实现营收 15.3/4.2 亿，同比+3.5%/+8.6%，营收占比 78.4%/21.6%。 Q2 盈利能力阶段性承压，费用率基本保持平稳。1）24H1，公司实现毛利率 18.6%，同比+2.2pcts ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has shown steady growth in revenue and profit, with a significant increase in net profit by 28.06% year-on-year in H1 2024 [3] - The company is positioned as a leading player in the mid-to-high-end decorative paper market, with expectations for continued growth in both domestic and international market shares [6] - The company plans to enhance shareholder returns through increased dividend payouts, with a proposed cash dividend of 4.2 yuan per 10 shares, totaling 195 million yuan [7] Summary by Sections Basic Events - In H1 2024, the company achieved revenue of 1.947 billion yuan, a year-on-year increase of 4.59%, and a net profit of 302 million yuan, up 28.06% year-on-year [3] - Q2 2024 revenue reached 999.5 million yuan, reflecting a year-on-year growth of 5.02% and a net profit of 155 million yuan, up 20.92% year-on-year [3] Revenue Performance - In H1 2024, revenue from decorative paper and wood pulp trading was 1.541 billion yuan and 382 million yuan, respectively, with year-on-year growth of 6.11% and a slight decline of 0.83% [4] - The increase in revenue is attributed to the release of new production capacity and an increase in market share both domestically and internationally [4] Profitability and Cash Flow - In Q2 2024, the company's gross profit margin was 17.19%, a decrease of 1.60 percentage points year-on-year, while the net profit margin was 15.61%, an increase of 2.05 percentage points year-on-year [5] - The net cash flow from operating activities in Q2 2024 was 385 million yuan, an increase of 85 million yuan year-on-year [5] Market Position and Growth Potential - The company has a production capacity of 350,000 tons of decorative paper as of 2023, with ongoing expansion projects expected to enhance its market position [6] - The company is expected to face limited disruptions from the EU's anti-dumping investigation on decorative paper, indicating a broad growth potential in the medium to long term [6] Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.6 billion yuan, 5.455 billion yuan, and 6.243 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.70%, 18.59%, and 14.44% [8] - The expected net profit for the same years is 607 million yuan, 728 million yuan, and 841 million yuan, with corresponding P/E ratios of 9, 8, and 7 [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential return of over 20% within the next six months [5][14]. Core Insights - The company reported a revenue of 990 million in Q2 2024, a year-on-year increase of 5%, and a net profit attributable to the parent company of 160 million, up 21% year-on-year [1]. - For the first half of 2024, the company achieved a revenue of 1.95 billion, a 4.6% increase year-on-year, and a net profit of 300 million, reflecting a 28% year-on-year growth [1]. - The company plans to distribute a dividend of 190 million for the mid-year, with a payout ratio of 64.5%, suggesting a projected dividend yield of 7% for 2024 [1]. - The company is focused on high-end decorative paper production, leveraging its customer resource advantages and product quality to maintain market leadership [2]. - The company is expanding its production capacity, particularly with the second phase of its 18wt specialty paper production line, which is expected to enhance both domestic and international sales [2]. Financial Performance Summary - In Q2 2024, the company's gross margin was 17.2%, a decrease of 1.6 percentage points year-on-year, while the net profit margin increased to 15.6%, up 2 percentage points year-on-year [3]. - The report forecasts a decrease in profit estimates for 2024-2026, with net profits projected at 630 million, 700 million, and 800 million respectively, down from previous estimates [4]. - The company’s revenue is expected to grow from 4.44 billion in 2024 to 5.53 billion in 2026, with corresponding net profit growth rates of 10.73% and 14.10% [4][10]. Market Position and Strategy - The company continues to enhance its market share in the high-end decorative paper segment, demonstrating strong consumer influence and market leadership [2]. - The company is actively responding to the EU's anti-dumping investigations, with limited short-term impact on shipments but significant medium-term export potential [2]. - The report highlights the company's effective cost control and product development capabilities, which are expected to improve profitability in the medium term despite current cost pressures [3].