23Q2 毛利率2.66%，同比/环比-14.77/-7.34pct，净利率-8.4%，同比-15.79/-8.62pct。23Q2 公司销售费率/管理费率/研发费率/财务费率1.1%/3.1%/5.9%-0.3%，同比+0.001/+0.72/+1.45/+0.05pct。存货方面，截至2023 年6 月末，公司存货同比2022 年末增加21.71%，其中库存商品增长130.78%，原材料库存减少7.59%，当前高价浆影响基本释放完毕，低价浆入库将显著降低生产成本，7 月以来社会白卡、食品卡、转印纸等发布提价函，各纸种整体止跌并有小幅回升，看好下半年旺季需求加速回暖。The company issues semi-annual report 2023. 23H1 achieved revenue of 3.449 billion yuan, year-on-year-9.6%, return-50.32 million yuan, year-on-year-133.65%, deducted non-return net profit-59.83 million yuan, year-on-year-141.15%. 23Q2 achieved revenue of 1.823 billion yuan, year-on-year / month-on-month ratio-12.91%, + 12.18%; homing net profit-58.26 million yuan, year-on-year / month-on-month ratio-152.35% qure 833.96%; deduction of non-homing net profit-66.9933 million yuan, year-on-year / month-on-month ratio-160.48% amp 1034.83%.
23Q2 paper price and some kinds of paper demand under pressure. In the first half of the year, the price of wood pulp overfell and the price of paper was adjusted accordingly, and the price of thermal transfer paper was under pressure. High-grade coated white cards: domestic demand has recovered weakly, exports have declined slightly, and the company's tobacco white card market accounts for nearly 25%. In the first half of the year, the corresponding packaging QR code is printed and equipment is generally updated, which has a great impact on the demand stage, but the total demand is stable. The certainty of later repair is strong.
Cost pressure will improve significantly in the second half of the year, and if prices stabilize and rebound, it will bring obvious flexibility. 23H1's gross profit margin is 6.12%, year-on-year-10.01pct, net margin-4.34%, year-on-year-10.25pct.
23Q2 gross margin 2.66%, year-on-year / month-14.77/-7.34pct, net margin-8.4%, year-on-year-15.79/-8.62pct. 23Q2 company sales rate / management rate / R & D rate / financial rate 1.1% Universe 3.1% Universe 5.9% Rue 0.3%, year on year + 0.001/+0.72/+1.45/+0.05pct. In terms of inventory, by the end of June 2023, the company's inventory increased by 21.71% compared with the end of 2022, of which the inventory of goods increased by 130.78%, and the inventory of raw materials decreased by 7.59%. The impact of current high-price pulp has basically been released, and the storage of low-price pulp will significantly reduce production costs. since July, social white cards, food cards, transfer paper and other price increase letters have been issued, and all kinds of paper have stopped falling and rebounded slightly. It is optimistic that demand will pick up in the second half of the peak season.
It is proposed to buy back 200-400 million yuan, showing confidence at the bottom. The company issued a pre-plan to buy back shares on July 29, with its own funds to buy back the company's shares, with a total amount of not less than 200 million yuan and no more than 400 million yuan, and is expected to buy back 4000-80 million shares. At the same time, the new production capacity continues to increase, 300000 tons of high-grade coated white cards and 60,000 tons of specialty paper will be put into production in May and December, respectively, and the long-term 612000-ton pulp line will open room for growth. It is estimated that the company's 2023-2025E homing net profit is 361 million yuan, 544 million yuan, respectively, compared with the same period last year,-6.8%, + 50.9%, + 23.1%, corresponding to PE 18.5X/12.26X/9.96X respectively, maintaining the "buy" rating.
Risks suggest that raw material prices have risen sharply, production capacity has fallen short of expectations, and market competition has intensified.
