景兴纸业(002067) - 景兴纸业调研活动信息

Project Progress - The Malaysian project has started trial production, with product quality meeting expectations and fiber quality close to wood pulp levels [1] - The project is undergoing a phased acceptance process, and once the 3C certificate is obtained, it can transition to formal production and sales [1] - The project will address the company's shortage of high-quality recycled raw materials and facilitate product structure adjustments towards higher-margin premium products [2] Industry and Market Conditions - The global supply of recycled pulp is unstable, with limited excess capacity for processing during periods of economic growth [2] - The packaging paper industry is currently facing challenges due to the external economic environment, with prices remaining low despite stable shipment volumes [2][3] - Major competitors like Nine Dragons and Lee & Man have reached near-maximum expansion capacity, leading to a relatively mild competitive landscape [4] Production and Operations - Two new tissue paper production lines have entered normal operation, though high costs are currently impacting performance [3] - The deinking pulp production line is undergoing equipment debugging and is expected to be fully operational within approximately two months [3] - The company maintains advanced water recycling systems, with water discharge rates of 4 tons per ton of tissue paper and 2 tons per ton of industrial packaging paper [3] Environmental Initiatives - The company emphasizes water reuse in production, collaborating with US and Japanese companies for advanced recycling technology [3] - Some production lines have achieved near-zero emissions, significantly reducing water intake [3] - Environmental considerations are a key focus in production line design and operation, particularly in the strictly regulated Jiangnan region [3] Investment and Diversification - The company has invested 6 million in Chijing Optoelectronics, which is currently in the R&D and customer sampling phase for automotive HUD and consumer optoelectronic products [4] - External investments are made using returns from previous projects and are carefully controlled to avoid impacting core operations [4] - Investment directions align with national strategies and focus on related fields such as new energy and semiconductors [4]