白卡纸企再发涨价函，百亚38战报稳增

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Several white card paper companies have issued price increase notices, with Sun Paper announcing a price hike of 200 CNY/ton starting March 26 [2] - Baiya Co. reported over 100 million CNY in online sales from February 28 to March 8, achieving a 25% year-on-year growth across all channels, indicating potential recovery for leading brands as e-commerce sales bases decline [2] - Bluco's annual report for 2026 shows a revenue of 2.9 billion CNY, a 30% increase year-on-year, with adjusted net profit of 670 million CNY, up 15.5% year-on-year, and a return to profitability for the parent net profit at 630 million CNY [2] Summary by Sections Light Industry Manufacturing - The light industry manufacturing sector has underperformed the market, with the industry index down 0.14% compared to a 0.19% increase in the CSI 300 index as of March 13, 2026 [16] - The packaging and printing index increased slightly by 0.03%, while the paper index decreased by 0.97% [16] Paper and Packaging - As of March 13, 2026, the prices for various paper types are as follows: double glue paper at 4725 CNY/ton (unchanged), copper plate paper at 4690 CNY/ton (unchanged), white card paper at 4244 CNY/ton (down 25 CNY/ton), box board paper at 3596.2 CNY/ton (up 18.4%), and corrugated paper at 2835.63 CNY/ton (up 51.88%) [57] - The report highlights a recovery in production capacity for Chenming Paper, which has returned to 100% capacity across five production bases, improving cash flow and market competitiveness [2][57] Home Furnishing - The home furnishing sector is experiencing pressure, with a reported 8.67% year-on-year decline in furniture exports in December [33] - Retail sales of furniture showed a slight improvement, with a 1.33% year-on-year increase in January [43] Consumer Goods - Baiya Co. is recommended for its continuous product upgrades and expansion in e-commerce channels, while the medical sector is expected to benefit from strong demand for high-growth products [5] - The report suggests focusing on companies with strong market positions and growth potential, such as Gujia Home and Midea [5] New Tobacco Products - The FDA has added Glas electronic cigarette products to its authorized sales list, indicating a cautious but positive trend in the approval of new tobacco products [9]