SUN PAPER(002078) 国联证券·2024-09-01 07:31Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a robust revenue growth of 6.11% year-on-year for H1 2024, achieving a total revenue of 20.524 billion yuan. The net profit attributable to shareholders increased by 40.49% year-on-year to 1.758 billion yuan, while the net profit excluding non-recurring items rose by 49.17% to 1.817 billion yuan [2][7] - The company’s core products, including non-coated cultural paper, coated paper, and corrugated box paper, showed significant revenue growth rates of 7.27%, 34.29%, and 14.12% respectively in H1 2024, indicating strong sales performance [2][7] - The company is progressing steadily in capacity expansion, with ongoing projects that will enhance its production capabilities and product offerings, thereby solidifying its competitive advantage in the long term [2][7] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin increase of 1.03 percentage points year-on-year, with a net profit margin of 8.57%, reflecting improved profitability [2][7] - The company’s total revenue for Q2 2024 was 10.339 billion yuan, representing an 8.41% increase year-on-year, while the net profit for the same period was 0.802 billion yuan, up 16.94% year-on-year [7][9] Product Performance - The revenue growth for key products in H1 2024 was as follows: non-coated cultural paper (7.27%), coated paper (34.29%), and corrugated box paper (14.12%). The company managed to maintain strong sales despite a general decline in paper prices [7][10] - The gross margin for coated paper and other products saw significant improvements, with increases of 5.72 and 7.40 percentage points respectively [7][10] Capacity Expansion - The company is advancing its capacity expansion projects, including the second phase of the Nanning project and the life paper project, which are expected to enhance production capabilities significantly [7][8] - The integration of forestry, pulp, and paper production is expected to create a long-term competitive moat for the company, supporting its growth trajectory [7][8]