静待经营改善

Investment Rating - The report assigns a "Hold" rating for the company, with a 6-month target price adjustment [8][10] Core Views - The company's 2023 performance fell short of expectations due to weak downstream demand in the paper industry and a significant decline in the price of white cardboard paper [8] - The company achieved a turnaround in Q1 2024, with revenue increasing by 9.8% YoY to 6.76 billion yuan and net profit attributable to the parent company reaching 58 million yuan, a 121.1% YoY increase [8] - The company plans to improve profitability through product structure adjustment, export expansion, production efficiency enhancement, and cost control [8] Financial Performance - 2023 revenue decreased by 16.9% YoY to 26.61 billion yuan, with a net loss attributable to the parent company of 1.28 billion yuan [8] - 2023 gross margin was 8.13%, down 6.3 percentage points YoY, and net margin was -4.99%, down 5.98 percentage points YoY [8] - The company's total expense ratio in 2023 was 15.4%, an increase of 1.6 percentage points YoY [8] Product and Regional Breakdown - Revenue from coated paper, white cardboard paper, and electrostatic paper decreased by 8.8%, 40%, and 1.8% YoY, respectively, in 2023 [8] - Revenue from the Chinese mainland market accounted for 75.5% of total revenue, decreasing by 15.8% YoY [8] Future Plans - The company aims to strengthen sales management, optimize financial management, and improve procurement efficiency in 2024 [8] - The company plans to expand direct sales channels, develop high-value-added products, and reduce debt levels [8] Industry Outlook - The paper industry is expected to benefit from the recovery of downstream demand as China's macroeconomic policies take effect [8] - The company's profitability is expected to improve with the industry's recovery and its own operational adjustments [8]