仙鹤股份：业绩符合预期，量价扩张可期

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.0-1.08 billion yuan for the year 2024, representing a year-on-year increase of 50.7% to 62.7%, with a median estimate of 1.04 billion yuan, which is a 56.7% increase [1] - The fourth quarter of 2024 is projected to have a net profit attributable to shareholders of 180-260 million yuan, reflecting a year-on-year decrease of 35.1% to 6.7%, with a median estimate of 220 million yuan, which is a 20.9% decrease [1] - The company is benefiting from the gradual implementation of projects in Guangxi and Hubei, as well as the expansion of overseas business, which is expected to maintain sales momentum [2] - The company anticipates a production increase of 30% to 40% in 2025 due to new production capacities from the Guangxi and Hubei projects [3] Summary by Sections Financial Performance - The total revenue for 2024 is estimated at 10.065 billion yuan, with a year-on-year growth rate of 17.7% [5] - The net profit attributable to shareholders for 2024 is projected at 1.043 billion yuan, with a year-on-year growth rate of 57.1% [5] - The gross profit margin is expected to improve to 15.4% in 2024 [5] Production Capacity and Projects - The Hubei project is expected to contribute over 30,000 tons of production in the first half of 2024, with additional production lines expected to come online in early 2025 [3] - The Guangxi project is projected to add approximately 90,000 tons of paper production capacity, with significant contributions from both projects anticipated in 2025 [3] Profitability Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 1.043 billion yuan, 1.435 billion yuan, and 1.773 billion yuan, respectively, with corresponding P/E ratios of 14.7X, 10.6X, and 8.7X [3]