轻工制造行业月报：浆价上行支撑浆纸系纸价，家具出口表现亮眼

Investment Rating - The report upgrades the investment rating for the light industry manufacturing sector to "Outperform the Market" [6] Core Viewpoints - The light industry manufacturing sector has shown strong performance, with a 3.55% increase in March, outperforming the CSI 300 index by 2.94 percentage points [5][12] - The paper industry is experiencing a recovery in revenue and profit, supported by rising pulp prices and seasonal demand [6][23] - The furniture export sector is performing well, with a 36.1% year-on-year increase in export value for January-February 2024, driven by a marginal recovery in the US real estate cycle and inventory digestion in major European markets [5][6] Summary by Sections 1. Industry Performance Review - The light industry manufacturing index rose by 3.55% in March, ranking 7th among 30 sectors [12] - All sub-sectors within light industry manufacturing experienced gains, with over 76% of individual stocks rising [18] - The sector's PE (TTM) is at 32.34 times, positioned at the 44.71% historical percentile, indicating a moderate recovery in valuation levels [20] 2. Key Industry Data Tracking 2.1. Paper Industry - Revenue for the paper and paper products industry reached 213.55 billion yuan in January-February 2024, a 7.5% year-on-year increase [23] - The average price of waste yellow board paper decreased by 6.76% to 1421 yuan/ton, while domestic and international pulp prices increased [27][31] - The average price of boxboard paper and corrugated paper fell by 3.34% and 4.63%, respectively, indicating increased inventory pressure [31][36] 2.2. Furniture Industry - Real estate development investment and sales data remain under pressure, but furniture companies are seeing improved revenue and profit [5][6] - The furniture and parts export value increased by 36.1% year-on-year in January-February 2024, benefiting from the recovery in the US real estate market [5][6] 3. Important Company News - Leading paper companies are expected to benefit from rising pulp prices and seasonal demand, with recommendations to focus on companies with integrated forest-pulp-paper advantages [6] - The report suggests monitoring undervalued export-oriented companies in the furniture sector due to favorable export data and ongoing real estate policy support [6]