Shanying Paper (600567): Net profit improvement per ton of tons can be expected

Shanying Paper (600567): Net profit improvement per ton of tons can be expected

Investment Highlights The company released its semi-annual report for 19 years: it reported a major revenue of 111.

70 billion (-6.

56%), net profit attributable to mother 9.

25 billion (-45.

77%), deducting non-net profit 8.

0.5 billion (-45.

79%); of which the second quarter achieved revenue of 59.

5.3 billion (-8.

90%), net profit attributable to mother 4.

6.7 billion (-57.

56%), deducting non-net profit 4.

6.1 billion (-53.


Q2 deducted non-net profit rose month-on-month, and performance growth was in line with expectations.

Deducting non-single ton profits increased month-on-month, and the Nordic Paper business was beautiful: The company’s overall sales of raw paper were 221.

34 average (-3.

11%), of which Nordic Paper sold 13.

84 constant (+0.

01%), Liansheng Paper sold 38.

55 constants (+0.

11%); achieve packaging sales of 5.

8.8 billion square meters (+0.


We expect the company to achieve 119 raw paper sales in Q2.

25 inches (-2.

04%), sales of corrugated board cardboard boxes 3.

0.8 billion square meters (-3.

75%); It can be calculated from this that the net profit per ton of the papermaking business of the company in 19Q2 is 365 yuan / ton (about 440 yuan / ton in 19Q1), and the net profit of non-single ton is 360 yuan / ton (about 330 yuan / ton in 19Q); of whichThe net profit of the non-single-tonne deduction of the headquarters + Liansheng is expected to achieve 311 yuan / ton (19Q1 approximately 263 yuan / ton), and the Nordic Paper’s single-ton net profit of 1329 yuan / ton (19Q1 approximately 1125 yuan / ton);The single-ton profit improved slightly from the previous month, and the advantages of Nordic Paper’s pulp and paper integration continued to stand out.

As of August 31, the market prices of cardboard and corrugated paper reached 3860 yuan / ton (earlier -15).

03%), 3208 yuan / ton (early and early -15.

(04%) is in the bottom area, and it is expected that the price of paper will be boosted by the coming peak season.

The spread of internal and external waste has widened, and the cost advantage continues to lead: As of August 30, 19, the single-ton price of national waste was 2,059 yuan, while the average price of external waste was 1,109 yuan, continuing the downward trend from the beginning to the present.

The replacement by the previous solid waste management center shows that, to 19H1, the company’s waste outside the top 9 has been continuously approved for 90.

In terms of 20, we estimate that the ratio of external waste to national waste use is about 5: 5, which results in the company’s cost advantage over peers.

Taking into account the continuous restrictions on external waste, the price difference between national waste prices and external waste is expected to continue, and the company’s cost advantage will continue to stand out.

At the first level of this report, the company’s 12-insert recycled pulp production line in the United States Phoenix Paper started technical transformation; it reached 30 renewable pulp supply agreements with strategic partners through innovative cooperation models.

By the end of the year, the company will add a total of 42 supplementary recycled pulp resources, which can ensure the company’s supply of high-quality recycled fibers in the future with further tightening of external waste quotas.

The capacity expanded against the trend and the epitaxial compaction accumulated. The company continued to deepen the capacity layout. In the first half of the year, the central China papermaking base was completed and put into operation. The capacity of containerboard was nearly 600 tons, ranking among the top three in the industry. The company has regeneration in North America, Europe, Australia and other placesFiber annual 450 tons of fiber with efficient recycling and logistics capabilities (including domestic recycling network, the annual recovery volume reaches 660 tons), has a special pulp and paper production capacity in the Nordic region totaling 50 tons, the subsidiary Phoenix Paper Industry in the United States can provide 36 initialPulp paper and 12 initial recycled pulp production capacity, the company also reached 30 initial recycled pulp supply agreements with strategic partners.With the initial release of production capacity, the company is expected to increase its market share and consolidate its leading scale.

The gross profit margin was slightly under pressure, and the expense ratio increased during the reporting period: due to the decrease in the number of products, the company’s comprehensive gross 杭州夜网论坛 profit margin was 20.

36%, a decline of 2 per year.


The expense ratio rose to 13.

63% (+3.

73pct), in which the management and R & D expense ratio is 7.

25% (+4.

04pct), mainly due to the company’s replenishment of Dutch WPT and Phoenix Paper related and management staff expenses increased, sales expense ratio3.

86% (+0.

30pct), financial expense ratio 2.

51% (-0.

62pct), mainly due to the increase in interest income in the current period compared with the previous period, and the decrease in exchange losses compared to the previous period.

Reduced operating cash flow and stable operating capacity: The company’s operating net cash flow.

4.8 billion (-77.

38%), mainly due to the decrease in cash received from sales of goods and labor services in the current period.

The company’s accounts 无锡夜网 receivable decreased by 3 compared with the beginning of the year.

03% to 33.

3.2 billion, accounts receivable turnover days 46.

71 days, an increase of 7 over the same period.

In 9 days, the inventory increased by 9 earlier.

24% to 27.

4.0 billion, 52 days of inventory turnover.

4 days, 2 more than the previous period.

Within 74 days, accounts payable increased by 40 from the beginning of the year.

57% to 38.

6.6 billion, with accounts payable turnover days of 62.

39 days, an increase of 10 over the previous period.

69 days, 36 net operating cycles.

72 days, 0 less than before.

05 days.

Establish an industrial interconnected ecological platform and strengthen the competitiveness of the company: The company held cloud printing technology in the first half of the year, and gradually built a harmonious symbiotic, mutually beneficial and win-win industrial interconnected ecological platform.

Through the operation and integration of Yunyin Micro for the Internet open platform, the company’s resources and platform partners have been shared, relying on the company’s existing recycled fiber acquisition capabilities, its papermaking capacity in strategic locations, and its customers’ self-reliance.Have packaging factory design and delivery capabilities, and serve regional markets together with platform partners to achieve more open and efficient integration of industry resources; achieve market verification of the paper industry’s data-based play, and use SAAS data tools as carriersPlatform partners to enhance the regional influence of the company and its partners.

Profit forecast and investment grade: The company’s revenue is expected to be 226 in 19-21.



9.2 billion (six years-6.

9% / + 17.

2% / + 15.

8%), net profit attributable to mother 19.16/20.


6.1 billion (previously -40.

2% / + 9.

3% / + 17.

5%), corresponding to PE of 7.

32x / 6.

70 times / 5.

70X, maintain “Buy” rating!

Risk warning: downstream demand continues to be weak and raw material prices fluctuate significantly.