五洲特纸：点评报告：H1产销靓丽增长，浆纸一体化顺利拓展

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has shown strong growth in revenue and profit in H1 2024, with revenue reaching 3.431 billion yuan, a year-on-year increase of 20.76%, and a net profit attributable to shareholders of 0.232 billion yuan [3][4] - The company is expanding its integrated pulp and paper production capabilities, with new production lines coming online in 2024, enhancing its growth potential [5][6] Summary by Sections Financial Performance - In H1 2024, the company generated revenue of 3.431 billion yuan, with a net profit of 0.232 billion yuan, and a non-recurring net profit of 0.224 billion yuan, marking a return to profitability year-on-year [3] - For Q2 2024, revenue was 1.705 billion yuan, up 7.71% year-on-year, while net profit surged by 457.68% to 0.099 billion yuan [3][4] Revenue Breakdown - Revenue from various product lines in H1 2024 included 1.599 billion yuan from food packaging paper, 1.176 billion yuan from daily consumer materials, 0.512 billion yuan from publishing and printing materials, and 0.137 billion yuan from industrial supporting materials [4] - The company achieved a total production of 580,800 tons and sales of 566,100 tons in H1 2024, with a year-on-year increase of 20.57% and 32.82% respectively [4] Profitability and Cost Management - The gross profit margin for Q2 2024 was 11.24%, an increase of 4.49 percentage points year-on-year, while the net profit margin reached 5.78%, up 4.67 percentage points year-on-year [5] - The company effectively managed its expenses, with a period expense ratio of 4.78% in Q2 2024, reflecting good cost control [5] Growth Strategy - The company is a leader in the domestic food packaging paper market and is diversifying its product offerings while deepening its integrated pulp and paper layout [5] - New production lines in Jiangxi and Hubei have been launched, contributing to a total production capacity exceeding 2.39 million tons across its three major bases [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 7.273 billion yuan, 8.291 billion yuan, and 9.440 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 0.455 billion yuan, 0.644 billion yuan, and 0.809 billion yuan [6][10] - The projected P/E ratios for the next three years are 10X, 7X, and 6X, indicating a favorable valuation outlook [6]