华旺科技：纸价触底企稳，吨盈利稳步修复，分红比例大幅提升-20250506

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has shown a decline in revenue and net profit for 2024, with total revenue of 3.768 billion yuan, down 5.2% year-on-year, and a net profit of 469 million yuan, down 17.2% year-on-year [1] - The first quarter of 2025 also reflects a decline in revenue and net profit, with revenue at 848 million yuan, down 10.9% year-on-year, and net profit at 81 million yuan, down 45.1% year-on-year [1] - Despite the short-term challenges, the company is expected to benefit from stabilizing paper prices and cost recovery, indicating a potential improvement in profitability [2] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.768 billion yuan and a net profit of 469 million yuan, with a gross margin of 15.8% [5] - The first quarter of 2025 saw a revenue of 848 million yuan and a net profit of 81 million yuan, with a gross margin of 13.7% [3][5] - The company’s net profit forecast for 2025 is 416 million yuan, with a projected P/E ratio of 12.24x [3][5] Production and Capacity - The company’s production and sales in 2024 were 331,900 tons and 320,100 tons, respectively, reflecting a year-on-year increase of 7.0% and 4.9% [2] - The company successfully launched an 80,000-ton decorative paper production line, contributing to long-term growth [2] Profitability and Cost Management - The company’s profitability is gradually recovering, with a projected increase in per-ton profit to the range of 900-1000 yuan in Q1 2025 [2] - The company maintained a low cost structure, benefiting from low-priced pulp inventory [2] Dividend Policy - The company declared a cash dividend of 404 million yuan for 2024, with a dividend payout ratio of 86%, significantly higher than the previous year's 64% [2]