Guoxin Securities·2025-03-31 14:14Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [7][5][6]. Core Insights - The report highlights that the recent price increases in pulp, with Suzano announcing a rise of $20/ton in Asia and $60/ton in Europe for April 2025, could lead to improved profitability in the pulp and paper sector [2][19]. - The export growth rate for light industry products weakened in January-February, attributed to the Spring Festival holiday, base effects, and domestic capacity relocation, although insulated bottles and height-adjustable desks showed relative strength [3][25]. Summary by Sections 1. Core Insights and Investment Recommendations - The report emphasizes the recovery of leading home furnishing companies due to government subsidies and improved market sentiment, recommending companies like Oppein Home, Sophia, and Gujia Home [16][5]. - In the paper packaging sector, the report suggests focusing on Sun Paper and Yutong Technology due to their stable fundamentals and high dividend yields [16][5]. 2. Recent Research Tracking and Investment Thoughts - April pulp prices are rising, with significant supply-side support due to maintenance and production adjustments at various mills [2][19]. - The export growth of light industry products has declined, with furniture exports down 29.4% in February, while insulated bottles and height-adjustable desks saw positive growth [3][25]. 3. Market Review - The light industry sector experienced a decline of 1.81% last week, with relative performance down 1.83% compared to the Shanghai Composite Index [30][32]. 4. Key Data Tracking - Furniture retail sales increased by 11.7% year-on-year in January-February, while the sales in building materials and home furnishing markets also showed positive growth [35][4]. - The report notes a significant drop in furniture exports, with a cumulative decline of 15.5% in January-February [68][28]. 5. Company Announcements and Industry Dynamics - The report includes updates on various companies, such as Morning Glory's revenue and profit figures, indicating a mixed performance [80].