SHANYING INTERNATIONAL(SH:600567) EBSCN·2025-04-08 09:16Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to incur losses in 2024, with a projected net profit of -3.5 to -3.9 billion RMB, marking a significant downturn from previous earnings [2]. - The company is focusing on its core business and enhancing its risk resistance by divesting non-paper assets and some overseas operations, which is gradually improving its debt repayment capacity [3]. - The company holds the second-largest packaging capacity in China, with over 8 million tons of existing capacity, and is currently trading at a low price-to-book ratio of 0.6 [4]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue of 30.645 billion RMB, with a growth rate of 4.47% compared to 2023 [5]. - The projected net profit for 2024 is -368 million RMB, with an EPS of -0.07 RMB [5][10]. - The company’s revenue for 2022 was 34.014 billion RMB, which decreased to 29.333 billion RMB in 2023 [10]. Debt and Asset Management - The company has successfully transferred its Nordic paper assets for 1.611 billion SEK (approximately 1.063 billion RMB) and is planning to transfer 51% of its subsidiary's equity to optimize its asset structure [3]. - The debt-to-asset ratio has improved from 71.37% in Q1 2024 to 69.49% in Q3 2024, indicating a gradual release of debt pressure [3]. Market Conditions - The report highlights a decline in paper prices, with boxboard prices expected to drop by 429 RMB per ton in Q1 2024 compared to the previous year [2]. - The company is adjusting its operational strategy to ensure liquidity safety in response to the upcoming maturity of its convertible bonds [2].