2024年第一季度报告 证券代码：002078 证券简称：太阳纸业 公告编号：2024-014 山东太阳纸业股份有限公司 2024 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经审计 □是 否 ...

太[Ta阳ble纸_Sto业ckN（am0eR0p2tT0yp7e8] ） 公司研究/公司深度 横向产品多元化，纵向林浆纸一体化 投资评级：买入（首次） 主要观点： [Table_Rank] 报告日期： 2024-04-24 ⚫[ T概ab况le：_S林um浆m纸ar一y] 体化，处于行业领军地位 太阳纸业经过40余年发展，已成为全球先进的林浆纸一体化跨国集团， [收Ta盘bl价e_（Ba元se）D ata] 15.57 拥有山东、广西和老挝三大生产基地，员工19000余人，位列中国企业 近12个月最高/最低（元） 16.27/10.26 500强，位列世界造纸30强。公司现拥有全球先进的制浆、造纸生产 总股本（百万股） 2,795 线，产品逐渐形成了以高档文化用纸、高档包装用纸、高档生活用纸、 流通股本（百万股） 2,765 流通股比例（%） 98.94 高档特种纸及特种纤维溶解浆等为主导的系列产品结构。2003-2023年 总市值（亿元） 435 公司营业收入CAGR为14.56%，归母净利润CAGR为15.56%，公司 流通市值（亿元） 430 业绩在周期波动中稳定提升。 ⚫ 行业：周期底部已过，行业格 ...

公 司 研 究 太阳纸业（002078.SZ）：业绩稳健 2024年4月19日 推荐/维持 增长，林浆纸产业布局持续推进 东 太阳纸业 公司报告 兴 证 事件：公司公布2023年年报。全年实现营业收入395.44亿元，同比-0.56%； 公司简介： 券 归母净利润30.86亿元，同比+9.86%。其中Q4实现营业收入103.42亿元， 公司已发展成为一家全球先进的跨国造纸 股 同比+2.13%；归母净利润9.49亿元，同比+75.51%。 集团和林浆纸一体化企业，主导产品有高级 份 美术铜版纸、高级文化办公用纸、太阳生活 有 23年营收整体平稳，利润率逐季修复。公司23年造纸新增产能落地，纸品收 用纸、特种纤维溶解浆等系列。 限 入增长，而木浆外售规模减少，整体收入同比平稳。受益于成本回落、旺季纸 资料来源：公司公告、同花顺 公 价支撑，公司盈利能力从低位逐季修复，全年毛利率15.89%，同比+0.72pct.； 未来3-6个月重大事项提示： 司 其中Q4毛利率17.12%，同比+3.90pct.，助力单季业绩高增。 2024-04-30 披露2024年一季报 2024-05-20 召开年度股东大会 证  ...

Compa n y U pda te C h in a Res ear ch Dep t . 2024年04月12日 太阳纸业(002078.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 目标价(元) 18 毛利率逐季改善，全年利润稳健增长 公司基本信息 结论与建议： 产业别 轻工制造 事件：公司发布2023年业绩快报，2023年实现营收395.44亿元，YOY-0.56%； A股价(2024/4/11) 15.50 录得归母净利润 30.86 亿元，YOY+9.86%；扣非后净利润 30.27 亿元， 深证成指(2024/4/11) 9300.77 YOY+9.22%，归母及扣非后净利润和业绩快报基本一致，符合预期。 股价12个月高/低 15.78/10.01 总发行股数(百万) 2794.57 其中，2023Q4实现营收103.42亿元，YOY+2.13%；录得归母净利润9.49 A股数(百万) 2764.88 亿元，YOY+75.51%；扣非后净利润 9.41 亿元，YOY+75.56%，公司 Q4 利润大 A市值(亿元) 428.56 幅提升，主要是因为下游需求恢复叠加成 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.0 CNY per share, compared to the current price of 15.50 CNY [3]. Core Insights - The company reported a revenue of 39.54 billion CNY for 2023, a slight decrease of 0.6% year-on-year, while the net profit attributable to shareholders increased by 9.9% to 3.09 billion CNY. In Q4 alone, revenue reached 10.34 billion CNY, up 2.1% year-on-year, and net profit surged by 75.5% to 0.95 billion CNY [1][2]. - The company experienced positive growth in cultural paper, while revenue from corrugated box paper and pulp products declined. Non-coated paper and coated paper revenues were 13.31 billion CNY and 3.51 billion CNY, reflecting increases of 22.6% and 10.4% respectively. Conversely, revenues from kraft linerboard and corrugated base paper fell to 9.81 billion CNY and 0.05 billion CNY, down 5.7% and 51.6% respectively [1]. - The company has increased its dividend payout from 2 CNY to 3 CNY per 10 shares, raising the dividend payout ratio from 19.9% to 27.2% [1]. - The company is accelerating the expansion of new projects, including a significant investment of up to 7 billion CNY for a new production line in Nanning, which is expected to enhance product structure and expand market channels in southern China [1]. - The report forecasts EPS for 2024-2026 to be 1.3 CNY, 1.6 CNY, and 1.8 CNY per share, respectively, with a reasonable valuation based on a 12x PE ratio for 2024, leading to a target price of 16.0 CNY per share [1][2]. Financial Summary - For 2023, the company achieved an EBITDA of 6.25 billion CNY, with a projected EBITDA growth of 11.8% in 2024 [2]. - The return on equity (ROE) for 2023 was 11.8%, with expectations for gradual improvement in the coming years [2][8]. - The company's total assets reached 50.55 billion CNY in 2023, with a debt-to-asset ratio of 48.3%, indicating a decrease of 3.48 percentage points year-on-year [1][8].

造纸Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 生产经营保持稳健，持续推动林浆纸一体化 l ongyj@ccnew.com 0371-65585753 ——太阳纸业(002078)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2024-04-10) 发布日期：2024年04月11日 收盘价(元) 15.41 事件： 一年内最高/最低(元) 15.41/10.26 公司发布2023年年度报告。2023年全年实现营业收入395.44亿元，同 沪深300指数 3,504.71 比下降0.56%，归母净利润30.86亿元，同比增长 9.86%，扣非归母净利润 市净率(倍) 1.65 30.27 亿元，同比增长 9.22%；经营活动产生的现金流量净额 66.17 亿元， 流通市值(亿元) 426.07 同比增长73.07%；基本每股收益1.10元；加权平均净资本收益率12.59%， 基础数据(2023-12-31) 同比+0.84pct；拟向全体股东每10股派发现金红利3元(含税)。 每股净资产(元) 9.32 其中2023Q4，公司实现营业收入103.42亿元，同比增长2.13%，归母 每 ...

公司报告 | 年报点评报告 太阳纸业（002078） 证券研究报告 2024年04月 11日 投资评级 林浆纸一体优势凸显，23提高分红，业绩预计延续靓丽 行业 轻工制造/造纸 6个月评级 买入（维持评级） 当前价格 15.5元 公司发布2023年报 目标价格 元 23Q4收入103亿，同比+2%；归母净利润9.5 亿，同比+75.5%，环比+7.2%； 扣非净利润9.4亿，同比+75.6%，环比+8.6%。 基本数据 23年收入395.4亿，同比-0.6%；归母净利润30.9亿，同比+9.9%；扣非净 A股总股本(百万股) 2,794.57 利润30.3亿，同比+9.2%。 流通A股股本(百万股) 2,764.88 A股总市值(百万元) 43,315.88 23年公司利润逐季改善，超额完成股权激励目标；24年以来浆纸同涨，预 流通A股市值(百万元) 42,855.66 计公司盈利延续靓丽。 每股净资产(元) 9.32 23年分配现金红利8.4亿，分红比例约27%（15-22年为10-20%），较前期 资产负债率(%) 48.26 有所提升。 一年内最高/最低(元) 15.78/10.20 浆纸系：自给浆优势 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7][12] Core Views - The company's 2023 annual report meets expectations, showcasing strong profitability resilience and the continued advantages of its integrated supply chain [4][7] - The company achieved a revenue of 39.544 billion yuan in 2023, a slight decrease of 0.6% year-on-year, while net profit attributable to shareholders increased by 9.9% to 3.086 billion yuan [4][5] - The report highlights the successful release of new production capacity, particularly in cultural paper and household paper, contributing to revenue growth despite declines in certain product categories [4][6] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 10.342 billion yuan, a year-on-year increase of 2.1% and a quarter-on-quarter increase of 4.9% [4] - The company declared a cash dividend of 3 yuan per 10 shares, totaling 838 million yuan, with a dividend payout ratio of 27.2%, up by 7.3 percentage points from 2022 [4][5] Revenue Breakdown - The paper manufacturing segment generated 29.982 billion yuan in revenue, up 8.1% year-on-year, with sales volume reaching 6.66 million tons, a 19.6% increase [4][6] - The revenue from the pulp segment decreased by 23.8% to 7.259 billion yuan due to significant price declines in pulp products [4][6] Profitability Metrics - The company's gross margin for 2023 was 15.9%, an increase of 0.7 percentage points year-on-year, with a net margin of 7.8%, up 0.8 percentage points [4][6] - The report anticipates continued improvement in profitability for 2024, driven by rising pulp and paper prices [6][7] Future Outlook - The company plans to expand its planting area in Laos, aiming for an annual increase of 10,000 to 12,000 hectares, which will support its long-term growth strategy [7] - The projected net profit for 2024 is 3.607 billion yuan, reflecting a year-on-year growth of 16.9% [5][7]

业绩符合预期，盈利逐季改善 太阳纸业（002078.SZ）/轻工 证券研究报告/公司点评 2024年4月10日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及估值 市场价格：15.05元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 39,767 39,544 44,003 46,314 48,630 分析师：张潇 增长率yoy% 24% -1% 11% 5% 5% 执业证书编号：S0740523030001 净利润（百万元） 2,809 3,086 3,612 3,932 4,231 Email：zhangxiao06@zts.com.cn 增长率yoy% -5% 10% 17% 9% 8% 每股收益（元） 1.01 1.10 1.29 1.41 1.51 分析师：邹文婕 每股现金流量 1.37 2.37 1.78 2.13 2.41 执业证书编号：S0740523070001 净资产收益率 12% 12% 13% 12% 12% Email：zouwj@zts.com.cn P/E 15 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of 39.544 billion yuan and a net profit attributable to shareholders of 3.086 billion yuan for 2023, showing a year-on-year change of -0.56% and +9.86% respectively [1][2]. - The company is expected to see a net profit of 3.711 billion yuan in 2024, representing a year-on-year growth of 20.3% [2][3]. - The company has a strong competitive advantage in the paper industry through diversified product offerings and a pulp-paper integration strategy, which contributes to its excess profits [2][3]. Financial Summary - For 2023, the company achieved a revenue of 39.544 billion yuan, with a slight decline of 0.6% year-on-year. The gross profit margin was 15.9% [3]. - The net profit attributable to shareholders for 2023 was 3.086 billion yuan, reflecting a growth of 9.9% year-on-year [3]. - The company's asset-liability ratio decreased to 48.26% in 2023, down by 3.48% from the previous year [2][3]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.33 yuan, with a price-to-earnings (P/E) ratio of 11.6 times based on the closing price on April 10, 2024 [2][3]. Production Capacity and Expansion - As of the end of 2023, the company has a total production capacity of approximately 7.3 million tons for paper products and 5 million tons for pulp [2]. - The company is set to increase its production capacity with new projects, including a 1 million ton corrugated paper project and a 150,000 ton household paper project in Nanning [2].