公司报告 | 半年报点评 Q2 符合预期，南宁二期启动 公司发布 24 年中期报告 24Q2 收入 103.4 亿，同比+8.4%，归母净利润 8.0 亿，同比+16.9%，扣非归 母净利润 8.6 亿，同比+30.0%； 24H1 收入 205.2 亿，同比+6.1%，归母净利润 17.6 亿，同比+40.5%，扣非 归母净利润 18.2 亿，同比+49.2%； 24H1 分产品：①浆纸系：双胶纸/铜版纸/生活用纸收入 70.2/21.2/10.4 亿， 同 比 +7.3%/+34.3%/+15.4% ，毛利率 18.0%/17.9%/14.4% ，同比 +2.4/+5.7/+3.4pct； ② 浆 产 品 ： 溶 解 浆 / 化 机 浆 / 化 学 浆 收 入 17.7/8.3/7.9 亿 ， 同 比 -7.1%/-13.3%/-24.7%，毛利率 21.0%/23.2%/19.0%，同比+4.7/+1.3/-1.5pct； ③废纸系：箱板纸/瓦楞纸收入 52.0/0.7 亿，同比+14.1%/+528%，毛利率 14.6%/5.7%，同比+2.4/-3.3pct。 景气有望触底向上，公司经营稳健 浆纸系 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a robust revenue growth of 6.11% year-on-year for H1 2024, achieving a total revenue of 20.524 billion yuan. The net profit attributable to shareholders increased by 40.49% year-on-year to 1.758 billion yuan, while the net profit excluding non-recurring items rose by 49.17% to 1.817 billion yuan [2][7] - The company’s core products, including non-coated cultural paper, coated paper, and corrugated box paper, showed significant revenue growth rates of 7.27%, 34.29%, and 14.12% respectively in H1 2024, indicating strong sales performance [2][7] - The company is progressing steadily in capacity expansion, with ongoing projects that will enhance its production capabilities and product offerings, thereby solidifying its competitive advantage in the long term [2][7] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin increase of 1.03 percentage points year-on-year, with a net profit margin of 8.57%, reflecting improved profitability [2][7] - The company’s total revenue for Q2 2024 was 10.339 billion yuan, representing an 8.41% increase year-on-year, while the net profit for the same period was 0.802 billion yuan, up 16.94% year-on-year [7][9] Product Performance - The revenue growth for key products in H1 2024 was as follows: non-coated cultural paper (7.27%), coated paper (34.29%), and corrugated box paper (14.12%). The company managed to maintain strong sales despite a general decline in paper prices [7][10] - The gross margin for coated paper and other products saw significant improvements, with increases of 5.72 and 7.40 percentage points respectively [7][10] Capacity Expansion - The company is advancing its capacity expansion projects, including the second phase of the Nanning project and the life paper project, which are expected to enhance production capabilities significantly [7][8] - The integration of forestry, pulp, and paper production is expected to create a long-term competitive moat for the company, supporting its growth trajectory [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a robust revenue growth of 6.11% year-on-year for H1 2024, achieving a total revenue of 20.524 billion yuan. The net profit attributable to shareholders increased by 40.49% year-on-year to 1.758 billion yuan, with a non-recurring net profit of 1.817 billion yuan, up 49.17% year-on-year. The core products showed strong sales performance, with significant revenue growth in non-coated cultural paper, coated paper, and corrugated boxboard [2][7] - The company's gross margin improved, with a year-on-year increase of 1.03 percentage points for Q2 and 2.77 percentage points for H1. The overall expense ratio decreased by 0.95 percentage points, leading to an increase in the net profit margin to 8.57%, up 2.10 percentage points year-on-year. This indicates an improvement in profitability [2][7] - The company is progressing steadily in capacity expansion, with ongoing projects that will enhance its production capabilities and product offerings, thereby solidifying its competitive advantage in the long term [2][7] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 20.524 billion yuan, a 6.11% increase year-on-year. The net profit attributable to shareholders was 1.758 billion yuan, reflecting a 40.49% increase year-on-year. The non-recurring net profit was 1.817 billion yuan, up 49.17% year-on-year. In Q2 2024, revenue reached 10.339 billion yuan, a year-on-year increase of 8.41% [2][7] - The revenue growth was driven by strong performance in core products, with non-coated cultural paper, coated paper, and corrugated boxboard showing year-on-year increases of 7.27%, 34.29%, and 14.12%, respectively [2][7] Profitability - The gross margin for H1 2024 improved by 2.77 percentage points year-on-year, with significant increases in gross margins for coated paper, laminated paper, and dissolving pulp. The overall expense ratio decreased by 0.95 percentage points, contributing to a net profit margin of 8.57%, up 2.10 percentage points year-on-year [2][7] Capacity Expansion - The company is advancing its capacity expansion projects, including the second phase of the Nanning project and the life paper project, which are expected to enhance production capabilities and diversify product offerings. This strategic expansion is aimed at ensuring sustainable growth in the long term [2][7]

太阳纸业（002078.SZ） 业绩符合预期，深化产业链布局 木浆系：价格平稳，盈利预计小幅承压。2024H1 公司非涂布文化纸/铜版纸分别实现 收入 70.17/21.20 亿元（分别同比+7.3%/+34.3%），毛利率分别为 18.0%/17.9%（（分 别环比+0.4pct/+4.4pct）。据卓创资讯，2024Q2 内盘针叶/阔叶浆环比+6.3%/+7.4%， 双胶纸/铜版纸价格分别环比-0.1%/-0.9%，内需不振、价格保持弱势稳定，成本攀升 背景下，我们预计吨盈利环比小幅下滑。展望未来，木浆高位滑落且仍处下行趋势（目 前内盘针叶/阔叶分别自高点-5.3%/-16.0%），预计 Q3 成本仍处高位、Q4 低价浆入库 驱动成本改善，叠加公司 Q4 提价（9 月 1 日起非涂布纸全系+200 元/吨），盈利有望 Q3 触底、Q4 回暖。 废纸系：静待需求复苏，盈利有望释放。2024H1 公司箱板纸实现收入 52.03（同比 +14.1%），毛利率为 14.6%（（环比-2.4pct）。据卓创资讯，2024Q2 国废价格环比-4.7%， 箱板纸/瓦楞纸价格分别环比-4.6%/-7.3%，需求疲软背景下 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 2024 H1 revenue of 20.524 billion yuan, a year-on-year increase of 6.11%, and a net profit attributable to shareholders of 1.758 billion yuan, representing a year-on-year growth of 40.49% [1] - The company benefits from a raw material advantage due to its integrated forestry-pulp-paper model, which has helped improve its gross margin [1] - The company is expanding its production capacity with projects in Guangxi and Laos, contributing to revenue growth [1][2] Financial Performance Summary - In 2024 H1, the company achieved a revenue breakdown by product: non-coated cultural paper (7.018 billion yuan, +7.27%), coated paper (2.120 billion yuan, +34.29%), and corrugated box paper (5.202 billion yuan, +14.12%) [1] - The gross margin for various products in 2024 H1 was as follows: non-coated cultural paper (17.99%), coated paper (17.89%), and corrugated box paper (14.57%) [1] - The company’s net profit margin improved to 8.57%, an increase of 2.10 percentage points year-on-year [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 42.282 billion yuan, 45.871 billion yuan, and 49.023 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.9%, 8.5%, and 6.9% [2][3] - The net profit attributable to shareholders is expected to be 3.409 billion yuan, 3.889 billion yuan, and 4.267 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 10.5%, 14.1%, and 9.7% [3] Key Financial Ratios - The projected P/E ratios for the years 2024, 2025, and 2026 are 9.90, 8.67, and 7.90, respectively [2][3] - The gross margin is expected to improve from 16.2% in 2024 to 16.6% in 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company achieved a steady revenue growth of 6.1% year-on-year in the first half of 2024, with total revenue reaching 20.52 billion yuan and a net profit attributable to shareholders of 1.76 billion yuan, reflecting a significant increase of 40.5% year-on-year [4][8] - The report highlights the company's strong performance in the paper manufacturing sector, particularly in non-coated cultural paper and boxboard, which saw revenue increases of 7.3% and 14.1% respectively [5][6] - The report notes a decline in revenue for the pulp segment, attributed to reduced sales volumes [6][8] Revenue Performance - In the first half of 2024, the company reported revenue of 20.52 billion yuan, with a breakdown of revenue from various segments: non-coated cultural paper (7.02 billion yuan), coated paper (2.12 billion yuan), household paper (1.04 billion yuan), laminated base paper (440 million yuan), and boxboard (5.20 billion yuan) [4][5] - The second quarter of 2024 saw revenue of 10.34 billion yuan, marking an 8.4% year-on-year increase [4] Profitability Metrics - The gross margin for the first half of 2024 was reported at 17.6%, an increase of 2.8 percentage points year-on-year, driven by lower inventory costs for wood pulp and reduced energy prices [7][8] - The report indicates that the company maintained strict control over operating expenses, with a period expense ratio of 6.9%, down 1.6 percentage points year-on-year [7] Future Projections - The revenue forecasts for 2024-2026 have been adjusted downward to 42.20 billion yuan, 49.56 billion yuan, and 55.83 billion yuan respectively, reflecting a decrease of 7%, 10%, and 11% [8] - The net profit forecasts for the same period have also been revised to 3.39 billion yuan, 4.35 billion yuan, and 4.90 billion yuan, with corresponding EPS estimates of 1.21 yuan, 1.56 yuan, and 1.75 yuan [8] Market Position - The company is recognized as a leading comprehensive supplier of paper and pulp products in China, with a total pulp and paper production capacity exceeding 12 million tons [8]

投资者关系活动记录表 证券代码：002078 证券简称：太阳纸业 编号：20240829 | --- | --- | --- | |--------------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

太阳纸业（002078.SZ）2024 年半年报点评 盈利同比保持高增，新产能稳步推进 2024 年 08 月 29 日 [Table_Author] 分析师：徐皓亮 执业证号：S0100522110001 邮箱：xuhaoliang@mszq.com ➢ 事件。太阳纸业发布 2024 年中报，24H1 实现营收 205.24 亿元，同比+ 6.11%，归母净利润/扣非净利润 17.58/18.17 亿元，同比+40.49%/+49.1 7%；其中 24Q2 实现营收 103.39 亿元，同比+8.14%，归母净利润/扣非净利 润 8.02/8.65 亿元，同比+16.94%/+30.01%。 ➢ 产能有条不紊，公司销量再上一层台阶。24H1 非涂布文化用纸/铜版纸/溶 解浆/牛皮箱板纸收入 70.18/21.2/17.73/52.02 亿元，同比分别变化+7.27%/+ 34.29%/-7.09%/+14.12%，占比分别为 34.19%/10.33%/8.64%/25.35%。量： 24 年浆/纸总产能已超 1200 万吨，根据我们的测算，24H1 双胶纸/铜版纸/生 活用纸/箱板纸/溶解浆销量同比变动+ ...

业绩符合预期，南宁基地稳步推进 买入 （维持） 核心观点 事件：公司公告 2024 年中报，2024 年上半年公司实现营收 205.24 亿元，同比增长 6.11%，实现归母净利润 17.58 亿元，同比增长 40.49%。二季度公司实现营收 103.39 亿元，同比、环比分别增长 8.41%、1.51%，实现归母净利润 8.02 亿元，同比增长 16.94%，环比下降 16.13%。 ⚫ 二季度业绩符合预期，弱需求环境下经营平稳。2024 年二季度公司归母净利润环比 下降 16.1%至 8.02 亿元，主要系终端需求较弱导致纸价上涨受阻，此外南宁基地固 定资产清理亦对公司当期利润造成约 0.84 亿元的负面影响。二季度公司单季度 ROE 为 2.9%，环比下降 0.7pct，实现归母净利率 7.8%，环比下降 1.6pct，同期扣 非归母净利率为 8.4%，环比下降 1.0pct，在行业低景气时期仍体现出经营韧性。 ⚫ 二季度文化纸盈利稳健，溶解浆盈利环比提升。拆分 2024H1 公司收入、毛利润结 构，文化纸、牛皮箱板纸、溶解浆仍为利润贡献的前三大来源。分业务来看：（1） 文化纸：3 月文化纸旺季提价顺利 ...

太阳纸业 (002078.SZ) 买入 (维持评级) 公司点评 证券研究报告 Q2 盈利略回落，浆价下行看好 2H 盈 利回暖 业绩简评 8 月 28 日公司发布 2024 半年报，24H1 实现营收 205.2 亿元，同 比+6.11%,归母净利润 17.58 亿元,同比+40.49%;24Q2 营收 103.4 亿元,同比+8.41%,归母净利润 8.0 亿元,同/环比+16.9%/-16.1%, 扣非后归母 8.6 亿元，同比/环比+30.0%/-9.2%。 经营分析 2Q 用浆成本提升，文化纸价格旺季提涨后有所回落。从毛利结构 来看，文化纸、箱板纸、溶解浆共同构成毛利三大主要来源，24H1 毛利贡献比重分别为 45.5%、21.0%、10.3%，同比+2.7/+1.5/- 0.6pct。24Q2 内盘阔叶浆/铜版纸/双胶纸/箱板纸/溶解浆市场均 价环比+8.5%/持平/-0.3%-2.8%/+3.2%。1）文化纸: 3 月起浆价提 涨+旺季催化下文化纸涨价落地,5 月起受下游需求疲弱影响纸价 进入平台期;2)箱板纸:尽管下游需求疲弱,但产品结构高端化、 国内化机浆纤维补充下,公司箱板盈利能力优于行业。 ...