24&25Q1 造纸板块综述：周期触底、向上不足，龙 头聚焦产业链上下游延伸、差异化竞争优势放大 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 08 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 造纸板块综述：周期触底、向上不足，龙 头聚焦产业链上下游延伸、差异化竞争优势放大 [Table_ReportDate] 2025 年 05 月 08 日 本期内容提要: [Table_S [行业层面 Table_Summary ummar ：造纸板块行业 y] ...

证券研究报告 轻工行业24A&25Q1业绩综述： 新消费表现亮眼，补贴链刺激效果初显 分析师：赵中平 执业编号：S1130524050003 分析师：张杨桓 执业编号：S1130522090001 分析师：尹新悦 执业编号：S1130522080004 2025年5月4日 目录 3 1 家居：内销国补刺激效果初显，出口景气度边际有所下行 ➢ 业绩综述 -30% -20% -10% 0% 10% 20% 30% 40% 营收同比增长率(%) 归母净利润同比增长率(%) 01 家居：内销国补刺激效果初显，出口景气度边际有所下行 03 轻工消费宠物潮玩：新消费国货品牌靓丽，多点开花 04 02 造纸：短期盈利压力仍在，资本开支趋缓，优选细分赛道 两轮车：以旧换新助推Q1高景气，产品升级、出海是长期 成长抓手 05 风险提示 01 家居：内销国补刺激效果初显， 出口景气度边际有所下行 图表1：内销家居板块历年营收与净利润同比增长率 图表2：内销家居板块单季度营收与净利润同比增长率 -60% -40% -20% 0% 20% 40% 营收同比增长率(%) 归母净利润同比增长率(%) -20% 0% 20% 40% 60 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the recovery of retail channels [1]. Core Insights - The domestic home furnishing sector shows signs of recovery due to national subsidies, while export performance is experiencing marginal decline [4][6]. - The report highlights the performance of leading companies in the sector, which are expected to maintain better profitability due to strategic advantages and effective cost management [26]. Summary by Sections 1. Home Furnishing - Domestic sales in Q1 2025 showed a year-on-year revenue growth of +1.75%, while net profit increased by +7.07% compared to the previous year [13]. - Export figures for the home furnishing sector in Q1 2025 showed a decline of -8.0% year-on-year, indicating a downward trend in overall export sentiment [13]. - The report anticipates that the domestic market will gradually recover, supported by government subsidies and a stabilization in the real estate sector [13]. 1.1 Domestic Sales - Custom Home Furnishing - Retail channels are showing signs of improvement, while bulk channels remain under pressure [20]. - Leading companies are leveraging national subsidies to enhance retail demand, with pre-receipts showing improvement [38]. - Profitability among top-tier companies is improving, with effective cost control and product development strategies [26]. 1.2 Domestic Sales - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns, but improvements are noted in Q1 2025 for leading companies like Gujia and Mengbaihe [39]. - Gross margins for major players have shown slight improvements in Q1 2025, indicating a recovery trend [44]. - Pre-receipts for soft home furnishing companies have improved, reflecting a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export sentiment for home furnishings is declining, with a notable drop in export figures for Q1 2025 [51][53]. - Despite the challenges, high-quality enterprises are expected to maintain competitive advantages and better performance [51].

Core Viewpoint - Qifeng New Material (齐峰新材) reported a significant decline in net profit for 2024 and Q1 2025, primarily due to increased competition and high raw material costs in the decorative paper market [2][3][4]. Financial Performance - In 2024, Qifeng New Material achieved a revenue of 3.388 billion yuan, a year-on-year decrease of 7.44%, with a net profit of 112 million yuan, down 52.56% [3]. - For Q1 2025, the company reported a revenue of 837 million yuan, a decline of 2.88% year-on-year, and a net profit of 17.889 million yuan, down 65.05% [2][3]. Industry Context - The decorative paper industry is experiencing rapid capacity expansion, leading to an imbalance in supply and demand, which has resulted in a significant drop in product prices [4][5][6]. - The introduction of over 200,000 tons of new capacity by various companies, including Qifeng New Material, has intensified competition in the market [6]. Cost Pressures - High raw material costs, particularly for titanium dioxide and wood pulp, have further squeezed profit margins, with the gross margin dropping from 13.98% in 2023 to 10.25% in 2024 [4]. - The gross margin for decorative paper products fell sharply from 12.91% in 2023 to 8.31% in 2024, a decrease of 35.63% [4]. Strategic Responses - Qifeng New Material is focusing on accelerating new product development, enhancing competitive advantages, and pursuing digital transformation to adapt to market challenges [7]. - The company is also exploring green and intelligent upgrades as part of its transformation strategy, aligning with global trends towards sustainability [7]. Future Outlook - Analysts suggest that companies in the paper industry should shift towards high-end and differentiated products to avoid price competition and enhance profitability [6][7]. - The success of Qifeng New Material's specialty paper projects will be crucial for its competitive positioning in the market [6].

Financial Performance - The company achieved a net profit of ¥112,321,850.29 for the fiscal year 2024 [2] - The operational target for 2025 is to produce and sell 430,000 tons, with significant economic benefits expected [2] Market Strategy - The company aims to enhance product variety and expand application fields, leveraging market opportunities [3] - International market expansion is underway, with partnerships established with global leaders like IKEA and Saint-Gobain, and a projected increase in export volume for 2025 [3] Product Development - The company has successfully developed new products such as pre-impregnated paper and latex paper, becoming the only domestic supplier of high and medium-grade latex paper for IKEA [3] - New product sales now account for over 20% of total sales, indicating a diversified product matrix [3] Production Capacity - The company has released 80,000 tons of capacity from its 200,000-ton specialty paper project in Guangxi, optimizing production efficiency through a dual-track model [4] - Implementation of smart factories and data-driven production processes is enhancing cost efficiency [4] Industry Outlook - The demand for decorative base paper is expected to grow significantly due to its sustainable and innovative features, aligning with national carbon reduction strategies [6][7] - The domestic decorative base paper industry is experiencing consolidation, with leading companies poised to increase market share due to enhanced brand and technological advantages [7]

Core Viewpoint - The company, Qifeng New Materials Co., Ltd., reported significant growth in production and sales for the first quarter of 2025, achieving historical highs in both metrics [5]. Financial Data - The company confirmed that the quarterly report is not audited [3][7]. - There were no adjustments or restatements of previous years' accounting data [3]. - Non-recurring gains and losses included a tax handling fee of 87,049.33 yuan [3]. Production and Sales Performance - In the first quarter of 2025, the company's production increased by 12.35% year-on-year, while sales rose by 13.62% year-on-year, both reaching historical highs for the same period [5]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, but no changes were noted in the context of share lending [5]. Other Important Matters - The company has stated that there are no circumstances where non-recurring gains and losses have been classified as recurring [3].

上会师报字(2025)第 2677 号 齐峰新材料股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了齐峰新材料股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财务 报告内部控制的有效性。 一、企业对内部控制的责任 中国 上海 齐峰新材料股份有限公司 内部控制审计报告 上会师报字(2025)第 2677 号 上会会计师事务所（特殊普通合伙） 内部控制审计报告 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部控 制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董 事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审 计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 上会会计师事务所（特殊普通 ...

齐峰新材料股份有限公司 非经营性资金占用及其他关联资金往来情况汇总表 的专项审核报告 上会师报字（2025）第 2679 号 上会会计师事务所（特殊普通合伙） 中国 上海 齐峰新材料股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表的 专项审核报告 上会师报字（2025）第 2679 号 齐峰新材料股份有限公司全体股东： 我们接受委托，依据《中国注册会计师执业准则》审计了齐峰新材料股份有限公 司（以下简称"贵公司"）2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母 公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合 并及母公司所有者权益变动表及财务报表附注，并于 2025 年 4 月 10 日出具了审计报 告（报告书编号为：上会师报字（2025）第 2676 号）。在此基础上，我们审核了后 附的贵公司管理层编制的"齐峰新材料股份有限公司 2024 年度非经营性资金占用及 其他关联资金往来情况汇总表"(以下简称"汇总表")。 贵公司管理层的责任是提供真实、合法、完整的相关资料，按照《上市公司监管 指引第 8 号—上市公司资金往来、对外担 ...

国泰海通证券股份有限公司 关于齐峰新材料股份有限公司 2024 年度募集资金存放与使用情况的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 齐峰新材料股份有限公司（以下简称"齐峰新材"或"公司"）2023年度向特定 对象发行股票的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第13号——保荐 业务》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》 等有关规定，对齐峰新材2024年度募集资金的存放和使用情况进行了核查，具体 情况如下： 一、募集资金基本情况 （一）募集资金实际到位及存放情况 经中国证券监督管理委员会《关于同意齐峰新材料股份有限公司向特定对象 发行股票注册的批复》（证监许可〔2024〕254号）核准，并经深圳证券交易所同 意，公司向特定对象发行人民币普通股股票65,375,231股，每股价格4.20元，募集 资金总额为人民币274,575,970.20元，扣除发行费用（不含增值税）人民币 4,165,010 ...

国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 齐峰新材料股份有限公司（以下简称"齐峰新材"或"公司"）2023年度向特定 对象发行股票的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第13号——保荐业务》《深圳证券交易所上 市公司自律监管指引第1号——主板上市公司规范运作》等法律、法规和规范性 文件的要求，对齐峰新材使用闲置自有资金进行现金管理的事项进行了核查，具 体情况如下： 一、使用闲置自有资金进行现金管理的情况 （一）投资目的 为提高自有资金使用效率，增加公司收益，在保证公司日常经营资金需求及 资金安全性的前提下，公司及子公司拟利用闲置资金进行现金管理，为公司和股 东谋取较好的投资回报。 （二）投资品种 国泰海通证券股份有限公司 安全性高、流动性好、保本型或中低风险的理财产品，包括银行或证券机构 发行的短期（不超过一年）理财产品，包括但不限于中低风险理财、结构性存款、 收益凭证等产品。 关于齐峰新材料股份有限公司 （三）投资额度 使用闲置自有资金进行现金管理的核查意见 （二）风险控制措施 1、财务部根据公司流动资金情况、理财产品安全性、 ...