Wuzhou Special Paper(SH:605007) 光大证券研究·2025-04-12 13:10Core Viewpoint - The company reported a revenue of 7.66 billion yuan for 2024, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 360 million yuan, up 32.6% year-on-year [2]. Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.19 billion yuan, which is an 18.1% increase year-on-year, but the net profit attributable to shareholders dropped to 34.86 million yuan, a significant decline of 79.0% year-on-year [2]. - The overall gross margin for 2024 was 9.9%, an increase of 0.3 percentage points year-on-year, while the gross margin for Q4 2024 was 5.6%, down 9.5 percentage points year-on-year and 5.1 percentage points quarter-on-quarter [4]. Group 2: Production and Sales Growth - The company produced 1.499 million tons of paper in 2024, with sales reaching 1.466 million tons, marking increases of 40.8% and 38.7% year-on-year, respectively [3]. - Sales volumes for various products in 2024 were as follows: food packaging (60500 tons), daily consumer (27900 tons), publishing and printing (22600 tons), industrial packaging (31700 tons), and industrial supporting materials (3800 tons), with notable growth in industrial packaging (17211.6%) and industrial supporting materials (229.7%) [3]. Group 3: Cost and Margin Analysis - The decline in Q4 2024 gross margin was attributed to product mix adjustments, an increase in low-margin industrial packaging revenue, and rising wood pulp inventory costs [4]. - The gross margins for different product categories in 2024 were: food packaging (4.1%), daily consumer (21.2%), publishing and printing (3.8%), and industrial supporting materials (10.1%), with varying year-on-year changes [4]. Group 4: Strategic Outlook - For 2025, the company plans to accelerate its pulp-paper integration projects, with 300,000 tons of chemical pulp already reaching near full production and a 600,000-ton chemical pulp production line under construction [5]. - The company aims to diversify its product offerings, maintaining its focus on food packaging paper, glassine paper, digital transfer paper, and tracing paper, while expanding into larger markets for publishing and industrial packaging materials [5].