股 票 研 究 [Table_industryInfo] 林纸产品/原材料 [ Table_Main[太ITnaf 阳bol]e 纸_Ti业tle]( 002078) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q4 盈利亮眼，核心优势持续扩张 目标价格： 19.20 上次预测： 16.38 公 太阳纸业 2023年报点评 当前价格： 15.41 司 王佳(分析师) 毛宇翔(研究助理) 2024.04.10 更 010-83939781 0755-23976668 [交Ta易bl数e_M据a rket] 新 wangjia025750@gtjas.com maoyuxiang029547@gtjas.co 报 证书编号 S0880524010001 mS0 880124030007 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 10.26 4- 31 ,5 0. 641 4 告 本报告导读： 总股本/流通A股（百万股） 2,795/2,765 上游资源深度布局赋能，盈利上行趋势逐步清晰，经营治理优势进一步确立。 流通 B股/H股（百万股） 0/0 流通股比例 99% 日均成交量（ ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7][12] Core Views - The company's 2023 annual report meets expectations, showcasing strong profitability resilience and the continued advantages of its integrated supply chain [4][7] - The company achieved a revenue of 39.544 billion yuan in 2023, a slight decrease of 0.6% year-on-year, while net profit attributable to shareholders increased by 9.9% to 3.086 billion yuan [4][5] - The report highlights the successful release of new production capacity, particularly in cultural paper and household paper, contributing to revenue growth despite declines in certain product categories [4][6] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 10.342 billion yuan, a year-on-year increase of 2.1% and a quarter-on-quarter increase of 4.9% [4] - The company declared a cash dividend of 3 yuan per 10 shares, totaling 838 million yuan, with a dividend payout ratio of 27.2%, up by 7.3 percentage points from 2022 [4][5] Revenue Breakdown - The paper manufacturing segment generated 29.982 billion yuan in revenue, up 8.1% year-on-year, with sales volume reaching 6.66 million tons, a 19.6% increase [4][6] - The revenue from the pulp segment decreased by 23.8% to 7.259 billion yuan due to significant price declines in pulp products [4][6] Profitability Metrics - The company's gross margin for 2023 was 15.9%, an increase of 0.7 percentage points year-on-year, with a net margin of 7.8%, up 0.8 percentage points [4][6] - The report anticipates continued improvement in profitability for 2024, driven by rising pulp and paper prices [6][7] Future Outlook - The company plans to expand its planting area in Laos, aiming for an annual increase of 10,000 to 12,000 hectares, which will support its long-term growth strategy [7] - The projected net profit for 2024 is 3.607 billion yuan, reflecting a year-on-year growth of 16.9% [5][7]

证券研究报告 | 2024年04月11日 太阳纸业（002078.SZ） 买入 2023 年年报点评：Q4 业绩高增，林浆纸一体化优势夯实 核心观点 公司研究·财报点评 经营稳健，盈利能力持续修复。公司发布2023年年报，2023年实现营收395.4 轻工制造·造纸 亿/YoY-0.6%，归母净利润30.9亿/YoY+9.9%，扣非归母净利润30.3亿 证券分析师：陈伟奇 证券分析师：王兆康 /YoY+9.2%；2023Q4收入103.4亿/YoY+2.1%，归母净利润9.5亿/YoY+75.5%， 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn 扣非归母净利润9.4亿/YoY+75.6%，业绩基本符合此前预告。受益于新增产 S0980520110004 S0980520120004 能释放，全年纸制品产、销量同增18.2%、19.6%，收入持平主因价格端承压； 证券分析师：邹会阳 联系人：李晶 低价浆耗用、采购降本与控费提效促进盈利修复，Q3以来文化纸提价顺利落 0755-81981518 zouhuiyang ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of 39.544 billion yuan and a net profit attributable to shareholders of 3.086 billion yuan for 2023, showing a year-on-year change of -0.56% and +9.86% respectively [1][2]. - The company is expected to see a net profit of 3.711 billion yuan in 2024, representing a year-on-year growth of 20.3% [2][3]. - The company has a strong competitive advantage in the paper industry through diversified product offerings and a pulp-paper integration strategy, which contributes to its excess profits [2][3]. Financial Summary - For 2023, the company achieved a revenue of 39.544 billion yuan, with a slight decline of 0.6% year-on-year. The gross profit margin was 15.9% [3]. - The net profit attributable to shareholders for 2023 was 3.086 billion yuan, reflecting a growth of 9.9% year-on-year [3]. - The company's asset-liability ratio decreased to 48.26% in 2023, down by 3.48% from the previous year [2][3]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.33 yuan, with a price-to-earnings (P/E) ratio of 11.6 times based on the closing price on April 10, 2024 [2][3]. Production Capacity and Expansion - As of the end of 2023, the company has a total production capacity of approximately 7.3 million tons for paper products and 5 million tons for pulp [2]. - The company is set to increase its production capacity with new projects, including a 1 million ton corrugated paper project and a 150,000 ton household paper project in Nanning [2].

Business Strategy and Development - In 2023, the company focused on high-quality development and achieved a collaborative effect among its three major bases, enhancing market expansion and growth stability [2]. - The company aims to enhance its new quality productivity by focusing on innovation, quality improvement, and advanced production capacity in 2024 [3]. - The company plans to deepen its transformation towards high-end, intelligent, and green development in the coming year [3]. - The company is committed to implementing a "dual carbon" strategy and promoting a circular economy in the forestry-pulp-paper industry [3]. - The company has launched a full-factor industry platform project in the paper industry, enhancing its digital, intelligent, and informational capabilities [2]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 1 billion RMB allocated for potential deals [11]. - The company aims to strengthen its market competitiveness through the establishment of a high-level innovation platform and digital transformation initiatives [58]. - The company plans to enhance its digital transformation and smart upgrades to improve production efficiency and data utilization [90]. Financial Performance - The company reported a total revenue of 10 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15% [11]. - The company's operating revenue for 2023 was ¥39,544,343,151.16, a decrease of 0.56% compared to ¥39,766,925,753.41 in 2022 [17]. - Net profit attributable to shareholders for 2023 was ¥3,085,686,128.37, representing a 9.86% increase from ¥2,808,765,145.29 in 2022 [17]. - The company has set a revenue guidance for 2024, projecting a growth rate of 10% to 12% [11]. - The company reported a significant increase in quarterly revenue, with Q4 2023 revenue at ¥10,341,813,933.64, up from Q3 2023 revenue of ¥9,860,519,129.31 [20]. - The company achieved a significant increase in revenue from chemical products, which rose by 744.85% to approximately ¥185.76 million, representing 0.47% of total revenue [42]. - The company reported a gross margin of 35%, reflecting improved operational efficiency [122]. Research and Development - The company increased its R&D investment, improving its differentiated product value creation capabilities, laying a solid foundation for developing new quality productivity [2]. - The company is investing 500 million RMB in R&D for new technologies aimed at enhancing production efficiency [11]. - Research and development expenses increased by 19.00% to ¥929,040,228.08 due to heightened R&D efforts [56]. - The company established a three-tier R&D system focusing on key technologies, differentiated product development, and applied technology innovation to drive industry innovation [31]. - The company is currently implementing key projects in R&D, including the development of high-performance green low-carbon plant fiber materials [57]. Environmental and Sustainability Initiatives - The company emphasizes the importance of ecological and low-carbon development as part of its sustainable growth strategy [3]. - Environmental initiatives are projected to reduce carbon emissions by 30% over the next five years [11]. - The company is committed to achieving its "dual carbon" goals through innovation-driven and low-carbon development strategies [178]. - The company invested a total of 2.144 billion yuan in environmental protection in 2023, including 22.2 million yuan in environmental protection tax [176]. - The company has achieved resource recycling of solid waste, with all production bases realizing basic resource utilization of paper sludge, wood chips, and pulp residue [175]. Market Expansion and User Growth - User data indicates a growth in active users by 20% compared to the previous year, reaching 5 million active users [11]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years [122]. - The company has reported a user data increase of 3,300, reflecting a growth of 2.56% in service acceptance [200]. Corporate Governance and Management - The company adheres to legal and regulatory requirements to enhance its corporate governance structure, ensuring compliance with the standards set by the China Securities Regulatory Commission [100]. - The board of directors consists of seven members, including three independent directors, ensuring compliance with legal requirements and promoting effective governance [103]. - The company maintains independent operations in its main business, with a complete procurement and sales system, and does not rely on the controlling shareholder for business activities [109]. - The company has established independent human resources and salary management systems, ensuring that personnel decisions are made without interference from the controlling shareholder [111]. Financial Management and Dividend Policy - The profit distribution plan approved by the board is to distribute a cash dividend of 3 RMB per 10 shares, based on a total of 2,794,573,119 shares [5]. - The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling 838,371,935.70 RMB, which represents 100% of the distributable profit [147]. - The company has implemented a three-year dividend return plan (2021-2023) to enhance transparency and maintain investor rights, considering factors such as strategic goals and cash flow [145]. Challenges and Risks - The company faces challenges such as insufficient effective demand and potential overcapacity in the paper industry, alongside external uncertainties [25]. - The company faces risks from intensified market competition, raw material price fluctuations, and exchange rate volatility, which could impact operations [93][94][96]. - The company has increased its self-produced pulp capacity to mitigate raw material cost fluctuations and enhance cost control capabilities [95]. Employee Management and Development - The total number of employees at the end of the reporting period is 15,640, with 4,116 in the parent company and 11,524 in major subsidiaries [140]. - The company emphasizes a talent-centric policy, aiming to develop employees and share the benefits of growth with all staff [141]. - The company has a comprehensive employee welfare system, including timely social insurance payments and high-standard employee housing, which has earned employee trust [142]. Compliance and Internal Control - The company strictly adheres to various environmental protection laws and standards during its operations [163]. - The internal control audit report issued a standard unqualified opinion [161]. - There were no significant defects identified in the financial reporting internal control [160].

4 月 9 日，公司公告 2023 年业绩，23 年收入 395.4 亿元（同比 -0.6%），归母净利30.86 亿元（同比+9.9%）。23Q4 收入 103.4 亿 元（同比+2.31%），归母净利 9.49 亿元（同比+75.42%），每 10股 派发红利3元。 浆成本压力缓解带动文化纸盈利修复。23 年公司纸制品/浆销量 666/146 万吨（+19.6%/-20.7%），量增来自 23年 PM1 文化纸、100 万吨箱板纸相继投产。分产品角度，23 年箱板纸/铜版纸/双胶纸/ 溶解浆/阔叶浆市场均价分别为 3898/ 5941/ 5970/ 7304/ 5060 人民币(元) 成交金额(百万元) 元/吨，同比-15.2%/ -0.43%/ -3.8%/ -13.6%/ -20%。23 年公司文 16.00 800 化纸/铜版纸/牛皮箱板纸/溶解浆/化机浆/化学浆营收 15.00 700 133.1/35.1/98.1/36.7/18.4/17.5 亿 元 ， 同 比 分 别 14.00 600 500 13.00 +22.6%/+10.4%/ -5.7%/ -12.1%/ -7.8%/-47.8% ...

证券研究报告 公 2024年04月10日 司 报 告 太阳纸业(002078) │ 行 业： 轻工制造/造纸 公 投资评级： 买入（维持） 司 2023 年年报点评： 当前价格： 15.41元 年 报 23Q4 盈利表现亮眼，林浆纸一体化彰显强α 目标价格： 19.02元 点 事件： 评 基本数据 太阳纸业发布2023年年报：2023年实现营收395.44亿元，同比-0.56%， 总股本/流通股本(百万股) 2,794.57/2,764.88 实现归母净利润 30.86亿元，同比+9.86%，实现扣非净利润 30.27 亿元， 同比+9.22%；其中公司 Q4实现营收 103.42 亿元，同比+2.13%，实现归母 流通A股市值(百万元) 42,606.82 净利润9.49亿元，同比+75.51%，实现扣非净利润9.41亿元，同比+75.56%。 每股净资产(元) 9.32 此外公司拟每10股派发现金分红3元，总金额8.38亿元，分红率27.17%。 资产负债率(%) 48.26 ➢ 新增产能销量增加，全年营收同比趋稳 一年内最高/最低(元) 15.54/10.20 随着公司广西基地南宁园区新建项目和技改项目 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a stable revenue performance in 2023, with total revenue and net profit attributable to shareholders at 39.54 billion and 3.09 billion yuan, respectively, showing a year-on-year change of -0.56% and +9.86% [1][2] - The company is accelerating its integrated layout of forestry, pulp, and paper, which is expected to enhance its competitive edge in production costs [2][4] - The report projects revenue for 2024, 2025, and 2026 at 45.18 billion, 55.13 billion, and 62.48 billion yuan, respectively, with corresponding net profits of 3.64 billion, 4.41 billion, and 5.25 billion yuan [2][3] Summary by Sections Revenue Performance - In 2023, the company achieved revenue of 39.54 billion yuan, with a slight decline of 0.56% year-on-year, while net profit increased by 9.86% to 3.09 billion yuan [1][3] - The revenue breakdown includes significant contributions from various paper products, with notable growth in coated cultural paper and life paper [1] Profitability - The gross margin for 2023 improved by 0.7 percentage points to 15.9%, driven by cost reductions in raw materials and effective expense management [1][4] - The report indicates that the company's net profit margin for 2023 was 7.8%, with projections for further improvement in the coming years [3][4] Future Projections - The company is expected to maintain a strong growth trajectory, with EPS forecasts of 1.30, 1.58, and 1.88 yuan for 2024, 2025, and 2026, respectively [2][3] - The report highlights the company's ability to navigate economic cycles effectively, supported by its integrated business model [2][4]

[Table_Header] 公司点评●造纸 2024年 04 月10 日 [Table_Title] [Table_StockCode] 太阳纸业(002078) 业绩表现稳健，林浆纸一体化持续落地 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [ T abl 事e_S 件u ：m 公ma 司ry 发] 布 2023年年度报告。报告期内，公司实现营收 395.44亿元，同 [陈Ta柏b儒le_ Authors] 比-0.56%；归母净利润 30.86亿元，同比+9.86%；基本每股收益 1.1元。其中， ：010-80926000 公司第四季度单季实现营收 103.42 亿元，同比+2.13%；归母净利润 9.49 亿 ：chenbairu_yj@chinastock.com.cn 元，同比+75.51%。 分析师登记编码：S0130521080001  毛利率逐季改善，费用率同比微增，净利率实现提升。 毛利率方面，2023年，公司综合毛利率为 15.89%，同比+0.72 pct。其中，23Q4 研究助理：刘立思 单季毛利率为 17.12%，同比+3.9 pct，环比+ ...

太阳纸业（002078.SZ）2023年年报点评 林浆纸一体α能力彰显，产业链一体化志在长远 2024年04月10日 [T able_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2023年年报，23全年实现营收395.44亿元，同比减 推荐 维持评级 少 0.56%，归母净利润/扣非净利润 30.86/30.27 亿元，同比增长 当前价格： 15.05元 +9.86%/+9.22%；其中23Q4实现营收103.42亿元，同比增长2.13%，归母 净利润/扣非净利润9.49/9.41亿元，同比增长75.51%/75.56%。 相关研究 ➢ 产能稳步提升，纸价下行导致收入下降。23年非涂布文化用纸/铜版纸/溶解 1.太阳纸业2023年业绩快报点评：林浆纸一 浆/牛皮箱板纸收入分别为 133.10/35.06/36.67/98.07 亿元，同比分别变化+2 体化龙头α属性持续彰显-2024/02/28 2.58%/+10.38%/-12.08%/-5.65%，占比分别为 33.66%/8.87%/9.27%/24.8 2 ...