SHANYING INTERNATIONAL(600567) 民生证券·2024-11-02 04:42Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 73.47 billion yuan in Q3 2024, a decrease of 2.87% year-on-year, with a net profit attributable to shareholders of -0.45 billion yuan, reflecting a significant decline of 129.11% [2]. - The company is expected to enhance its domestic paper production capacity to approximately 8.12 million tons per year by 2024, consolidating its leading position in the industry [2]. - The company is actively managing its convertible bond repayment and has initiated asset divestiture plans to secure funds for repayment [2]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 216.02 billion yuan, with a net profit of 0.69 billion yuan, representing a year-on-year increase of 1.36% [2]. - The average price of boxboard paper in Q3 2024 was 2,994 yuan per ton, down 5.98% year-on-year, indicating pressure on both volume and price [2]. - The gross profit margin in Q3 2024 decreased to 5.73%, down 4.42 percentage points year-on-year, while the net profit margin was -0.99% [2]. - The company’s operating cash flow for Q3 2024 was 8.65 billion yuan, a decline of 24.48% year-on-year, primarily due to increased supply chain subsidy expenditures [2]. - The projected net profit for 2025 and 2026 is 8.0 billion yuan and 13.3 billion yuan, respectively, with corresponding PE ratios of 12X and 7X [2][3].