研報掘金丨中泰證券:太陽紙業林漿紙一體化優勢逐步凸顯,維持“買入”評級
中泰證券研報指出,文化紙節後提價函密集發佈。2月10日,太陽紙業、五洲特紙、玖龍紙業、金光集團、華勁集團等均發佈文化紙提價函,提價幅度爲200元/噸。預計3-4月出版招標季紙價有望繼續上行;紙漿端平均成本下行,太陽紙業(002078.SZ)25Q1文化紙盈利環比改善;25Q2預計兗州溶解漿搬遷項目完成,溶解漿產量環比增加,貢獻增量利潤。認爲公司25H1盈利改善確定性較強,行業中小紙廠虧損持續行業格局有望改善;中長期看,公司林漿紙一體化優勢逐步凸顯,截至23年末公司老撾基地林地種植保有面積已經達到6萬公頃,成本優勢將進一步擴大;公司漿紙產能持續擴張,推動公司業績增長。維持“買入”評級。
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