来源：上海证券报·中国证券网 上证报中国证券网讯（记者 刘立）近日，方大新材全资子公司方大（惠州）新材料有限公司（以下简 称"惠州方大"）历经4个月的筹备，正式开机试产。方大新材表示，惠州方大是公司深耕华南市场的战 略落子，其将为方大新材华南市场助力新产能。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 刘立）近日，方大新材全资子公司方大（惠州）新材料有限公司（以下简 称"惠州方大"）历经4个月的筹备，正式开机试产。方大新材表示，惠州方大是公司深耕华南市场的战 略落子，其将为方大新材华南市场助力新产能。 方大新材公司始创于2003年，是首批北交所上市公司。公司是国内较早专注于物流、快递包装的综合性 制造商和供应商之一。现已拥有不干胶材料、可变信息标签、背胶袋等系列产品，其中背胶袋产品为国 内规模较大的生产商和出口商。 方大新材公司始创于2003年，是首批北交所上市公司。公司是国内较早专注于物流、快递包装的综合性 制造商和供应商之一。现已拥有不干胶材料、可变信息标签、背胶袋等系列产品，其中背胶袋产品为国 内规模较大的生产商和出口商。 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][3] Core Views - The company is expected to achieve a significant revenue increase in 2024, with projected revenue of 698 million yuan, representing a year-on-year growth of 39.72%. The net profit attributable to the parent company is expected to be 44.576 million yuan, reflecting a year-on-year increase of 13.22% [3] - The year 2024 is identified as the "promotional year" for the company's adhesive materials, leading to a substantial increase in orders and revenue from these products [3] - The company is undergoing capacity expansion with the successful trial operation of the first three automated production lines, and plans to establish joint processing plants in North America to better serve local customers [4] Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million yuan): 384 in 2022, 500 in 2023, 698 in 2024E, 971 in 2025E, and 1,088 in 2026E, with a year-on-year growth rate of 39.7% in 2024 [6][9] - Net profit (in million yuan): 41 in 2022, 39 in 2023, 45 in 2024E, 60 in 2025E, and 66 in 2026E, with a year-on-year growth rate of 14.4% in 2024 [6][9] - Gross margin is projected to decrease from 18.5% in 2022 to 13.4% in 2024E [11] - Earnings per share (EPS) is expected to be 0.35 in 2024E, 0.46 in 2025E, and 0.51 in 2026E [6][10] Industry Insights - The demand for adhesive labels is driven by the rapid growth of the logistics and e-commerce sectors, with China's express delivery volume expected to reach 1,750.8 billion pieces in 2024, marking a year-on-year increase of 21.5% [5] - The global express logistics package volume has increased approximately threefold from 43 billion pieces in 2014 to 168.6 billion pieces in 2023, indicating a strong growth trend in the industry [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][3] Core Views - The company is expected to achieve a significant revenue increase in 2024, with projected revenue of 698 million yuan, representing a year-on-year growth of 39.72%. The net profit attributable to the parent company is forecasted to be 44.576 million yuan, reflecting a year-on-year increase of 13.22% [3] - The year 2024 is identified as the "promotional year" for the company's adhesive materials, leading to a substantial increase in orders and revenue from these products [3] - The company is actively expanding its production capacity with the successful trial operation of the first three automated production lines and plans for a joint processing plant in North America to better serve local customers [4] Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million yuan): 384 in 2022, 500 in 2023, 698 in 2024E, 971 in 2025E, and 1,088 in 2026E, with year-on-year growth rates of 5.9%, 30.1%, 39.7%, 39.1%, and 12.0% respectively [6][9] - Net profit (in million yuan): 41 in 2022, 39 in 2023, 45 in 2024E, 60 in 2025E, and 66 in 2026E, with year-on-year growth rates of 12.4%, -3.5%, 14.4%, 32.4%, and 10.5% respectively [6][9] - Earnings per share (EPS): 0.32 in 2022, 0.31 in 2023, 0.35 in 2024E, 0.46 in 2025E, and 0.51 in 2026E [6][9] Industry Insights - The demand for adhesive labels is expected to grow significantly due to the rapid expansion of the logistics and e-commerce sectors. The express delivery volume in China is projected to reach 1,750.8 billion pieces in 2024, marking a year-on-year increase of 21.5% [5] - The global parcel shipping volume has increased approximately threefold from 43 billion pieces in 2014 to 168.6 billion pieces in 2023, indicating a robust growth trend in the logistics industry [5]