Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its Q3 2024 results, indicating that asset disposals have negatively impacted net profit [1] - For the first three quarters of 2024, the company achieved operating revenue of 30.97 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 2.459 billion yuan, up 15.08% year-on-year [1] - The third quarter saw operating revenue of 10.451 billion yuan, a year-on-year increase of 5.99%, but net profit decreased by 20.84% to 701 million yuan [1] - The company confirmed credit impairment losses and asset disposals in Q3, which affected performance [1] - The gross margin for the first three quarters of 2024 was 16.35%, an increase of 0.90 percentage points year-on-year, while the gross margin for Q3 was 13.96%, a decrease of 2.77 percentage points year-on-year [1] Financial Performance Summary - The company expects revenue for 2024 to be 39.544 billion yuan, with a year-on-year growth of 6.1%, and net profit attributable to shareholders to be 3.086 billion yuan, reflecting a 4.5% increase [2] - The projected earnings per share (EPS) for 2024 is 1.15 yuan, with a price-to-earnings (P/E) ratio of 11.87 [2] - The company is expanding its production capacity, with several projects underway, including a 37,000-ton specialty paper project expected to enter trial production in the first half of 2025 [1][2] Capacity Expansion and Projects - The company is advancing its projects, including the relocation and upgrade of a 200,000-ton dissolving pulp production line, expected to be completed by Q2 2025 [1] - The Nanning base is implementing a high-end packaging paper production line project, with two paper machines expected to enter trial production in Q4 2025 [1] - The Nanning life paper project is planned in two phases, with the first phase already in trial production [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] - The target price is set at 17.27, with the current price at 13.27 [4] Core Views - The company's performance slightly exceeded expectations, showcasing resilience in operational management [12] - The report anticipates stable production and sales, with a slight decline in cultural paper volume expected in Q3 2024 due to production shifts [13] - The company is expected to maintain its earnings forecast, with EPS projected at 1.15, 1.39, and 1.52 for 2024-2026 [13] - The report highlights the company's strategic production and procurement arrangements that have helped maintain lower raw material costs [13] Financial Summary - Revenue for 2023 is reported at 39,544 million, with a slight decrease of 0.6% from 2022 [11] - Net profit attributable to the parent company for 2023 is 3,086 million, reflecting a 9.9% increase from the previous year [11] - The company’s total assets are projected to grow from 50,551 million in 2023 to 55,050 million in 2024 [14] - The net debt ratio stands at 53.13% [8] Market Data - The company's market capitalization is reported at 37,084 million [7] - The stock price has fluctuated between 11.53 and 16.27 over the past 52 weeks [7] - The company has a price-to-earnings ratio of 12.02 based on the latest diluted share capital [11]

Investment Rating - The report maintains a "Recommended" rating for the company, with expected earnings per share (EPS) of 1.15, 1.31, and 1.49 for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 12X, 10X, and 9X [3]. Core Insights - The company reported a revenue of 30.975 billion yuan for Q3 2024, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 2.459 billion yuan, up 15.08% year-on-year [2]. - The report highlights the impact of rising raw material inventory costs on short-term profitability, with a gross margin of 16.35% for the reporting period, an increase of 0.9 percentage points year-on-year [2]. - The report notes a decline in raw material prices, with prices for needle pulp, broadleaf pulp, and chemical mechanical pulp at 6,225, 4,615, and 3,700 yuan per ton respectively, showing year-on-year changes of +1.53%, -15.11%, and -22.38% [2]. - The company is expanding its production capacity and enhancing its integrated operations in forestry, pulp, and paper, with several projects expected to commence trial production by 2025 [2][3]. Financial Summary - The company’s projected financial metrics include: - Revenue (in million yuan): 39,544.34 for 2023, 42,411.31 for 2024, 46,029.42 for 2025, and 51,677.23 for 2026, with growth rates of -0.56%, 7.25%, 8.53%, and 12.27% respectively [7]. - Net profit (in million yuan): 3,085.69 for 2023, 3,218.44 for 2024, 3,655.79 for 2025, and 4,170.55 for 2026, with profit growth rates of 9.86%, 4.30%, 13.59%, and 14.08% respectively [7]. - Gross margin is expected to slightly improve from 15.89% in 2023 to 16.15% in 2026 [7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated strong performance with a revenue of 30.975 billion yuan for Q1-Q3 2024, reflecting 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 [1] - The integration of the industrial chain is solidifying the company's underlying profitability, with Q3 performance slightly exceeding expectations despite some operational challenges [1][4] - The company is progressing steadily with its Nanning project, which is expected to enhance its integrated pulp and paper production capabilities [3] Financial Performance Summary - For Q3 2024, the company reported a revenue of 10.451 billion yuan, a year-on-year increase of 6.0%, but a net profit of 0.701 billion yuan, down 20.8% year-on-year [1] - The gross margin for Q3 2024 was 14.0%, a decrease of 2.8 percentage points year-on-year, while the net profit margin was 6.7%, down 2.3 percentage points year-on-year [4] - Operating cash flow for Q3 2024 was 2.781 billion yuan, an increase of 1.205 billion yuan year-on-year, indicating stable cash flow and operational capability [4] Industry Insights - The wood pulp segment is facing price pressure, with expected continued declines in profitability due to weak domestic demand and rising costs [2] - The waste paper segment is showing signs of stabilization, with a 2.2% increase in national waste paper prices in Q3 2024, suggesting potential for slight recovery in profitability [2] - The company is advancing its production capacity, with total capacity exceeding 12 million tons, including 5 million tons of pulp and 7.14 million tons of paper [3]

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 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 ...