优化现金流，盈利稳步改善

Investment Rating - The report maintains a "Buy" rating for the company [20]. Core Insights - The company is optimizing cash flow and is expected to see steady improvement in profitability due to resource optimization and the sale of its stake in Nordic Paper Holding AB [4][18]. - The production capacity is expected to stabilize, with the company planning to exceed 8 million tons of production capacity in 2024, driven by its integrated supply chain [5]. - The industry is anticipated to experience a supply-demand balance improvement, leading to a gradual recovery in profitability [19]. Financial Performance - The company's revenue is projected to increase from 31,073 million yuan in 2023 to 34,746 million yuan in 2024, reflecting an 11.8% year-on-year growth [16]. - The net profit attributable to the parent company is expected to recover significantly from 120 million yuan in 2023 to 1,092 million yuan in 2024, representing a growth rate of 813% [16]. - The earnings per share (EPS) is forecasted to rise from 0.03 yuan in 2023 to 0.24 yuan in 2024 [16]. Market Context - The market prices for boxboard and corrugated paper are currently at historical lows, with a year-on-year decline of 11.54% and 10.82% respectively, but are expected to improve as new capacity is not anticipated to be released [19]. - The company is expected to recover from previous losses, with a projected net profit of 10.9 billion yuan in 2024 and 15.5 billion yuan in 2025 [20].