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研報掘金丨中金:維持太陽紙業“跑贏行業”評級,目標價18元隱含32%上行空間
格隆匯 02-27 15:58

中金公司研報指出,太陽紙業(002078.SZ)4Q24紙價低迷+溶解漿搬遷,業績環比略降。看好1-2Q25業績環比改善。此外考慮到二季度為文化紙招投標旺季、同時公司預計4 月完成溶解漿搬遷工作,看好2Q25公司量價利環比修復。值得一提的是,公司此次搬遷、技改或將充分利用廣西北海區域優勢,成本層面(尤其是木片環節)有望實現進一步下降,同時技改亦有望提升產銷量水平。中長期看,看好公司憑藉更明確的成本優勢、更優質的管理層、更健全的產品體系,擁有長期超額收益表現。維持“跑贏行業”及目標價18元,目標價對應2025-26 年P/E為15x、14x,隱含32%上行空間。

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