山鹰国际：2024年中报业绩预告点评：盈利修复，多措并举维护信心

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [11] Core Views - The company expects a significant increase in net profit for the first half of 2024, projecting a range of 90 to 140 million, representing a year-on-year growth of 133% to 150% [1] - The company is actively pursuing cost reduction and efficiency improvements, with a focus on optimizing operational funds, leading to a projected 20% decrease in management and sales expenses year-on-year for the first half of 2024 [8] - The company plans to leverage the traditional consumption peak season in the second half of the year to enhance the utilization rate of new production capacity, which is expected to further improve profitability [2] Financial Performance Summary - The company forecasts a net profit of 56 million, 94 million, and 118 million for the years 2024, 2025, and 2026 respectively, with a downward adjustment from previous estimates [10] - The company reported a production capacity increase, with raw paper production reaching 3.4195 million tons in the first half of 2024, a year-on-year increase of 13.59% [1] - The company is in the process of selling its stake in Nordic Paper, which generated revenues of 3.18 billion and profits of 300 million in 2023 [3] Asset Management and Strategic Moves - The company is actively working on asset disposals to enhance investor confidence and stabilize its stock price, including the introduction of strategic investors to its subsidiaries [9][19] - The company has signed a framework agreement to transfer 51% of its wholly-owned subsidiary, generating an expected cash inflow of approximately 2 billion from the transaction [19] Market Outlook - The company anticipates a recovery in its paper manufacturing business in the second half of the year, with new production capacity continuously being released [10] - The report highlights a balanced growth in production and sales, with a production-sales ratio of 101.31% [1]