Group 1 - The core viewpoint of the article is that Bank of America has released a report indicating that Nine Dragons Paper Holdings Limited (02689) is expected to meet its performance targets for the fiscal year 2025, with a net profit of 1.767 billion RMB, aligning with earlier profit forecasts [1] - For the fiscal year 2025, the sales volume is projected to increase by 9.7% year-on-year to 21.5 million tons, primarily benefiting from a strong customer base and enhanced production capacity [1] - The sales volume for the second half of fiscal year 2025 is expected to see a moderate year-on-year growth of 5.2% to 10.1 million tons, maintaining a "Buy" rating with a target price of 6.5 HKD [1] Group 2 - Due to cost advantages, Nine Dragons plans to increase its wood pulp production capacity from the current 6 million tons to 8 million tons by the first quarter of 2027, with new capacities of 700,000 tons in Chongqing, 500,000 tons in Tianjin, and 800,000 tons in Beihai, Guangxi [1] - The capital expenditure for pulp production capacity is currently estimated at 4,000 to 6,000 RMB per ton [1]
美银：维持玖龙纸业(02689)“买入”评级 目标价6.5港元