山东太阳纸业股份有限公司 关于回购注销部分限制性股票的减资公告 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。 证券代码：002078 证券简称：太阳纸业 公告编号：2024-032 本次公司回购注销部分限制性股票将导致公司股本和注册资本减少，根据 《中华人民共和国公司法》（以下简称"《公司法》"）等相关法律、法规及《公 司章程》的规定，公司特此通知债权人：债权人自本公告之日起 45 日内，有权 要求公司清偿债务或者提供相应的担保。债权人未在规定期限内行使上述权利的， 公司将按照法定程序继续实施本次回购注销和减少注册资本相关事宜。 公司各债权人如要求公司清偿债务或提供相应担保的，应根据《公司法》等 法律、法规的有关规定向公司提出书面要求，并随附有关证明文件。债权人未在 规定期限内行使上述权利的，不会因此影响其债权的有效性，相关债务（义务） 将由公司根据原债权文件的约定继续履行。 特此公告。 1 山东太阳纸业股份有限公司 董 事 会 二○二四年九月六日 2 山东太阳纸业股份有限公司（以下简称"公司"）于 2024 年 9 月 5 日召开 2024 年第二次临时股 ...

北京德恒律师事务所 关于山东太阳纸业股份有限公司 2024 年第二次临时股东大会的 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 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 年第二次临时股东大会（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络投票实施 细则》（以下简称"《深交所网络投票细则》"）等现行有效的法律、法规和规 范性文件，以及《山东太阳纸业股份有限公司章程》（以下简称"《公司章程》"）、 《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。 关于山东太阳纸业股份有限公司 北京德恒律师事务所 2024 年第二次临时股东大会的法律意见 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for performance relative to the market [6][10]. Core Insights - The company's performance in the first half of 2024 met expectations, with a revenue of 20.52 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 1.758 billion yuan, up 40.5% year-on-year [3][6]. - The report highlights the stability of the company's chemical pulp and dissolving pulp segments, with expected profit expansion due to rising prices [2][6]. - The company is positioned for growth through its integrated forest-pulp-paper strategy, with ongoing expansion in plantation areas and production capacity [6][7]. Financial Performance Summary - Total revenue for 2024E is projected at 41.226 billion yuan, with a year-on-year growth rate of 4.3% [3][7]. - The net profit attributable to shareholders for 2024E is estimated at 3.251 billion yuan, reflecting a growth of 5.4% compared to the previous year [3][7]. - The company's gross margin is expected to be 16.3% in 2024E, with a return on equity (ROE) of 11.4% [3][7]. Market Comparison - As of August 30, 2024, the company's closing price was 12.62 yuan, with a market capitalization of 35,049 million yuan [1]. - The company's price-to-book ratio is 1.3, and the dividend yield is 2.38% based on the most recent dividend announcement [1]. Industry Outlook - The report anticipates a seasonal improvement in demand for cultural paper and boxboard in Q4 2024, which is expected to stabilize pulp prices and improve profitability [6]. - The company is leveraging its multi-product strategy to mitigate cyclical disruptions and optimize costs through its integrated operations [6][7].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company reported a steady revenue growth with a significant increase in net profit for the first half of 2024, achieving a revenue of 20.52 billion (+6.1%) and a net profit of 1.76 billion (+40.5%) [1]. - The production capacity is steadily advancing, with strong sales in cultural paper and boxboard paper, although profitability in Q2 showed a slight decline due to high pulp prices and weak downstream demand [1]. - The company is expected to face pressure on cultural paper profitability in Q3 but may see improvements in Q4 due to seasonal demand [1]. Summary by Sections Financial Performance - In 2024H1, the company achieved a revenue of 20.52 billion, with a net profit of 1.76 billion and a non-recurring net profit of 1.82 billion, reflecting a year-on-year growth of 40.5% and 49.2% respectively [1]. - For Q2 2024, the revenue was 10.34 billion (+8.4%), with a net profit of 0.80 billion (+16.9%) and a non-recurring net profit of 0.86 billion (+30.0%) [1]. Product Performance - The cultural paper segment saw strong sales, with non-coated paper and coated paper revenues of 7.02 billion (+7.3%) and 2.12 billion (+34.3%) respectively in 2024H1 [1]. - Boxboard paper production was at full capacity, with revenues of 5.20 billion (+14.1%) for kraft boxboard and 0.07 billion (+528.9%) for corrugated raw paper [1]. Cost Management and Efficiency - The gross margin for Q2 was 17.2%, reflecting a 1.0 percentage point increase, with effective control over expense ratios [1]. - The company is focusing on cost reduction and efficiency improvements, with sales, management, R&D, and financial expense ratios showing overall good control [1]. Capacity Expansion - New production capacities are being steadily deployed, with significant projects underway in Shandong and Nanning, expected to enhance the company's integrated operations in pulp and paper [1]. - The company has established a production capacity of 1.5 million tons of pulp and paper in Laos, with ongoing expansion plans [1]. Profit Forecast - The profit forecast has been adjusted, with expected net profits of 3.41 billion, 3.77 billion, and 4.24 billion for 2024-2026, reflecting year-on-year growth rates of 11%, 11%, and 13% respectively [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's Q2 performance met expectations, with revenue of 10.3 billion yuan (up 8% year-on-year) and net profit attributable to shareholders of 802 million yuan (up 17% year-on-year). The non-recurring net profit was 865 million yuan (up 30% year-on-year). An asset disposal loss of 84 million yuan was recorded due to the clearance of old equipment at the Nanning base [5][6]. - The analysis indicates that the decline in operating profit was primarily due to a decrease in the profitability of cultural paper, while other products showed little change. The overall sales volume slightly increased quarter-on-quarter. The price of pulp remained high, and the profitability of pulp products is expected to remain good. Cultural paper prices stabilized in June after a slight drop in mid-April [6][7]. - Looking ahead, the third quarter is expected to be a transitional period, with improvements anticipated in the fourth quarter. The company plans to increase production and maintain profitability despite seasonal pressures in the third quarter [6][7]. Summary by Sections Q2 Performance - In Q2 2024, the company achieved revenue of 10.3 billion yuan, a year-on-year increase of 8%. The net profit attributable to shareholders was 802 million yuan, up 17% year-on-year, while the non-recurring net profit reached 865 million yuan, reflecting a 30% increase year-on-year. An asset disposal loss of 84 million yuan was recorded [5][6]. Q2 Analysis - The decline in operating profit was mainly due to reduced profitability in cultural paper, with other products showing stable profitability. The overall sales volume saw a slight increase, and the price of pulp remained high, supporting good profitability for pulp products. Cultural paper prices experienced a slight decline but stabilized in June [6][7]. Outlook for H2 - The third quarter is expected to be a transitional period, with potential improvements in the fourth quarter. The company plans to increase production and maintain profitability despite seasonal pressures in the third quarter. The new production capacities are expected to be launched in 2024 and 2025, with a focus on enhancing cost advantages and operational synergies [6][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 12.62 CNY [5] Core Views - The company reported Q2 2024 revenue of 10.34 billion CNY, a year-on-year increase of 8.4%, and a net profit attributable to shareholders of 800 million CNY, up 16.9% year-on-year [1] - The company has initiated the second phase of its Nanning project, which is expected to enhance production capacity and profitability [2] - The report anticipates a recovery in paper prices as the high-cost pulp gradually factors into costs, with a price increase of 200 CNY/ton announced for September [2] Financial Performance Summary - For H1 2024, the company achieved revenue of 20.52 billion CNY, a 6.1% increase year-on-year, and a net profit of 1.76 billion CNY, reflecting a 40.5% year-on-year growth [1] - The gross profit margin for H1 2024 was reported at 17.6%, an increase of 2.8 percentage points year-on-year [3] - The company’s pulp and paper production capacity exceeded 1,200 thousand tons by the end of 2023, with ongoing expansions planned [3] Product Segment Performance - In the paper segment, revenue from double glue paper, copperplate paper, and household paper was 7.02 billion CNY, 2.12 billion CNY, and 1.04 billion CNY respectively, with year-on-year growth rates of 7.3%, 34.3%, and 15.4% [1] - The pulp segment saw a decline in revenue for dissolving pulp, chemical pulp, and mechanical pulp, with year-on-year decreases of 7.1%, 13.3%, and 24.7% respectively [1] - The waste paper segment reported significant growth, with revenue from boxboard and corrugated paper reaching 5.20 billion CNY and 70 million CNY, reflecting increases of 14.1% and 528% year-on-year [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a robust revenue growth of 6.11% year-on-year for H1 2024, achieving a total revenue of 20.524 billion yuan. The net profit attributable to shareholders increased by 40.49% year-on-year to 1.758 billion yuan, while the net profit excluding non-recurring items rose by 49.17% to 1.817 billion yuan [2][7] - The company’s core products, including non-coated cultural paper, coated paper, and corrugated box paper, showed significant revenue growth rates of 7.27%, 34.29%, and 14.12% respectively in H1 2024, indicating strong sales performance [2][7] - The company is progressing steadily in capacity expansion, with ongoing projects that will enhance its production capabilities and product offerings, thereby solidifying its competitive advantage in the long term [2][7] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin increase of 1.03 percentage points year-on-year, with a net profit margin of 8.57%, reflecting improved profitability [2][7] - The company’s total revenue for Q2 2024 was 10.339 billion yuan, representing an 8.41% increase year-on-year, while the net profit for the same period was 0.802 billion yuan, up 16.94% year-on-year [7][9] Product Performance - The revenue growth for key products in H1 2024 was as follows: non-coated cultural paper (7.27%), coated paper (34.29%), and corrugated box paper (14.12%). The company managed to maintain strong sales despite a general decline in paper prices [7][10] - The gross margin for coated paper and other products saw significant improvements, with increases of 5.72 and 7.40 percentage points respectively [7][10] Capacity Expansion - The company is advancing its capacity expansion projects, including the second phase of the Nanning project and the life paper project, which are expected to enhance production capabilities significantly [7][8] - The integration of forestry, pulp, and paper production is expected to create a long-term competitive moat for the company, supporting its growth trajectory [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a robust revenue growth of 6.11% year-on-year for H1 2024, achieving a total revenue of 20.524 billion yuan. The net profit attributable to shareholders increased by 40.49% year-on-year to 1.758 billion yuan, with a non-recurring net profit of 1.817 billion yuan, up 49.17% year-on-year. The core products showed strong sales performance, with significant revenue growth in non-coated cultural paper, coated paper, and corrugated boxboard [2][7] - The company's gross margin improved, with a year-on-year increase of 1.03 percentage points for Q2 and 2.77 percentage points for H1. The overall expense ratio decreased by 0.95 percentage points, leading to an increase in the net profit margin to 8.57%, up 2.10 percentage points year-on-year. This indicates an improvement in profitability [2][7] - The company is progressing steadily in capacity expansion, with ongoing projects that will enhance its production capabilities and product offerings, thereby solidifying its competitive advantage in the long term [2][7] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 20.524 billion yuan, a 6.11% increase year-on-year. The net profit attributable to shareholders was 1.758 billion yuan, reflecting a 40.49% increase year-on-year. The non-recurring net profit was 1.817 billion yuan, up 49.17% year-on-year. In Q2 2024, revenue reached 10.339 billion yuan, a year-on-year increase of 8.41% [2][7] - The revenue growth was driven by strong performance in core products, with non-coated cultural paper, coated paper, and corrugated boxboard showing year-on-year increases of 7.27%, 34.29%, and 14.12%, respectively [2][7] Profitability - The gross margin for H1 2024 improved by 2.77 percentage points year-on-year, with significant increases in gross margins for coated paper, laminated paper, and dissolving pulp. The overall expense ratio decreased by 0.95 percentage points, contributing to a net profit margin of 8.57%, up 2.10 percentage points year-on-year [2][7] Capacity Expansion - The company is advancing its capacity expansion projects, including the second phase of the Nanning project and the life paper project, which are expected to enhance production capabilities and diversify product offerings. This strategic expansion is aimed at ensuring sustainable growth in the long term [2][7]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in H1 2024 met expectations, with revenue of 20.524 billion yuan (up 6.1% YoY) and net profit attributable to shareholders of 1.758 billion yuan (up 40.5% YoY) [1]. - The company is deepening its industrial chain layout, with ongoing projects in Nanning and a focus on integrating pulp and paper production [2]. - Profitability is expected to stabilize in the second half of 2024, with potential recovery in Q4 due to cost improvements and price increases [1][2]. Financial Performance - In H1 2024, the company achieved revenue of 20.524 billion yuan, with a net profit of 1.758 billion yuan and a non-recurring net profit of 1.817 billion yuan [1]. - The gross margin for the non-coated cultural paper and coated paper was 18.0% and 17.9%, respectively, showing slight improvements [1]. - The company reported a Q2 gross margin of 17.2%, with a net profit margin of 7.8% [2]. Production Capacity and Projects - As of the end of 2023, the company's total production capacity exceeded 12 million tons, with pulp and paper capacities of 5 million tons and 7.14 million tons, respectively [2]. - The Nanning project is progressing steadily, with plans for additional production lines and a total investment not exceeding 7 billion yuan [2]. Cash Flow and Operational Efficiency - The operating cash flow for Q2 2024 was 2.440 billion yuan, remaining stable year-on-year [2]. - Inventory turnover days decreased to 48.74 days, and accounts receivable turnover days improved to 21.61 days [2]. Profit Forecast - The company is expected to achieve net profits of 3.47 billion yuan, 4.13 billion yuan, and 4.55 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.7X, 8.2X, and 7.4X [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 2024 H1 revenue of 20.524 billion yuan, a year-on-year increase of 6.11%, and a net profit attributable to shareholders of 1.758 billion yuan, representing a year-on-year growth of 40.49% [1] - The company benefits from a raw material advantage due to its integrated forestry-pulp-paper model, which has helped improve its gross margin [1] - The company is expanding its production capacity with projects in Guangxi and Laos, contributing to revenue growth [1][2] Financial Performance Summary - In 2024 H1, the company achieved a revenue breakdown by product: non-coated cultural paper (7.018 billion yuan, +7.27%), coated paper (2.120 billion yuan, +34.29%), and corrugated box paper (5.202 billion yuan, +14.12%) [1] - The gross margin for various products in 2024 H1 was as follows: non-coated cultural paper (17.99%), coated paper (17.89%), and corrugated box paper (14.57%) [1] - The company’s net profit margin improved to 8.57%, an increase of 2.10 percentage points year-on-year [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 42.282 billion yuan, 45.871 billion yuan, and 49.023 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.9%, 8.5%, and 6.9% [2][3] - The net profit attributable to shareholders is expected to be 3.409 billion yuan, 3.889 billion yuan, and 4.267 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 10.5%, 14.1%, and 9.7% [3] Key Financial Ratios - The projected P/E ratios for the years 2024, 2025, and 2026 are 9.90, 8.67, and 7.90, respectively [2][3] - The gross margin is expected to improve from 16.2% in 2024 to 16.6% in 2026 [3]