Source: Glonway
The McGee Barber report said that Nine Dragons Paper issued a profit warning. It is expected that the net profit for the period ending last year will be no less than 2.4 billion yuan (the same below), down 45% year-on-year, in line with the bank's expectations. The bank estimates that sales in the first half of the fiscal year were 7.55 million tons, which means a profit of 316 yuan per ton. The bank said that due to the weak export of paper manufacturers, the price of mainland containerboard dropped sharply from November to December, causing a large amount of inventory to be transferred to the upstream, thus dragging the profit per ton of paper to 200 yuan.
However, the bank expects the paper price to have room for improvement after the New Year. The main reason is that the Sino-US trade war has potential solutions, the mainland consumer recovery, and the downstream paper makers gradually replenish the goods, driving the profit per ton of paper to rebound from the end of December to 150-200. Renminbi. The profit of this line of paper stock per ton ranges from 350-380 RMB. The main paper mill is planning to raise prices by 50 to 100 RMB per ton of paper after the New Year, which will be a short-term catalyst.
Macquarie said that with the accelerated integration of the industry, it is expected that the market share of Nine Dragons Paper will increase and the bargaining power will be strong. The bank believes that Nine Dragons Paper's profit per ton of paper can be maintained at 350 to 400 ports in the long run.
Editor in charge: Xia Jing
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