每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，华泰股份1月30日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为-5000万元到-7000万元，与上年同期相比，将出现亏损。业绩变动主要原因是，2025年业绩波动相关 说明。2025年，受行业周期性调整及产品供需阶段性变化影响，公司部分产品销售价格下降幅度大于成 本下降幅度，毛利率有所下降，导致公司经营业绩出现一定波动。公司70万吨浆项目于2025年进入投产 初期，产能爬坡与工艺磨合处于正常推进阶段，自产浆的规模效应与降本优势尚未完全显现；同时，项 目转固后相关折旧及财务支出计入当期损益，对短期利润形成阶段性影响。为保障财务报表的审慎性， 对部分应收款项、存货进行了减值测试，并计提相应减值准备，该事项对本期业绩产生了一定影响。 （记者 王晓波） ...

Group 1 - The core viewpoint of the article highlights that the company is focused on fully resuming operations and has no immediate plans for capital expenditures despite strong expectations for improvement in the supply-demand dynamics of the pulp and paper industry [1] - The company is currently balancing its pulp and paper production capacity and is implementing various product upgrades and structural optimization measures to enhance operational efficiency and ensure steady development [1] - There is an inquiry regarding the potential increase in the production capacity of high-end paper products, such as white cardboard and specialty paper, following the resumption of operations at the Zhanjiang base [1]

Investment Rating - The investment rating for the company is currently "No Rating" [1] Core Views - The report indicates that the price of pulp and paper has stabilized at a low level, with expectations of fluctuations in June and July. The actual supply prices for overseas needle and broadleaf pulp are approximately $715/ton and $500-510/ton respectively. Pulp manufacturers are showing a strong willingness to maintain prices, and some sellers are raising prices by $20/ton [1][2] - The company is expected to see a gradual improvement in operations from April to May, with a slight decline in profitability in June. The second quarter profit is expected to remain stable compared to the first quarter, while the third quarter is anticipated to stabilize as well. The fourth quarter will enter a new capacity release cycle, with expected profitability improvements [3][4] Summary by Sections Pulp and Paper Market - The pulp prices are expected to fluctuate around the bottom, with a forecast of low-level oscillation during the off-season from June to August. The prices for pulp and paper have shown signs of bottoming out, with current prices at 4140 CNY/ton for pulp and 5163 CNY/ton for paper [2][3] - Historical analysis shows that in 2022, pulp prices reached a historical high due to supply-side factors, while in 2023, both pulp and paper prices experienced a rapid decline, with pulp bottoming out at 3850 CNY/ton and paper at 5375 CNY/ton [2] Financial Performance - The company’s total revenue for 2023 is projected at 39,544 million CNY, with a slight decline of 0.6% year-on-year. The net profit attributable to the parent company is expected to be 3,086 million CNY, reflecting a year-on-year growth of 9.9% [4][7] - For the years 2025 to 2027, the net profit is projected to be 35.8 billion CNY, 43.0 billion CNY, and 48.1 billion CNY respectively, with corresponding P/E ratios of 10.5X, 8.8X, and 7.9X [3][4] Production Capacity - The company plans to gradually launch its Nanning base project in Q3 to Q4, which includes the production of 150,000 tons of household paper, 400,000 tons of specialty paper, 1,000,000 tons of corrugated paper, and 500,000 tons of pulp, which is expected to increase the underlying profit by approximately 500 million CNY annually [2][3]