Depth * Company * Sun Paper (002078): The scale of the project expands steadily in Laos
The company released its 2018 annual report: the report was consolidated and the company achieved revenue of 217.
800 million, +15 a year.
2%, net profit attributable to mother 22.
4 trillion, same as +10.
5%, attributed to the mother deducted non-net profit 22.
1 ‰, +8 a year.
Among them, 18Q4 achieved revenue of 56.
600 million, ten years +9.
1%, net profit attributable to mother 4.
4 trillion a year -32.
9%, deducted non-net profit 4
3 trillion, -36 a year.
The company plans to distribute a cash dividend of 1 yuan (including tax) 天津夜网 to all shareholders for every 10 shares.
Key points of the support level Revenue has expanded steadily, and new capacity releases have contributed to the increase.
In 2018, the company’s revenue was +15 for ten years.
2%, of which, Q1 / Q2 / Q3 / Q4 revenue are separated by +14.
3% / + 26.
8% / + 12.
5% / + 9.
1%, different paper price trends in 17/18, leading to improved profits in the second half of the year; profit of paper sales 297, an increase of 6.
5%, pulp sales volume 103 initially, an increase of 27 per year.
In terms of categories, the company’s double adhesive paper, coated paper, cardboard, and dissolving pulp are +22, respectively.
2% / + 10.
4% / + 17.
5%, revenue accounted for 33.
1% / 18.
4% / 12.
1% / 14.
5%, +1 each time.
5% / + 0.
3%, the release of new production capacity of double adhesive paper and dissolving pulp, these parts of business are growing fast.
The profitability has fallen at a high level, and it is expected to rebound quarter by quarter in 19 years.In a single quarter, the company’s Q1 / Q2 / Q3 / Q4 gross profit margins were 27.
5% / 26.
4% / 23.
1% / 17.
3%, +4 per year.
6%, due to the decline in paper prices in the second half of the year, the original trend is relatively strong, and the gross profit margin has shown a downward trend quarter by quarter. It is expected to remain low in the first quarter of 1919, and then replace the production capacity of 10 chip wood pulp and 40 semi-chemical pulp in order, andIn the second half of the year, Laos’ waste and waste paper pulp will be put into operation. The company’s raw material structure will continue to be optimized. The cost side will be effectively controlled. 160 tons of packaging paper raw material supply will be maintained. The gross profit margin will show a trend of rising quarter by quarter.
The manufacturing capacity has been steadily improved, and the Laos project has progressed smoothly.
In 18 years, the company implemented more than 320 energy-saving transformations, which effectively reduced the ton pulp / paper. At the same time, it further promoted the intelligent and automated transformation of the workshop. The company was awarded the “National Green Factory” honorary title.
The Laos project progressed smoothly.
The company intends to incorporate the implementation of the old cement project into its company’s plan, and has more preferential policies in terms of land franchising and benchmarking. The 120 mm papermaking project of the old cement is the company’s strategic focus and is expected to be completed within 2-3 years.
With the continuous tightening of the waste paper import policy, the significance of the strategic commanding heights of overseas bases will gradually emerge.
It is estimated that due to the continuous weak trend of paper prices since Q4 of 18, we lowered the company’s earnings for 2019-2021 to 0.
20 yuan (previous forecast was 1.)
260 /-yuan), an annual increase of 3.
1% / 16.
0% / 16.
4%, corresponding to PE8 in 2019.
The company implements the “Four Three, Three, Three” strategy, scales up steadily, overseas projects are progressing smoothly, and the ability to obtain raw materials is restored and strengthened. We are optimistic about the tightening of raw material imports, and the 重庆耍耍网 company’s leader is more stable.
The main risks facing the rating Laos projects are not progressing smoothly and the overcapacity of the industry is exacerbated.