太阳纸业：Q2符合预期，南宁二期启动

Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 12.62 CNY [5] Core Views - The company reported Q2 2024 revenue of 10.34 billion CNY, a year-on-year increase of 8.4%, and a net profit attributable to shareholders of 800 million CNY, up 16.9% year-on-year [1] - The company has initiated the second phase of its Nanning project, which is expected to enhance production capacity and profitability [2] - The report anticipates a recovery in paper prices as the high-cost pulp gradually factors into costs, with a price increase of 200 CNY/ton announced for September [2] Financial Performance Summary - For H1 2024, the company achieved revenue of 20.52 billion CNY, a 6.1% increase year-on-year, and a net profit of 1.76 billion CNY, reflecting a 40.5% year-on-year growth [1] - The gross profit margin for H1 2024 was reported at 17.6%, an increase of 2.8 percentage points year-on-year [3] - The company’s pulp and paper production capacity exceeded 1,200 thousand tons by the end of 2023, with ongoing expansions planned [3] Product Segment Performance - In the paper segment, revenue from double glue paper, copperplate paper, and household paper was 7.02 billion CNY, 2.12 billion CNY, and 1.04 billion CNY respectively, with year-on-year growth rates of 7.3%, 34.3%, and 15.4% [1] - The pulp segment saw a decline in revenue for dissolving pulp, chemical pulp, and mechanical pulp, with year-on-year decreases of 7.1%, 13.3%, and 24.7% respectively [1] - The waste paper segment reported significant growth, with revenue from boxboard and corrugated paper reaching 5.20 billion CNY and 70 million CNY, reflecting increases of 14.1% and 528% year-on-year [1]