Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has reported a significant increase in net profit for FY26H1, with an expected range of RMB 2.15-2.25 billion, representing a year-on-year growth of 216%-231%. After excluding perpetual bond interest of RMB 201 million, the attributable net profit is expected to be RMB 1.95-2.05 billion, reflecting a year-on-year increase of 315%-337% [8] - The integration of pulp and paper operations has shown significant effects, contributing to improved profitability. The company has a total of 5.43 million tons of pulp capacity, with plans to increase this to 7.43 million tons by FY27 [8] - The industry supply-demand dynamics are improving, with some paper prices rebounding, which is expected to contribute to profit elasticity [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - FY2024: RMB 59.496 billion (5% growth) - FY2025: RMB 63.241 billion (6% growth) - FY2026E: RMB 73.954 billion (17% growth) - FY2027E: RMB 80.367 billion (9% growth) - FY2028E: RMB 85.478 billion (6% growth) [7] - Attributable net profit forecasts are: - FY2024: RMB 751 million - FY2025: RMB 1.767 billion - FY2026E: RMB 3.789 billion - FY2027E: RMB 4.671 billion - FY2028E: RMB 5.702 billion [7] - The company’s earnings per share (EPS) are projected to be: - FY2024: RMB 0.16 - FY2025: RMB 0.38 - FY2026E: RMB 0.81 - FY2027E: RMB 1.00 - FY2028E: RMB 1.22 [7]
玖龙纸业（02689）：FY26H1业绩预增点评：纸价触底回升，浆纸一体化效果显著，业绩表现超预期