Investment Rating - The report maintains a "Buy" rating for the company [8][17]. Core Views - The company's FY2025H1 financial results met expectations, with revenue of 33.465 billion RMB, a year-on-year increase of 9.3%, and sales volume of 11.4 million tons, up 14% year-on-year [6][8]. - The company's integrated supply chain advantages are becoming evident, and there is an expectation for improvement in industry conditions in the future [6][8]. - The company is expected to continue its strategy of pulp-paper integration and product diversification to stabilize profitability amid industry fluctuations [8]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 56.739 billion RMB - 2024: 59.496 billion RMB - 2025E: 67.398 billion RMB - 2026E: 78.629 billion RMB - 2027E: 87.218 billion RMB - Year-on-year growth rates are projected at -12% for 2023, 5% for 2024, 13% for 2025E, 17% for 2026E, and 11% for 2027E [7]. - The net profit attributable to the parent company is forecasted as follows: - 2023: -2.383 billion RMB - 2024: 0.751 billion RMB - 2025E: 1.179 billion RMB - 2026E: 1.993 billion RMB - 2027E: 3.002 billion RMB - Year-on-year growth rates for net profit are projected at -173% for 2023, 131% for 2024, 57% for 2025E, 69% for 2026E, and 51% for 2027E [7][9].
玖龙纸业：FY2025H1财报点评：业绩符合预期，产销量快速增长，产业链一体化优势体现，期待后续行业景气改善-20250307