23年业绩逐季改善，造纸龙头强者恒强

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of 39.544 billion yuan and a net profit attributable to shareholders of 3.086 billion yuan for 2023, showing a year-on-year change of -0.56% and +9.86% respectively [1][2]. - The company is expected to see a net profit of 3.711 billion yuan in 2024, representing a year-on-year growth of 20.3% [2][3]. - The company has a strong competitive advantage in the paper industry through diversified product offerings and a pulp-paper integration strategy, which contributes to its excess profits [2][3]. Financial Summary - For 2023, the company achieved a revenue of 39.544 billion yuan, with a slight decline of 0.6% year-on-year. The gross profit margin was 15.9% [3]. - The net profit attributable to shareholders for 2023 was 3.086 billion yuan, reflecting a growth of 9.9% year-on-year [3]. - The company's asset-liability ratio decreased to 48.26% in 2023, down by 3.48% from the previous year [2][3]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.33 yuan, with a price-to-earnings (P/E) ratio of 11.6 times based on the closing price on April 10, 2024 [2][3]. Production Capacity and Expansion - As of the end of 2023, the company has a total production capacity of approximately 7.3 million tons for paper products and 5 million tons for pulp [2]. - The company is set to increase its production capacity with new projects, including a 1 million ton corrugated paper project and a 150,000 ton household paper project in Nanning [2].