The hottest Nine Dragons Paper industry expands pa

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Nine Dragons Paper expanded its paper production capacity and strengthened the vertical integration of the industrial chain

release date: B. sample data: provide users to set all sample data sources: economic link China Station

Nine Dragons Paper announced its performance for the fiscal year ended June 30, 2020. Its annual sales increased by 8.5% over the fiscal year 2019, hitting a new high of about 15.3 million tons, mainly driven by the increase of 1.2 million tons in China's business sales. The group achieved a sales revenue of 51.341 billion yuan at the beginning of the experiment, a decrease of 6%, mainly due to the decline of 13.4% in the price of products. The main source of the group's sales revenue is still packaging paper (including paperboard, high-strength corrugated core paper and coated gray whiteboard), accounting for 86.7% of the sales revenue, while the remaining 13.3% of the sales revenue comes from cultural paper, high-priced specialty paper and pulp products. By region, the group's revenue continues to be mainly from the Chinese market (especially the paperboard and high-strength corrugated core paper business); Chinese consumption related sales revenue accounted for 89.3% of the group's total sales revenue, while the remaining 10.7% of sales revenue was overseas sales revenue sold to customers in other countries

* affected by the epidemic, the profit attributable to shareholders decreased by 17% *

the profit attributable to group shareholders was 4.168 billion, an increase of 7.5%; The gross profit margin increased by 2 percentage points from 15.6% to 17.6%, mainly due to the fact that the cost of waste paper raw materials fell much faster than the price of products. If compared with the first half of the year, the sales revenue in the second half of the year was 2.25 billion, a decrease of 21.9% compared with the first half of the year; The profit attributable to shareholders was 1.89 billion, a decrease of 17% over the first half of the year, mainly due to the impact of the new-type pneumonia epidemic in the first quarter of this year. China and even the global economy were hit, and the supply chain and demand were seriously distorted

in fiscal year 20, the group increased the papermaking capacity by 950000 tons in Shenyang and Quanzhou, and produced recycled pulp in new sites in Malaysia. As of June 30 this year, the total design annual production capacity of pulp and paper of the group in the world was 17.32 million tons (including 16.47 million tons of papermaking, 850000 tons of recycled pulp and hardwood pulp). The group will continue to expand its paper production capacity. In the second half of this year, a total of 1.1 million tons of paperboard will be added in Hebei and Dongguan, while the annual production capacity of 550000 tons of packaging paper in Malaysia is expected to be put into production before the second quarter of 2022. In addition, the group also plans to increase 1.2 million tons of bags in Hubei pulp and paper base by the end of 2022, which will lead to satisfactory growth; Annual paper loading capacity

it is estimated that after the completion of the above projects, the group's total design annual papermaking capacity will reach 19.32 million tons

* plans to open up domestic and foreign alternative raw material supply channels *

on the other hand, the group will continue to strengthen the vertical integration of the industrial chain. With the implementation of the zero quota import waste paper policy in 2021, the gap in the supply of high-quality waste paper will expand. In order to make up for the raw material gap, strengthen the quality and quantity of raw materials and ensure the production cost advantage, the group has invested capital expenditure to adjust the raw material structure and open up alternative raw material supply channels at home and abroad. At present, it has an annual production capacity of 150000 tons of wood pulp and 700000 tons of recycled pulp overseas. In addition, it is actively preparing its first pulp and paper integration project in Jingzhou, Hubei Province, which is expected to include a wood pulp production line with an annual capacity of 600000 tons. In addition, it is also planned to increase the annual production capacity of 600000 tons of wood pulp in Shenyang. It is expected that the total design annual production capacity of hardwood wood pulp and recycled pulp of the group will exceed 2million tons by the end of 2022

* it is recommended to buy below 9, with a target of 10 *

the Group acquired the business of downstream packaging plants in fiscal year 20 to produce corrugated board and cartons, so as to play a synergistic effect. In the future, the group plans to add packaging facilities in Chengdu and Chongqing packaging plants, as well as develop new customers and high value-added products, in order to speed up the improvement of overall operating efficiency and contribute to profits. While actively expanding production capacity, the group also continued to reduce debt. Its outstanding loans decreased by 5.021 billion from 31.308 billion on June 30, 2019 to 26.287 billion on June 30, 2020, and the net debt to total equity ratio decreased from 59.2% to 5. The software operation is simple by 0.5%. Based on the basic earnings per share of 0.89 yuan, the current price past performance P/E ratio is about 9.35 times. If it is adjusted below 9, it can be absorbed, looking up at 10, and the corrosion stop position is 8.45

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