大胜达：精品烟酒包效益显现，期待新业务进展

Investment Rating - The report adjusts the investment rating to "Accumulate" [5] Core Views - The company is a leading provider of comprehensive packaging solutions in China, recognized as a "leading paper packaging enterprise" by the China Packaging Federation. Its main products include corrugated boxes, paperboards, high-end wine packaging, premium cigarette packaging, and biodegradable paper pulp tableware [2] - Due to weaker-than-expected market consumption and intensified competition, the company experienced a decline in revenue and profitability in 2023. The report revises profit forecasts for 2024-2026, expecting net profits of 134 million, 167 million, and 202 million yuan respectively, with corresponding EPS of 0.24, 0.31, and 0.37 yuan per share [2][25] - The company aims to strengthen market development in the high-end wine packaging sector and is progressing with the new factory project in Guizhou. It plans to enhance automation and integrate quality and process innovations while managing costs effectively [4] Financial Performance Summary - In 2023, the revenue from corrugated cardboard was 1.35 billion yuan, down 14.4%, with a gross margin of 8.9%, a decrease of 1.4 percentage points. Conversely, high-end wine packaging revenue increased by 31% to 280 million yuan, with a gross margin of 32.71%, up 2.3 percentage points. Premium cigarette packaging revenue surged by 69.92% to 260 million yuan, with a gross margin of 28.11%, up 6.2 percentage points [3] - The company reported a total revenue of 2.01 billion yuan in 2023, a decrease of 2.2%, and a net profit of 89 million yuan, down 15.9% [21] - The first quarter of 2024 saw a revenue of 467 million yuan, an increase of 4.6%, but a net profit of 18 million yuan, down 10.1% [7] Future Outlook - The company plans to deepen its focus on corrugated paper packaging, optimize order structures, and enhance its global layout, particularly in Southeast Asia and Europe, to increase market share and expand its customer base [9] - Following the acquisition of Fornax B.V. in the Netherlands, the company aims to improve the operational and financial status of this project by establishing a new management team and focusing on project delivery and cost efficiency [10]