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研報掘金丨信達證券:預計太陽紙業Q4進入新增產能釋放週期 漿紙見底、成長性延續

信達證券研報指出,漿紙價格底部企穩,6-7月預計震盪爲主。Q3末-Q4初太陽紙業南寧基地項目有望逐步落地,15萬噸生活用紙+40萬噸特種紙+100萬噸箱板紙+50萬噸漿分批投產,底層利潤年化擡升約5億+元。此外,老撾木片砍伐節奏26-27年起有望加速,且我們預計26-27年木片價格提升,26年太陽底層利潤有望達35億元。該行預計4、5月太陽紙業經營環比穩健改善,6月盈利略有走弱,Q2利潤預計環比平穩(Q18.9億元),Q3預計環比Q2基本穩定,Q4進入新增產能釋放週期、預計盈利環比改善。重點關注。

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