公司发布2025年中报，1H2025实现营收59.9亿元，同比增长30.1%，归母净利润4.7亿元，同比减少13.8%；1Q2025，公司实现营收29.9亿元，同比增长35.4%，归母净利润2.4亿元，同比 点评： 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事件： 我们估计，仙鹤本部1Q2025/2Q2025特种浆纸吨均价约7480/6920元左右，2Q2025环比-560元左右，1Q2025/2Q2025特种浆纸吨净利约460/420元左右(均包括白卡纸)，2Q2025环比-4 根据卓创资讯数据，1Q/2Q2025阔叶浆吨均价为4782/4284元，分别同比-402/-1383元，环比+227/-498元。我们认为，公司二季度毛利率环比走低主要原因系：热转印、格拉辛等纸种受市 1H2025公司期间费用率为6.2%，同比+0.4pcts，分项目看，销售/管理/研发/财务费用率分别为0.3%/1.7%/1.2%/3.0%，分别同比+0.1/+0.1/-0.1/+0.3pcts，财务费用率小幅升高， 展望下半年，盈利能力有望环比修复：目前，广西基地已实现稳定盈利，湖北基地受到产能爬 ...

Group 1 - The company, Wuzhou Special Paper Group Co., Ltd., has issued convertible bonds totaling 670 million yuan, approved by the board and shareholders in 2021 [1][9][10] - The bonds have a maturity of six years, with an interest rate that increases annually from 0.30% in the first year to 2.00% in the sixth year [1][9] - The initial conversion price for the bonds was set at 18.50 yuan per share, which has been adjusted multiple times due to various corporate actions [2][16][17] Group 2 - In 2024, the company reported a revenue of 765.56 million yuan, a 17.43% increase from 2023, and a net profit of 36.18 million yuan, up 33.20% year-on-year [11][12] - The company's total assets reached 1.15 billion yuan, reflecting a 48.49% increase compared to the previous year [11][12] - The company has undergone a significant merger, acquiring 100% of the subsidiary Jiujiang Chengyu, which contributed to the financial adjustments in the 2023 reports [12] Group 3 - The company has maintained a strong credit rating of AA, with a stable outlook, as confirmed by multiple credit rating reports [9][10] - The company has effectively utilized the funds raised from the convertible bonds, with 78.29% of the funds allocated to projects as planned [12][13] - The company has implemented a robust internal and external credit enhancement mechanism to ensure the security of bondholders' interests [12][13]

Group 1 - The core viewpoint of the report indicates that the pulp and paper industry is experiencing a bottoming out of profitability, with costs stabilizing and paper prices showing slight recovery in Q1 2025 [1][2] - The report highlights that the overall pulp price is expected to maintain a low-level fluctuation, with domestic demand remaining weak while international prices are experiencing increases due to maintenance shutdowns in overseas pulp mills [2][3] - The cultural paper segment is seeing a gradual recovery in profitability, with major players like Sun Paper benefiting from strategic raw material management and cost control [3][5] Group 2 - The white card paper prices are showing signs of stabilization, with a slight increase in Q1 2025 due to supply disruptions from major producers [4][5] - The special paper segment is witnessing an expansion of leading companies' market share, although prices are under pressure due to weak demand in certain categories [4][5] - The waste paper segment is experiencing price fluctuations, with overall profitability showing improvement, particularly for companies like Nine Dragons Paper [6][7] Group 3 - The report anticipates that the profitability of paper companies may continue to face pressure in Q2 2025 despite cost optimization efforts, with limited new capacity expected from leading firms [7] - Companies to watch include Sun Paper and Xianhe Co., which are expected to see improvements in profitability, along with others like Huawang Technology and Wuzhou Special Paper [8]

Investment Rating - The investment rating for the paper industry is "Positive" [2] Core Viewpoints - The paper industry is experiencing a bottoming cycle with insufficient upward momentum, leading industry leaders to focus on extending their supply chains and enhancing differentiated competitive advantages [12] - The industry is expected to continue facing supply-demand pressures in 2025, with a sustained bottoming of profit cycles as leading companies innovate and expand their scale and differentiation advantages [12] - Major companies are actively expanding their overseas market presence to absorb production capacity [12] Summary by Sections Pulp and Paper Sector - Cost improvements and a slight recovery in paper prices are leading to profit recovery, with Q4 2024 pulp prices hitting a bottom and costs stabilizing [3] - In Q1 2025, low-cost pulp gradually entered inventory, and paper prices saw a slight increase, with companies expected to maintain low costs and moderate profit improvements [3][18] - The domestic pulp market is experiencing price fluctuations, with expectations of continued low-level oscillations in Q2 2025 [19] Cultural Paper - Profitability is gradually recovering, with leading companies performing well despite market challenges [4] - Average prices for double glue paper and copper plate paper in Q4 2024 and Q1 2025 were 5228 and 5435 CNY/ton respectively, showing year-on-year declines but some recovery in Q1 2025 [22] - Companies like Sun Paper are leveraging raw material strategies and cost control to improve profits [22] White Card Paper - Prices are stabilizing at the bottom, with a slight improvement in profitability [23] - The average price for white card paper increased from 4195 CNY/ton in Q4 2024 to 4307 CNY/ton in Q1 2025, benefiting from supply disruptions [23] - Companies are expected to face increased supply pressures in 2025 due to new capacities coming online [23] Specialty Paper - Leading companies are expanding their advantages and market shares [24] - Prices for specialty paper categories are expected to decline due to short-term supply-demand pressures, but some categories are showing signs of recovery [24] - Companies like Xianhe and Wuzhou are expected to benefit from increased production capacity [24] Waste Paper Sector - Prices are fluctuating, with a recovery in profitability observed [26] - The average price for waste paper in Q4 2024 was 1530 CNY/ton, showing a year-on-year increase, while boxboard and corrugated paper prices also saw slight improvements [26] - The overall profitability of waste paper companies is expected to remain under pressure in Q2 2025 despite cost optimizations [26] Investment Recommendations - Focus on companies with integrated pulp and paper operations and improving profitability, such as Sun Paper and Xianhe, as well as those recovering profitability like Huawang Technology and Wuzhou Specialty Paper [8]

Core Viewpoint - The company experienced a decrease in production and sales volume in 2024, leading to a decline in revenue, but a significant increase in net profit due to lower raw material costs and operational efficiencies [2][9]. Operational Performance - In 2024, the company's revenue was 1.447 billion yuan, a decrease of 9.98% year-on-year, while net profit attributable to shareholders was 72 million yuan, an increase of 54.09% [2][9]. - The decline in production was primarily due to the suspension of two paper machines, resulting in a reduction of approximately 21,000 tons in annual output [2]. - The average selling price and average cost of products both decreased in 2024, with the decline in costs being slightly greater than that of prices, leading to an increase in gross margin [2]. Market Trends - The price of pulp has shown historical volatility, with a downward trend starting in early 2023, followed by a recovery until May 2024, and then a subsequent adjustment phase [2]. - The likelihood of a significant increase in pulp prices in 2025 is low, with future price movements influenced by geopolitical factors, supply-demand changes, and macroeconomic conditions [3]. Project Developments - The company’s first-phase projects, including the new PM8 and upgraded PM20, commenced production at the end of March 2025, with PM8 expected to produce 15,000 tons of translucent paper and PM20 expected to produce 21,000 tons of cigarette paper [3]. - The second-phase project, which will produce 70,000 tons of specialty coated paper, is expected to officially commence production by the end of June 2025 [3]. Competitive Landscape - The barriers to entry in the specialty paper industry are primarily in technology, capital, market presence, and environmental regulations [5][6]. - The company’s competitive advantages include technological innovation, brand reputation, modern production facilities, and strategic location in a vibrant economic region [8][9]. Financial Overview - The company reported a total revenue of 1.459 billion yuan for 2024, a year-on-year decrease of 9.82%, while net profit attributable to shareholders was 72 million yuan, an increase of 54.09% [9]. - The company’s debt ratio stood at 51.34%, with financial expenses amounting to 11.9 million yuan and an investment loss of 156,700 yuan [9].