Wuzhou Special Paper(605007) 新浪财经·2025-04-17 04:34Core Viewpoint - The company reported a revenue of 7.66 billion yuan for 2024, representing a year-on-year increase of 17%, and a net profit attributable to shareholders of 360 million yuan, up 33% year-on-year [1]. Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.19 billion yuan, an 18% increase year-on-year, but the net profit attributable to shareholders dropped to 30 million yuan, a 79% decline year-on-year [1]. - For Q1 2025, the company reported a revenue of 1.99 billion yuan, a 15% increase year-on-year but a 9% decrease quarter-on-quarter; the net profit attributable to shareholders was 60 million yuan, down 52% year-on-year but up 86% quarter-on-quarter [1]. Group 2: Revenue Breakdown by Product - In 2024, revenue from food packaging materials was 3.15 billion yuan, down 5% year-on-year, with a gross margin of 4%, up 0.7 percentage points [1]. - Revenue from daily consumer goods was 2.45 billion yuan, a 10% increase year-on-year, with a gross margin of 21%, up 1.2 percentage points [1]. - Revenue from publishing and printing materials was 1.01 billion yuan, a 22% increase year-on-year, with a gross margin of 4%, down 1.8 percentage points [1]. - Industrial packaging materials generated 750 million yuan in revenue, with a gross margin of 4%, being a new product for the period [1]. - Revenue from industrial supporting materials was 290 million yuan, a significant increase of 210% year-on-year, mainly due to the consolidation of data from the Longyou factory for only four months in 2023 [1]. Group 3: Cost and Capacity Expansion - In Q1 2025, the cost of pulp decreased quarter-on-quarter, leading to improved profitability, attributed to lower external prices and better self-produced pulp costs [2]. - The company has expanded its production capacity, with three packaging paper production lines in Hubei expected to be operational by Q3 2024, and additional lines in Jiangxi [2]. - By the end of 2024, the company’s paper product capacity reached 2.13 million tons, with projections to increase to 2.8 million tons by the end of 2025 [2]. Group 4: Future Outlook - The company is optimistic about its integrated pulp and paper layout, with continuous capacity release and collaborative development across its three major bases in Quzhou, Jiangxi, and Hubei [2]. - Expected net profits attributable to shareholders for 2025, 2026, and 2027 are projected to be 460 million yuan, 610 million yuan, and 740 million yuan, respectively [2].