SUN PAPER(002078) 国联证券·2024-09-01 04:03Investment 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]