研報掘金丨羣益證券(香港):暫予太陽紙業“區間操作”建議,看好其經營韌性持續優於同業
羣益證券(香港)研報指出,自9月以來,國內紙品市場呈現“旺季不旺”的態勢,多數紙品價格並未改善。儘管闊葉漿價有所下滑,但內需不足仍是當前核心矛盾,這也更為考驗紙企的經營韌性。而太陽紙業(002078.SZ)作為國內造紙龍頭企業,在林漿紙一體化方向上佈局多年,穿越週期能力將優於同類企業。截至目前,公司山東、廣西和老撾三大基地漿紙總產能超1200萬噸,並且紙漿自供率達60%左右,隨着未來林漿紙產能的進一步提升,看好公司經營韌性持續優於同業。考慮到當前需求尚未修復,暫給予公司“區間操作”的投資建議。
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