北京德恒律师事务所 关于山东太阳纸业股份有限公司 2024 年第三次临时股东大会的 法律意见 《山东太阳纸业股份有限公司股东大会议事规则》（以下简称"《股东大会议事 规则》"）的规定，出具本法律意见。 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 关于山东太阳纸业股份有限公司 北京德恒律师事务所 2024 年第三次临时股东大会的法律意见 北京德恒律师事务所 关于山东太阳纸业股份有限公司 2024 年第三次临时股东大会的 法律意见 德恒 01G20240385-3 号 致：山东太阳纸业股份有限公司 北京德恒律师事务所受山东太阳纸业股份有限公司（以下简称"太阳纸业" 或"公司"）委托，指派本所律师出席太阳纸业 2024 年第三次临时股东大会（以 下简称"本次股东大会"），对本次股东大会的合法性进行见证并出具本法律意 见。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 《上市公司股东大会规则》、《深圳证券交易所上市公司股东大会网 ...

证券代码：002078 证券简称：太阳纸业 公告编号：2024-043 山东太阳纸业股份有限公司 第九届监事会第一次会议决议公告 1、山东太阳纸业股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日 召开 2024 年第三次临时股东大会，会议审议通过了《关于换届选举公司第九届 监事会非职工代表监事的议案》，产生了公司第九届监事会成员。为保证监事会 工作的衔接性和连贯性，经全体监事同意，豁免会议通知的时间要求，公司第九 届监事会第一次会议通知以口头方式于 2024 年 11 月 22 日向全体监事送达，于 2024 年 11 月 22 日下午在公司本部会议室以现场方式召开。 2、本次监事会会议应出席监事 3 人，实际出席会议的监事 3 人。 3、经全体监事同意，本次会议由监事张康先生主持。会议以记名投票方式 表决。公司部分高级管理人员列席了本次会议。 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。 一、监事会会议召开情况： 二、监事会会议审议情况： 1、公司第九届监事会第一次会议决议； 2、深交所要求的其他文件。 4、本次监事会会议的召开符合有关 ...

1、股东大会届次：2024 年第三次临时股东大会 2、会议召集人：公司董事会 3、会议主持人：董事长李洪信先生 证券代码：002078 证券简称：太阳纸业 公告编号：2024-041 山东太阳纸业股份有限公司 2024年第三次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案； 2、本次股东大会未变更以往股东大会已通过的决议。 一、会议召开情况 4、会议召开方式：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。 5、会议召开的日期、时间： （1）现场会议时间：2024 年 11 月 22 日下午 14:00。 （2）网络投票时间：2024 年 11 月 22 日。 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 ...

证券代码：002078 证券简称：太阳纸业 公告编号：2024-044 山东太阳纸业股份有限公司 关于董事会、监事会完成换届选举及聘任 高级管理人员、证券事务代表、内部审计部门负责人的公告 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"）于 2024 年 10 月 25 日召 开职工代表大会，选举产生了公司第九届监事会职工代表监事，并于 2024 年 11 月 22 日召开 2024 年度第三次临时股东大会，审议通过了《关于换届选举公司第 九届董事会非独立董事的议案》《关于换届选举公司第九届董事会独立董事的议 案》《关于换届选举公司第九届监事会非职工代表监事的议案》，选举产生了公 司第九届董事会董事及第九届监事会非职工代表监事，完成了董事会、监事会的 换届选举。 2024 年 11 月 22 日，公司召开第九届董事会第一次会议、第九届监事会第 一次会议，审议通过了《关于选举公司第九届董事会董事长的议案》、《关于选 举公司第九届董事会专门委员会委员的议案》、《关于聘任公司总经理的议案》、 《关于聘任公司副总经理的议案》 ...

Group 1 - Hikvision's Senior Vice President Xu Ximing led a team to Shandong Jining Sun Paper Industry to discuss future cooperation directions [1] - Both parties will explore digital application scenarios based on the actual needs in the production and operation segments of the paper industry [1] - The collaboration aims to jointly promote the digital transformation of the paper industry [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company reported steady revenue growth in Q3 2024, with total revenue reaching 30.98 billion (+6.1% YoY) and net profit attributable to shareholders at 2.46 billion (+15.1% YoY). However, profits were temporarily impacted by asset disposals [1]. - The cultural paper segment is facing weak demand, leading to a decrease in profit margins. The average prices for needle and broadleaf pulp in Q3 were 6,147 RMB/ton and 5,008 RMB/ton, respectively, showing a decline from Q2 [1]. - The company is expected to benefit from a seasonal demand increase in Q4, with price hikes already being implemented for packaging paper [1]. - The company is advancing its integrated operations in forestry, pulp, and paper, with several new projects underway, including a 30,000-ton high-end packaging paper project expected to start trial production in Q4 2025 [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 30.98 billion (+6.1% YoY) and a net profit of 2.46 billion (+15.1% YoY). The Q3 revenue was 10.45 billion (+6.0% YoY), but net profit decreased by 20.8% to 710 million due to asset disposals and high inventory costs [1][2]. - The company adjusted its profit forecast for 2024-2026, expecting net profits of 3.11 billion, 3.59 billion, and 3.98 billion, respectively, with growth rates of 1%, 16%, and 11% [1][2]. - The current stock price corresponds to a PE ratio of 12, 10, and 9 for the years 2024, 2025, and 2026, respectively [1][2]. Market and Valuation Metrics - The closing price of the stock is 14.12 RMB, with a total market capitalization of 39.459 billion RMB [3]. - The company has a projected PE ratio of 12.1 for 2024, decreasing to 9.4 by 2026, indicating a favorable valuation trend [2][11]. - The company's return on equity (ROE) is projected to be 11.1% in 2024, improving to 12.4% by 2026 [2][11].

[ T able_StockInfo] 2024 年 11 月 05 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：13.41 元 太阳纸业（002078）轻工制造 目标价：16.20 元（6 个月） 毛利率周期波动，产能持续稳步扩充 [Table_Summary 业绩摘要：2024] 前三季度公司实现营收 309.8 亿元，同比+6.1%；实现归母净 利润 24.6 亿元，同比+15.1%；实现扣非净利润 26 亿元，同比+24.3%。Q3 公 司实现营收 104.5 亿元，同比+6％；实现归母净利润 7 亿元，同比-20.8%；实 现扣非后归母净利润 7.7亿元，同比-10.7%。推测营收增长主要得益于公司产能 扩张后销量的持续增长，南宁基地年产 30 万吨生活用纸（一期）项目在今年三 季度陆续进入试产阶段。 Q3毛利率周期波动，受浆价纸价影响。24年前三季度公司整体毛利率为 16.4%， 同比+0.9pp，单 Q3 毛利率为 14%，同比-2.8pp。Q3 毛利率下滑推测主要系高 价木浆入库，原材料库存成本上涨，叠加行业需求偏弱、市场竞争加剧导致文化 纸价格下行。24年 Q3针叶浆吨 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [10]. Core Insights - The company reported a slight earnings beat in Q3 2024, with revenues of 30.975 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 2.459 billion yuan, up 15.1% year-on-year [5][10]. - The report highlights the company's ongoing cost advantages and resilience in profitability despite external pressures, with a focus on internal optimization and cost control [10]. - The company is expected to face challenges in Q4 2024 due to weak demand and price pressures in the cultural paper segment, while the boxboard segment remains relatively stable [6][10]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 30.975 billion yuan, with a net profit of 2.459 billion yuan, reflecting a 15.1% increase year-on-year [5]. - The Q3 2024 results showed a revenue of 10.451 billion yuan, a 6.0% increase year-on-year, but a decline in net profit by 20.8% compared to the previous year [5][10]. - The company’s gross margin for 2024 is projected to be around 16.0%, with a return on equity (ROE) of 11.0% for 2024 [8][10]. Market and Industry Outlook - The cultural paper prices are expected to decline further in Q4 2024 due to seasonal demand weakness and supply-side disruptions, impacting profitability [6][10]. - The boxboard and corrugated paper segments are showing signs of slow recovery, with stable pricing expected in Q3 2024 [6][10]. - The company is enhancing its production capabilities with new projects and expanding its raw material base, which is anticipated to support long-term growth [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a steady revenue growth of 5.99% year-on-year in Q3 2024, achieving a revenue of 10.451 billion yuan, despite a declining trend in paper prices [2][6] - The net profit attributable to shareholders decreased by 20.84% year-on-year to 0.701 billion yuan in Q3 2024, while the non-recurring net profit decreased by 10.74% year-on-year to 0.774 billion yuan [2][6] - The company is expected to see a recovery in profitability in Q4 2024 due to a significant decline in pulp prices, which will alleviate cost pressures [2][6] - The company is advancing its capacity expansion projects, reinforcing its integrated advantages in the forestry-pulp-paper industry [2][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 30.975 billion yuan, up 6.07% year-on-year, and a net profit of 2.459 billion yuan, up 15.08% year-on-year [6][11] - In Q3 2024, the company’s gross margin was 13.96%, down 2.77 percentage points year-on-year [6][10] - The company’s expense ratio in Q3 was 5.59%, a decrease of 1.31 percentage points year-on-year, indicating effective cost control [2][6] Capacity Expansion - The company is progressing with its capacity expansion projects, including the first phase of the Nanning project, which is expected to start trial production in Q4 2025 [6][7] - The company is also relocating and upgrading its dissolving pulp production line in Shandong, expected to be completed by Q2 2025 [6][7] Future Outlook - Revenue forecasts for 2024-2026 are projected at 42.169 billion yuan, 45.714 billion yuan, and 48.593 billion yuan, representing year-on-year growth rates of 6.64%, 8.41%, and 6.30% respectively [6][7] - The net profit forecasts for the same period are 3.290 billion yuan, 3.749 billion yuan, and 4.242 billion yuan, with expected growth rates of 6.63%, 13.93%, and 13.16% respectively [6][7]

公司报告 | 季报点评 Q3 业绩具韧性，产能稳步扩张 24Q3 公司实现收入 104.5 亿元，同比+6.0%；归母净利润 7.0 亿元，同比 -20.8%；扣非归母净利润 7.7 亿元，同比-10.7%； 24Q1-3 公司实现收入 309.8 亿元，同比+6.1%；归母净利润 24.6 亿元，同 比+15.1%；扣非归母净利润 25.9 亿元，同比+24.3%。 公司收入保持稳健增长，Q3 利润同比下滑我们预计主要系需求较弱纸价下 行、叠加成本抬升。 溶解浆：24Q3 溶解浆市场价格同比+8.7%/环比+1.1%，公司顺应市场趋势 提质增效，溶解浆盈利情况良好。为提升公司山东、广西和老挝"三大基地" 的协同发展能力，进一步平衡和优化基地间的产品配置，兖州溶解浆（20 万吨）搬迁工程已经于 2024 年 10 月初启动，根据项目进度，公司预计将 于 2025 年二季度完成本次溶解浆生产线的搬迁和升级改造工作，项目在广 西基地落地投产后，可利用北海园区的木浆生产工艺优势、原材料优势、 物流优势及基地的区位优势，实现公司溶解浆产品市场竞争力进一步有效 提升。 公司浆纸产能稳步扩张：1）山东颜店厂区 3.7 万 ...