Workflow
产业逐步迎来复苏
600966SDBH(600966) 天风证券·2024-05-09 05:30

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1]. Core Insights - The company reported a revenue of 18.7 billion in 2023, a year-on-year increase of 2%, while the net profit attributable to shareholders was 1.8 billion, a decrease of 20%. The adjusted net profit was 1.2 billion, down 45% [1][3]. - In Q4 2023, the company achieved a revenue of 5 billion, marking an 11% increase, and a net profit of 275 million, which is a significant increase of 171% [1]. - The gross margin for Q1 2024 was 13.3%, up 18 percentage points year-on-year, while the net margin was 2.3%, an increase of 14 percentage points [2]. - The company is adjusting its profit forecast for 2024-2026, expecting net profits of 690 million, 870 million, and 1.13 billion respectively, with corresponding P/E ratios of 11, 9, and 7 [3]. Financial Performance Summary - In 2023, the company’s revenue from white paperboard was 11.9 billion, down 9%, with a gross margin of 11%, a decrease of 3 percentage points. The sales volume was 280 thousand tons, an increase of 9% [7]. - Cultural paper revenue was 4.2 billion, up 106%, with a gross margin of 13%, an increase of 5 percentage points, and sales volume of 84 thousand tons, up 125% [7]. - The revenue from boxboard paper was 1.8 billion, down 11%, with a gross margin of 5%, an increase of 3 percentage points, and sales volume of 54 thousand tons, up 7% [7]. - The company’s total assets decreased from 22.78 billion in 2022 to 22.18 billion in 2023, while total liabilities also decreased from 16.26 billion to 15.51 billion [11]. Market Dynamics - The demand for cultural paper remains stable, supported by educational materials and other consistent needs. The market for boxboard paper is facing challenges due to high import levels and weak demand in the real estate sector [2][8]. - The company is focusing on innovation across all aspects of its operations, including product design and raw material procurement, to adapt to market conditions [3].