Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) is expected to see a significant increase in net profit for the first half of 2026, with a projected year-on-year growth of 216% to reach between 2.15 billion and 2.25 billion RMB, slightly above the forecast of 2 billion RMB by Morgan Stanley [1][1][1] Company Summary - As of the latest report, Nine Dragons Paper's stock rose by 3.39% to 8.24 HKD, with a trading volume of 25.96 million HKD [1][1][1] - Morgan Stanley anticipates that the company's overall performance for 2026 will remain robust, despite the first half traditionally being a slow season for paper consumption, which may lead to slight corrections in paper prices [1][1][1] - The company is expected to benefit from an optimized product structure and improved cost performance, which should mitigate the impact of reduced demand during the consumption off-season, contributing to stable annual profits [1][1][1] Industry Summary - Tianfeng Securities highlights the significant achievements in the company's integrated pulp and paper operations, projecting a capacity of 700,000 tons of recycled pulp, over 2 million tons of wood fiber, and over 5.4 million tons of wood pulp by the end of 2025 [1][1][1] - The firm estimates that by 2027, the company's self-sufficiency in raw materials will reach 10.2 million tons [1][1][1] - The demand for containerboard is expected to grow at a CAGR of 8.3% over the next five years, while the supply side is seeing reduced capital expenditure from industry leaders, leading to an improved supply-demand balance [1][1][1] - The integrated pulp and paper sector may experience a cyclical turning point against the backdrop of RMB appreciation, with leading companies in this space likely to benefit more [1][1][1]
玖龙纸业涨超3% 大摩料公司26年业绩表现稳健 浆纸一体化成效显著