1 证券代码：002511 证券简称：中顺洁柔 公告编号：2024-51 中顺洁柔纸业股份有限公司 关于参加广东辖区2024年投资者 网上集体接待日活动的公告 中顺洁柔纸业股份有限公司董事会 2024 年 9 月 9 日 | --- | |-------------------------------------------------------------------------------| | | | 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。 | | 为进一步加强与投资者的互动交流，中顺洁柔纸业股份有限公司（以下简称 | | "公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 | | 手共进 助力上市公司提升投资价值—— 2024 广东辖区上市公司投资者关系管 | | 理月活动投资者集体接待日"，现将相关事项公告如下： | | 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 | | （ http://rs.p5w.net ）参与本次互动交流，活动时间为 2024 年 9 月 12 | | 四） 15:30- ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is actively promoting product structure optimization and significantly improving gross margins despite facing pressure from a weak consumption environment and intensified industry competition [3][9] - The company has adjusted its 2024-2026 EPS forecast to 0.26, 0.30, and 0.35 CNY, down from the previous estimates of 0.32, 0.36, and 0.41 CNY, respectively, and has lowered the target price to 8.32 CNY from 10.16 CNY while maintaining the "Buy" rating [9][12] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 4.021 billion CNY, a decrease of 14.2%, and a net profit attributable to shareholders of 88 million CNY, an increase of 3.7%. The net profit excluding non-recurring items was 69 million CNY, down 6.5% [9] - For Q2 2024, the company reported revenue of 2.176 billion CNY, down 17.1%, and a net profit of -8 million CNY, down 59.1% [9] Market Dynamics - The life paper industry is experiencing high product homogeneity, leading to increased competition and revenue decline for the company. The domestic revenue was 3.906 billion CNY, down 14.9%, while overseas revenue was 11 million CNY, up 20.4% [9] - The company is expanding its non-traditional sales channels, including e-commerce and community group buying, to capture more market share [9] Product and Margin Improvement - The company is focusing on high-end, high-margin products, which has led to a significant increase in gross margin to 32.83%, up 4.4 percentage points in H1 2024 [9] - The sales expense ratio increased to 21.53%, up 1.53 percentage points, while the net profit margin improved to 2.16%, up 0.4 percentage points [9] Valuation - The company is compared with peers, and a target price of 8.32 CNY is set based on a 32x PE ratio for 2024, reflecting its position as a leading player in the domestic life paper market [12]

证券代码：002511 证券简称：中顺洁柔 中顺洁柔纸业股份有限公司 投资者关系活动记录表 编号：20240906 | --- | --- | --- | |----------------------------------|----------------------------------------------------------|------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动类别 ☐特定对象调研 | | ☐分析师会议 | | | ☐媒体采访 | 业绩说明会 | | | ☐ 新闻发布会 | ☐ 路演活动 | | | ☐现场参观 | | | | ☐ | 其他（请文字说明其他活动内容） | | 参与单位名称及人员姓 名 | 线上参与公司 2024 | 年半年度报告网上业绩说明会的投资者 | | 时间 | 2024年9 月6日 | 15:00-17:00 | | 地点 价值在线（ | | https://www ...

中顺洁柔(002511.SZ)/轻工 证券研究报告/公司点评 2024 年 09 月 05 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 资料来源：Wind 中顺洁柔 (002511 CH) 24H1 经营有所承压，期待后续改善 华泰研究 中报点评 2024 年 9 月 01 日│中国内地 造纸 竞争激烈/费用率提升等影响下业绩承压，期待改善，维持"增持"评级 公司 24H1 实现营收 40.2 亿元（yoy-14.2%），归母净利 0.88 亿元 （yoy+3.7%）；其中 Q2 实现营收 21.8 亿元（yoy-17.1%），归母净利-0.08 亿元（yoy-59.1%），公司营收有所下行，我们判断主要系终端消费有待复 苏及行业竞争激烈所致；利润同比承压主要系费用率提升较多所致。考虑到 行业竞争有所加剧，我们下调收入预测，预计 24-26 年归母净利分别为 3.34/3.94/4.61 亿元（前值 4.61/5.57/6.57 亿元），对应 EPS 分别为 0.26/0.30/0.35 元。公司自 2010 年上市以来 PE（TTM）估值中枢为 42.33 倍，考虑到消费需求有待进一步复苏、行业竞争加剧，给予公司 24 年 33 倍 PE，目标价为 8.58 元（前值 11.90 元），维持"增持"评级。 需求不旺&竞争加剧， ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2024-50 中顺洁柔纸业股份有限公司 关于回购股份的进展公告 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。 中顺洁柔纸业股份有限公司（以下简称"公司"）第五届董事会第二十五次 会议以及 2023 年度第三次临时股东大会，审议通过《关于公司回购股份方案的 议案》，同意公司使用自有资金以集中竞价方式回购公司部分社会公众股份，回 购股份将用于注销并减少公司注册资本。本次回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含），具体回购股份数量以回购期限届满 时公司实际回购的股份数量为准。具体内容详见公司于 2023 年 11 月 3 日在巨潮 资讯网（www.cninfo.com.cn）上披露的《关于公司回购股份方案的公告》（2023- 55）。 2024 年 7 月 30 日，公司实施了首次回购，具体内容详见公司于 2024 年 7 月 31 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于首次回购公司股份 的公告》（2024-41）。 一、回购股份进展情 ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2024-49 中顺洁柔纸业股份有限公司 关于举行2024年半年度报告网上业绩说明会的公告 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。 中顺洁柔纸业股份有限公司（以下简称"公司"）已于2024年8月28日在巨 潮资讯网（http://www.cninfo.com.cn）上披露了《2024年半年度报告》及《2024 年半年度报告摘要》。 为便于广大投资者更加全面深入地了解公司2024年半年度经营情况，公司定 于2024年9月6日在"价值在线"（www.ir-online.cn）举行2024年半年度报告网 上业绩说明会，具体安排如下： 一、业绩说明会安排 1、召开时间：2024年9月6日（星期五）15:00至17:00。 2、召开方式：网络互动方式 3、公司出席人员：董事长、总裁刘鹏先生，董事、副总裁张扬先生，董事 会秘书、副总裁梁戈宇先生，财务总监高波先生。 4、召开地点：价值在线（www.ir-online.cn） 二、投资者参加方式 投 资 者 可 于 2024 年 9 月 6 日 （ 星 期 五 ） ...

[Table_Profit] 中顺洁柔（ [Table_StockNameRptType] 002511） 公司点评 24H1 业绩承压，盈利能力同比提升 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - Total revenue for the first half of 2024 was CNY 4,021,109,292.28, a decrease of 14.17% compared to CNY 4,685,080,565.59 in the same period last year[10]. - Net profit attributable to shareholders was CNY 87,582,558.19, representing an increase of 3.66% from CNY 84,490,174.46 year-on-year[10]. - Net profit excluding non-recurring gains and losses was CNY 68,896,320.20, down 6.51% from CNY 73,693,887.58 in the previous year[10]. - Basic earnings per share increased to CNY 0.07, up 16.67% from CNY 0.06 year-on-year[10]. - The company reported a net loss of ¥1,144,073,892.24, a decline of 147.92% compared to the same period last year, mainly due to decreased sales revenue and increased costs[60]. - The total operating revenue for the reporting period was ¥4,021,109,292.28, a decrease of 14.17% compared to ¥4,685,080,565.59 in the same period last year[61]. - The company reported a net profit for the first half of 2024 of CNY 86,925,504.61, representing an increase of 2.31% from CNY 83,954,423.26 in the first half of 2023[135]. Cash Flow and Liquidity - Net cash flow from operating activities was negative CNY 370,627,634.18, a decline of 147.92% compared to CNY 773,446,258.06 in the same period last year[10]. - The total operating cash flow for the first half of 2024 was negative at -¥370.63 million, a significant decline from a positive cash flow of ¥773.45 million in the same period last year[139]. - The company's cash and cash equivalents decreased to CNY 1,803,333,572.15 from CNY 2,155,491,572.84 at the beginning of the period, representing a decline of approximately 16.3%[128]. - The cash flow from investing activities was negative at -¥917.10 million, slightly improved from -¥1,012.03 million in the previous year[139]. - The company’s cash flow from operating activities showed a concerning trend, necessitating strategic adjustments to improve liquidity[140]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,272,387,936.40, an increase of 7.47% from CNY 9,558,230,628.56 at the end of the previous year[10]. - Total liabilities reached CNY 4.76 billion, compared to CNY 4.08 billion, an increase of approximately 16.7%[130]. - The company's cash and cash equivalents decreased to CNY 269.02 million from CNY 321.36 million, a decline of 16.3%[132]. - The company reported a significant increase in trading financial assets, which may indicate a strategic shift towards more liquid investments[128]. Product Development and Innovation - The company has launched several new product lines, including the "Convenient Pull" series, which features easy extraction and space-saving designs[19]. - The "Cotton Soft" series utilizes new air cushion technology to enhance softness and user experience[20]. - The "Ultra Soft" series targets Gen Z and mothers, using high-quality imported plant fibers for a premium feel[23]. - The company launched a new series of wet wipes targeting outdoor scenarios, enhancing user experience during summer[30]. - A new probiotic wet toilet paper series is set to launch, focusing on women's intimate health by eliminating 99.9% of pathogenic bacteria[32]. Market and Growth Strategy - The company is actively exploring B2B markets through gift box offerings, aiming to create additional revenue streams[33]. - The company is committed to sustainable development and addressing challenges in the living paper industry, including raw material price fluctuations and environmental concerns[14]. - The company is actively expanding into international markets, including Southeast Asia, Northeast Asia, and North America, to drive growth[48]. - The company plans to enhance market penetration by expanding its sales channels and covering previously undeveloped areas[77]. Environmental Responsibility - The company has implemented energy-saving measures across its seven production bases, effectively reducing electricity consumption and carbon emissions[95]. - The company has obtained pollution discharge permits for various subsidiaries, with validity periods extending from 2025 to 2029[87][88]. - The company has installed online monitoring facilities for wastewater treatment across seven subsidiaries, ensuring compliance with local environmental regulations[92]. - The company has maintained compliance with various environmental protection laws, ensuring all pollutants are treated and discharged according to regulations[92]. Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 103,235[120]. - Guangdong Zhongshun Paper Group holds 28.99% of the shares, totaling 377,195,570 shares[120]. - The total number of restricted shares at the end of the period was 29,633,472 shares, with 10,835,665 shares released during the reporting period[118]. - The company has completed the registration of stock options totaling 15.48 million and restricted stocks totaling 20.96 million in February and March 2023, respectively[84]. Risk Management - The company has outlined potential risks and countermeasures in the report, urging investors to be aware of investment risks[1]. - The company faces a risk of significant fluctuations in pulp prices, which account for 40%-60% of production costs, and has established a global procurement network to mitigate this risk[74]. - The company is exposed to exchange rate fluctuations due to imports and exports denominated in USD, HKD, and EUR, and employs strategies to hedge against currency risks[75].

第六届监事会第三次会议决议公告 本公司及监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：002511 证券简称：中顺洁柔 公告编号：2024-46 中顺洁柔纸业股份有限公司 一、监事会会议召开情况 《2024 年半年度报告摘要》内容刊载于公司选定信息披露媒体《证券时报》 《 证 券 日 报 》《 中 国 证 券 报 》《 上 海 证 券 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 1 （二）会议以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过《关于 会计政策变更的议案》。 经核查，监事会认为：公司本次会计政策变更符合财政部发布的文件规定， 不涉及对公司以前年度的追溯调整，不会对公司所有者权益、净利润产生重大影 响。相关决策程序符合《公司章程》和有关法律法规的规定，不存在损害公司及 股东利益的情形。同意公司本次会计政策变更。 三、备查文件 （一）经与会监事签字并加盖监事会印章的第六届监事会第三次会议决议。 中顺洁柔纸业股份有限公司（以下简称"公司"）第六届监事会第三次会议 通知于 2024 年 8 月 15 ...