"天赐青竹，地涌甘泉，前人授艺，纸载千年！"近日，在富阳湖源乡新二村元书纸古法造纸基地， 杭州市级非遗代表性传承人李文德率头戴竹笠、身披蓑衣的纸农，行"立竹·敬天""触地·敬土""横陈·敬 道"三重古礼。 "必须在竹枝已生成但尚未放叶时采伐，此时竹穰纤维细腻、胶质饱满。"李文德解释道，小满至夏 至期间斫青，是历代纸农破解的气候密码。早则轻虚，晚则粗硬，唯有把握斫青黄金期，方能成就"光 滑不蠹、洁白莹润"的纸中上品。 "开山"仪式结束后进行的"大竹元杯"造纸工序挑战赛，让50名参与者亲身体验匠作的艰辛。挑战赛 的第一个项目是"扁担挑料"，每名选手用毛竹扁担肩挑两捆竹料，负重约25公斤，疾行千米；决胜局则 是"独轮车运竹料"，选手载重约100公斤，推车一公里。 今年56岁的新二村村民李国中，30多年前曾是抄纸师傅。他凭借独轮车运竹料12分01秒的佳绩夺得 冠军。新二村书记李吉瑶也报名参赛，获得第三名。 "小满给予我们的启示，在于传承与创新的精妙平衡。新二村元书纸古法造纸基地巧妙地将传统技 艺与现代文旅相融合，迸发出'满而不止'的创新活力。"李吉瑶表示，新二村要依托富阳元书纸文化展 示馆、十佳宋韵杭式生活体验基地等 ...

大宗商品研究所 农产品研发报告 双胶纸日报 2025 年 5 月 22 日 双胶纸虽然关税调整对其直接影响较小，但整体市场情绪和供需格局的变化仍对其产生 研究员：朱四祥 期货从业证号： F03127108 投资咨询证号： Z0020124 第二部分 行情研判 双胶纸市场个别下跌。纸厂稳盘观望为主，供应端变化不大；经销商出货节奏一般， 华北市场个别规格成交下行；下游印厂刚需采购为主，部分出口订单有所恢复，但现阶段 以发运前期订单为主，新增需求一般。 山东地区价格：高白双胶纸山东市场主流意向成交价格在 5000-5200 元/吨，部分本白 双胶纸价格在 4700-5000 元/吨区间，价格较上一工作日持平，另有部分小厂货源价格稍低。 纸厂暂以接单出货为先；经销商出货节奏暂未明显加快，业者信心仍显不足；下游印厂采 买依旧偏于刚需，市场交投不旺。（卓创） 【逻辑分析】 联系方式： : zhusixiang_qh@chinastock.com.cn 1 / 3 双胶纸日报 第一部分 数据分析 大宗商品研究所 农产品研发报告 影响。双胶纸市场目前市场走势继续走强，成交偏刚需。新增纸机产能爬坡基本完成（Q2 新增约 80 ...

大宗商品研究所 农产品研发报告 瓦楞纸日报 2025 年 5 月 22 日 第二部分 行情研判 瓦楞及箱板纸市场主流持稳，部分上调。中国 AA 级 120g 瓦楞纸市场日均价为 2540 元/ 吨，环比上一工作日上涨 0.22%；中国箱板纸市场均价 3524.4 元/吨，环比上涨 0.15%。 市场情绪：市场多数持稳，个别上行。规模纸厂报价上行，带动局部地区价格上调，目 前下游订单暂时未见明显改善，部分下游拿货节奏有所放缓，纸厂库存压力较前期有所减轻， 开工多是正常。 山东市场：废黄板纸市场价格上涨。全国均价为 1452 元/吨，上涨 7 元/吨。打包站回 收量一般，出货意向稳定，局部废黄板纸供应偏少。纸厂采购意向偏强，龙头纸企采购价格 有所上涨，部分纸厂跟涨，整体呈现南涨北稳趋势。（卓创） $$\mathbf{1}\;\;/\;\;\mathbf{4}$$ 研究员：朱四祥 F03127108 投资咨询证号： Z0020124 联系方式： : zhusixiang_qh@chinastock.com.cn 期货从业证号： 瓦楞纸日报 第一部分 数据分析 大宗商品研究所 农产品研发报告 【逻辑分析】 近期纸企集 ...

5月21日，券商给予上市公司目标价共28次，按当日收盘价计算，目标价涨幅排名居前的公司有健友股 份（603707）、爱柯迪（600933）、安恒信息，目标价涨幅分别为57.27%、38.45%、38.20%，分别属 于化学制药、汽车零部件、软件开发行业。 | 5月21日目标价涨幅排2 | 证券代码 证券名称 | 机构 | 最新评级 | 版高日 | | 日标涨幅 | 行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | ( % ) | | | 华泰金融控股(香港) | 603707 健友股份 | | 买人 | 17.41 | 11. 07 | 57. 27 | 化学制药 | | 华泰金融控股(香港) | 600933 爱柯迪 | | 光入 | 22. 83 | 16. 49 | 38. 45 | 汽车零部件 | | 中信证券 | 688023 安恒信息 | | 兴人 | 64. 00 | 46. 31 | 38. 20 | 软件开发 | | 増持 | 000423 东阿阿胶 | 野村东方国际证券 | | 78.00 | 56. ...

近日，在位于东营的华泰集团有限公司，年产300万吨浆纸及生态环保综合治理项目正有条不紊地推 进。"通过稳岗返还、社保降费，去年企业节省资金191.3万元，已全部投入员工技能培训与设备智能化 改造，这有助于我们打造一支稳定的技术团队。"华泰集团有限公司技术部长周景蓬说，为迎接新项目 的投产运营，企业今年定向招聘了300余名技术工人，受聘人员已完成岗前培训，即将上岗。 不同于华泰集团，临沂市宇顺机械有限公司能够按时交付订单，实现稳岗扩岗180人，得益于山东省实 施的稳岗扩岗专项贷款政策。今年初，宇顺机械接到大量订单，急需大量资金购买原材料及招聘员工。 得知该情况后，金融机构上门为企业办理了1000万元的稳岗扩岗专项贷款，解了企业燃眉之急。 84家企业参与，发布优质招聘岗位252个、招聘数量2294人……今年4月，首场"就选山东·'项'你而来"省 级重点项目企业招聘活动在齐鲁工业大学（山东省科学院）举行，活动涵盖了2025年拟竣工投产省级重 点项目，线上线下同步，面向2025届高校毕业生进行招聘。 抓好省级重点项目企业专题招聘活动，是山东围绕重大项目挖掘岗位资源的众多举措之一。除了重大项 目，山东还围绕重大战略挖掘 ...

Core Viewpoint - The company is actively enhancing its operational efficiency and competitiveness through digital transformation and strategic projects in response to challenges in the paper and chemical industries. Group 1: Digital Transformation and Operational Efficiency - The company launched the "Industry Brain" project in April 2023, which is expected to improve production capacity by 8.57%, product quality by 7.6%, production efficiency by 5.8%, and transportation efficiency by 15% during its trial run in 2024 [2] - The "Industry Brain" integrates five major models covering the entire process from raw material procurement to production, sales, logistics, and finance, aiming to create a smart business model in the paper industry [2][3] - The project aims to reduce reliance on manual experience and enable rapid adjustments in production parameters, facilitating flexible production [2] Group 2: Strategic Projects and Market Positioning - The company has completed the construction of a 700,000-ton chemical wood pulp project, which is expected to enhance product scale, cost, and quality advantages, while ensuring raw material supply [3] - The company is focusing on integrating pulp and paper production to mitigate the impact of raw material price fluctuations and align with carbon neutrality trends [4] - The company is transitioning towards high-end cultural paper and specialty paper, with successful product development in various new categories following the relocation and renovation of its subsidiary [5] Group 3: Future Plans and Industry Position - The company plans to accelerate the transformation of research achievements and promote the advancement of Industry 4.0 in the paper sector by 2025 [3] - The company aims to extend its salt chemical and fine chemical industry chains, enhancing upstream resource development and downstream new product production to improve profitability in the chemical sector [5]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 5.2 CNY per share [2][8]. Core Views - The company's profitability is under pressure, and it is anticipated that demand will recover in the future [2][8]. - In 2024, the company achieved revenue of 1.893 billion CNY, a year-on-year increase of 1.3%, while net profit attributable to shareholders decreased by 3.3% to 176 million CNY [2][4]. - For Q1 2025, the company reported revenue of 456 million CNY, a 3.8% increase year-on-year, but net profit attributable to shareholders fell by 46.9% to 5 million CNY [2][4]. Financial Performance Summary - The company’s total revenue for 2024 is projected to be 1.893 billion CNY, with a growth rate of 1.3% [4]. - The net profit attributable to shareholders for 2024 is expected to be 176 million CNY, reflecting a decline of 3.3% [4]. - The earnings per share (EPS) for 2024 is estimated at 0.13 CNY, with a price-to-earnings (P/E) ratio of 35 [4]. - The gross profit margin for 2024 is reported at 9.6%, a decrease of 1.2 percentage points year-on-year [8]. - The company’s overseas sales are expected to continue growing, with a significant increase of 83.8% in foreign revenue in 2024 [8]. Future Outlook - The company is expected to see a recovery in net profit growth, with projections of 215 million CNY in 2025, representing a growth rate of 22.4% [4][8]. - The forecast for net profit attributable to shareholders for 2026 and 2027 is 352 million CNY and 445 million CNY, respectively, indicating substantial growth rates of 63.7% and 26.5% [4][8]. - The report highlights the company's strong position in the white card paper industry and its potential for profit recovery as domestic demand improves [8].

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 5.2 CNY per share [2][8]. Core Views - The company's profitability is under pressure, and it is anticipated that demand will recover in the future [2][8]. - In 2024, the company achieved revenue of 1.893 billion CNY, a year-on-year increase of 1.3%, while net profit attributable to shareholders decreased by 3.3% to 176 million CNY [2][4]. - For Q1 2025, the company reported revenue of 456 million CNY, a 3.8% increase year-on-year, but net profit attributable to shareholders fell by 46.9% to 5 million CNY [2][4]. Financial Performance Summary - The company’s total revenue is projected to grow from 1.893 billion CNY in 2024 to 2.353 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 6.3% [4][9]. - The net profit attributable to shareholders is expected to increase significantly from 176 million CNY in 2024 to 445 million CNY in 2027, reflecting a CAGR of 26.5% [4][9]. - The earnings per share (EPS) is forecasted to rise from 0.13 CNY in 2024 to 0.33 CNY in 2027 [4][9]. Product and Market Analysis - In 2024, the company generated revenue from various products: white card paper (1.154 billion CNY), cultural paper (474 million CNY), gypsum face paper (60 million CNY), and corrugated paper (163 million CNY) [2][8]. - The company’s sales volume for white card paper, cultural paper, gypsum face paper, and corrugated paper saw year-on-year increases of 3.5%, 16.4%, 40.2%, and a decrease of 2.8%, respectively [2][8]. - The overseas market showed strong growth, with revenue increasing by 83.8% year-on-year to 296 million CNY in 2024, while domestic revenue decreased by 7.8% to 1.555 billion CNY [2][8]. Profitability and Cost Management - The company’s gross margin for 2024 was 9.6%, a decrease of 1.2 percentage points year-on-year [2][8]. - The company maintained stable expense ratios for sales, management, R&D, and financial expenses, resulting in a net profit margin of 0.9% for 2024 [2][8]. - In Q1 2025, the gross margin remained at 9.6%, with a year-on-year decrease of 3.7 percentage points [2][8]. Investment Outlook - The company is recognized as a leader in the white card paper industry, with a stable operation and promising overseas market expansion [2][8]. - The report anticipates that if domestic demand recovers, it could further enhance profit margins [2][8].

Core Viewpoint - Shandong Bohui Paper Industry Co., Ltd. is committed to high-quality development and sustainable practices, focusing on innovation and green transformation in response to challenges in the global economy and the paper industry [1][2][3]. Group 1: Business Performance - In 2024, the company produced 4.5288 million tons of paper, a year-on-year increase of 8.1%, and sold 4.5622 million tons, also reflecting growth [2]. - The net profit for the year reached 176 million yuan [2]. - The company aims to enhance quality and efficiency through innovation and digital transformation, integrating ESG principles into daily management [2][5]. Group 2: Innovation and Technology - The company focuses on four key areas: new products, new technologies, new raw materials, and new processes, driving technological innovation to meet market demands [2][3]. - Bohui has developed environmentally friendly products, including a zero-plastic paper cup technology, which significantly reduces production costs and environmental impact [3][4]. - The company has filed 116 patents and has 61 patents pending, covering various aspects of paper production technology [3]. Group 3: Green Transformation - The company actively promotes green development, investing in energy-saving and pollution-reduction technologies, and aims to achieve near-zero wastewater discharge [13][14]. - Bohui's initiatives include the use of biomass boilers and anaerobic digestion for energy generation, contributing to waste reduction and cost savings [14][15]. - The company has been recognized for its ESG practices, receiving multiple awards for its green innovations and sustainable development efforts [7][19]. Group 4: Market Strategy - The company is expanding its international market presence, particularly in Southeast Asia, the Middle East, and Europe, to mitigate domestic market fluctuations [8][9]. - Bohui has implemented a diversified marketing strategy, participating in international exhibitions and enhancing its brand influence [8]. - The company has achieved a 149% year-on-year increase in sales of certified products in international markets [8]. Group 5: Financial Overview - As of December 31, 2024, the company's total assets amounted to 22.469 billion yuan, with a total liability of 15.669 billion yuan, resulting in an equity of 6.800 billion yuan [26]. - The company plans to distribute a cash dividend of 0.2844 yuan per share, amounting to approximately 35.175 million yuan, which represents 20.01% of the net profit for the year [21][22].

公司研究 证 券 研 究 报 告 中顺洁柔（002511）2024 年报及 2025 年一季报点评 推荐（下调） 主动收缩低效业务，25Q1 重回正增长 事项： ❖ 公司公布 2024 年年报和 2025 年一季报。2024 年，公司实现营收/归母净利润 /扣非归母净利润 81.5/0.8/0.5 亿元，同比-16.8%/-76.8%/-83.0%。25Q1，公司实 现营收/归母净利润/扣非归母净利润 20.7/0.7/0.7 亿元，同比+12.1%/-30.1%/- 22.7%。 评论： [ReportFinancialIndex] 主要财务指标 | 总股本(万股) | 129,255.60 | | --- | --- | | 已上市流通股(万股) | 126,526.59 | | 总市值(亿元) | 93.32 | | 流通市值(亿元) | 91.35 | | 资产负债率(%) | 40.56 | | 每股净资产(元) | 4.24 | | 12 个月内最高/最低价 | 8.54/6.01 | 市场表现对比图(近 12 个月) | | 2024A | 2025E | 2026E | 2027E | | - ...