Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% [3][7]. Core Insights - The company is a leading player in the integrated forestry, pulp, and paper industry in China, with a diverse product range including cultural paper, boxboard paper, and household paper. Despite rising pulp prices in H1 2024, paper prices have declined, which may pressure profitability. The company's long-term investments in upstream forestry and pulp have enhanced its operational resilience [4][5]. - The report highlights that the company's self-sufficiency in pulp has reached 60%, significantly mitigating the impact of pulp price fluctuations. The company has established a total pulp and paper production capacity exceeding 12 million tons across its bases in Shandong, Guangxi, and Laos [4][5]. Summary by Sections Company Overview - The company operates in the light industry manufacturing sector, with a current A-share price of 13.92 RMB as of June 28, 2024, and a target price of 15.8 RMB [1]. - Major shareholders include Shandong Sun Paper Holdings Group Co., Ltd., holding 44.73% of shares [1]. Financial Performance - The company is projected to achieve net profits of 34.1 billion RMB, 38.2 billion RMB, and 41.3 billion RMB for the years 2024 to 2026, reflecting year-on-year growth rates of 10%, 12%, and 8% respectively. The earnings per share (EPS) are expected to be 1.22 RMB, 1.37 RMB, and 1.48 RMB for the same period [5][6]. - The report notes a slight downward adjustment in profit forecasts due to rising pulp prices, with previous estimates being slightly higher [5]. Market Conditions - The report indicates that the pulp price has increased significantly, with hardwood pulp prices rising by 18.5% and softwood pulp prices by 7.7% since the beginning of 2024. However, paper prices have decreased, with double glue paper and coated paper prices falling by 6.5% and 3.1% respectively [4][5]. - The report anticipates limited recovery in pulp prices in H2 2024 due to various market factors, including currency fluctuations and weak domestic bargaining power [4].

今天也非常感谢各位投资者的时间然后非常感谢我们今天有幸邀请到了我们太阳之夜商务公司的庞总也是百忙之中给我们做一个指导和交流然后今天会议的主持除了我以外还有我们团队的小伙伴毛玉祥一起因为时间的关系我这边我们把工作时间交给 庞总以及各位投资者那我就先抛砖引玉因为确实太阳值业也是我们团队最重视非常持续紧密跟踪也是重点推荐的造纸的绝对的龙头公司今天非常有幸能请到庞总来跟大家进行一个交流我就先抛砖引玉向庞总请教一下能否帮我们也先最近因为行业 这个变化有一些然后向庞总请教一下我们最近的一些变化包括更新以及其实包括进入到六月份整个这种原材料这个趋势对我们的一些影响跟判断感谢庞总好的谢谢刘总各位领导大家早上好 简单的说说现在的这种情况因为进入二季度以来确实也是有些变化的比如说四月份还相对来说比较正常到了四月末五月初的时候文化值的指价是略有松动但是从下游的招标的情况来看它前期延续的 延后的招标也陆续展开了因为现在基本上整个每个省都基本上都是逐渐的在展开所以虽然指价在月初略有松动但是到了5月中旬之后随着行业的涨价还在发出其实价格稳定还是比较明显的没有再有大的变化尤其是 江价后续的报价其实大家也看到也是一个继续上涨小幅上涨的这么一 ...

今天也非常感谢各位投资者的时间然后非常感谢我们今天有幸邀请到了我们太阳之夜商务公司的庞总也是百忙之中给我们做一个指导和交流然后今天会议的主持除了我以外还有我们团队的小伙伴毛玉祥一起因为时间的关系我这边我们把工作时间交给 庞总以及各位投资者那我就先抛砖引玉因为确实太阳值业也是我们团队最重视非常持续紧密跟踪也是重点推荐的造纸的绝对的龙头公司今天非常有幸能请到庞总来跟大家进行一个交流我就先抛砖引玉向庞总请教一下能否帮我们也先最近因为行业 这个变化有一些然后向庞总请教一下我们最近的一些变化包括更新以及其实包括进入到六月份整个这种原材料这个趋势对我们的一些影响跟判断感谢庞总好的谢谢刘总各位领导大家早上好 简单的说说现在的这种情况因为进入二季度以来确实也是有些变化的比如说四月份还相对来说比较正常到了四月末五月初的时候文化值的指价是略有松动但是从下游的招标的情况来看它前期延续的 延后的招标也陆续展开了因为现在基本上整个每个省都基本上都是逐渐的在展开所以虽然指价在月初略有松动但是到了5月中旬之后随着行业的涨价还在发出其实价格稳定还是比较明显的没有再有大的变化尤其是 江价后续的报价其实大家也看到也是一个继续上涨小幅上涨的这么一 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to Shandong Sun Paper with a target price of RMB 18.34 [2][4]. Core Insights - The company reported annual and first-quarter results for 2023 and 2024, with revenues of RMB 39.54 billion and RMB 10.19 billion, reflecting a YoY change of -0.56% and +3.87% respectively. The net profit attributable to shareholders was RMB 3.09 billion and RMB 0.96 billion, up 9.86% and 69.04% YoY [3][9]. - The company plans to implement the Nanning Phase II project, which includes a 400,000-ton specialty paper production line and a total investment of no more than RMB 7 billion [10][11]. Financial Performance Summary - In Q1 2024, the company achieved a net profit of RMB 0.96 billion, a 69.04% increase YoY, with a gross profit margin (GPM) of 17.99% and a net profit margin (NPM) of 9.41% [3][10]. - The company sold 6.66 million tons of paper products in 2023, a 19.57% increase YoY, primarily due to new paper projects coming online [9][10]. - The forecast for net profits in 2024 and 2025 is RMB 3.67 billion and RMB 4.19 billion, with YoY growth rates of 18.9% and 14.3% respectively [4][11]. Capacity and Projects - The total pulp and paper capacity exceeded 12 million tons in 2023, with several new projects successfully commissioned [10][11]. - A 300,000-ton household paper project is expected to start trial production in Q3 2024 [10].

[Table_MainInfo] 公司研究/造纸轻工/纸产品与林产品 证券研究报告 太阳纸业（002078）公司年报点评 2024年05月22日 [Table_InvestInfo] 投资评级 优于大市 维持 1Q24 盈利提升，计划实施南宁二期项目 股票数据 [Table_Summary] 0[5Ta月b2le1_日S收to盘ck价（In元fo）] 15.57 投资要点： 52周股价波动（元） 10.20-16.56 总股本/流通A股（百万股） 2795/2765 总市值/流通市值（百万元） 43512/43049  事件：公司发布23年报及24年一季报，23年及24年一季度分别实现收入 相关研究 395.44、101.85亿元，同比变动-0.56%、+3.87%；实现归母净利润30.86、 [《Ta林b浆le纸_R一e体p化or龙tI头nf，o]浆 纸产能突破千万吨》 9.56亿元，同比增长9.86%、69.04%，实现扣非后归母净利润30.27、9.52 亿元，同比增长9.22%、72.22%，基本每股收益1.10、0.34元。 2023.04.27  Q1盈利环比继续提升：4Q23/1Q24公司实 ...

北京德恒律师事务所 关于山东太阳纸业股份有限公司 2023 年年度股东大会的 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 关于山东太阳纸业股份有限公司 北京德恒律师事务所 2023 年年度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 2023 年年度股东大会的 法律意见 德恒 01G20240385-01 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 2023 年年度股东大会（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》（ ...

证券代码：002078 证券简称：太阳纸业 公告编号：2024-018 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开情况 1、股东大会届次：2023 年年度股东大会 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 山东太阳纸业股份有限公司 2023年年度股东大会决议公告 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： 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 5 月 20 日（现场股东大会召开当日）上午 9:15，结束时间为 2024 年 5 月 20 日（现场 股东大会结束当日）下午 3:00。 6、股权登记日：2024 年 5 月 14 日 7、现场会议召开地点：山东省济宁市兖州区友谊路一号太阳纸业办公楼会 议室。 8、本次会议的召开符合《公司法》、《上市公司股东大会规则》等有关法律、 法规、规章、规范性文件和《公司章程》、《股东大会议事规则》等制度的规定。 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a strong Q1 performance with revenue of 10.185 billion, a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 956 million, up 69.04% year-on-year [1]. - The company is experiencing steady revenue growth, particularly in cultural paper and corrugated box paper segments, supported by price increases and strong demand [2]. - The company's profitability is impressive, with a gross margin of 17.99%, an increase of 4.48 percentage points year-on-year, driven by favorable pricing and cost control measures [3]. - The company is expanding its production capacity with significant investments planned for new projects, which will enhance its long-term growth prospects [4]. Financial Performance Summary - For Q1 2024, the company achieved a gross profit margin of 17.99%, up from 13.51% in Q1 2023, reflecting improved operational efficiency [15]. - The company expects revenue growth rates of 15.06%, 8.41%, and 6.30% for 2024, 2025, and 2026, respectively, with net profit growth rates of 23.05%, 12.04%, and 9.01% for the same years [5][6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.36, 1.52, and 1.66 yuan, respectively, indicating a compound annual growth rate (CAGR) of 14.55% over three years [5][6].

证券研究报告 | 季报点评 2024年04月30日 太阳纸业（002078.SZ） 业绩表现靓丽，资源优势持续显现 公司发布2024年一季报：2024Q1公司实现收入101.85亿元（同比+3.9%），归母净利 买入（维持） 润9.56亿元（同比+69.0%），扣非归母净利润9.52亿元（同比+72.2）。Q1浆价持续上 股票信息 行，文化纸提价稳步落地，公司盈利表现靓丽。 行业 造纸 木浆系：浆价高位运行，文化纸提价稳步落地。根据卓创资讯，2024Q1木浆市场价格环比 前次评级 买入 -2.2%，双胶纸/铜版纸价格分别环比-5.4%/-3.1%，3月以来受海外纸浆供给扰动影响，浆 4月30日收盘价(元) 15.55 价持续上行，3月木浆市场价格较1-2月上涨4.3%，叠加文化纸招标旺季催化下游需求增 总市值(百万元) 43,455.61 加、纸价提涨稳步落地（目前双胶/铜板纸较低点涨幅为 8.6%/13.1%）。当前浆价延续偏 总股本(百万股) 2,794.57 强运行，5月Arauco针叶浆、阔叶浆外盘报价较上轮分别+40美元/吨、+30美元/吨，成 本端仍有较强支撑，预计文化纸价后续维稳。 其中自由流通 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 18 CNY per share [1][2]. Core Views - The company's profitability is steadily improving, supported by its integrated competitive advantages in the industry [1]. - In 2023, the company achieved a revenue of 39.54 billion CNY, a year-on-year decrease of 0.6%, while the net profit attributable to shareholders was 3.09 billion CNY, reflecting a year-on-year increase of 9.9% [1][3]. - For Q1 2024, the company reported a revenue of 10.18 billion CNY, a year-on-year increase of 3.9%, and a net profit of 960 million CNY, which is a significant year-on-year increase of 69% [1][3]. Financial Summary - The company’s revenue by product in 2023 includes: - Non-coated cultural paper: 13.31 billion CNY (+22.6%) - Coated paper: 3.51 billion CNY (+10.4%) - Corrugated box paper: 9.81 billion CNY (-5.6%) - Laminated paper: 1.26 billion CNY (-24.6%) - Household paper: 2.05 billion CNY (+33.7%) - Dissolving pulp: 3.67 billion CNY (-12.1%) - Chemical pulp: 1.84 billion CNY (-7.8%) - Chemical pulp: 1.75 billion CNY (-47.8%) - Electricity and steam: 1.81 billion CNY (-9.4%) [2]. - The company’s gross margin improved to 15.9% in 2023, up 0.7 percentage points year-on-year, and reached 18.0% in Q1 2024, an increase of 4.5 percentage points year-on-year [2][3]. - The projected net profits for 2024, 2025, and 2026 are 3.78 billion CNY, 4.16 billion CNY, and 4.50 billion CNY, respectively, with corresponding PE ratios of 11, 10, and 9 [2][3]. Growth Potential - The company is positioned as a leader in the integrated forest-pulp-paper industry, with capacity expansion driving growth. The integrated advantages are reinforced by the development of three major bases in Shandong, Guangxi, and Laos [2]. - The report anticipates continued growth in profitability due to effective cost control and rising demand in downstream publishing groups, which is expected to support pricing in Q2 [2].