证券代码：002078 证券简称：太阳纸业 公告编号：2025-005 山东太阳纸业股份有限公司 关于提请股东大会授权董事会制定2025年中期分红方案的公告 （三）中期分红的金额上限 公司在2025年度进行中期分红金额不超过当期归属于上市公司股东净利润的100%。 一、2025 年中期分红安排 （一）中期分红的前提条件 公司在2025年度进行中期分红的，应同时满足下列条件： 1、公司当期归属于上市公司股东的净利润为正，且累计未分配利润亦为正数； 2、公司的现金流能够满足正常经营活动及持续发展的资金需求。 （二） 中期分红时间 公司计划于2025年下半年实施2025年中期分红方案。 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。 山东太阳纸业股份有限公司（以下简称"公司"）根据《中华人民共和国公司 法》、《上市公司监管指引第3号——上市公司现金分红》、《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》等相关法律、法规、规范性文件及 《公司章程》的规定，为进一步提高分红频次，增强投资者回报水平，结合公司实际 情况，公司董事会提请股东大会授权董事 ...

太阳纸业（002078）公告，2024年营业收入407.27亿元，同比增长2.99%。归属于上市公司股东的净利 润31.01亿元，同比增长0.50%。向全体股东每10股派发现金红利3元(含税)，送红股0股(含税)，不以公 积金转增股本。 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [7]. Core Views - The company is a leading player in the integrated forestry-pulp-paper industry in China, showing resilience with revenue and profit growth despite industry pressures in 2024. The recovery in cultural paper prices is expected to enhance profitability in 2025 [7]. - The company has a robust production capacity and a strong integrated supply chain, which positions it well for future growth as the market for cultural paper improves [7]. - Earnings forecasts suggest a gradual increase in net profit from 31 billion RMB in 2024 to 38 billion RMB in 2026, with corresponding EPS growth [9]. Summary by Sections Company Overview - The company operates in the light industry manufacturing sector, with a current A-share price of 14.90 RMB as of March 28, 2025, and a market capitalization of 413.52 billion RMB [2]. Recent Performance - In 2024, the company achieved a revenue of 407.39 billion RMB, a year-on-year increase of 3.02%, and a net profit of 31.26 billion RMB, up 1.29% year-on-year [7]. - Despite a challenging market, the company’s revenue and profit grew, showcasing its operational strength [7]. Market Conditions - The paper industry faced price declines in various segments, with double glue paper and copper plate paper prices dropping by 8.7% and 6.3% respectively in 2024. However, the company managed to grow its financials [7]. - Cultural paper prices are expected to rise in 2025 due to supply constraints and strong pricing intentions from producers [7]. Production Capacity - The company has a total production capacity exceeding 12 million tons, with significant investments in new production lines planned to support future growth [7]. Financial Projections - The company is projected to achieve net profits of 31 billion RMB, 35 billion RMB, and 38 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.1 RMB, 1.3 RMB, and 1.4 RMB [9]. - The current A-share price corresponds to a P/E ratio of 13 times for 2024, indicating a favorable valuation compared to future earnings growth [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 40.739 billion yuan for 2024, reflecting a year-on-year growth of 3.0%. The Q4 revenue was 9.764 billion yuan, down 5.6% year-on-year, primarily due to pressure on pulp prices. The net profit attributable to the parent company for 2024 was 3.126 billion yuan, a year-on-year increase of 1.3% [6][7] - The company is expected to see sequential improvement in H1 2025, driven by a recovery in cultural paper prices and a favorable demand environment [6][7] Financial Data and Profit Forecast - Total revenue (million yuan): - 2023: 39,544 - 2024E: 40,739 - 2025E: 43,591 - 2026E: 49,729 - Year-on-year growth rate (%): - 2024E: 3.0% - 2025E: 7.0% - 2026E: 14.1% - Net profit attributable to the parent company (million yuan): - 2024E: 3,126 - 2025E: 3,537 - 2026E: 4,164 - Earnings per share (yuan/share): - 2024E: 1.12 - 2025E: 1.27 - 2026E: 1.49 - Gross margin (%): - 2024E: 16.8% - 2025E: 16.7% - 2026E: 16.5% - Return on equity (ROE %): - 2024E: 11.0% - 2025E: 11.5% - 2026E: 12.3% [2][6][7] Market Data - Closing price (yuan): 14.32 - Market capitalization (million yuan): 39,742 - Price-to-earnings ratio (PE): - 2024E: 13 - 2025E: 11 - 2026E: 10 - Dividend yield (%): 2.09 [3][6] Company Strategy and Outlook - The company is advancing its integrated forestry-pulp-paper strategy, with plans to increase plantation areas in Laos and expand production capacity in various locations, which is expected to support future growth [7] - The diversified product portfolio is designed to mitigate cyclical disruptions, and the company is positioned to benefit from cost advantages and operational optimizations in its production processes [7]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is expected to see a revenue increase of 3% year-on-year in 2024, reaching 40.74 billion yuan, with a net profit of 3.13 billion yuan, reflecting a growth of 1.3% [1] - The growth in 2024 is attributed to the effective release of new production capacity and improvements in the sales volume of paper products, alongside continuous optimization of raw material procurement and management costs [1] - The company has announced a price increase for paper products, which is expected to enhance profitability in the upcoming quarters [2] - The company is expanding its production capacity and integrating its supply chain by increasing its upstream operations, particularly in Laos, which is expected to strengthen cost advantages [3] Financial Data Summary - Revenue for 2024 is projected at 40.74 billion yuan, with a growth rate of 3.02% [4] - The net profit for 2024 is estimated at 3.13 billion yuan, with a slight increase of 1.3% [4] - The company’s EBITDA for 2024 is expected to be 6.77 billion yuan [4] - The earnings per share (EPS) for 2024 is projected to be 1.12 yuan [4] - The price-to-earnings (P/E) ratio for 2024 is estimated at 12.69 [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is expected to see a revenue increase of 3% year-on-year in 2024, reaching 40.74 billion yuan, with a net profit of 3.13 billion yuan, reflecting a growth of 1.3% [1] - The growth in 2024 is attributed to the effective release of new production capacity and improved management of raw material procurement costs [1] - The company has successfully expanded its production capacity and is integrating its supply chain by increasing its upstream operations in Laos [3] Financial Performance Summary - For Q4 2024, the company anticipates a revenue of 9.76 billion yuan, a decrease of 5.6% year-on-year, and a net profit of 670 million yuan, down 29.7% [1] - The company’s EBITDA for 2024 is projected to be 6.77 billion yuan, with a slight decrease from the previous year [4] - The earnings per share (EPS) is expected to be 1.12 yuan in 2024, with a projected increase to 1.24 yuan in 2025 [4] Price Trends and Market Conditions - The company has implemented a price increase of 200 yuan per ton for its products in March, coinciding with seasonal demand [2] - The average price for boxboard and corrugated paper in early 2025 is reported at 3680 yuan and 2859 yuan per ton, respectively, showing an increase from Q4 [2] Capacity Expansion and Strategic Initiatives - The company’s first phase of high-end packaging paper production and chemical wood pulp production lines in Guangxi have reached stable production [3] - The company plans to trial production of additional high-end packaging paper lines by the end of 2025, further enhancing its production capabilities [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve total operating revenue, net profit attributable to the parent company, and net profit after deducting non-recurring gains and losses of 40.739 billion, 3.126 billion, and 3.263 billion yuan respectively in 2024, representing a year-on-year increase of 3%, 1%, and 8% [2][4]. - In Q4 2024, the company is projected to achieve total operating revenue, net profit attributable to the parent company, and net profit after deducting non-recurring gains and losses of 9.764 billion, 667 million, and 672 million yuan respectively, showing a year-on-year decline of 6%, 30%, and 29% [2][4]. - The report anticipates a continuous upward trend in profits for Q1 and Q2 of 2025 due to several factors including price increases for cultural paper, rising pulp prices, and the expected resumption of production at the relocated dissolving pulp production line [10][10]. Summary by Sections Financial Performance - The company reported a total operating revenue of 39.544 billion yuan in 2023, with projections of 40.739 billion, 42.727 billion, and 47.229 billion yuan for 2024, 2025, and 2026 respectively [14]. - The net profit attributable to the parent company for 2023 was 3.086 billion yuan, with forecasts of 3.126 billion, 3.638 billion, and 4.208 billion yuan for the following three years [14]. Market Outlook - The industry is expected to enter a significant upward cycle over the next 2-3 years, with limited new production capacity anticipated after H1 2025, alongside a clear expectation of price increases for pulp and paper due to demand recovery [10][10]. - The company plans to increase its planting area by over 10,000 hectares in 2024 and an additional over 10,000 hectares in 2025, which is expected to enhance wood chip profit contributions [10].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company's performance in 2024 met expectations, with total revenue of 40.739 billion yuan, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 3.126 billion yuan, up 1.3% year-on-year [1] - The fourth quarter saw a revenue of 9.764 billion yuan, down 5.6% year-on-year, and a net profit of 667 million yuan, down 29.7% year-on-year, indicating a challenging market environment [1] - Despite the downturn in paper prices, the company maintained stable profitability, with underlying profit logic continuing to expand moderately [1] Summary by Sections Revenue and Profitability - In 2024, the company achieved total revenue of 40.739 billion yuan, with a year-on-year growth of 3.0% [1] - The net profit attributable to shareholders was 3.126 billion yuan, reflecting a year-on-year increase of 1.3% [1] - The adjusted net profit was 3.263 billion yuan, showing a year-on-year growth of 7.8% [1] Price Trends and Cost Analysis - In Q4 2024, the average price of double glue paper and copper plate paper decreased by 4.0% and 2.0% respectively, while the average price of boxboard and corrugated paper increased by 1.1% and 5.2% respectively [2] - The cost of low-priced pulp was affected by global shipping efficiency, leading to delays in inventory [2] - The report anticipates a recovery in pulp and paper profitability due to price increases and cost improvements [2] Capacity Expansion and Project Development - By the end of 2023, the company's total capacity exceeded 12 million tons, with pulp and paper capacities reaching 5 million tons and 7.14 million tons respectively [3] - The Nanning project is progressing steadily, with various phases of production expected to commence in 2025 [3] - The company plans to invest in additional production lines for specialty paper and chemical pulp, indicating a robust growth trajectory [3] Financial Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 3.13 billion yuan, 3.61 billion yuan, and 4.16 billion yuan respectively, with corresponding P/E ratios of 12.5X, 10.9X, and 9.4X [3]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company's performance in 2024 met expectations, with total revenue of 40.739 billion yuan (up 3.0% year-on-year) and a net profit attributable to shareholders of 3.126 billion yuan (up 1.3% year-on-year) [1] - In Q4 2024, the company reported revenue of 9.764 billion yuan (down 5.6% year-on-year) and a net profit of 667 million yuan (down 29.7% year-on-year), indicating a challenging market environment [1] - The report highlights that despite a downturn in the pulp and paper price cycle, the company maintained stable profitability and continued to expand its underlying profit margins [1] Summary by Sections Revenue and Profitability - The company achieved total revenue of 40.765 billion yuan in 2024, with a year-on-year growth rate of 3.1% projected for 2025 [4] - The net profit attributable to shareholders is expected to grow to 3.605 billion yuan in 2025, reflecting a 15.2% increase from 2024 [4] - The gross profit margin is projected to be 16.0% in 2024, slightly improving to 15.6% in 2025 [4] Price Trends and Cost Management - The report notes a mixed performance in paper prices, with double glue paper and copper plate paper prices decreasing by 4.0% and 2.0% respectively in Q4 2024 [2] - The company anticipates a recovery in pulp and paper profitability due to price increases and cost improvements, with a 60 USD increase in broadleaf pulp prices expected in Q1 2025 [2] Capacity Expansion and Project Development - By the end of 2023, the company had a total capacity exceeding 12 million tons, with pulp and paper capacities reaching 5 million tons and 7.14 million tons respectively [3] - The report outlines several ongoing projects, including the trial production of 150,000 tons of household paper in Nanning and the planned construction of additional specialty paper production lines [3] Financial Forecast - The company’s net profit is projected to reach 4.156 billion yuan by 2026, with corresponding price-to-earnings ratios of 12.5X, 10.9X, and 9.4X for the years 2024, 2025, and 2026 respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Views - The company is expected to see profit improvement in the first half of 2025, driven by price increases in cultural paper and a decrease in average costs of pulp [6]. - The company's integrated operations in forestry, pulp, and paper are expected to enhance cost advantages, with significant land holdings in Laos [6]. - The report projects revenue growth for the company, with estimated revenues of 40,739 million yuan in 2024, 42,694 million yuan in 2025, and 44,444 million yuan in 2026, reflecting a growth rate of 3%, 5%, and 4% respectively [3][6]. Summary by Sections Basic Information - Total shares outstanding: 2,794.54 million - Circulating shares: 2,775.31 million - Market price: 13.62 yuan - Market capitalization: 38,061.57 million yuan [1]. Financial Performance - The company achieved a revenue of 39,544 million yuan in 2023, with a slight decline of 1% from the previous year, and is projected to grow to 40,739 million yuan in 2024 [3]. - The net profit attributable to shareholders was 3,086 million yuan in 2023, with a year-on-year growth of 10%, and is expected to reach 3,125 million yuan in 2024 [3]. - Earnings per share (EPS) are projected to be 1.12 yuan in 2024, increasing to 1.20 yuan in 2025 [3]. Market Trends - The report notes that the cultural paper prices have recently hit historical lows but are expected to recover following price increase notices issued after the Spring Festival [6]. - Pulp prices have shown signs of recovery, with recent increases of 20 USD per ton from major suppliers, indicating a potential stabilization in the market [6]. Investment Recommendations - The report suggests that the company’s profitability is likely to improve in the first half of 2025, with ongoing expansion in production capacity contributing to revenue growth [6]. - The long-term outlook remains positive due to the company's strategic advantages in the integrated supply chain of forestry, pulp, and paper [6].