山鹰国际：2024年中报点评：吨盈利稳步提升，资产处置如期推进

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved revenue of 14.255 billion and a net profit attributable to shareholders of 1.14 billion in the first half of 2024, reflecting a year-on-year increase of 3.69% and 141.89% respectively [1]. - The increase in production capacity is driving revenue growth, with the company’s main products experiencing price fluctuations due to supply exceeding demand in the domestic market [1]. - The company is actively managing costs and expenses, leading to improved profitability, with gross margin and net margin increasing by 0.12 and 3.05 percentage points respectively [1]. - The company is enhancing its production capacity and optimizing regional capacity layout, with expectations for improved profitability in the second half of 2024 due to seasonal demand [1]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 14.255 billion and a net profit of 1.14 billion, with a significant increase in net profit attributable to shareholders [1]. - The company’s production and sales of raw paper reached 3.4195 million and 3.4643 million tons respectively, with year-on-year increases of 13.59% and 17.1% [1]. - The average selling price of domestic raw paper decreased by 6.58% year-on-year in H1 2024 [1]. Cost Management - The company’s gross margin and net margin improved due to effective cost control, with gross margin at 8.79% and net margin at 0.62% in H1 2024 [1]. - The management expense ratio decreased primarily due to a reduction in labor costs [1]. Production Capacity and Utilization - The company’s production capacity utilization rate increased to 98% in Q2 2024, contributing to a significant rise in profit per ton [1]. - The company is expected to enhance its domestic paper production capacity to approximately 8 million tons per year with new projects coming online [1]. Future Outlook - The company forecasts net profits attributable to shareholders of 5.1 billion, 10.2 billion, and 16.0 billion for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12X, 6X, and 4X [2][5].