Q&A 仙鹤股份在 2025 年第三季度的业绩表现如何？未来的盈利预期是什么？ 仙鹤股份 20251128 摘要 仙鹤股份多元化原材料布局，包括芦苇浆、甘蔗浆等非桉木类纤维，湖 北基地芦苇浆生物用纸已满产，广西一期投产，二期筹划绒毛浆等，增 强抗风险能力，为新产品开发奠定基础。 仙鹤股份国内外产能扩张稳步推进，国内广西二期预计 2026 年底投产， 四川独家项目预计 2027 年底部分投放；海外柬埔寨基地预计 2026 年 底投产，并考虑中东等地布局，规避贸易壁垒，拓展国际市场。 仙鹤股份预计 2026 年行业涨价将改善利润，将推进海外基地建设，加 强成本控制和稳定原材料供应，消费出海、生产出海将显著影响公司业 务和利润表现。 仙鹤股份在柬埔寨投资旨在探索东南亚市场，服务越南和柬埔寨客户， 未来计划考察印尼、泰国和马来西亚，审慎推进海外布局，规避反倾销 风险。 纸浆价格呈周期性上行趋势，9 月已上涨，预计 2026 年将继续走高， 木片成本上升是主要推动力，利好浙江产能企业，促进行业整体利润提 升。 仙鹤股份在 2025 年第三季度的业绩超出预期，主要得益于广西和湖北基地纸 浆部分的增量贡献。公司整体上游配套 ...

Core Viewpoint - The company, as a leading player in the specialty paper industry, is expanding its production capacity and diversifying its product offerings, which is expected to enhance its revenue and profitability in the coming years [2][4][12]. Company Overview - The company has a total designed production capacity of 2.134 million tons per year, with key products including food packaging materials (780,000 tons/year) and glassine paper (210,000 tons/year) [3][18]. - The company has recently completed new production lines, including a 600,000 tons/year industrial packaging materials line in Hubei and a 10,000 tons/year digital transfer paper line in Jiangxi, which will further enhance its product supply capabilities [4][18]. Financial Performance - The company's revenue is projected to grow significantly due to the integration of acquired companies and the ramp-up of production capacity, with a notable increase in net profit expected [4][5]. - As of March 2025, the company's total assets were 116.84 billion, with total debt at 68.01 billion, indicating a high debt level and financial leverage [3][10]. Market Environment - The specialty paper market is experiencing pressure on sales prices due to increased competition and capacity expansion, particularly in the food packaging segment, which is affected by the decline in white cardboard prices [12][13]. - The demand for food packaging paper is supported by trends in the restaurant and takeaway sectors, driven by policies promoting eco-friendly packaging [13][14]. Risks and Challenges - The company faces risks related to the construction and operation of new projects, including a significant investment in a chemical pulp project and a public terminal project, which have long construction periods and uncertain operational outcomes [6][21]. - The company is also exposed to fluctuations in wood pulp prices and foreign exchange risks, as it continues to rely on imported wood pulp for its production [6][15]. Future Outlook - The company maintains a stable credit rating outlook, reflecting its strong market position and ongoing capacity expansion efforts [7]. - The overall industry is expected to see continued growth in production, but demand recovery remains uncertain, leading to potential supply-demand imbalances [12][15].