Category: Money tips Release Date: 2006-12-08
== == This wonderful REVIEW 1,2005 years of paper industry review
2,2006 years of paper industry outlook
3, a listed company investment strategy
4, focusing on company performance prediction and Brief
2005 National Paper 1-10 month sales 317.1 billion yuan, increased 27.1% over last year with a profit of 13.8 billion, compared with 17.0% same period last year. Profit growth below revenue growth, mainly due to raw materials, transportation costs squeezed margins.
In 2006 the paper industry opportunities and challenges. From the overall development of the industry point of view, the next few years growth in demand for paper products will be synchronized with the national economic development. At the same time increased competition will lead to the industry differentiation. Product mix and capacity size of the differences, is to accelerate leading to differentiation of the various companies within the industry. Is expected in 2006 will be an important opportunity to shuffle paper industry, the market competition pattern will be sufficient competition to oligopolistic competition, targeted at high-end products, have the advantages of scale, cost control ability, in the new round of competition will eventually win.
Policy environment encourage enterprises bigger and stronger. Up to five years of the coated paper, newsprint, and unbleached kraft linerboard has already started. In this policy, under the protection of the paper industry will be relatively relaxed competitive environment, some have the resources and scale advantages of paper listed companies are expected to continue to receive high-speed growth. Pulp prices are expected in 2006 due to high costs and maintain the current level. The major domestic paper prices will continue to show a downward direction, but the decline was slightly reduced. Raw materials, energy prices and rising transportation costs led to the paper products manufacturing enterprises to increase competitive pressure. Differentiation will be necessary corporate profits. Advantage of the cost of paper-making enterprises by strengthening management and improve self-sufficiency rate of the pulp to enhance competitiveness, and gradually complete the important task of industry consolidation.
The introduction of advanced equipment, investment in new production lines, expanding the production scale will be the key to future growth in corporate profits. At present, the Chenming Paper, China and Thailand shares, Shanying and a number of listed companies are under construction or new production projects. Expected future performance growth will be significantly improved.
Compared to the same trade with foreign countries, the domestic paper price-earnings ratio is low by industrial companies, investment value appear. We Chenming Paper, China and Thailand shares and Shanying give "recommended" rating.
1, 2005 Paper Industry Review
(1) paper prices have failed to synchronize with the rising cost of
Nearly a decade, the domestic consumption of paper and paperboard is higher than China's average annual growth rate of GDP growth rate as the world's second-largest paper consuming country and produce power. Statistics show that in 1991 -2001 years, the industry average annual growth of 8.8%, following since 2002, the paper industry showed accelerated for several years, revenue and profits rose by more than 15%, mainly due to a number of companies actively introduce advanced equipment the investment product line, leading to the expansion of production scale and product mix improved. 2005 National Paper 1-10 month sales revenue 317.05 billion yuan, increased 27.1% over last year with a profit of 13.79 billion yuan, increased 17.0% over the same period last year. Profit growth below revenue growth, mainly due to raw materials, transportation costs, squeezing profit margins.
The price, and pulp and paper prices have failed to sync up. The major paper and pulp from the domestic price movements of view, 1-October, pulp prices rose 6.1%, to 4691 yuan / ton, while the coated paper, newsprint, and white cardboard prices have been reduced 2.9%, 2.0%, and 3.0%. The same time, transport, energy costs, decline in profitability of the enterprises. Listed companies, the average gross margin and net interest margin showed a downward trend.
(B) the performance of listed companies to split the overall margin decreased significantly
In 2005 the first three quarters, paper plates listed company's main business revenue and core profit grew 24.8%, respectively, and 13.5%, net profit growth of -10.4% year on year. The cost of pulp prices, transport costs and energy prices eroded profit margins increase. Overall gross profit margin fell from last year's 20.6% to 18.6%.
Clear differentiation of performance of listed companies. Of which net profit growth of the larger companies in Fujian Nanping Paper, Paper, etc. exchange Yingetouzi and Bo. Fujian Nanping Paper due to the disposal of assets led to significant increase in net profit. Yingetouzi, Bohui Paper, Chenming Paper production due to new projects or significant growth in net profit reached capacity allows. China and Thailand shares and Shanying as product price increases and cost control, proper net profit up 23.1% and 52.5% growth.
2, 2006 Prospect of the paper industry a total of 4 1 [2] [3] [4]
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