丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨太阳纸业（002078.SZ） [Table_Title] 太阳纸业快报点评： 25Q4 符合预期，看好后续业绩趋势向上 报告要点 research.95579.com 1 [Table_Summary] 近日公司发布 2025 年业绩快报，2025 年实现营收/归母净利润/扣非净利润 391.84/32.58/32.00 亿元，同比-3.79%/+5.05%/-1.07%，对应 2025Q4 归母净利润 7.6 亿元（同比+18%），2025Q4 扣非净利润 7.3 亿元（同比+13%）。业绩符合预期，2025Q4 广西南宁基地 205 万吨浆纸新产 能投产后带来量增，四季度文化纸表现弱于季节性，但箱板纸受益于季节性旺季景气环比改善， 预估公司溶解浆部分灵活转产化学浆，盈利水平相对稳定。 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] ...

姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen@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] 太阳纸业：业绩边际向上，Q2 浆纸同涨可期 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 太阳纸业(002078) 投资评级 上次评级 [Table_ReportDate] 2026 年 03 月 1 日 报告内容摘要: [Table_S 公司发布ummar 2025y]年业绩快报。全年实现收入 391.84 亿元（同比-3.8%），归 母净利润 32.58 亿元（同比+5.1%），扣非后归母净利润 32.00 亿元（同比 -1.1%）；单 Q4 收入实现 102.48 亿元（同比+5.1%），归母净利润 7.58 亿 元（同比+18.0% ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 太阳纸业(002078) 投资评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen@cindasc.com 南宁项目逐步落地，远期成长延续。2024 年底公司合计产能已突破 1200 万吨，其中浆、纸产能分别合计达 500 万吨和 729 万吨。2025 年山东颜店、 南宁项目已相继落地。后续公司预计山东 14 万吨特纸项目二期 26Q1 试产， 且新增山东 60 万吨化学浆/70 万吨包装纸项目规划，浆纸长期成长延续。 盈利预测：我们预计 2026-2027 年公司归母净利润分别为 36.6、41.6 亿元， 对应 PE 为 13.2X、11.6X。 风险提示：需求复苏不及预期，成本超预期波动，产能投放不及预期。 | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 2025E | 202 ...

We estimate the remaining capex at Rmb10bn by end-3Q27, and the firm slightly raised its FY26 capex guidance to Rmb12.5bn (vs. previous guidance of Rmb11bn). The firm's gearing ratio fell 1ppt YoY to 64.7% as of end-1HFY26, marking the first decline in the past five years. Operating cash flow, capex, and free cash flow were Rmb3.3bn (down YoY due to increased receivables), Rmb5.2bn, and -Rmb1.9bn. Black paper: Linerboard and corrugated board recoveredsteadily. We estimate net profit per tonne of paper at Rm ...

Investment Rating - The investment rating for Nine Dragons Paper Holdings Limited (2689.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and market conditions [1]. Core Insights - The report highlights that Nine Dragons Paper achieved a revenue of 37.221 billion yuan for FY26H1, representing a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 1.966 billion yuan, which is a significant increase of 318.8% year-on-year [1]. - The company's sales volume reached 12.4 million tons during the reporting period, with an average price of 3002 yuan per ton, reflecting increases of 100 thousand tons and 66 yuan per ton year-on-year, respectively [2]. - The report emphasizes the synergy between pulp and paper operations, which has contributed to profit recovery, with a notable increase in profitability despite rising costs [2][3]. Financial Performance Summary - For FY2025, total revenue is projected at 63.241 billion yuan, with a year-on-year growth rate of 6%. By FY2026, revenue is expected to rise to 71.392 billion yuan, reflecting a growth rate of 13% [5]. - The net profit attributable to shareholders is forecasted to be 1.767 billion yuan for FY2025, with a substantial increase to 4.039 billion yuan in FY2026, indicating a growth rate of 135% [5]. - Earnings per share (EPS) is projected to increase from 0.38 yuan in FY2025 to 0.86 yuan in FY2026, with corresponding price-to-earnings (P/E) ratios of 7.48 and 9.35, respectively [5]. Product Segment Analysis - The report details that the cultural paper segment saw a revenue increase of 40.9% year-on-year, while the white card paper sales surged by 133.3% [2]. - The pricing for boxboard and corrugated paper increased, contributing to improved average prices and profitability [2]. - The company is expected to enhance its pulp self-sufficiency, which will support profitability in pressured product categories, particularly as new production capacities come online [3]. Capacity and Future Outlook - As of December 2025, the company's design capacity for paper production reached 25.4 million tons, with raw material capacity at 8.2 million tons [3]. - Future expansions include the production of chemical pulp, with new capacities expected to come online in Chongqing and Tianjin in Q4 2026, and further expansions planned for Beihai and Dongguan in 2027 [3]. - Capital expenditures are anticipated to decrease to 11 billion yuan in FY26 from 12.8 billion yuan in the previous year, easing mid-term depreciation and interest expense pressures [3].

上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@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] 玖龙纸业：量价齐升，浆纸协同助力盈利修复 [Table_ReportDate] 2026 年 2 月 26 日 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 玖龙纸业(2689.HK) 投资评级 [Table_S 事件：公司发布 ummary] FY26H1 业绩报告（截至 25 年 12 月 31 日的六个月）。报 告期内收入实现 372.21 亿元（同比+11.2%），归母净利润为 19.66 亿元（同 比+318.8%）。 点评：量价同步改善，盈利稳步提升。根据我们拆分，报告期内公司销量实 现 ...

Core Viewpoint - Nine Dragons Paper Holdings Limited reported significant growth in its mid-term performance, showcasing strong sales and profit increases driven by strategic advancements in its integrated pulp and paper operations [1][2] Group 1: Financial Performance - Sales increased by 8.3% to approximately RMB 12.4 million tons [1] - Revenue rose by 11.2% to around RMB 37.2208 billion [1] - Gross profit surged by 67.4% to about RMB 5.3472 billion [1] - Net profit jumped by 225.1% to approximately RMB 2.2117 billion [1] - Profit attributable to equity holders increased by 318.8% to around RMB 1.9665 billion [1] - Earnings per share grew by 320.0% to approximately RMB 0.42 [1] Group 2: Strategic Developments - The company successfully completed the core construction of its integrated pulp and paper strategy, enhancing its core competitiveness through optimized raw material layout and product differentiation [1] - The establishment of a self-controlled raw material supply system effectively mitigated the risks associated with fluctuating prices of purchased wood pulp, laying a solid foundation for high-end product upgrades [1] - The company has strategically expanded into high-value paper products such as high-end kraft paper, cultural paper, and white cardboard, significantly broadening its business coverage and driving robust performance growth [1] Group 3: Production Capacity - The company’s fiber raw material total designed annual capacity is approximately 8.2 million tons, comprising 5.4 million tons of wood pulp, 0.7 million tons of recycled pulp, and 2.1 million tons of wood fiber [2] - The total designed annual production capacity for paper is about 25.4 million tons [2] - The total designed annual production capacity for downstream packaging plants is approximately 2.9 billion square meters [2]

Investment Rating - The report gives a "Buy" rating for Bohui Paper Industry [4]. Core Insights - The white card paper industry is expected to see a marginal improvement in supply-demand dynamics as supply growth slows down, potentially leading to a rebound in profitability per ton [4]. - Demand for high-end white card paper and exports remains strong, supported by incremental demand from coffee and tea beverages, indicating stable growth in the demand side [4]. - Bohui Paper, as a leading player in the domestic white card paper market, benefits from its backing by the global pulp and paper giant, Golding Group, enhancing its supply chain capabilities and profitability potential [4]. Company Overview - Bohui Paper Industry, established in 1994 and listed in 2004, is a leading white card paper manufacturer in China. The company was acquired by Golding Group in 2020, becoming its only A-share listed platform for domestic pulp and paper assets [10][12]. - The company focuses on various paper products, including white card paper, cultural paper, boxboard, and gypsum face paper, with white card paper being its core product [10][12]. - Bohui has production bases in Shandong and Jiangsu, continuously optimizing its product structure and expanding into high-value markets to increase market share [10][12]. Industry Analysis - The white card paper industry is currently experiencing a cyclical bottom, with expectations for marginal improvement in profitability as supply growth slows and demand stabilizes [4][36]. - The industry has faced significant supply-demand imbalances in recent years, leading to price declines, but recent initiatives to reduce supply and improve efficiency are expected to support price recovery [4][36]. - The trend of replacing plastic with paper continues to drive demand for white card paper, particularly in food packaging and environmentally friendly applications [39][42]. Profit Forecast and Valuation - The report forecasts net profits for Bohui Paper to be CNY 186 million, CNY 408 million, and CNY 551 million for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 54x, 25x, and 18x [4].

Group 1: Report Overview - Industry: Pulp [1] - Date: February 10, 2026 [2] Group 2:行情回顾与操作建议 Market Review - Pulp futures contract 05 had a previous settlement price of 5,252 yuan/ton and a closing price of 5,200 yuan/ton, a decline of 0.99%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4,670 - 5,550 yuan/ton, remaining stable compared to the previous trading day's closing price. The quoted price of Shandong Yinxing was 5,300 - 5,320 yuan/ton [7] - Arauco announced its February prices. The price of coniferous pulp Yinxing remained unchanged at $710/ton, while the price of broadleaf pulp Mingxing increased to $600/ton. In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, with coniferous pulp down 7.6% and broadleaf pulp down 7.3%. Shipments to the Chinese market decreased significantly year - on - year. In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of February 4, 2026, the weekly pulp inventory in major regions and ports was 2.1127 million tons, a month - on - month decrease of 0.34% [8] Operation Suggestion - In the short term, pulp prices are constrained by the impact of the sector and weak downstream procurement, and are expected to adjust in a volatile manner before the holiday. Attention should be paid to the support at the previous low [8] Group 3: Industry News - On February 9, the 400,000 - ton chemi - mechanical pulp project of Zhanjiang Zhongzhi, a core project of the company's pulp - paper integration strategy, started construction in June 2024, was originally planned for a 24 - month construction period, and was put into operation ahead of schedule at the end of November 2025, achieving a breakthrough in self - made pulp. As of now, the project has achieved partial self - supply of pulp to the company's white cardboard production line, with a substitution rate of similar pulp types approaching 80%. The company is still optimizing the process to reach full production and efficiency as soon as possible, enhance the self - control ability of upstream raw materials, and reduce costs and market fluctuation risks. The pilot test line project of special fiber composite materials was put into trial operation in December 2025. Currently, the pilot products are being sent for testing and have entered the market access verification stage. The company will actively promote technology transformation and capacity implementation [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company is expected to achieve a net profit of 2.15-2.25 billion yuan for FY26H1, representing a year-on-year increase of 216%-231%. After considering perpetual bonds, the attributable net profit is projected to be 1.95-2.05 billion yuan, reflecting a year-on-year growth of 315.2%-336.5%. This strong performance is primarily due to increased product sales volume, rising sales prices, and a decrease in raw material costs leading to a significant increase in gross profit [1] - The scale effect of pulp production is becoming evident, with the company's pulp production capacity in Guangxi coming online. This has resulted in a rapid reduction in pulping costs and an increase in the self-supply ratio of pulp, which are key factors driving the company's performance beyond expectations [2] - The pulp segment is contributing significantly to profits, while the waste paper segment is showing improvement in profitability. Despite cultural and white card paper prices being at historical lows, the company is still able to generate profit increments due to its self-produced pulp advantage. By FY25, the company’s production capacity for white card and cultural paper is expected to reach 1.8 million and 2.27 million tons, respectively, with further expansions planned for FY26H1 [3] - The company continues to expand its pulp production capacity, with total pulp capacity reaching 23.5 million tons by FY25. The focus remains on increasing the self-supply ratio of raw materials, with additional production capacity planned for FY26 and FY27. This ongoing expansion is expected to further enhance the company's profitability [4] Financial Summary - Revenue projections for FY26-FY28 are 72.67 billion, 73.99 billion, and 74.76 billion yuan, representing year-on-year growth of 15%, 2%, and 1%, respectively. The attributable net profit is forecasted to be 4.08 billion, 4.41 billion, and 5.04 billion yuan, with year-on-year increases of 131%, 8%, and 14%, respectively. The corresponding P/E ratios are 8.9, 8.3, and 7.2 times [4][9]