证券研究报告 | 公司点评报告 2025 年 04 月 24 日 太阳纸业（002078.SZ） 业绩稳健增长，林浆纸一体化优势凸显 消费品/轻工纺服 ❑ 风险提示：原材料价格波动，产能投放不及预期，需求恢复不及预期。 强烈推荐（维持） 目标估值：NA 当前股价：14.02 元 基础数据 | 总股本（百万股） | 2795 | | --- | --- | | 已上市流通股（百万股） | 2765 | | 总市值（十亿元） | 39.2 | | 流通市值（十亿元） | 38.8 | | 每股净资产（MRQ） | 10.2 | | ROE（TTM） | 10.8 | | 资产负债率 | 45.4% | | 主要股东 | 山东太阳控股集团有限公司 | | 主要股东持股比例 | 44.74% | 股价表现 % 1m 6m 12m 绝对表现 -3 2 -12 相对表现 -0 7 -20 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Apr/24 Aug/24 Dec/24 Apr/25 (%) 太阳纸业 沪深300 相关报告 1、《太阳纸业（002078）—需求回暖 业绩稳步增长，一体化战 ...

Core Viewpoint - The company reported a steady revenue growth for 2024, with total revenue and net profit attributable to shareholders reaching 40.73 billion and 3.10 billion yuan, respectively, reflecting year-on-year increases of 3.0% and 0.5% [2] Group 1: Financial Performance - In Q4 2024, the company achieved revenue and net profit of 9.75 billion and 640 million yuan, showing year-on-year declines of 5.7% and 32.3% [2] - The company's paper business generated revenues of 13.00 billion, 4.13 billion, 2.02 billion, 0.994 billion, and 10.93 billion yuan from non-coated cultural paper, coated paper, household paper, laminated base paper, and corrugated box paper, respectively, with year-on-year changes of -2.3%, +17.9%, -1.3%, -21.3%, and +11.5% [3] - The pulp business revenues were 1.60 billion, 4.10 billion, and 1.42 billion yuan from mechanical pulp, dissolving pulp, and chemical pulp, respectively, with year-on-year changes of -13.1%, +11.8%, and -18.9% [3] Group 2: Profitability - The overall gross margin for 2024 was stable at 16.0%, with Q4 2024 gross margin at 14.9%, reflecting a year-on-year decrease of 2.2 percentage points but a quarter-on-quarter increase of 1.0 percentage points [4] - The gross margins for the paper business were 13.4%, 14.8%, 11.9%, and 15.2% for non-coated cultural paper, coated paper, household paper, and corrugated box paper, respectively, with year-on-year changes of -3.3, +2.0, -2.5, and +0.5 percentage points [4] - The gross margins for the pulp business were 22.7%, 24.4%, and 19.8% for mechanical pulp, dissolving pulp, and chemical pulp, respectively, with year-on-year changes of +0.6, +8.3, and +2.3 percentage points [4] Group 3: Cost Management - The company’s expense ratio for 2024 was 6.5%, a decrease of 0.6 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 0.4%, 2.4%, 1.9%, and 1.8%, respectively [5] - In Q4 2024, the expense ratio was 6.7%, an increase of 0.7 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 0.5%, 2.6%, 1.5%, and 2.1%, respectively [6] Group 4: Future Outlook - In 2025, the company plans to launch several projects, including a 37,000-ton specialty paper base material project and a dissolving pulp production line relocation project, which will enhance the synergy among its three major bases [7] - By the end of 2025, the company aims to complete the first and second phases of the integrated "forest-pulp-paper" project in the Nanning area, facilitating resource integration and optimization of product structure and logistics [7]