yyfp(SH:600963) Minsheng Securities·2024-04-10 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 4.89 yuan [6]. Core Views - The company reported a total revenue of 8.641 billion yuan in 2023, a year-on-year decrease of 11.66%. The net profit attributable to the parent company was -238 million yuan, with a non-recurring net profit of 9 million yuan, down 98.32% year-on-year [1][5]. - The demand for cultural paper in 2023 was weak, and the landscaping industry continued to face low demand. The overall consumption of the global cultural paper industry declined, leading to increased competition and a drop in product prices [5]. - The company’s revenue from various segments in 2023 was as follows: paper industry 5.942 billion yuan (-8.40%), forestry 933 million yuan (+21.89%), chemical industry 202 million yuan (-3.51%), construction installation 320 million yuan (+13.18%), and municipal landscaping 659 million yuan (-32.90%) [5]. - The gross profit margins for different products were reported as follows: printing paper 9.4%, packaging paper 7.5%, office paper 6.9%, industrial paper 2.8%, wood products 2.5%, and chemical products 32.5%, with notable declines in most categories [5]. Financial Summary - The company’s total revenue for 2023 was 8.641 billion yuan, with a projected growth rate of -11.66% for the year. The net profit attributable to the parent company is expected to improve to 417 million yuan in 2024, with a growth rate of 275.15% [7][13]. - The company anticipates a recovery in net profit to 578 million yuan in 2025 and 665 million yuan in 2026, with corresponding PE ratios of 21, 15, and 13 [7][13]. - The company has signed contracts for carbon credit development covering 4.42 million acres, with plans to reach 5 million acres by 2025, which may enhance profitability through higher-margin carbon credit income [5][12].