SUN PAPER(SZ:002078) CMS·2025-04-24 09:40Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company demonstrates steady revenue growth, with a reported revenue of 40.73 billion yuan in 2024, reflecting a year-on-year increase of 2.99% [7]. - The company's net profit attributable to shareholders reached 3.10 billion yuan in 2024, showing a slight increase of 0.50% year-on-year [7]. - The report highlights the advantages of the company's integrated forestry and pulp-paper operations, which are expected to enhance profitability in the long term [7]. Financial Performance - In Q4 2024, the company achieved a revenue of 9.75 billion yuan, a decrease of 5.71% year-on-year, and a net profit of 642 million yuan, down 32.31% year-on-year [7]. - The company sold 7.51 million tons of paper products in 2024, marking a year-on-year increase of 12.76%, while pulp sales remained stable at 1.46 million tons [7]. - The report provides a detailed breakdown of revenue by product type, indicating varying performance across different categories, with notable growth in certain segments like coated paper [7]. Future Projections - The company is expected to see net profits of 3.51 billion yuan, 3.99 billion yuan, and 4.46 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 13%, 14%, and 12% [8]. - The report anticipates a stable improvement in the average price of cultural paper, contributing to steady revenue growth [7]. - Significant investments in new projects are planned for 2025, including upgrades to production lines and new facilities, which are expected to enhance production capacity and efficiency [7].