Main line 1: pattern optimization, the strong will always be strong
Jason Furniture (Hangzhou) Co.Ltd(603816) : Software + customization integration leader, retail transformation + supply chain efficiency improvement, smooth long-term share promotion path, high-quality consumer goods assets.
Shandong Sun Paper Co.Ltd(002078) : Guangxi projects have been put into operation one after another. The new base has higher efficiency, smooth production capacity investment and efficiency improvement, and is on the left side of high-quality cycle growth.
Shanghai M&G Stationery Inc(603899) : the short-term demand is disturbed, but the long-term growth logic is not broken, the market share is improved smoothly, the channel is the leader, and the medium-term investment value is significant.
Xianhe Co.Ltd(603733) : special paper is the absolute leader, entering the high-speed expansion period of setting production by sales, with superior growth and outstanding benefits.
Main line 2: profit inflection point, bottom reversal
Shenzhen Yuto Packaging Technology Co.Ltd(002831) : the scale effect & benefit continues to improve, the marginal downward trend of base paper price is obvious, and the profit margin is expected to rise, making a white horse.
Dream Lily: multiple factors suppress the profit performance, wait for the profit performance after the suppression factors contact, and export-oriented high-quality assets on the left.
Zhejiang Walrus New Material Co.Ltd(003011) : PVC flooring has strong downstream demand, outstanding R & D advantages, continuous development of new customers & increased share of old customers and flexible varieties. It is recommended to pay attention to them.
Main line 3: new tobacco, stars and sea
SIMORE International: the atomization leader with high barriers, the continued high prosperity of overseas demand, the landing of Chinese policies, the market is gradually clear, and is optimistic about the medium-term growth.
Huabao International: taste is a comprehensive service provider, which has the strength of whole cigarette production; In 2022, overseas production capacity will be put into operation, opening the first year of internationalization.
Other targets of China Tobacco: the main business provides safety margin and new business contribution increment, such as Shenzhen Jinjia Group Co.Ltd(002191) .
Risk tip: the policy regulation is stronger than expected, the recovery of social zero data is not as expected, the industry competition is intensified, and the price of raw materials fluctuates sharply
