景兴纸业(002067) - 景兴纸业调研活动信息

Group 1: Project Significance - The company primarily produces kraft linerboard, which requires high-quality waste paper as raw material to ensure product strength. The implementation of the "waste ban" has led to a shortage of quality domestic waste paper, necessitating the addition of wood pulp to meet quality standards [1] - The company has invested in a waste paper pulp production line in Malaysia to address the shortage of quality recycled pulp, which is beneficial for adjusting the product structure towards higher-margin products [2] Group 2: Product Usage and Market Expansion - As of the end of October 2023, the first phase of the project, consisting of two 400,000-ton waste paper pulp lines, has completed performance testing, and the product quality is excellent. The trial production has reached domestic markets, with some products being sold to other paper manufacturers [2] - The company has initiated a second phase project for 600,000 tons of linerboard, which has been approved by the shareholders' meeting and is currently under review by the Ministry of Commerce due to exceeding the original investment approval limit [2] Group 3: Cost and Profitability - The current market price for American waste paper is around $200 per ton, which is acceptable for major domestic paper manufacturers. Shipping costs are currently low, contributing to overall cost management [3] - The company's low profitability per ton of paper is attributed to the lack of a self-owned power plant and reliance on higher-cost roll pulp during the transition period [3]