Wuzhou Special Paper(SH:605007) 光大证券研究·2025-10-26 23:04Core Viewpoint - The company reported a revenue of 6.46 billion yuan for the first three quarters of 2025, reflecting an 18.1% year-on-year increase, while the net profit attributable to shareholders decreased by 44.7% to 180 million yuan [4]. Group 1: Financial Performance - In Q1, Q2, and Q3 of 2025, the company achieved revenues of 1.99 billion, 2.13 billion, and 2.34 billion yuan, representing year-on-year growth of 15.2%, 25.1%, and 14.8% respectively, with a quarter-on-quarter increase of 9.5% in Q3 [4]. - The net profit attributable to shareholders for Q1, Q2, and Q3 of 2025 was 64.68 million, 56.99 million, and 59.28 million yuan, showing a year-on-year decline of 51.7%, 42.2%, and 37.3%, with a quarter-on-quarter increase of 4.0% in Q3 [4]. Group 2: Production Capacity Expansion - The company’s production capacity in Hubei has been continuously expanding, with the full production of industrial packaging paper lines in April, adding 550,000 tons per year of corrugated paper capacity, and the launch of two special paper production lines in September, adding 300,000 tons of glassine capacity and 70,000 tons of decorative paper capacity [5]. Group 3: Market Competition and Profitability - The gross profit margin for the first three quarters of 2025 was 8.0%, a decrease of 3.6 percentage points year-on-year, with Q1, Q2, and Q3 margins at 8.8%, 7.7%, and 7.6% respectively [6]. - The average price per ton of paper cup base paper in Q1, Q2, and Q3 of 2025 was 6,800, 6,489, and 6,300 yuan, showing year-on-year declines of 300, 418, and 500 yuan [6]. - The average price per ton of hardwood pulp in Q1, Q2, and Q3 of 2025 was 4,782, 4,284, and 4,161 yuan, with year-on-year decreases of 402, 1,383, and 789 yuan [6]. Group 4: Expense Ratios - The company’s expense ratio for the first three quarters of 2025 was 4.8%, an increase of 0.1 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 0.3%, 1.3%, 1.1%, and 2.2% respectively [7]. - In Q3 2025, the expense ratio rose to 5.0%, with sales, management, R&D, and financial expense ratios at 0.3%, 1.5%, 0.9%, and 2.2% respectively [7].