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]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company achieved a steady revenue growth of 6.1% year-on-year in the first half of 2024, with total revenue reaching 20.52 billion yuan and a net profit attributable to shareholders of 1.76 billion yuan, reflecting a significant increase of 40.5% year-on-year [4][8] - The report highlights the company's strong performance in the paper manufacturing sector, particularly in non-coated cultural paper and boxboard, which saw revenue increases of 7.3% and 14.1% respectively [5][6] - The report notes a decline in revenue for the pulp segment, attributed to reduced sales volumes [6][8] Revenue Performance - In the first half of 2024, the company reported revenue of 20.52 billion yuan, with a breakdown of revenue from various segments: non-coated cultural paper (7.02 billion yuan), coated paper (2.12 billion yuan), household paper (1.04 billion yuan), laminated base paper (440 million yuan), and boxboard (5.20 billion yuan) [4][5] - The second quarter of 2024 saw revenue of 10.34 billion yuan, marking an 8.4% year-on-year increase [4] Profitability Metrics - The gross margin for the first half of 2024 was reported at 17.6%, an increase of 2.8 percentage points year-on-year, driven by lower inventory costs for wood pulp and reduced energy prices [7][8] - The report indicates that the company maintained strict control over operating expenses, with a period expense ratio of 6.9%, down 1.6 percentage points year-on-year [7] Future Projections - The revenue forecasts for 2024-2026 have been adjusted downward to 42.20 billion yuan, 49.56 billion yuan, and 55.83 billion yuan respectively, reflecting a decrease of 7%, 10%, and 11% [8] - The net profit forecasts for the same period have also been revised to 3.39 billion yuan, 4.35 billion yuan, and 4.90 billion yuan, with corresponding EPS estimates of 1.21 yuan, 1.56 yuan, and 1.75 yuan [8] Market Position - The company is recognized as a leading comprehensive supplier of paper and pulp products in China, with a total pulp and paper production capacity exceeding 12 million tons [8]

投资者关系活动记录表 证券代码：002078 证券简称：太阳纸业 编号：20240829 | --- | --- | --- | |--------------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

太阳纸业（002078.SZ）2024 年半年报点评 盈利同比保持高增，新产能稳步推进 2024 年 08 月 29 日 [Table_Author] 分析师：徐皓亮 执业证号：S0100522110001 邮箱：xuhaoliang@mszq.com ➢ 事件。太阳纸业发布 2024 年中报，24H1 实现营收 205.24 亿元，同比+ 6.11%，归母净利润/扣非净利润 17.58/18.17 亿元，同比+40.49%/+49.1 7%；其中 24Q2 实现营收 103.39 亿元，同比+8.14%，归母净利润/扣非净利 润 8.02/8.65 亿元，同比+16.94%/+30.01%。 ➢ 产能有条不紊，公司销量再上一层台阶。24H1 非涂布文化用纸/铜版纸/溶 解浆/牛皮箱板纸收入 70.18/21.2/17.73/52.02 亿元，同比分别变化+7.27%/+ 34.29%/-7.09%/+14.12%，占比分别为 34.19%/10.33%/8.64%/25.35%。量： 24 年浆/纸总产能已超 1200 万吨，根据我们的测算，24H1 双胶纸/铜版纸/生 活用纸/箱板纸/溶解浆销量同比变动+ ...

业绩符合预期，南宁基地稳步推进 买入 （维持） 核心观点 事件：公司公告 2024 年中报，2024 年上半年公司实现营收 205.24 亿元，同比增长 6.11%，实现归母净利润 17.58 亿元，同比增长 40.49%。二季度公司实现营收 103.39 亿元，同比、环比分别增长 8.41%、1.51%，实现归母净利润 8.02 亿元，同比增长 16.94%，环比下降 16.13%。 ⚫ 二季度业绩符合预期，弱需求环境下经营平稳。2024 年二季度公司归母净利润环比 下降 16.1%至 8.02 亿元，主要系终端需求较弱导致纸价上涨受阻，此外南宁基地固 定资产清理亦对公司当期利润造成约 0.84 亿元的负面影响。二季度公司单季度 ROE 为 2.9%，环比下降 0.7pct，实现归母净利率 7.8%，环比下降 1.6pct，同期扣 非归母净利率为 8.4%，环比下降 1.0pct，在行业低景气时期仍体现出经营韧性。 ⚫ 二季度文化纸盈利稳健，溶解浆盈利环比提升。拆分 2024H1 公司收入、毛利润结 构，文化纸、牛皮箱板纸、溶解浆仍为利润贡献的前三大来源。分业务来看：（1） 文化纸：3 月文化纸旺季提价顺利 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's revenue for H1 2024 reached 20.52 billion RMB, a year-on-year increase of 6.11%, while the net profit attributable to shareholders was 1.758 billion RMB, up 40.49% year-on-year [2]. - The second quarter saw a slight decline in profitability, but the outlook for H2 is optimistic due to expected recovery in earnings driven by lower pulp prices [2][3]. - The company is diversifying its product range and expanding its production capacity, which is expected to stabilize earnings amid market fluctuations [3]. Summary by Sections Performance Analysis - In Q2 2024, the company reported revenue of 10.34 billion RMB, an 8.41% increase year-on-year, with a net profit of 800 million RMB, reflecting a 16.9% increase year-on-year but a 16.1% decrease quarter-on-quarter [2]. - The gross profit margin for H1 2024 was 17.57%, an increase of 2.8 percentage points year-on-year, with specific margins for non-coated cultural paper, boxboard paper, and dissolving pulp at 18.0%, 14.6%, and 21.0% respectively [2]. Market Outlook - The cultural paper market is entering a traditional peak season, with prices expected to stabilize after previous declines, supported by lower pulp costs and inventory consumption [3]. - The company is expanding its production capacity with new projects, including a 300,000-ton life paper project expected to start production in Q3 2024, and a second phase in Nanning aimed at producing specialty paper and chemical pulp [3]. Financial Forecast - The company is projected to achieve net profits of 3.4 billion RMB, 3.89 billion RMB, and 4.31 billion RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 10, 9, and 8 times [4].

证券代码：002078 证券简称：太阳纸业 公告编号：2024-030 山东太阳纸业股份有限公司 第八届监事会第十五次会议决议公告 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。 2、本次会议应到监事 3 人，实到监事 3 人，全体监事均亲自出席会议。会 议由公司监事会召集人张康先生主持，公司部分高管列席了本次会议。 3、本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 二、监事会会议审议情况： 经与会监事充分审议，会议采用记名投票表决的方式表决了本次会议的议案， 形成并通过了如下决议： 审议通过了《公司 2024 年半年度报告及其摘要》。 表决结果：同意3票，反对0票，弃权0票。 与会监事对公司董事会编制的公司 2024 年半年度报告发表如下审核意见： 经认真审核，监事会认为董事会编制和审核公司 2024 年半年度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 太阳纸业的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《公司 2024 年半年度报告》全文刊登于 2024 年 ...

编制单位：山东太阳纸业股份有限公司 单位：万元 | 非经营性资金占 | 资金占用方名 | 占用方与上 市公司的关 | 上市公司核算的 | 2024 | 年期 初占用资 | 2024 年度 1-6 月占用累计发 | 2024 年度 月占用资金 | 1-6 | 2024 年度 1-6 月偿还累计发 | | 2024 年 | 6 月 30 日占用资金余 | 占用形成原因 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | 称 | 联关系 | 会计科目 | | | 生金额（不含 | | | | | | | | | | | | | | | | 金余额 | 利息） | 的利息(如有) | | 生金额 | | | 额 | | | | | 控股股东、实际控 | | | | | | | | | | | | | | | 非经营性占用 | | 制人及其附属企业 | | | | | | | | | | | | | | | 非经营性占用 | | 小计 | | ...

证券代码：002078 证券简称：太阳纸业 公告编号：2024-026 山东太阳纸业股份有限公司 关于限制性股票激励计划（2021—2023）第三个解锁期解锁的 限制性股票上市流通的提示性公告 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、山东太阳纸业股份有限公司（以下简称"公司"或"太阳纸业"）限制 性股票激励计划（2021-2023）第三个解除限售期符合解锁条件的激励对象为 1,150 人，本次解锁的限制性股票数量为 1,234.62 万股，占公司 2024 年第二季 度末总股本 2,794,573,119 股的 0.4418%。 2、本次解锁的限制性股票的上市流通日为 2024 年 8 月 12 日。 3、本次实施的限制性股票激励计划与已披露的限制性股票激励计划不存在 差异。 一、公司限制性股票激励计划情况及相关审批程序 1、公司于 2021 年 3 月 25 日召开了第七届董事会第十八次会议、第七届监 事会第十七次会议，审议通过了《关于公司<限制性股票激励计划（2021-2023） （草案）>及其摘要的议案》、《关于公司<限制性股票激 ...

北京德恒律师事务所 关于山东太阳纸业股份有限公司 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 限制性股票激励计划价格调整、第三期解锁及部分限制性股票回购注销的法律意见 北京德恒律师事务所 关于山东太阳纸业股份有限公司 限制性股票激励计划价格调整、第三期解锁及部分 限制性股票回购注销的法律意见 德恒 01F20210345-04 号 致：山东太阳纸业股份有限公司 限制性股票激励计划价格调整、第三期解锁及 部分限制性股票回购注销的法律意见 本法律意见仅供公司本次价格调整、解锁、回购注销之目的使用，未经本 所事先书面同意，不得用于任何其他用途。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，在对 公司提供的有关文件和事实进行了充分核查验证的基础上，现出具法律意见如 下： 一、本次价格调整的具体情况 （一）调整事由 1.公司于2024年5月20日召开2023年度股东大会审议通过了《公司2023年度 利润分配预案》，决定以实施分配方案时股权登记日的总股本为基数向 ...