Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has experienced a short-term decline in performance due to temporary production stoppages, but it is expected to benefit from capacity expansion and sustained high growth in plasma collection [4][5] - In 2024, the company achieved a revenue of 2.655 billion yuan, representing a 14% increase year-on-year, and a net profit of 745 million yuan, which is a 21.76% increase [4] - The company’s plasma collection volume exceeded 1,400 tons in 2024, with an expected growth rate of over 15% [6] - The company has signed exclusive licensing and supply agreements to enhance its market presence both domestically and internationally [6] - The company’s gross margin for 2024 was 49.13%, with a net margin of 28.07%, indicating effective cost management and profitability [7] Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 3.112 billion yuan, 3.702 billion yuan, and 4.214 billion yuan respectively, with corresponding net profits of 894 million yuan, 1.095 billion yuan, and 1.231 billion yuan [8][11] - The expected growth rates for revenue from 2024 to 2027 are 14%, 17.24%, 18.93%, and 13.83% respectively [11] - The company’s earnings per share (EPS) are projected to increase from 1.02 yuan in 2024 to 1.68 yuan in 2027 [11]

造纸轻工行业 行业研究 | 行业周报 本周浆纸系产品价格下跌 ——造纸产业链数据每周速递（2025/04/27） 核心观点 ⚫ 本周轻工制造行业指数上涨 1.92%，跑赢大盘 1.53pct；造纸子板块上涨 2.14%， 跑赢大盘 1.76pct。本周沪深 300 指数上涨 0.38%，轻工制造(申万)指数上涨 1.92%，跑赢大盘 1.53pct，在 28 个申万一级行业中位列第 7 位；二级行业中，造 纸子板块上涨 2.14%，跑赢大盘 1.76pct 。本周轻工四大子板块按涨幅由大到小分 别为包装印刷、文娱用品、造纸和家具板块，分别上涨 4.39%、2.78%、2.14%、- 0.28%。 产业链数据跟踪 投资建议与投资标的 ⚫ 智利 Arauco 公司公布新一轮木浆外盘报价调整，阔叶浆报价 560 美元/吨，下跌 70 美元/吨，针叶浆外盘报价为 770 美元/吨，下跌 55 美元/吨。行业淡季到来，纸浆成 本下行，推荐林浆纸一体化行业龙头太阳纸业(002078，买入)。同时建议关注特种 纸领军企业仙鹤股份(603733，买入)，中高端装饰原纸龙头华旺科技(605377，买 入)以及食品包装纸细分龙头 ...

日度报告——综合晨报 德克萨斯制造业指标大幅下滑，七地锌锭库 存增加 [T报ab告le_日R期an：k] 2025-04-29 宏观策略（外汇期货(美元指数)） 德克萨斯制造业指标大幅下滑 美国德克萨斯制造业指标大幅度下滑，美国经济下行压力延续， 美元指数震荡走弱。 宏观策略（国债期货） 央行开展了 2790 亿元 7 天期逆回购操作 4 月末 5 月中上旬，国债期货表现应强于 4 月中下旬。近期逢回 调买入的策略性价比上升。 综 黑色金属（螺纹钢/热轧卷板） 合 上海重大工程建设按下加速键 晨 报 钢价早盘回落，延续震荡格局，市场对于行政性减产的情绪区 域理性和谨慎。虽然控产政策大概率推出，但具体执行细节和 监管才是市场更为关心的内容，预计短期钢价震荡运行。 有色金属（锌） 七地锌锭库存增加 0.01 万吨 中期供需趋松未发生逆转，维持逢高沽空逻辑为主，国内制造 业 PMI 或受关税影响拖累，高波动下注意控制仓位。 能源化工（原油） 印度提高了 4 月 ESPO 采购量 油价震荡下跌，市场等待 OPEC+政策进一步明确。 | 王心彤 | 资深分析师 | （黑色金属） | | --- | --- | --- ...

Group 1 - Yibin Paper's new product, cream paper, aims to capture the high-end paper market, marking a significant step for the company [1] - The cream paper market in China is projected to reach 1.7 billion yuan in 2024, with a year-on-year growth rate of 114%, making it one of the fastest-growing segments [1] - The cost structure of cream paper includes 25% from edible additives, indicating a specialized supply chain for high-end products [1] Group 2 - The bamboo industry in Sichuan is expected to see a total output value exceeding 200 billion yuan by 2035, with a focus on high-end bamboo pulp paper products like cream paper [1] - Local paper companies are collaborating to improve pollution treatment, aiming to increase the concentration of treated pollutants from 50% to 70%, facilitating recycling and energy recovery [2] - Improvements in transportation and machinery are unlocking the production potential of bamboo pulp, suggesting a positive outlook for the bamboo pulp paper industry in Sichuan [2]

2 0 2 5 . 4 . 2 8 纸浆周报 中泰期货股份有限公司 高萍 交易咨询证号：Z0012806 目录 CONTENTS 1 纸浆综述 2 纸浆平衡表解析 3 纸浆供需解析 4 纸浆成本利润 5 纸浆价格与价差 Part 1 纸浆综述 1.1 纸浆综述——供给端 | | | 项目 | 单位 | 2025年3月 | 2025年2月 | 环比 | 累计同比 | 预估下周/月 | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025/4/25 | 2025/4/18 | | | (根据三方数据线性预估) | | | | 国产 （周） | 阔叶浆产量 | 万吨 | 18.17 | 17.56 | 0.61 | -0.26% | 上升 | | | | | 化机浆产量 | 万吨 | 20.29 | 20.41 | -0.12 | | | | | | | 纸浆总进口量 | | 324.9 | 322.1 | 2.80 | 5.01% | | 国产：本周国产开工略回升，据悉，华泰70万吨化学浆项 | | | ...

纸浆：供需僵持，浆价区间震荡为主 正信期货纸浆周报 20250428 研究员：赵婷 审核：王艳红 投资咨询编号：Z0016344 投资咨询编号：Z0010675 Email: zhaot@zxqh.net Tel：027-68851659 内容要点 供应端：上周纸浆产量为46.59万吨，环比增加0.43万吨，增幅0.93%；阔叶浆产量18.17万吨、化机浆产 量20.29万吨；预计本周阔叶浆产量约20.1万吨、化机浆产量约20万吨。 需求端 ： 生活用纸市场，采购刚需为主，部分纸企出货滞缓，库存压力较大 ， 预计本周生活用纸产量约 29.2万吨；双胶纸市场，生产变化不大，终端消费不振，下游印厂开工水平较低，预期本周双胶纸 产 量 约 19.3万吨；铜版纸市场，生产变化不大，终端消费难有跟进，出口订单有一定支撑 ， 预计本周铜版纸产量 约7.8万吨；白卡纸市场，存停机检修或技改计划，产量将有所减少，预计本周白卡纸总产量约30万吨。 库存端：上周国内港口库存量为210.6万吨，环比增加3.7万吨（或+1.79%）；青岛港库存量134.7万吨； 预计本周纸浆港口库存量约208万吨，变动不大。 策略：行业库存高位，下 ...

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL. | | | | | | | | 国贸期货研究院 农产品研究中心 | | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/4/28 | | | | | | | | 纸浆价格数据 | | | | | | | 2025年4月25日 | | 日本に | 周环比 | | | 2025年4月25日 | 日本に | 周环比 | | | SP2505 5474 | | -0. 18% | 1.00% | | 针叶浆银星 | 6350 | 0. 00% | 0. 00% | | 期货价格 | SP2507 5376 | | -0. 22% | 0. 26% | 现货价 | 针叶浆俄针 | 5450 | 0. 00% | 0. 00% | | | SP2509 5322 | | -0. 34% | 0. 11% | | 阔 ...

Core Viewpoint - The launch of "Jin 7 Zhenpin" by Taishan Beer represents a significant step in the company's high-end strategy, targeting the business banquet and premium gifting market with its "7-day fresh" quality and innovative brewing process [1][8]. Group 1: Product Development - Taishan Beer introduced the first short shelf-life raw beer, "7-day raw beer," in 2010, breaking through the price war in the industrial beer sector [3]. - The "7-day raw beer" was developed by a team led by German expert Luthard, utilizing all-malt brewing and unfiltered processes, which provided a fresh experience uncommon in the domestic market at that time [3]. - The company has continuously innovated since the launch of "7-day raw beer," creating products like "Huang 7," "Hong 7," "7-day Snow Beer," and "Xiao 7," establishing itself as a leader in short shelf-life raw beer [5]. Group 2: Quality and Production - "Jin 7 Zhenpin" features a 12°P golden body and a fermentation process lasting over 30 days, with 247 strict quality checks before leaving the factory [5]. - The logistics system established by Taishan Beer allows for same-day delivery within a thousand kilometers of the factory, ensuring consumers can experience "same-day freshness" [5]. Group 3: Market Reception - The product has generated significant buzz among beer enthusiasts, with consumers praising its balance between refreshing and rich flavors, making it suitable for business dinners [8]. - The successful launch of "Jin 7 Zhenpin" marks a milestone in Taishan Beer's high-end strategy, transitioning from a "fresh disruptor" to a "high-end definitor" over 15 years [8].

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年4月27日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 操作建议 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 操作建议 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 Special report on Guotai Junan Futures 4 1. 【常熟港纸浆库存统计】截至2025年4月24日，中国纸浆常熟港库存55.8万吨，较上周期上涨4.1万吨，环比上涨7.9%。本周常熟港库存呈现累库走势。 2. 【青岛港纸浆库存统计】截至2025年4月24日，中国纸浆青岛港库存134.7万吨，较上周下降1.1万吨，环比下降0.8%。本周期青岛港库存周期内呈现小幅去库走势。 3. 【高栏港纸浆库存统计】截至2025年4月24日，中国纸浆高栏港库存8.3万吨，较上周下降 ...

国信期货研究 Page 1 国信期货纸浆月报 探底回升，关注需求恢复情况 纸浆 2025 年 04 月 27 日 主要结论 进口方面，据中华人民共和国海关总署数据显示，2025 年 3 月，我国进口 纸浆 324.9 万吨，进口金额为 2004.2 百万美元，平均单价为 616.87 美元/吨。 1-3 月累计进口量及金额较去年同期分别增加 5%、4.9%。其中 2025 年 3 月针叶 浆进口量 79.76 万吨，环比减少 0.07%，同比减少 6.47%；3 月阔叶浆进口量 146.99 万吨，环比减少 8.47%，同比增加 22.19%。 港口库存方面，国内纸浆港口库存环比仍处上升趋势，但涨速有所降低。据 卓创资讯数据监测显示，截至 2025 年 4 月 24 日，保定地区、天津港、日照港、 青岛港、常熟港、上海港、高栏港及南沙港等中国主要地区及港口周度纸浆库存 量 209.78 万吨，环比上升 0.88%，涨幅收窄 3.20 个百分点。 分析师：黎静宜 从业资格号：F3082440 投资咨询号：Z0019052 电话：021-55007766-305180 邮箱：15561@guosen.com.cn ...