The profit of the paper industry achieved leapfrog

2022-08-01
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The profit of the paper industry achieved a leap forward growth in the third quarter.

the profit in the third quarter achieved a leap forward growth. According to the latest research information, the current monthly net profit of key companies has increased significantly. We estimate that the performance of the third quarter is about the sum of the previous two quarters. It is mainly due to the highest gross profit margin + the largest sales volume, that is, on the one hand, the use of low-level raw materials effectively cut costs, while the sharp rise in paper prices has significantly rebounded the gross profit margin to the annual high. On the other hand, with the steady increase of operating rate, the sales volume has reached saturation

the gross profit margin of the main business may fall in the fourth quarter, but it will still be higher than that in the first and second quarters. On the one hand, after the holiday effect, the momentum of paper price rise is weakened. On the other hand, after consuming the low-level raw materials stored in the early stage, the cost of raw materials will rise in the fourth quarter, and the gross profit margin may fall due to the two factors. However, since the price of paper has risen significantly compared with the previous two quarters, and the cost will also be lower than that of the first half of the modified plastics. The modified plastics have been favored by home appliance manufacturers for years because of their light weight, large degree of design freedom, low manufacturing cost and excellent performance. Therefore, we judge that the organic degradation of plastics has always been a technology painstakingly studied by scientists. Although the gross profit margin fell in the fourth quarter, it will still be higher than that in the first and second quarters

at present, the rise of paper price has accelerated and the sales volume has rebounded comprehensively. In this case, it is an indisputable fact that the performance of the third quarter rebounded sharply. However, we believe that this is a common feature of the industry. The biggest difference among individuals comes from their cost control. In the current market with large fluctuations, it is manifested in the reserve of low-cost raw materials. The larger the reserve, the greater the flexibility of the third quarter performance. Therefore, companies with large low-level raw material reserves and certain valuation advantages should be arranged

according to the data, the discount rate index of key companies Pb relative to CSI 300 has dropped recently, but it is still above the historical average level of 40%, which has certain advantages. From the perspective of PE, if Yueyang paper, which has a strong recent trend and is obviously separated from the industry and other mainstream companies, is excluded, the PE valuation advantages of the four key companies in Shandong are also very prominent

sun paper and Huatai are recommended. Our calculation results show that the performance elasticity of the two companies in the third quarter is large. Sun paper mainly benefits from the advantages of coating white paper, coated paper and other paper with improved mechanical efficiency and the sufficient reserve of low-level raw materials; In addition to benefiting from the reserve of low-level waste paper, Huatai's gross profit margin rebounded sharply in the third quarter, and its chemical business will also become a big surprise in the year. PE of the two companies is currently at a low level

risk factors: the repeated boom of the industry makes the sales volume unable to continue to rise or even decline again

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