Zhongshun Jierou (002511)： Bamboo pulp and paper integration opens up profit space, employee shares show confidence
Zhongshun Jierou (002511): Bamboo pulp and paper integration opens up profit space, employee shares show confidence
Guide to this report: The company plans to invest in 30 integrated bamboo pulp and paper projects, which will increase the self-sufficiency rate of raw materials and increase profit margins.
The product structure has been continuously optimized, the channel layout has continued to expand, and short-term pulp prices have provided elasticity, and high growth performance can be expected.
Investment Highlights: Raise target price to 13.
48 yuan, maintaining a prudent overweight 合肥夜网 rating.
The company announced that it intends to invest in 30 integrated projects of bamboo pulp and paper. The improvement in the self-sufficiency rate of raw materials will help broaden the profitability.
In the long run, the company’s product structure has been continuously optimized, the channel layout has continued to expand, and high performance can be expected.
Maintaining the company 2019?
EPS is 0 in 2021.
56 yuan, giving 35 times PE in 2019, raise the target price to 13.
48 yuan, maintaining a prudent overweight rating.
It is planned to invest in 30 initial bamboo pulp and paper integration projects to increase the self-sufficiency rate of raw materials and expand profit margins.
The company’s production of raw material wood pulp is mainly imported from abroad. It has long faced international 重庆耍耍网 trade policies, global wood pulp supply and demand, and exchange rate changes.
The company plans to invest 40.
US $ 8.7 billion to build 30 initial bamboo pulp and paper integration projects, reducing intermediate subdivisions, increasing the company’s self-sufficiency rate of raw materials, and expanding the company’s profit margins.
The company will use “Sun” as the brand of tissue paper for this project. The raw material is bamboo pulp, which is conducive to the company’s industrial chain extension and the development of its dual-brand strategy.
The new draft of the employee shareholding plan was announced, and stakeholders have full confidence in the future development.
The company’s existing second-phase employee stock ownership plan, with a capital limit of 50 million yuan and no more than 80 participants, including 9 directors and supervisors, is expected to account for 56%.Household repurchase price is 8.
08 yuan / share.
Since 2015, the company’s employee incentive policy has been implemented smoothly. Constraints on upper and lower interests have driven continuous and rapid development of performance.
The channel layout continued to expand, and the downward cost elasticity of wood pulp prices appeared.
The company continuously adjusts its product structure and accelerates the promotion of key new products. It continues to improve its channel construction. KA / GT / AFH / EC and other comprehensive efforts have been made to expand the channel. The future development space is broad. The short-term pulp price decline continues to bring performance flexibility to the company.
Risk warning: less than expected demand, fluctuations in raw material and paper prices, and increased market competition