周观点：浆价持续反弹，浆纸一体企业受益，出口链业绩表现靓丽

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a continuous rebound in pulp prices, benefiting integrated pulp and paper companies. The performance of export chains is also noted to be strong [2] - In the home furnishing sector, companies like Sophia and Qu Mei are expected to see revenue growth in January 2025, following a slight decline in Q4 2024 [2] - The paper industry is experiencing a mild recovery in pulp prices, with Suzano announcing price increases in Asia and Europe. Companies with integrated pulp and paper operations are expected to benefit significantly [2] - The export sector faces potential short-term disruptions due to proposed tariffs in the U.S., but the long-term outlook remains optimistic with improving overseas economic data [2] - The consumer sector shows mixed results, with companies like Baiya and Runben experiencing short-term profit fluctuations but maintaining long-term growth potential [2] Summary by Sections Home Furnishing - Sophia's Q4 2024 revenue median is 3.427 billion yuan (down 1.1% year-on-year), with a net profit median of 204 million yuan (down 10.7% year-on-year). January 2025 is expected to see positive revenue growth [2] - Qu Mei's Q4 2024 net profit median is 5 million yuan, indicating a turnaround, despite a slight decline in overall revenue for 2024 [2] Paper Industry - Pulp prices are recovering, with Suzano announcing a price increase of $20 in Asia and $60 in Europe for February 2025. The report suggests that companies like Sun Paper, Xianhe Shares, and Nine Dragons Paper should be monitored [2] Export Sector - Proposed tariffs in the U.S. could impact trade, but the report anticipates that the overall performance of export companies in Q4 2024 was strong, with optimistic order outlooks for 2025 [2] Consumer Sector - Baiya's Q4 2024 revenue is 930 million yuan (up 39.2% year-on-year), but net profit decreased by 16.5%. Runben's Q4 2024 net profit median is 44 million yuan (down 2.6% year-on-year) [2]