Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 10.451 billion yuan in Q3 2024, a year-on-year increase of 5.99%, while the net profit attributable to shareholders decreased by 20.84% to 0.701 billion yuan [2]. - The company's production capacity is steadily increasing, with a good supply-demand balance in dissolving pulp and coated paper, which is expected to drive revenue growth [2]. - The company is focusing on enhancing its market presence in South China through the development of its Guangxi base and aims to strengthen its integrated supply chain [2]. - The projected net profit for 2024-2026 is estimated at 3.2 billion, 3.7 billion, and 4.2 billion yuan, respectively, with corresponding PE valuations of 12X, 10X, and 9X [2]. Financial Performance Summary - In Q3 2024, the company achieved a revenue of 10.451 billion yuan, with a net profit of 0.701 billion yuan, reflecting a year-on-year growth of 5.99% in revenue but a decline of 20.84% in net profit [2]. - For the first three quarters of 2024, the company reported a total revenue of 30.975 billion yuan, a 6.07% increase year-on-year, and a net profit of 2.459 billion yuan, which is a 15.08% increase [2]. - The gross margin and net margin for Q3 2024 were 13.96% and 6.74%, respectively, showing a decline of 2.78 and 2.29 percentage points compared to the previous year [2]. Capacity and Production Insights - The company has achieved full production capacity of 1 million tons of boxboard paper in Guangxi and has increased its production capacity of household paper by 150,000 tons [2]. - The company is advancing its integrated production projects in Nanning, which include high-end boxboard paper and various types of pulp [2]. Cash Flow and Financial Health - The operating cash flow for Q3 2024 increased by 76.40% year-on-year to 2.781 billion yuan, primarily due to increased tax refunds [2]. - The company’s accounts receivable increased by 12.15% to 3.579 billion yuan, attributed to contractual payment terms [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.93 CNY, based on a 1.7x PB valuation for 2024 [2][23]. Core Views - The company reported a revenue of 30.975 billion CNY for the first three quarters of 2024, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 2.459 billion CNY, up 15.08% year-on-year. In Q3 alone, revenue was 10.451 billion CNY, with a year-on-year growth of 5.99% and a quarter-on-quarter growth of 1.09%. However, net profit for Q3 was 701 million CNY, down 20.84% year-on-year and 12.61% quarter-on-quarter [1][10][11]. Summary by Sections Q3 Performance Overview - Q3 performance slightly exceeded expectations, showcasing strong profitability resilience at the cycle's bottom. The net profit for Q3 decreased by 12.6% to 701 million CNY, primarily due to weak industry demand, intensified supply competition, and declining paper prices. Additionally, fixed asset clearance at the Nanning base negatively impacted profits by approximately 99 million CNY [1][11][20]. Business Segment Analysis - **Cultural Paper**: Prices are on a downward trend due to weakened downstream demand and increased competition, leading to a forecasted decline in profitability for Q3 [14][18]. - **Containerboard**: Prices remained low amid flat demand, with a slight decrease in average market prices by 1% in Q3. The cost structure is expected to improve, potentially stabilizing profitability [16][18]. - **Dissolving Pulp**: Benefiting from high demand in the viscose staple fiber sector, prices increased by 2% in Q3, with a slight decrease in wood chip costs, leading to improved profitability [17][19]. Industry Outlook - The overall industry is expected to maintain low levels of prosperity in Q4, with paper prices likely to remain weak. The company is optimizing its capacity layout across various bases, with several projects expected to commence production between 2024 and 2025, enhancing its competitive strength [20][22].

2024 年 10 月 29 日 收益表现 % 1M 3M 1Y 相对 -7.81 -14.29 2.18 绝对 -9.15 2.62 12.80 资料来源：Wind 公司研究 产销延续双增， 三季度营收稳健增长 ——太阳纸业（002078.SZ）2024 年三季报点评 买入（维持） 当前价：13.70 元 作者 事件： 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 市场数据 总股本(亿股) 27.95 总市值(亿元)： 382.86 一年最低/最高(元)： 11.13/16.53 近 3 月换手率： 40.76% 股价相对走势 -10% 2% 15% 27% 40% 10/23 01/24 04/24 07/24 太阳纸业 沪深300 公司发布 2024 年三季报，前三季度实现营收为 309.8 亿元，同比+6.1%，实现归母 净利润 24.6 亿元，同比+15.1%；3Q2024 实现营收 104.5 亿元，同比+6.0%，实现 归母净利润 7.0 亿 ...

山东太阳纸业股份有限公司 独立董事提名人声明与承诺 提名人山东太阳纸业股份有限公司董事会现就提名李耀为山东太阳纸业 股份有限公司第九届董事会独立董事候选人发表公开声明。被提名人已书面同 意作为山东太阳纸业股份有限公司第九届董事会独立董事候选人（参见该独立 董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的 工作经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认 为被提名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易 所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下 事项： 一、被提名人已经通过山东太阳纸业股份有限公司第八届董事会提名委员 会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履职情 形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不 得担任公司董事的情形。 √ 是 □ 否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事 ...

山东太阳纸业股份有限公司 独立董事提名人声明与承诺 提名人山东太阳纸业股份有限公司董事会现就提名王晨明为山东太阳纸 业股份有限公司第九届董事会独立董事候选人发表公开声明。被提名人已书面 同意作为山东太阳纸业股份有限公司第九届董事会独立董事候选人（参见该独 立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、详细 的工作经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名人 认为被提名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券交 易所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如 下事项： 一、被提名人已经通过山东太阳纸业股份有限公司第八届董事会提名委员 会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履职情 形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不 得担任公司董事的情形。 √ 是 □ 否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董 ...

山东太阳纸业股份有限公司 独立董事候选人声明与承诺 声明人李耀作为山东太阳纸业股份有限公司第九届董事会独立董事候选 人，已充分了解并同意由提名人山东太阳纸业股份有限公司董事会提名为山东 太阳纸业股份有限公司（以下简称该公司）第九届董事会独立董事候选人。现 公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符 合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对 独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过山东太阳纸业股份有限公司第八届董事会提名委员会资 格审查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切 关系。 √ 是 □ 否 如否，请详细说明：_____________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担 任公司董事的情形。 √ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 √ 是 □ 否 如否，请详细说明：_ ...

山东太阳纸业股份有限公司 关于召开 2024 年第三次临时股东大会的通知 证券代码：002078 证券简称：太阳纸业 公告编号：2024-038 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 22 日的交易时间，即 9:15—9:25，9:30—11:30 和 13:00—15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2024 年 11 月 22 日（现场股东大会召开当日）上午 9:15，结束时间为 2024 年 11 月 22 日（现 场股东大会结束当日）下午 3:00。 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 山东太阳纸业股份有限公司（以下简称"公司"或"太阳纸业"）第八届董 事会第二十五次会议于 2024 年 10 月 28 日召开，会议决议于 2024 年 11 月 22 日 召开 2024 年第三次临时股东大会，具体事项如下： 一、召开会议基本情况 1、股东大会届次：2024 年第三次临时股东大会 2、会议召集人：公 ...

证券代码：002078 证券简称：太阳纸业 公告编号：2024-040 山东太阳纸业股份有限公司 关于选举职工代表监事的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 山东太阳纸业股份有限公司（以下简称"公司"）第八届监事会任期即将届 满，为促进公司规范、健康、稳定发展，根据《公司法》《证券法》《深圳证券交 易所股票上市规则》和《公司章程》的有关规定，对监事会进行换届选举。 山东太阳纸业股份有限公司 第九届监事会职工代表监事简历 公司第九届监事会职工代表监事的比例不低于全体监事成员的三分之一，符 《公司章程》的规定。 王涛先生符合《公司法》《证券法》及深圳证券交易所规定的担任上市公司 监事的任职资格条件。 特此公告。 山东太阳纸业股份有限公司 监 事 会 二○二四年十月二十九日 1 附件： 公司于 2024 年 10 月 25 日召开职工代表大会，经参会职工代表审议，一致 同意选举王涛先生为公司第九届监事会职工代表监事。王涛先生将与公司 2024 年第三次临时股东大会选举产生的两名非职工代表监事共同组成公司第九届监 事会，职工代表监事任期三年，与两名非职 ...

Financial Performance - Revenue for Q3 2024 reached ¥10,451,214,199.55, an increase of 5.99% year-over-year[1] - Net profit attributable to shareholders decreased by 20.84% to ¥700,757,403.47 in Q3 2024[1] - Net profit excluding non-recurring items was ¥774,028,708.40, down 10.74% compared to the same period last year[1] - Total operating revenue for Q3 2024 reached ¥30,975,042,729.97, an increase of 6.06% from ¥29,202,529,217.52 in Q3 2023[26] - Net profit for Q3 2024 was ¥2,468,130,593.06, representing a 14.91% increase compared to ¥2,148,014,863.86 in Q3 2023[27] - The company reported a total profit of ¥2,799,084,129.45, up from ¥2,227,852,947.60, an increase of 25.66% year-over-year[26] - Basic earnings per share increased to ¥0.8798 from ¥0.7645, reflecting a growth of 15.06% year-over-year[27] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥51,823,348,131.51, reflecting a 2.52% increase from the end of the previous year[1] - Total liabilities decreased to CNY 24,030.22 million from CNY 24,395.44 million, reflecting improved financial stability[24] - The company's total assets reached CNY 51,823.35 million, up from CNY 50,550.75 million at the beginning of the period[24] - The company's retained earnings increased to CNY 19,287.03 million from CNY 17,666.64 million, indicating strong profit retention[24] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥5,807,148,028.42, up 2.95% year-over-year[1] - Cash received from operating activities totaled ¥35,784,773,515.14, an increase of 11.75% from ¥32,022,342,592.56 year-on-year[6] - The net cash flow from operating activities was ¥5,807,148,028.42, reflecting a 2.95% increase compared to ¥5,640,711,104.07 in the previous year[6] - The net cash flow from investing activities was -¥3,880,610,885.43, showing a 5.35% improvement from -¥4,100,011,989.02 year-on-year[6] - The net cash flow from financing activities decreased by 59.23%, amounting to -¥1,702,350,462.53 compared to -¥1,069,117,547.92 in the previous year[6] - The ending balance of cash and cash equivalents was CNY 1,513,260,190.95, down from CNY 1,756,574,904.22 in the previous year[29] Income and Expenses - The company reported a significant increase in income tax expenses, which rose by 314.53% to ¥330,953,536.39 due to higher total profit[5] - The tax expense for the quarter was ¥330,953,536.39, compared to ¥79,838,083.74 in the previous year, reflecting a substantial increase[26] - Research and development expenses decreased to ¥615,290,135.11 from ¥748,537,808.77, a reduction of 17.77%[26] - The company reported a significant increase of 1274.01% in cash received from tax refunds, totaling ¥612,824,514.30 compared to ¥44,601,220.93 in the same period last year[6] Shareholder Information - The company’s major shareholder, Shandong Taiyang Holdings Group Co., Ltd., holds a 44.73% stake[8] - The total number of ordinary shareholders at the end of the reporting period was 41,033[8] Investment and Projects - The company plans to invest up to RMB 500 million in a new project to produce 37,000 tons of specialty paper annually, expected to enter trial production in the first half of 2025[10] - The total investment for the second phase of the 140,000 tons specialty paper project is estimated to be no more than RMB 600 million, enhancing the company's production capacity[12] - The company has initiated the relocation and upgrade of the dissolved pulp production line, with a total investment not exceeding RMB 600 million[13] - The first phase of the Nanning project includes two high-end packaging paper production lines with a combined capacity of 220,000 tons, which have been completed and are in stable production[17] - The Nanning living paper project is planned in two phases with a total investment of up to RMB 1.35 billion, with the first phase already entering trial production in Q3 2024[18] - The company’s total investment in the Nanning integrated project is expected to reach RMB 7 billion, focusing on various paper production lines and supporting facilities[18] - The company’s strategic initiatives include enhancing production capabilities and optimizing product offerings to strengthen its competitive position in the specialty paper market[12]

证券代码：002078 证券简称：太阳纸业 公告编号：2024-037 山东太阳纸业股份有限公司 关于监事会换届选举的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 山东太阳纸业股份有限公司（以下简称"公司"）第八届监事会任期即将届 满，为促进公司规范、健康、稳定发展，根据《公司法》《证券法》《深圳证券交 易所股票上市规则》和《公司章程》的有关规定，对监事会进行换届选举。 公司于 2024 年 10 月 28 日召开了第八届监事会第十六次会议，审议通过了 《关于公司监事会换届选举暨提名第九届监事会非职工代表监事候选人的议案》， 公司监事会同意提名张康先生、杨林娜女士为公司第九届监事会非职工代表监事 候选人，以上候选人简历详见附件。 1 附件： 山东太阳纸业股份有限公司 根据《公司法》《公司章程》的规定，上述监事候选人尚需提交公司 2024 年 第三次临时股东大会进行审议，并采取累积投票制选举产生 2 名非职工代表监 事，与另外 1 名由公司职工代表大会选举产生的职工代表监事共同组成公司第九 届监事会。任期自股东大会审议通过之日起三年。 本次监事会提名的非 ...