Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company has a strong foundation in the industrial paper packaging sector, with significant growth potential driven by capacity expansion and strategic partnerships in the photovoltaic sector [3][12]. - The company is actively innovating in packaging solutions, including the introduction of eco-friendly paper-based packaging products, which aligns with national policies on carbon neutrality and environmental sustainability [2][11]. - The company is well-positioned to benefit from the growing demand in the cheese stick market and has established partnerships with major dairy brands, enhancing its market share [1][9]. Summary by Sections 1. Business Development and Strategic Layout - The company has been focused on the packaging industry for nearly 18 years, providing integrated solutions for industrial and consumer packaging [1]. - In 2023, the company began its foray into the photovoltaic sector, signing strategic cooperation agreements to enhance its product offerings [1][26]. 2. Industrial Paper Packaging - The industrial paper packaging business generated revenue of 770 million yuan in 2023, with a 10-year CAGR of 14.85% [1][53]. - The company is expanding its production capacity, with plans to double its output, which is expected to alleviate capacity constraints and support further international expansion [1][10]. 3. Composite Plastic Packaging - The cheese stick market in China reached a retail market size of 11.1 billion yuan in 2023, indicating substantial growth potential [1]. - The company has established partnerships with leading dairy brands, including Yili and Mengniu, to diversify its customer base and enhance business opportunities [1][9]. 4. New Product Development - The company launched the Espeed series of plastic-free paper-based packaging products, which are recyclable and align with environmental policies [2][11]. - The introduction of this new product line is expected to strengthen the company's market position in food packaging and drive sustainable growth [2][11]. 5. Photovoltaic New Quality Production Capacity - The company established a subsidiary focused on the research and production of polyurethane composite frames, which offer significant advantages over traditional aluminum frames [2][11]. - Strategic partnerships in the photovoltaic sector are anticipated to contribute to revenue growth in the coming years [2][11]. 6. Financial Projections - The company is projected to achieve EPS of 0.28, 0.37, and 0.55 yuan for the years 2024, 2025, and 2026, respectively, with a closing price of 13.92 yuan on November 8, corresponding to PE ratios of 51X, 37X, and 25X [3][12].
上海艾录：包装主业深化发展，看好光伏新质生产力布局