公司报告 | 半年报点评 仙鹤股份（603733） 证券研究报告 "林浆纸用一体化"全产业链成效显现 公司发布半年报 25Q2 公司营收 30 亿同增 25%，归母净利 2.4 亿同减 15%，扣非后归母 2.2 亿同减 16%； 25H1 公司营收 60 亿同增 30%，归母净利 4.7 亿同减 14%，扣非后归母 4.4 亿同减 11%； 25H1 公司完成特种浆纸产量 110.79 万吨，同增 98.55%，特种浆纸销售量 83.34 万吨，同增 62.25%。 公司食品医疗消费类产品生产量 17 万吨，销售量 14.7 万吨，同增 35.7%。 电解电容器纸基材料销售 3634.5 吨，销售收入同增 14.6%。日用消费系列 纸基材料销售量同增 24.94%。其中，标签离型系列材料同增 23.9%。随着 国内数码转印市场整体方面的增长，公司转印系列材料销售 8.72 万吨。 大项目稳步落地，"林浆纸用一体化"全产业链成效显现 随着公司在广西来宾"年产 250 万吨广西三江口新区高性能纸基新材料" 和湖北石首"年产 250 万吨高性能纸基新材料循环经济"两大百亿项目的 逐步投产，为公司全产业链发展作出显 ...

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].

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].

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]