yyfp(600963) Tianfeng Securities·2025-02-04 08:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.88 CNY and an expected relative return of 10%-20% over the next six months [4][18]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 160-190 million CNY in 2024, with a significant profit of 260-290 million CNY anticipated in Q4 2024 [1]. - The acquisition of 100% equity in JunTai Technology is a strategic move to enhance the company's performance and integrate the high-end green pulp and paper industry, thereby improving resource control and competitiveness [1][2]. - JunTai Technology's integration is expected to increase product diversity and self-sufficiency in pulp production, helping to mitigate cyclical risks in the industry [1][3]. Financial Performance Summary - The company forecasts a net profit of 182.34 million CNY for 2024, with projections of 378.75 million CNY and 581.12 million CNY for 2025 and 2026, respectively [4][10]. - Revenue is expected to grow from 8,910.32 million CNY in 2024 to 12,073.95 million CNY by 2026, reflecting a compound annual growth rate [10][12]. - The EBITDA is projected to increase from 940.05 million CNY in 2024 to 1,329.64 million CNY in 2026, indicating improved operational efficiency [10][12]. Company Overview - JunTai Technology, established in 2006, focuses on the research, production, and sales of bio-based materials and biomass energy, utilizing agricultural and forestry residues as raw materials [3]. - The company has a designed production capacity of 400,000 tons/year for pulp and 300,000 tons/year for dissolving pulp, with significant improvements in operational performance and cost efficiency [3][10]. - The integration of JunTai Technology is expected to enhance the company's market position and profitability through strategic resource allocation and innovation [1][3].