鲁股观察 | 净利三连降后，博汇纸业拟砸17亿扩产能

Core Viewpoint - Despite high costs and pressure on profitability in the paper industry, Bohui Paper (600966.SH) is increasing its investment by expanding its production capacity and optimizing its product structure [1][4]. Group 1: Expansion Plans - Bohui Paper announced plans to produce 320,000 tons of chemical pulp annually, expanding from its current capacity of 95,000 tons, with a total investment of 1.701 billion yuan [1][3]. - The expansion aims to enhance self-sufficiency in chemical pulp, which constitutes 50%-70% of total paper production costs, thereby improving cost control and supporting the production of high-end paper products [3][4]. Group 2: Financial Performance - The company has experienced a significant decline in net profit over the past three years, projected to drop to 176 million yuan in 2024, while revenue increased by 3.46% in the first three quarters of this year, but net profit fell by 18.57% to 121 million yuan [4]. Group 3: Strategic Measures - Bohui Paper is implementing a multi-faceted strategy that includes production upgrades, asset optimization, and risk management through futures and derivatives trading to hedge against market price fluctuations [5][6]. - The company plans to sell idle assets for 32.978 million yuan to optimize its asset structure and reduce operational costs, while also investing up to 46 million yuan in new equipment for upgrading its chemical pulp production process [5][6].