Industry perspective:
(1) papermaking, packaging and printing: 1) wood pulp paper type: the demand for white cardboard in China is still slightly weak, and the paper enterprises are willing to support the price. Cultural paper leading enterprises have strong willingness to raise prices, and the price of wood pulp remains high due to the continuous fermentation of news factors. From the perspective of wood pulp fundamentals, we believe that the impact of short-term disturbance factors on pulp price is temporary, and will return to the reasonable price level determined by supply and demand in the long term, with limited impact on the profitability of paper enterprises. Recommended wood pulp faucet [ Shandong Sun Paper Co.Ltd(002078) ] [ Shandong Bohui Paper Industry Co.Ltd(600966) ]. 2) Types of waste paper: the recent packaging demand is slightly weak, superimposed with the pressure of destocking, the price increase plan of leading paper enterprises is cancelled, and the price of box board / corrugated paper falls slightly month on month.
In the long run, large factories continue to strengthen the construction of national waste channels, improve the control of yellow paperboard raw materials, and are expected to expand the market share in the rising cost of raw materials; In the early stage, the paper enterprises that distributed waste pulp overseas mastered the source of low-cost long fiber and enhanced their voice in the field of high-end box board paper. Recommend high-end carton board manufacturer [ Shandong Sun Paper Co.Ltd(002078) ] and carton board tap [ Shanying International Holdings Co.Ltd(600567) ] with good layout of external waste pulp. 3) Special paper: benefiting from the rapid development of the downstream consumer industry, the performance flexibility of the sector is large, the recommended production capacity is released steadily, and the proportion of high gross profit products is increased [ Xianhe Co.Ltd(603733) ].
(2) furniture: the peripheral environment improvement signal is clear and optimistic about the valuation and repair of leading enterprises. The central bank and other three ministries and commissions made it clear that the risk of individual real estate enterprises in the short term will not change the normal financing function of the market + the meeting of the Political Bureau of the CPC Central Committee proposed the construction of affordable housing + the central bank lowered the reserve requirement and released about 1.2 trillion yuan of long-term funds + the subsidy policy for furniture and home decoration to the countryside, laying the foundation for the improvement of the peripheral environment of the industry. Recommend high-quality targets that are suppressed by adverse factors in the industry in the early stage and highlight the current valuation advantages, such as strong brands and products α Attribute [ Oppein Home Group Inc(603833) ] [ Suofeiya Home Collection Co.Ltd(002572) ] [ Zbom Home Collection Co.Ltd(603801) ] [ Goldenhome Living Co.Ltd(603180) ], multi brand & multi category matrix [ Jason Furniture (Hangzhou) Co.Ltd(603816) ] [Minhua holdings].
(3) personal care: domestic substitution & Channel fission & professional division of labor. The absorbent sanitary products industry welcomes new opportunities for development, recommends product innovation to lead the development of the industry, manufactures [ Hangzhou Haoyue Personal Care Co.Ltd(605009) ] with prominent advantages and intensive cultivation of independent brands, and upgrades channels [ Chongqing Baiya Sanitary Products Co.Ltd(003006) ].
(4) entertainment Jewelry: the industry has a strong consumption attribute. The consumption trend is gradually branded, and its development is closely related to the development of the overall economic level. It is optimistic about the stable development of traditional business, the stationery leader [ Shanghai M&G Stationery Inc(603899) ] gradually developed by kelip and boutique cultural innovation, and the jewelry leader [ Chow Tai Seng Jewellery Company Limited(002867) ] of “leading mode + first mover channel + brand marketing”. It is suggested to pay attention to the deep IP barrier, Continuous deepening of channel layout [bubble Mart].
(5) other light industries: in the post epidemic era, with the continuous evolution of LED and civil electrical industry pattern and the continuous fission of channels, the competitive strength of leading enterprises is prominent. It is recommended to have a strong terminal offline network layout, actively expand tob, e-commerce and other new channels, and continuously innovate [ Gongniu Group Co.Ltd(603195) ] and deeply cultivate [ Opple Lighting Co.Ltd(603515) ] in the field of LED lighting, and the industry demand has increased steadily, Valuation cost-effective [ Shanghai Rongtai Health Technology Corporation Limited(603579) ].
(6) new type of tobacco: the national standard of e-cigarette continues to be bred. The arrival of the national standard is expected to promote the industry into an era of orderly development and play a positive role in the development of the industry. Recommend the global electronic cigarette OEM leader [SIMORE international], which has the technical advantages of ceramic core and has the ability to continuously iterate, to provide R & D services for China Tobacco customers, and the continuous investment of its own brand [ Shenzhen Jinjia Group Co.Ltd(002191) ].
This week’s special focus – the performance prospect of the annual report of the light industry manufacturing industry in 2021. It is estimated that in Oppein Home Group Inc(603833) 2021, the net profit attributable to the parent company will be 2.72 billion yuan, a year-on-year increase of + 32%, and the net profit attributable to the parent company in Q4 alone will be 600 million yuan, a year-on-year increase of – 1%; Jason Furniture (Hangzhou) Co.Ltd(603816) in 2021, the net profit attributable to the parent company was 1.68 billion yuan, a year-on-year increase of + 99%, and the net profit attributable to the parent company in Q4 alone was 440 million yuan, a year-on-year increase of + 369%; Shandong Sun Paper Co.Ltd(002078) in 2021, the net profit attributable to the parent company was 2.98 billion yuan, a year-on-year increase of + 52%, and the net profit attributable to the parent company in Q4 alone was 210 million yuan, a year-on-year increase of – 64%%; Shenzhen Yuto Packaging Technology Co.Ltd(002831) in 2021, the net profit attributable to the parent company was 1.13 billion yuan, a year-on-year increase of + 1%, and the net profit attributable to the parent company in Q4 alone was 460 million yuan, a year-on-year increase of – 0.3%. Chenguang technology realized a net profit attributable to its parent company of 1.5 billion yuan in 2021, a year-on-year increase of + 19%, and a net profit attributable to its parent company of 380 million yuan in Q4 alone, a year-on-year increase of + 12%.
Reminder of lifting the ban on restricted shares: Shanghai Haishun New Pharmaceutical Packaging Co.Ltd(300501) (1039500 shares lifted on 2022.2.7) Runner(Xiamen) Corp(603408) (16856500 shares lifted on 2022.2.7) Wangli Security & Surveillance Product Co.Ltd(605268) (7380000 shares lifted on 2022.2.24) Shanghai Baosteel Packaging Co.Ltd(601968) (108840400 shares lifted on 2022.3.2) Zhang Xiaoquan Inc(301055) (1818800 shares lifted on 2022.3.7) Shanghai Ailu Package Co.Ltd(301062) (2672700 shares lifted on 2022.3.14) Sichuan Jinshi Technology Co.Ltd(002951) (333333300 shares lifted on 2022.3.15).
Risk tip: China’s real estate market sales are lower than expected, the global epidemic continues to spread, and the production capacity is lower than expected.
