造纸轻工行业周报：细分行业表现有所分化，出口及二轮车24Q3表现突出

Investment Rating - The investment rating for the paper and light industry is "Outperform the Market" and is maintained [1] Core Insights - The total market capitalization of the paper and light industry accounts for 0.88% of the total A-share market, with a total market value of 807.545 billion yuan as of November 1, 2024 [2][7] - The industry experienced a short-term pressure in Q3 2024, with a noticeable differentiation among sub-sectors. The overall revenue for the paper and light industry in Q3 2024 decreased by 1% year-on-year, while the net profit attributable to shareholders dropped by 28% [3][7] Summary by Relevant Sections Market Performance - The paper and light industry index decreased by 36.28% from November 2023 to August 2024, while the Haotong Composite Index showed a decline of 25.38% during the same period [2] Revenue and Profit Analysis - The paper sector's revenue in Q3 2024 decreased by 4% year-on-year, with a net profit decline of 76%. For the first three quarters of 2024, the revenue increased by 1% year-on-year, and net profit rose by 37% [3][8] - The packaging and printing sector saw a 1% increase in revenue year-on-year in Q3 2024, but net profit fell by 10%. For the first three quarters, revenue remained flat, while net profit decreased by 15% [4][8] - The furniture and home sector experienced a 15% decline in revenue year-on-year in Q3 2024, with a 26% drop in net profit. For the first three quarters, revenue decreased by 8%, and net profit fell by 17% [5][8] - The light industry export sector's revenue grew by 26% year-on-year in Q3 2024, but net profit decreased by 19%. For the first three quarters, revenue also increased by 26%, while net profit declined by 9% [6][8] - The two-wheeler sector reported a 15% increase in revenue year-on-year in Q3 2024, with a 22% rise in net profit. For the first three quarters, revenue grew by 16%, and net profit increased by 29% [7][8] - The personal care and other sectors saw flat revenue in Q3 2024, with a 38% decline in net profit. For the first three quarters, revenue grew by 2%, while net profit fell by 20% [8][10] Market Capitalization Breakdown - The analysis includes 122 representative stocks across six sub-sectors, with the paper sector contributing 29% to the total revenue in Q3 2024, followed by packaging and printing at 20% and furniture and home at 19% [11][12]