SHANYING INTERNATIONAL(SH:600567) EBSCN·2024-04-24 09:02Investment Rating - The report maintains a rating of "Accumulate" for the company [10] Core Views - The company experienced revenue growth pressure due to declining paper prices, but net profit and cash flow improved quarter by quarter [4][5] - The overall industry outlook for corrugated paper remains weak, with an oversupply situation exacerbated by increasing net imports [8][10] Summary by Sections Revenue Performance - In 2023, the company achieved revenue of 29.33 billion yuan, a year-on-year decrease of 13.8%, while net profit was 156 million yuan, marking a return to profitability [4][10] - For Q1 2024, revenue was 6.67 billion yuan, a year-on-year increase of 5.0%, with a net profit of 39.06 million yuan [4] Product Performance - Revenue by product for 2023: corrugated paper 11.23 billion yuan (-12.3%), other paper products 4.28 billion yuan (-5.5%), and recycled fiber 2.12 billion yuan (-42.8%) [5] - Production and sales of raw paper reached 6.785 million tons and 6.777 million tons, respectively, both up by approximately 10% year-on-year [5] Profitability and Cost Management - The overall gross margin improved to 9.9% in 2023, up by 2.6 percentage points year-on-year [6] - The company maintained strict control over operating expenses, with a total expense ratio of 12.6% in 2023, an increase of 1.8 percentage points year-on-year [7] Industry Outlook - The corrugated paper industry is expected to remain under pressure due to continuous new capacity additions and increasing net imports, with a net import volume of 8.774 million tons in 2023 [8][10] - The report anticipates that the industry will not see significant improvement in supply-demand dynamics in the near term [10]