Performance review of China's paper listed compani

The performance review of Chinese paper listed companies in the first half of 2001 and the outlook for the second half of 2001

at present, there are 18 relatively pure paper listed companies in Shenzhen and Shanghai. The recovery of the international paper industry after more than two years in the first half of 2001 has basically ended. Affected by this, the price of domestic paper products began to feel the pressure of the market in the second quarter of 2001. Therefore, in the first half of this year, compared with the same period last year, although some companies have new production lines and market sales have increased to a certain extent, the growth of profits is not ideal. On the whole, in the first half of 2001, two of the 18 listed paper companies lost money, with a total net profit of 486.06 million yuan, an increase of 5.5% over the same period last year of 460.67 million yuan; At the same time, due to the expansion of equity, the average supply of high-performance products in this sector will allow market participants to establish a key differential advantage, and earnings per share will fall from 0.1182 yuan to 0.1025 yuan

in terms of classification, the overall performance of cultural paper enterprises decreased from 184.95 million yuan last year to 174.41 million yuan in the first half of this year, a decrease of 5.7%. The main reason is that the performance of silver dove investment has increased from a profit of 5.43 million yuan in the first half of 2000 to a loss of 20.37 million yuan in the first half of this year. Secondly, the decline of Chenming Paper's profit also has a certain negative impact on the decline of the overall performance of the cultural paper company in the first half of this year

the paper company with the most serious decline in performance, although Yibin Paper turned losses into profits, the performance of Jilin paper fell too much, and Fujian Nanping Paper also fell by a certain margin, which eventually led to a sharp decline in the overall performance of paper listed companies. The total net profit decreased from 135 in the middle of 2000, but if we have repaired 890000 yuan to 105.44 million yuan in the middle of 2001, the range was 22.4%

the best situation is the packaging listed companies, especially Dongtai holdings and Changjiang holdings. Due to the successful asset restructuring, the performance increased significantly in the first half of this year, and the loss of Jiazhi shares also decreased. Finally, the medium-term net profit of the whole packaging listed company increased from 139.73 million yuan in 2000 to 206.21 million yuan in the first half of 2001, an increase of 47.6%

in order to better understand and grasp the business pulse of paper companies, here we will briefly analyze the paper market situation in the past two to three years. International background

it can be said that this round of recovery of the paper industry started from the international market and has lasted for more than two years, that is, the pulp price has gradually rebounded from the beginning of 1999 and led to the rise of global paper prices. Correspondingly, the price of finished paper has also increased significantly. The prices of paper, coated paper for high-end books and periodicals printing, and Coated Whiteboard for gift high-end packaging have all increased by more than 30%. However, by the fourth quarter of 2000, the inventory of pulp and the momentum of production and supply had exceeded the demand. By the second quarter of 2001, the high international pulp prices began to decline significantly after maintaining for several months. The price of finished paper also fell to a certain extent. Therefore, it can be said that the growth phase of this cycle has ended. Domestic background

due to the impact of foreign imported paper and the incompatibility between domestic economic development and the relative backwardness of the paper industry, the domestic paper industry did not integrate with the international market in time. At the early stage of the recovery of the international market, it was still busy digesting its own bad assets. It was only at the end of 1999 and the beginning of 2000, almost a year later than the international market, that it began to be significantly affected by the rise in the price of international pulp and paper products, Since 2000, it has shown a strong growth momentum. Not only the output of paper products has increased significantly, but also the price has increased by about 15%. By the end of 2000 and the first quarter of 2001, the price was hovering at a high level. Entering the second quarter, the price of pulp and some paper products fell significantly. Price trend and profit analysis in the second half of the year

the price trend of domestic paper industry is affected by the reduction of international market prices. From 294.2 in the second quarter of 2001, some products began to sell at reduced prices. It is expected that the price reduction of polyvinyl butyral film will begin on a larger scale from July, but it should be noted that the price reduction was carried out under the condition of a sharp rise last year, although its impact is mainly reflected in the second half of the year, But in the whole year, due to the change of product structure, the company's performance, even if it has declined, is very slight, and will not cause substantial fluctuations. Therefore, we cannot overestimate the future profit growth of the paper company. It is certain that the profit growth of the company will not increase linearly with the expansion of production scale