业绩稳健增长，林浆纸产业布局持续推进

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [9]. Core Insights - The company reported a stable revenue of 39.544 billion yuan in 2023, a slight decrease of 0.56% year-on-year, while net profit attributable to shareholders increased by 9.86% to 3.086 billion yuan [2][9]. - The company's profitability is expected to remain robust in the short term, supported by seasonal demand and pricing strategies, particularly in the paper segment [9]. - The company is actively expanding its production capacity and land resources, with plans to increase its self-owned forest area to 120,000 hectares by 2030, enhancing its cost advantages and supporting carbon neutrality goals [2][9]. Financial Performance Summary - The company achieved a gross margin of 15.89% for the year, an increase of 0.72 percentage points year-on-year, with a notable improvement in Q4 gross margin reaching 17.12% [2]. - Revenue from the paper segment was 30 billion yuan, up 8.1% year-on-year, driven by increased production capacity and sales volume [2][10]. - The revenue from pulp products decreased by 23.8% year-on-year, primarily due to reduced external sales and increased internal consumption [3][10]. Production and Capacity Expansion - The company initiated a new project for producing 300,000 tons of household paper, with an investment of up to 1.35 billion yuan, expected to start trial production in Q3 2024 [2]. - The company plans to develop a second phase of its Nanning Park project, which includes production lines for specialty paper and chemical pulp, with a total investment of up to 7 billion yuan [2]. Market Outlook - The report anticipates that the company's net profit will grow to 3.719 billion yuan by 2024, with a compound annual growth rate of 21% from 2024 to 2026 [9][10]. - The pricing of key products, including chemical pulp and cultural paper, is expected to remain stable in the short term, although fluctuations may occur due to market dynamics [2][9].