2025 年 8 月 24 日 公司研究 产销双增驱动营收大幅增长，部分产品降价影响上半年利润表现 ——仙鹤股份（603733.SH）2025 年半年报点评 买入（维持） 当前价：25.89 元 相关研报 营收利润双增，广西、湖北基地的竞争优势 将逐渐凸显——仙鹤股份（603733.SH)2024 年三季报点评（2024-10-30） 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：吴子倩 执业证书编号：S0930525070004 021-52523872 wuziqian@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 7.06 | | 总市值(亿元)： | 182.78 | | 一年最低/最高(元)： | 14.31/26.60 | | 近 3 月换手率： | 29.17% | 股价相对走势 -10% 11% 32% 52% 73% 08/24 11/24 02/25 05/25 仙鹤股份 沪深300 | 收益表现 | | | | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is currently "No Rating" [1] Core Views - The company has shown a revenue increase of 20.1% year-on-year in H1 2025, reaching 4.122 billion yuan, although the net profit attributable to shareholders decreased by 47.7% to 122 million yuan [2][3] - The company is expected to benefit from a recovery in demand and a bottoming out of pulp prices, leading to potential improvements in profitability in Q3 2025 [3] - The company is accelerating its capacity expansion, with a total designed capacity of 2.444 million tons as of H1 2025, which includes various product categories [5] Financial Performance Summary - In H1 2025, the company's revenue from different product categories was as follows: food packaging paper at 1.308 billion yuan (down 18.2%), daily consumer series at 1.157 billion yuan (down 1.7%), cultural paper at 447 million yuan (down 12.7%), and industrial packaging paper at 1.079 billion yuan (new category) [4] - The gross profit margin for Q2 2025 was 7.7%, a decrease of 3.6 percentage points year-on-year, while the net profit margin was 2.7%, down 3.1 percentage points year-on-year [5] - The company’s operating cash flow for Q2 2025 was -17 million yuan, indicating short-term fluctuations, but the operational capability remains stable with inventory turnover days at 50.15 [6] Profit Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 321 million yuan, 520 million yuan, and 699 million yuan respectively, with corresponding P/E ratios of 18.5X, 11.4X, and 8.5X [6][7]