Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a revenue of 3.768 billion yuan in 2024, a decrease of 5.2% year-on-year, and a net profit attributable to shareholders of 469 million yuan, down 17.2% year-on-year [1] - The first quarter of 2025 saw a revenue of 848 million yuan, a decline of 10.9% year-on-year, with a net profit of 81 million yuan, down 45.1% year-on-year [1] - The report anticipates that the company's profitability will improve due to stabilizing paper prices and cost recovery [1][2] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.768 billion yuan, with a net profit of 469 million yuan, reflecting a year-on-year decline of 5.2% and 17.2% respectively [5] - The gross profit margin for 2025 Q1 was 13.7%, a decrease of 6.5 percentage points year-on-year but an increase of 2.4 percentage points quarter-on-quarter [3] - The company expects net profits for 2025 to be 416 million yuan, with projected growth rates of -11.2%, 20.3%, and 16.2% for the following years [5] Production and Capacity - The company’s production and sales volumes for 2024 were 331,900 tons and 320,100 tons respectively, representing year-on-year increases of 7.0% and 4.9% [2] - The company successfully launched an 80,000-ton decorative paper production line, contributing to long-term growth potential [2] Profitability and Cash Flow - The report estimates that the company's per-ton profit for Q1 2025 will increase by approximately 100 yuan to a range of 900-1000 yuan per ton [2] - Operating cash flow for Q1 2025 was -362 million yuan, primarily due to increased operational bank guarantees and pledged deposits [3] Dividend Policy - The company declared a cash dividend of 404 million yuan for 2024, with a dividend payout ratio of 86%, significantly higher than the previous year's 64% [2]

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