SUN PAPER(002078) 申万宏源·2024-09-05 06:09Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for performance relative to the market [6][10]. Core Insights - The company's performance in the first half of 2024 met expectations, with a revenue of 20.52 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 1.758 billion yuan, up 40.5% year-on-year [3][6]. - The report highlights the stability of the company's chemical pulp and dissolving pulp segments, with expected profit expansion due to rising prices [2][6]. - The company is positioned for growth through its integrated forest-pulp-paper strategy, with ongoing expansion in plantation areas and production capacity [6][7]. Financial Performance Summary - Total revenue for 2024E is projected at 41.226 billion yuan, with a year-on-year growth rate of 4.3% [3][7]. - The net profit attributable to shareholders for 2024E is estimated at 3.251 billion yuan, reflecting a growth of 5.4% compared to the previous year [3][7]. - The company's gross margin is expected to be 16.3% in 2024E, with a return on equity (ROE) of 11.4% [3][7]. Market Comparison - As of August 30, 2024, the company's closing price was 12.62 yuan, with a market capitalization of 35,049 million yuan [1]. - The company's price-to-book ratio is 1.3, and the dividend yield is 2.38% based on the most recent dividend announcement [1]. Industry Outlook - The report anticipates a seasonal improvement in demand for cultural paper and boxboard in Q4 2024, which is expected to stabilize pulp prices and improve profitability [6]. - The company is leveraging its multi-product strategy to mitigate cyclical disruptions and optimize costs through its integrated operations [6][7].