SUN PAPER(002078) 华福证券·2025-02-27 08:34Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [22]. Core Views - The company's Q4 performance has established a bottom, with revenue for 2024 projected at 40.739 billion yuan, a year-on-year increase of 3.02%, and a net profit of 3.126 billion yuan, up 1.29% year-on-year [3][4]. - The report highlights an improvement in supply-demand dynamics in the paper industry, with multiple price increases for cultural paper since November, suggesting a positive outlook for H1 2025 [4]. - The ongoing construction of the Nanning Phase II project is expected to enhance the company's integrated advantages in the pulp and paper industry, with additional production lines set to come online by 2026 [5]. Financial Performance and Forecast - The company achieved a revenue of 39.544 billion yuan in 2023, with a slight decline of 1% compared to the previous year, while net profit increased by 10% to 3.086 billion yuan [7]. - Revenue growth rates are forecasted at 3.0%, 6.6%, and 6.2% for 2024, 2025, and 2026 respectively, with net profit growth rates projected at 1.3%, 8.4%, and 16.8% for the same years [5][7]. - The report anticipates earnings per share (EPS) of 1.12 yuan for 2024, increasing to 1.42 yuan by 2026, reflecting a positive trend in profitability [7].