太阳纸业：业绩符合预期，深化产业链布局

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in H1 2024 met expectations, with revenue of 20.524 billion yuan (up 6.1% YoY) and net profit attributable to shareholders of 1.758 billion yuan (up 40.5% YoY) [1]. - The company is deepening its industrial chain layout, with ongoing projects in Nanning and a focus on integrating pulp and paper production [2]. - Profitability is expected to stabilize in the second half of 2024, with potential recovery in Q4 due to cost improvements and price increases [1][2]. Financial Performance - In H1 2024, the company achieved revenue of 20.524 billion yuan, with a net profit of 1.758 billion yuan and a non-recurring net profit of 1.817 billion yuan [1]. - The gross margin for the non-coated cultural paper and coated paper was 18.0% and 17.9%, respectively, showing slight improvements [1]. - The company reported a Q2 gross margin of 17.2%, with a net profit margin of 7.8% [2]. Production Capacity and Projects - As of the end of 2023, the company's total production capacity exceeded 12 million tons, with pulp and paper capacities of 5 million tons and 7.14 million tons, respectively [2]. - The Nanning project is progressing steadily, with plans for additional production lines and a total investment not exceeding 7 billion yuan [2]. Cash Flow and Operational Efficiency - The operating cash flow for Q2 2024 was 2.440 billion yuan, remaining stable year-on-year [2]. - Inventory turnover days decreased to 48.74 days, and accounts receivable turnover days improved to 21.61 days [2]. Profit Forecast - The company is expected to achieve net profits of 3.47 billion yuan, 4.13 billion yuan, and 4.55 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.7X, 8.2X, and 7.4X [2].