白卡纸厂连番提价 行业利润修复进行时

Core Viewpoint - Since the end of August, the price of white cardboard has been continuously increasing, leading to an improvement in industry profitability despite raw material costs showing a temporary decline followed by an increase [1][6]. Price Trends - White cardboard prices have been raised monthly, starting with a notification of a 100 yuan/ton increase in September, accumulating a total of 600 yuan/ton increase over four rounds by December [2][3]. - As of December 11, the average market price for white cardboard in China reached 4244 yuan/ton, reflecting a 7.99% increase since the end of August [2]. Raw Material Costs - The price trends for raw wood pulp have diverged, with broadleaf pulp prices increasing due to external and domestic factors, while needle pulp prices have fluctuated based on supply and demand dynamics [4]. - By December 11, the cost of white cardboard had increased by 2.51% since the end of August, which is lower than the price increase of white cardboard [4]. Profitability Analysis - Despite the increase in white cardboard prices, the gross profit margin remains negative at -6.31% as of December 11, although it has improved by 5.68 percentage points since the end of August [6]. - The industry is experiencing a shift towards domestic raw material substitution, with companies increasingly using domestic chemical pulp and broadleaf pulp, leading to a slight profitability in the sector [8]. Market Conditions - The current price of white cardboard is at a five-year low, and market profitability is below the five-year average, prompting manufacturers to continue raising prices to improve the operational environment [8]. - Companies with self-produced pulp have a competitive advantage in the context of overall excess capacity and intense price competition in the market [8].