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仙鹤股份拟定增30亿扩充高端产能 半年特种浆纸销量83万吨增62%
Chang Jiang Shang Bao· 2025-09-29 23:29
长江商报消息 ●长江商报记者 徐佳 特种纸龙头仙鹤股份(603733.SH)再次计划募资扩产。 日前,仙鹤股份发布定增预案,公司拟非公开发行股票不超过2.12亿股,募集资金总额不超过30亿元,其中21亿 元投入到广西三江口新区高性能纸基新材料项目二期工程项目,剩余9亿元用于补充流动资金。 长江商报记者注意到,作为国内特种纸行业的龙头企业,仙鹤股份将借助本次定增扩充高端产能,以巩固行业领 先地位。上述募投项目完全达产之后,公司将新增浆纸合计年产能达130万吨。 数据显示,2025年上半年,仙鹤股份完成特种浆纸产量110.79万吨,同比增长98.55%;特种浆纸销售量83.34万 吨,同比增长62.25%;实现营业收入59.91亿元,同比增长30.14%。 不过,随着重大项目的推进,仙鹤股份的资金需求扩大。截至2025年6月末,仙鹤股份资产总额248.2亿元,资产 负债率66.69%。通过此次定增募资,仙鹤股份将降低资产负债率,增强公司的抗风险能力。 拟定增30亿建设广西二期项目 根据发行计划,仙鹤股份拟向不超过35名特定投资者非公开发行股票数量不超过2.12亿股,募集资金总额不超过 30亿元,在扣除发行费用后的 ...
仙鹤股份(603733):林浆纸用一体化布局完善,中长期增长动能充沛
Huachuang Securities· 2025-08-29 11:43
Investment Rating - The report maintains a "Recommended" rating for Xianhe Co., Ltd. (603733) [1] Core Views - The integrated layout of wood pulp and paper is improving, providing strong medium to long-term growth momentum for the company [1] - The company is a leader in the specialty paper industry with a diversified product system and a long-term strategy for integrated wood pulp and paper [6] Financial Performance Summary - Total revenue for 2024A is projected at 10,274 million, with a year-on-year growth rate of 20.1%. For 2025E, revenue is expected to reach 12,844 million, reflecting a growth rate of 25.0% [2][7] - The net profit attributable to the parent company for 2024A is estimated at 1,004 million, with a significant year-on-year growth of 51.2%. The forecast for 2025E is 1,130 million, with a growth rate of 12.6% [2][7] - Earnings per share (EPS) is projected to be 1.42 yuan for 2024A, increasing to 1.60 yuan for 2025E [2][7] Revenue Breakdown - In the first half of 2025, the company achieved a revenue of 59.91 billion, a year-on-year increase of 30.14%. The net profit was 4.74 billion, down 13.80% year-on-year [6] - Revenue from various product segments includes: daily consumer products (25.56 billion), food and medical packaging materials (10.34 billion), and other categories showing significant growth [6] Capacity Expansion and Profitability - The company is steadily advancing its capacity expansion, with the Guangxi and Hubei production bases contributing significantly to revenue. The Guangxi base generated 10.38 billion in revenue, while the Hubei base reported 7.83 billion but incurred a loss of 0.74 billion [6] - The gross profit margin for the first half of 2025 was 13.71%, a decrease of 4.0 percentage points year-on-year, primarily due to the ramp-up phase of production capacity [6] Investment Recommendations - The report suggests that as the company continues to release capacity, it may further enhance its performance. The target price is set at 31.3 yuan per share, with a corresponding price-to-earnings ratio (PE) of 15 for 2025 [2][6]
仙鹤股份(603733):25H1营收稳步增长,盈利能力有望改善
Guotou Securities· 2025-08-28 11:06
Investment Rating - The investment rating for the company is "Buy-A" with a target price of 29.81 CNY, while the current stock price is 24.68 CNY [6]. Core Views - The company reported a steady revenue growth in H1 2025, achieving 5.991 billion CNY, a year-on-year increase of 30.14%. However, the net profit attributable to shareholders decreased by 13.80% to 474 million CNY [2][12]. - The company's diverse product offerings, including food and medical packaging materials, daily consumer products, and electrical and industrial paper products, have driven revenue growth. The domestic and international markets both showed positive growth [3][12]. - The company is actively expanding its production capacity with new projects, including a significant investment of 11 billion CNY in a bamboo pulp and paper integration project in Sichuan [4][12]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.991 billion CNY, with a 30.14% year-on-year growth. The net profit was 474 million CNY, down 13.80% year-on-year [2][12]. - The gross margin for H1 2025 was 13.71%, a decrease of 3.98 percentage points year-on-year, while the net margin was 7.97%, down 4.07 percentage points year-on-year [11][12]. Product and Market Analysis - The food and medical packaging materials segment saw a production volume of 169,900 tons in H1 2025, with sales volume reaching 147,300 tons, a year-on-year increase of 35.72% [3]. - The electrical and industrial paper products segment reported a sales volume of 3,600 tons, with a revenue growth of 14.63% [3]. - Domestic sales reached 5.315 billion CNY, growing by 31.59%, while international sales were 423 million CNY, up 15.40% [3]. Capacity Expansion and Future Outlook - The company has successfully launched its self-produced pulp projects in Guangxi and Hubei, with a total output of 103,000 tons of self-produced pulp and 72,800 tons of specialty paper by H1 2025 [4]. - The company plans to invest 11 billion CNY in a new bamboo pulp and paper integration project in Sichuan, aiming for an annual production capacity of 800,000 tons of bamboo pulp and 1.2 million tons of new paper materials [4][12]. - Revenue projections for 2025-2027 are 12.752 billion CNY, 15.446 billion CNY, and 18.167 billion CNY, with corresponding net profits of 1.096 billion CNY, 1.413 billion CNY, and 1.692 billion CNY [12][13].
仙鹤股份(603733):林浆纸用一体化全产业链成效显现
Xin Lang Cai Jing· 2025-08-27 10:31
Core Viewpoint - The company reported mixed financial results for the first half of 2025, with revenue growth but declining net profit, while also highlighting significant production increases in specialized paper products and ongoing large-scale projects that enhance its production capacity and supply chain integration [1][2][3][4]. Financial Performance - In Q2 2025, the company achieved revenue of 3 billion, a 25% year-on-year increase, but the net profit attributable to shareholders decreased by 15% to 240 million, with a non-recurring net profit of 220 million, down 16% [1]. - For the first half of 2025, the company reported revenue of 6 billion, a 30% increase year-on-year, while the net profit attributable to shareholders was 470 million, down 14%, and the non-recurring net profit was 440 million, down 11% [1]. Production and Sales Growth - The company produced 1.1079 million tons of specialized pulp paper in the first half of 2025, representing a 98.55% increase, with sales volume reaching 833,400 tons, up 62.25% [1]. - The production of food and medical consumer products reached 170,000 tons, with sales of 147,000 tons, marking a 35.7% increase [2]. - Sales of electrolytic capacitor paper base materials increased by 14.6%, while daily consumer series paper base materials sales rose by 24.94% [2]. Project Developments - The company is progressing with two major projects in Guangxi and Hubei, each with an annual production capacity of 2.5 million tons of high-performance paper base new materials, which are expected to significantly enhance the company's supply chain and production capacity [2][3]. - As of the first half of 2025, the Guangxi and Hubei production bases have seven pulp production lines and eight specialized paper production lines operational, addressing supply chain weaknesses and creating new profit growth points [3]. Profit Forecast Adjustments - The company has adjusted its profit forecasts based on the first half of 2025 performance, projecting revenues of 12.5 billion, 14.6 billion, and 16.5 billion for 2025-2027, with net profits of 970 million, 1.22 billion, and 1.45 billion respectively [4]. - The expected earnings per share (EPS) for 2025-2027 are projected to be 1.4, 1.7, and 2.1, with corresponding price-to-earnings (PE) ratios of 19, 15, and 12 times [4].
仙鹤股份(603733):“林浆纸用一体化”全产业链成效显现
Tianfeng Securities· 2025-08-27 08:43
Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [5][15]. Core Views - The company's integrated "wood-pulp-paper" business model is showing significant results, with major projects in Guangxi and Hubei gradually coming into production, contributing to the overall development of the company's supply chain [2][3]. - The company reported a revenue of 3 billion yuan in Q2 2025, a 25% year-on-year increase, while the net profit attributable to the parent company was 240 million yuan, a 15% decrease [1]. - For the first half of 2025, the company achieved a revenue of 6 billion yuan, a 30% year-on-year increase, with a net profit of 470 million yuan, down 14% [1]. Financial Performance Summary - In H1 2025, the company produced 1.1079 million tons of specialty pulp and paper, a 98.55% increase year-on-year, with sales volume reaching 833,400 tons, up 62.25% [1]. - The production of food and medical consumer products reached 170,000 tons, with sales of 147,000 tons, reflecting a growth of 35.7% [1]. - The sales of electrolytic capacitor paper base materials increased by 14.6%, while daily consumer series paper base materials sales rose by 24.94% [1]. - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 12.5 billion, 14.6 billion, and 16.5 billion yuan respectively, with net profits of 970 million, 1.22 billion, and 1.45 billion yuan [3][4]. Production Capacity and Projects - The Guangxi and Hubei projects are expected to significantly enhance the company's production capacity, with a total of 7 pulp production lines and 8 specialty paper production lines now operational [2]. - The self-produced pulp from these projects has reached a level that can replace imported wood pulp, addressing a long-standing industry dependency on imports [2]. Valuation Metrics - The company's earnings per share (EPS) is projected to be 1.4, 1.7, and 2.1 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 19, 15, and 12 [3][4]. - The company’s total assets are expected to grow from 18.87 billion yuan in 2023 to 33.22 billion yuan by 2027 [10]. Market Position - The company operates in the light industry manufacturing and paper-making sector, with a current market capitalization of approximately 17.94 billion yuan [6]. - The stock price is currently at 25.41 yuan, with a target price yet to be specified [5].
仙鹤股份: 仙鹤股份2024年年度股东大会会议资料
Zheng Quan Zhi Xing· 2025-05-09 09:55
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:产销提升,25年广西湖北加速投产-20250506
Tianfeng Securities· 2025-05-06 06:23
Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5]. Core Views - The company has shown significant revenue growth, with a 35.4% year-on-year increase in Q1 2025, reaching 2.99 billion yuan, although net profit decreased by 12.1% to 236 million yuan [1]. - For the year 2024, the company is projected to achieve a revenue of 10.27 billion yuan, a 20.1% increase, and a net profit of 1.00 billion yuan, reflecting a 51.2% growth [1]. - The company is expanding its production capacity with new projects in Guangxi and Hubei, which are expected to enhance its market share and profitability [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 2.99 billion yuan, up 35.4% year-on-year, while net profit was 236 million yuan, down 12.1% [1]. - For 2024, the company expects a revenue of 10.27 billion yuan, a 20.1% increase, and a net profit of 1.00 billion yuan, a 51.2% increase [1]. - The gross margin for 2024 is projected at 15.46%, an increase of 3.8 percentage points, with a net profit margin of 9.77%, up 2.0 percentage points [1]. Product Diversification - Daily consumer products generated a revenue of 4.83 billion yuan in 2024, a 17.68% increase, with a gross margin of 16.50% [2]. - The food and medical packaging materials segment achieved a revenue of 1.86 billion yuan, a 7.32% increase, with a gross margin of 10.28% [2]. - The tobacco industry support segment reported a revenue of 907 million yuan, an 11.63% increase, with a gross margin of 22.81% [3]. Capacity Expansion - The company has initiated two major projects in Guangxi and Hubei, each with an annual production capacity of 2.5 million tons, which are expected to significantly boost production and market share [4]. - The Guangxi project has already produced 100,000 tons of wood pulp and 29,000 tons of specialty paper in 2024 [4]. - The Hubei project commenced operations in January 2024, with three paper production lines and four pulp production lines currently running [4]. Profitability Forecast - The company has adjusted its profit forecasts, expecting net profits of 1.16 billion yuan in 2025, 1.38 billion yuan in 2026, and 1.58 billion yuan in 2027 [9]. - The projected P/E ratios for the next three years are 13X for 2025, 11X for 2026, and 9X for 2027 [9].
仙鹤股份(603733):产销提升,25年广西湖北加速投产
Tianfeng Securities· 2025-05-06 05:41
Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown significant revenue growth, with a 35.4% year-on-year increase in Q1 2025, reaching 2.99 billion yuan, although net profit decreased by 12.1% to 236 million yuan [1] - For the year 2024, the company reported a revenue of 10.27 billion yuan, up 20.1% year-on-year, and a net profit of 1.00 billion yuan, which is a 51.2% increase [1] - The company is expanding its production capacity with new projects in Guangxi and Hubei, which are expected to significantly enhance its market share and profitability [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.99 billion yuan, a 35.4% increase year-on-year, while the net profit was 236 million yuan, down 12.1% [1] - For 2024, the company reported a total revenue of 10.27 billion yuan, a 20.1% increase, and a net profit of 1.00 billion yuan, reflecting a 51.2% growth [1] - The gross margin for 2024 was 15.46%, an increase of 3.8 percentage points, and the net profit margin was 9.77%, up 2.0 percentage points [1] Product Diversification - The daily consumer products segment generated 4.83 billion yuan in revenue, a 17.68% increase, with a gross margin of 16.50%, up 5.52 percentage points [2] - The food and medical packaging materials segment achieved 1.86 billion yuan in revenue, a 7.32% increase, with a gross margin of 10.28%, up 3.37 percentage points [2] - The tobacco industry support segment reported 907 million yuan in revenue, an 11.63% increase, with a gross margin of 22.81%, up 6.33 percentage points [3] Capacity Expansion - The company has initiated two major projects in Guangxi and Hubei, each with an annual production capacity of 2.5 million tons, which are expected to significantly boost production and market presence [4] - The Guangxi project has already produced 100,000 tons of wood pulp and 29,000 tons of specialty paper in 2024, while the Hubei project has produced 93,400 tons of specialty paper and 59,800 tons of self-produced pulp [4] Profit Forecast Adjustments - The profit forecasts have been adjusted, with expected net profits of 1.16 billion yuan for 2025, 1.38 billion yuan for 2026, and 1.58 billion yuan for 2027, reflecting a decrease from previous estimates [9]