SUN PAPER(002078) Guotai Junan Securities·2024-10-30 19:07Investment Rating - The report maintains an "Accumulate" rating for the company [4] - The target price is set at 17.27, with the current price at 13.27 [4] Core Views - The company's performance slightly exceeded expectations, showcasing resilience in operational management [12] - The report anticipates stable production and sales, with a slight decline in cultural paper volume expected in Q3 2024 due to production shifts [13] - The company is expected to maintain its earnings forecast, with EPS projected at 1.15, 1.39, and 1.52 for 2024-2026 [13] - The report highlights the company's strategic production and procurement arrangements that have helped maintain lower raw material costs [13] Financial Summary - Revenue for 2023 is reported at 39,544 million, with a slight decrease of 0.6% from 2022 [11] - Net profit attributable to the parent company for 2023 is 3,086 million, reflecting a 9.9% increase from the previous year [11] - The company’s total assets are projected to grow from 50,551 million in 2023 to 55,050 million in 2024 [14] - The net debt ratio stands at 53.13% [8] Market Data - The company's market capitalization is reported at 37,084 million [7] - The stock price has fluctuated between 11.53 and 16.27 over the past 52 weeks [7] - The company has a price-to-earnings ratio of 12.02 based on the latest diluted share capital [11]