Summary of Conference Call Records Industry Overview - The conference call primarily discusses the light industry sector and its response to the easing of tariffs between China and the United States, highlighting potential investment opportunities and risks in this context [1][3][9]. Key Points and Arguments Companies Benefiting from Tariff Easing - **Yutong Technology** is expected to benefit from overseas capacity transfer and a high dividend strategy, showing a potential for rebound despite previous stock price declines due to supply chain concerns. The company reported steady growth in Q1 2025, with expectations for double-digit profit growth in Q2 [1][4]. - **Eternal Art Co.** and other export-oriented companies are expanding their market share overseas. Their Q1 performance was strong, but stock prices have not fully reflected this, indicating a strong margin of safety and potential for price recovery [1][5]. - Companies like **Craftsmanship**, **Jia Yi Home**, and **Zhejiang Natural** represent the trend of Chinese manufacturing going global. Their strong performance has not been adequately valued, and with easing tariffs, they may see valuation recovery, particularly **Jiangxin** and **Jia Yi** [1][6]. - **Zhiou Technology** focuses on developing its own brand, and any tariff reductions could directly enhance its profit margins, making it a key focus. Similar potential is noted for **GoerTek** [1][7]. Market Dynamics and Investment Opportunities - Companies with high market attention and consistent performance, such as **Compensation Management Company** and **Jia Ying**, may see their price-to-earnings ratios recover from around 15 times to between 18 and 20 times, providing a rationale for current investments [1][8]. - The long-term outlook suggests that the complex nature of China-U.S. relations may lead to recurring tariff issues. Export-oriented companies should focus on expanding into non-U.S. markets while also considering those that have succeeded in the U.S. and are looking to expand globally [1][9]. Impact on Specific Industries - The paper industry, as a part of the domestic consumption cycle, is expected to benefit indirectly from eased tariffs. Current paper prices are at historical lows, and companies like **Sun Paper** and **Xianhe Co.** are recommended for investment [2][10][11]. - The new consumption sector is highlighted as a significant investment opportunity, with a focus on emerging trends that are less dependent on traditional economic indicators [12][13]. Short-term Investment Strategies - Short-term investment opportunities include companies with significant stock price declines due to tariffs, such as **Yutong**, **Eternal Group**, and **Jianlin Industrial**. Additionally, export chain companies with strong performance but lagging stock prices, like **Jianfa** and **Eternal Art**, are also highlighted as potential beneficiaries of tariff easing [1][14]. Recommendations for Future Investments - The light industry and new consumption sectors are identified as future trends worth monitoring. Investment should focus on companies that can significantly benefit from easing tariff policies [1][15]. Other Important Insights - The conference call emphasizes the importance of diversifying investments away from over-reliance on the U.S. market, suggesting a strategic focus on companies capable of expanding into Europe, the Middle East, and Southeast Asia [9].

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 3.02%, outperforming the market by 1.02 percentage points, with the paper sub-sector rising by 2.17%, also surpassing the market by 0.16 percentage points [2][13] - The report highlights that the cultural paper sector is entering an off-peak season, leading to a decline in pulp and paper prices [4] - The report recommends leading companies in the integrated forest-pulp-paper industry, such as Sun Paper (002078, Buy), and suggests focusing on leading special paper companies like Xianhe Co. (603733, Buy) and Huawang Technology (605377, Buy) [4] Summary by Sections Market Review - The light manufacturing industry index rose by 3.02%, while the paper sub-sector increased by 2.17%, ranking 9th among 28 first-level industries [2][13][20] Industry Chain Data Tracking - The report notes a decline in wood pulp product prices, with domestic waste prices slightly increasing by 1.5 CNY/ton, while foreign waste prices decreased by 5-10 USD/ton [9][24] - The average market price for finished paper products saw declines: double glue paper down by 38 CNY/ton, copper plate paper down by 45 CNY/ton, and white card paper down by 48 CNY/ton [39][40][42] Profitability Levels - Profitability in cultural paper is diverging, with small paper companies seeing an increase of 25 CNY/ton in double glue paper, while large companies experienced a decrease of 43 CNY/ton [48][49] - The profitability of packaging paper is declining, with white card paper profitability down by 20-48 CNY/ton [48][51] Production Data - The cumulative production of mechanical paper and paperboard in the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [57] - The report indicates that the import volume of paper and paperboard decreased by 8.2% year-on-year, while the export volume increased by 10.7% [57]

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Insights - In April, China's overall exports showed resilience, with a year-on-year increase of 8.1% in export value, although exports to the U.S. declined by over 20% [8] - The global sales of AI smart glasses reached 600,000 units in Q1 2025, marking a 216% year-on-year growth, driven primarily by the success of Ray Ban Meta smart glasses [8] - The report continues to recommend sectors benefiting from new consumer trends, particularly in personal care and trendy toys [8] Summary by Sections Light Industry Manufacturing - The light industry manufacturing sector outperformed the market with a 3.02% increase in the index from May 6 to May 9, 2025, compared to a 2.00% increase in the CSI 300 index [17] - Sub-sectors such as entertainment products (+3.91%) and home goods (+3.30%) showed strong performance [17] Home Furnishing - In March, the furniture retail sales increased by 29.5% year-on-year, while the furniture export value decreased by 7.8% in April [45] - The report highlights the potential for recovery in the home furnishing sector as consumer confidence gradually improves [6] Paper and Packaging - As of May 9, 2025, the prices of various paper products showed mixed trends, with double glue paper at 5,250 CNY/ton (-56.3 CNY/ton) and boxboard paper at 3,506.6 CNY/ton (+2.4 CNY/ton) [55] - The paper industry experienced a cumulative revenue decline of 1.4% in the first quarter of 2025, with a sales profit margin of 2.7% [69] New Consumer Trends - The report emphasizes the growth in the AI smart glasses market, with expectations of 5.5 million units sold in 2025, driven by new product launches from various brands [8] - Recommendations include focusing on companies like Mingyue Optical and Kangnai Optical, which are positioned to benefit from this trend [8] Textile and Apparel - The textile and apparel sector also outperformed the market, with a 3.47% increase in the index from May 6 to May 9, 2025 [27] - The report suggests monitoring leading brands in apparel and outdoor products as domestic consumption policies begin to take effect [27]

Core Insights - The company reported a revenue of 10.27 billion yuan for 2024, representing a year-on-year increase of 20.1%, and a net profit attributable to shareholders of 1 billion yuan, up 51.2% year-on-year [1] - The company experienced a decline in net profit in Q4 2024 and Q1 2025, attributed to price decreases and impairment impacts, although there was a marginal improvement in profitability in Q1 2025 [1] - The company’s gross profit margin for 2024 was 15.5%, an increase of 3.8 percentage points, while the net profit margin was 9.8%, up 2 percentage points [1] Revenue and Profit Analysis - In Q4 2024, the company achieved a revenue of 3.01 billion yuan, a year-on-year increase of 28.6%, but the net profit attributable to shareholders fell to 190 million yuan, down 33.7% [1] - For Q1 2025, revenue was 2.99 billion yuan, reflecting a year-on-year increase of 35.4%, with a net profit of 240 million yuan, down 12.1% [1] - The gross profit margin in Q4 2024 decreased to 12.8%, down 5.2 percentage points, while the net profit margin was 6.2%, down 5.8 percentage points [1] Volume and Price Dynamics - The company achieved a sales volume of 1.223 million tons in 2024, a year-on-year increase of 25.9%, benefiting from capacity release in Hubei and Guangxi projects [2] - The average selling price per ton in 2024 was approximately 8,400 yuan, a decrease of 400 yuan, while the net profit per ton (including investment income) was about 820 yuan, an increase of 140 yuan [2] - It is estimated that the selling price per ton in Q1 2025 will decline compared to 2024 due to market competition [2] Project Developments - The Hubei and Guangxi projects began operations in 2024, with significant production outputs contributing to the company's growth [3] - The Guangxi base produced 100,000 tons of wood pulp and 28,700 tons of specialty paper, while the Hubei base produced 59,800 tons of wood pulp and 93,400 tons of specialty paper [3] - The company plans to expand the Guangxi project in 2025, adding 600,000 tons of pulp and 700,000 tons of specialty paper capacity, enhancing its production capabilities [3] Investment Outlook - The company is expected to achieve revenues of 13.2 billion yuan, 15.4 billion yuan, and 18 billion yuan from 2025 to 2027, with year-on-year growth rates of 29%, 16%, and 17% respectively [4] - Projected net profits for the same period are 1.19 billion yuan, 1.38 billion yuan, and 1.59 billion yuan, reflecting year-on-year increases of 19%, 16%, and 16% [4] - The company maintains a "buy" rating based on its management and manufacturing advantages, as well as a comprehensive product matrix [4]

Core Viewpoint - The company is set to hold its annual shareholder meeting on May 20, 2025, to discuss various proposals including the confirmation of director and supervisor remuneration for 2024, and to review the annual reports and financial statements for 2024 [3][4][5]. Group 1: Meeting Details - The meeting will take place both in-person and online, with specific voting times outlined for shareholders [3][4]. - The chairman of the board, Wang Minliang, will preside over the meeting, and the company secretary will be responsible for the meeting records [3][4]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 1,027,357.74 million RMB, a 20.11% increase from 2023 [8][26]. - The net profit attributable to shareholders reached 101,303.89 million RMB, reflecting a 51.82% growth compared to the previous year [15][26]. - Total assets increased by 23.60% to 2,332,190.80 million RMB, while total liabilities rose by 31.95% to 1,518,406.87 million RMB [8][27]. Group 3: Operational Highlights - The company successfully launched two major projects in Guangxi and Hubei, each with an investment exceeding 10 billion RMB, enhancing its production capacity [24][25]. - Sales volume for 2024 reached 122.29 million tons, marking a 28.29% year-on-year increase [25][26]. - The company has optimized its product structure, particularly in high-end food packaging materials, which contributed to the revenue growth [27][28]. Group 4: Future Outlook - The company plans to continue expanding its market share and production capacity, particularly in the high-performance paper-based materials sector [24][29]. - The introduction of new product lines, including biodegradable food packaging materials, is expected to drive future growth [29].

仙鹤股份有限公司 2024 年年度股东大会 会议资料 股票代码：603733 中国·衢州 二〇二五年五月 2024 年年度股东大会会议资料 | | | | 会议议程 3 | | --- | | 会议须知 5 | | 议案一：关于2024年度董事会工作报告的议案 6 | | 议案二：关于2024年度监事会工作报告的议案 7 | | 议案三：关于 2024 年年度报告及其摘要的议案 8 | | 议案四：关于 2024 年度财务决算报告的议案 9 | | 议案五：关于 2024 年度利润分配预案的议案 15 | | 议案六：关于续聘 2025 年度审计机构的议案 16 | | 议案七：关于提请股东大会授权董事会确认公司董事、监事 2024 年度薪酬及 | | 2025 年度薪酬额度的议案 19 | | 议案八：关于 2024 年度内部控制评价报告的议案 20 | | 附件一：2024 年度董事会工作报告 21 | | 附件二：2024 年度监事会工作报告 33 | | 报告事项： 2024 年度独立董事述职报告（非表决事项） 37 | 2 / 54 2024 年年度股东大会会议资料 仙鹤股份有限公司 2024 年年 ...

Core Viewpoint - The report highlights the ongoing supervision of Zhejiang Shuangyuan Technology Co., Ltd. by Minsheng Securities, indicating no major issues found during the supervision period, while also outlining various risks and financial performance metrics [1][2][12]. Group 1: Risk Factors - Core competitiveness risks include the need for continuous technological innovation and product development to meet market demands, with potential negative impacts on profitability if not addressed [3]. - The risk of key technical talent loss is significant, as the company relies on skilled personnel for the development of high-precision sensors and AI technology applications, which could hinder new product launches and market competitiveness [4]. - Operational risks arise from the concentrated nature of the lithium battery supply chain, where changes in competition or client difficulties could adversely affect the company's operations [5]. - Financial risks include a potential decline in gross profit margins due to the varying profitability of different product categories, particularly if lower-margin products gain a larger share of sales [6]. - The company faces risks related to accounts receivable and contract assets, as increasing sales and a growing share of revenue from the lithium battery sector may lead to longer collection periods and potential bad debt losses [7][8]. - Inventory risks are present due to the customized nature of products and longer acceptance cycles, particularly in the lithium battery sector, which could lead to increased inventory write-downs [9]. - Industry risks include potential overcapacity in the lithium battery and photovoltaic sectors, which could slow investment and limit growth opportunities if the company fails to expand into new application areas [10]. - Macro-environmental risks are associated with reliance on imported components, where fluctuations in supply and prices could impact production costs and availability [11]. Group 2: Financial Performance - For the 2023-2024 period, the company reported operating revenue of 386.23 million yuan, a decrease of 10.01% year-on-year, primarily due to a slowdown in the new energy sector and reduced order intake [13]. - The net profit attributable to shareholders was 86.86 million yuan, down 34.92%, with a significant drop in net profit after deducting non-recurring gains and losses, reflecting increased competition and slower customer payment processes [14]. - The net cash flow from operating activities was 46.73 million yuan, a decline of 53.90%, attributed to reduced net profit and slower customer payment progress [14]. Group 3: Core Competitiveness - The company possesses a strong technological research and development advantage, with expertise in various fields such as nuclear physics and embedded data processing, leading to significant technological achievements in core components and software [15]. - The company has a strong capability for expanding its technology and product applications across multiple industries, leveraging its accumulated expertise to meet diverse customer needs [16]. - The ability to provide integrated measurement and control solutions distinguishes the company from competitors, enhancing customer efficiency and reducing operational costs [17]. - The company has extensive project management experience, ensuring effective installation and operation of systems tailored to client specifications [18][19]. - A rich client resource base, including partnerships with leading companies in various sectors, supports the company's ongoing business performance [20]. Group 4: R&D Investment - R&D expenditure for 2024 is projected at 41.51 million yuan, a 30.14% increase from 2023, reflecting a commitment to enhancing research capabilities and expanding project scopes [20]. - The company is actively pursuing multiple R&D projects, including advancements in optical measurement and defect detection technologies for semiconductor processes [21].

Group 1 - The core viewpoint of the report indicates that the pulp and paper industry is experiencing a bottoming out of profitability, with costs stabilizing and paper prices showing slight recovery in Q1 2025 [1][2] - The report highlights that the overall pulp price is expected to maintain a low-level fluctuation, with domestic demand remaining weak while international prices are experiencing increases due to maintenance shutdowns in overseas pulp mills [2][3] - The cultural paper segment is seeing a gradual recovery in profitability, with major players like Sun Paper benefiting from strategic raw material management and cost control [3][5] Group 2 - The white card paper prices are showing signs of stabilization, with a slight increase in Q1 2025 due to supply disruptions from major producers [4][5] - The special paper segment is witnessing an expansion of leading companies' market share, although prices are under pressure due to weak demand in certain categories [4][5] - The waste paper segment is experiencing price fluctuations, with overall profitability showing improvement, particularly for companies like Nine Dragons Paper [6][7] Group 3 - The report anticipates that the profitability of paper companies may continue to face pressure in Q2 2025 despite cost optimization efforts, with limited new capacity expected from leading firms [7] - Companies to watch include Sun Paper and Xianhe Co., which are expected to see improvements in profitability, along with others like Huawang Technology and Wuzhou Special Paper [8]

24&25Q1 造纸板块综述：周期触底、向上不足，龙 头聚焦产业链上下游延伸、差异化竞争优势放大 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 08 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 造纸板块综述：周期触底、向上不足，龙 头聚焦产业链上下游延伸、差异化竞争优势放大 [Table_ReportDate] 2025 年 05 月 08 日 本期内容提要: [Table_S [行业层面 Table_Summary ummar ：造纸板块行业 y] ...

Investment Rating - The investment rating for the paper industry is "Positive" [2] Core Viewpoints - The paper industry is experiencing a bottoming cycle with insufficient upward momentum, leading industry leaders to focus on extending their supply chains and enhancing differentiated competitive advantages [12] - The industry is expected to continue facing supply-demand pressures in 2025, with a sustained bottoming of profit cycles as leading companies innovate and expand their scale and differentiation advantages [12] - Major companies are actively expanding their overseas market presence to absorb production capacity [12] Summary by Sections Pulp and Paper Sector - Cost improvements and a slight recovery in paper prices are leading to profit recovery, with Q4 2024 pulp prices hitting a bottom and costs stabilizing [3] - In Q1 2025, low-cost pulp gradually entered inventory, and paper prices saw a slight increase, with companies expected to maintain low costs and moderate profit improvements [3][18] - The domestic pulp market is experiencing price fluctuations, with expectations of continued low-level oscillations in Q2 2025 [19] Cultural Paper - Profitability is gradually recovering, with leading companies performing well despite market challenges [4] - Average prices for double glue paper and copper plate paper in Q4 2024 and Q1 2025 were 5228 and 5435 CNY/ton respectively, showing year-on-year declines but some recovery in Q1 2025 [22] - Companies like Sun Paper are leveraging raw material strategies and cost control to improve profits [22] White Card Paper - Prices are stabilizing at the bottom, with a slight improvement in profitability [23] - The average price for white card paper increased from 4195 CNY/ton in Q4 2024 to 4307 CNY/ton in Q1 2025, benefiting from supply disruptions [23] - Companies are expected to face increased supply pressures in 2025 due to new capacities coming online [23] Specialty Paper - Leading companies are expanding their advantages and market shares [24] - Prices for specialty paper categories are expected to decline due to short-term supply-demand pressures, but some categories are showing signs of recovery [24] - Companies like Xianhe and Wuzhou are expected to benefit from increased production capacity [24] Waste Paper Sector - Prices are fluctuating, with a recovery in profitability observed [26] - The average price for waste paper in Q4 2024 was 1530 CNY/ton, showing a year-on-year increase, while boxboard and corrugated paper prices also saw slight improvements [26] - The overall profitability of waste paper companies is expected to remain under pressure in Q2 2025 despite cost optimizations [26] Investment Recommendations - Focus on companies with integrated pulp and paper operations and improving profitability, such as Sun Paper and Xianhe, as well as those recovering profitability like Huawang Technology and Wuzhou Specialty Paper [8]