Group 1 - Morgan Stanley has set a target price of HKD 6 for Nine Dragons Paper Holdings (02689) and maintains a "Market Perform" rating [1] - The company is expected to achieve a net profit growth of 216% year-on-year in the first half of 2026, reaching between RMB 2.15 billion and RMB 2.25 billion, slightly above Morgan Stanley's forecast of RMB 2 billion [1] - The overall performance for the full year 2026 is anticipated to be stable, despite the first half being a traditional off-peak season for paper consumption, which may lead to slight price corrections [1] Group 2 - Morgan Stanley believes that the company's optimized product structure and improved cost performance will help mitigate the impact of reduced demand during the off-peak season, contributing to stable annual profits [1]
大摩：料玖龙纸业(02689)今年业绩稳健 评级“与大市同步”