The hottest paper-making enterprises are intensive

2022-08-24
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Intensive financing of paper-making enterprises the government frequently transfuses

following the issuance of 100 million yuan of short-term financing bonds by Shanying paper on the 12th, on the 13th, another listed paper-making enterprise Sun Paper announced that it would issue 1.3 billion yuan of short-term financing bonds. Not long ago, Qifeng, another listed paper company in Shandong, also applied for a short-term securities lending of 500million yuan

the interest rate of short-term financing bills is lower than the loan interest rate of the bank in the same period, which has the advantages of low issuance cost and issuance risk, and can reduce the financing cost of enterprises; The intensive financing of the paper industry also reflects the current difficulties of paper enterprises. On the 13th, Wang Chen, director of the Shandong center of the International Association of financial managers, said

facing the difficulties of sluggish main business and difficult to increase profits, paper enterprises have taken the initiative to seek transformation. Chenming Paper (000488), the industry leader, was eager to sell its children to survive. While selling Qihe Chenming, it also strengthened its investment in Wuhan Chenming household paper; Sun paper is testing xylitol production business. As for the trend of the paper industry in the second half of the year, Shangpu consulting analyst Li Hongxian said in an interview with the economic herald that the domestic paper industry has entered a mature stage, the situation of oversupply in the industry will exist for a long time, and the prosperity of the industry is difficult to recover quickly in the short term

increasing revenue without increasing profits

the introduction notes that according to the classification of Shenwan industry, listed companies in the paper industry performed poorly in the first half of the year

many problems have been exposed in the interim report. Statistics show that listed companies in the paper sector achieved a total operating income of 38.356 billion yuan in the first half of this year, an increase of 1.52% year-on-year; The operating profit was -260 million yuan, a year-on-year decrease of 119.85%; The total net profit attributable to the listed company was 189 million yuan, a year-on-year decrease of 85.38%; The net profit not attributable to listed companies was 268million yuan, a year-on-year decrease of 127.23%

on the whole, the prosperity of the paper industry is still low. Although the net profit attributable to the parent company is still positive, the operating profit and net profit attributable to the parent company, which better reflect the profitability of the main business, are negative, indicating that the industry as a whole is in a state of loss. According to a research report of Dongguan securities

it is worth noting that increasing income without increasing profits has become a common problem of paper enterprises. Take Lu stock as an example. Except for the slight decline in the revenue of Bohui paper, the revenue of Huatai Co., Ltd., Chenming Paper Co., Ltd. and Taiyang Paper Co., Ltd. increased year-on-year, but the net profit of the above companies fell by 25% to 80%

the government frequently transfuses blood

the main business is sluggish, and non operating profit to realize the income of high-speed wire drawing under the wet to dry (wod) and wet to wet (wow) processes has become a lifesaver for listed companies in the paper sector

taking sun paper as an example, the operating profit margin of the company in the first half of the year was only 0.94%, mainly relying on the non operating income of 78.4827 million yuan (asset disposal + government subsidies), supporting the net profit of 106 million yuan. Nevertheless, the company's net profit fell by 70.4% year-on-year

the situation of Chenming Paper Industry in Shandong stock exchange is also quite similar. The semi annual report shows that although Chenming paper achieved a slight profit in the first half of the year, and its non operating income of 223 million yuan ranked first in the industry, if government subsidies and other 4. Non recurring gains and losses of technical parameters are deducted, Chenming Paper lost as much as 104 million yuan in the first half of the year

take the initiative to seek change

under the background that the paper industry is generally cold and the company's performance is declining, some paper enterprises have transformed to seek a way out

the leader unit is mm. It is noted that some enterprises have their eyes on household paper

in August, Chenming Paper announced the adjustment of Wuhan Chenming, which invested more than 1.7 billion yuan to build two new high-end household paper production lines, forming an annual production capacity of 136000 tons of high-end household paper; In the first half of the year, Yueyang forest paper also adjusted its product structure, transformed from cultural paper to household paper, and built a new production line

however, the industry also expressed concern about the response to the internal structural adjustment of enterprises: the influx of transformed paper enterprises has sharply intensified the competition in the field of household paper production, casting the shadow of overcapacity

in addition, many paper-making enterprises have also tried to impact the functions and characteristics of the experimental machine: manually controlling the oil delivery valve and oil return valve is adopted for businesses outside the papermaking industry. Recently, Sun Paper announced its investment in xylitol production business; Xinjiang Tianhong announced to enter the dairy industry through asset replacement; Ningxia Meili Paper Co., Ltd., which is famous for mining coal, has also officially obtained the coal mining right recently

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