Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [9][19]. Core Insights - The company reported FY2025 results that met expectations, with revenue of 63.241 billion RMB, a year-on-year increase of 6.3%, and a net profit of 2.202 billion RMB, reflecting a significant year-on-year growth of 177.3% [9]. - The integration of pulp and paper production and the diversification of paper types have led to notable improvements in profitability [9]. - The company has a strong cost advantage in raw materials, with a projected increase in self-produced pulp capacity, which is expected to enhance profitability further [9]. - The company’s product structure is gradually improving, with a focus on high-end products, which is anticipated to benefit from industry demand recovery [9]. Financial Data and Profit Forecast - FY2025 revenue is projected at 63.241 billion RMB, with a year-on-year growth rate of 6% for FY2026 and 10% for FY2027 [8]. - The net profit for FY2025 is expected to reach 1.767 billion RMB, with significant growth projected for the following years, reaching 4.425 billion RMB by FY2028 [8]. - The earnings per share (EPS) is forecasted to increase from 0.38 RMB in FY2025 to 0.94 RMB in FY2028 [8]. - The return on equity (ROE) is expected to improve from 3.74% in FY2025 to 7.64% in FY2028 [8].
玖龙纸业（02689）：FY2025业绩点评：产品结构升级，浆纸一体化布局效果显著，盈利改善明显