We estimate that the company’s EPS for 2019-2021 will be 1.44 yuan japan property agency, 1.78 yuan, and 2.48 yuan, respectively. The current stock price corresponding PE is 16X, 13X, 9X. We believe that the company has established a clear advantage in building materials and ceramics japan property agency. Risk warning: downside risks to the real estate boom; increased competition in the industry; and less-than-expected channel expansion japan property agency. 3. Shanying Paper: Waiting for the packaging paper industry to recover Shanying Paper was established in 1999 and listed on the Shanghai Stock Exchange in 2001 japan property agency. China’s top ten light industry paper manufacturers, packaging paper production ranked third in the country japan property agency. In the future, the company will take a forward-looking attitude, seize the changes in industry, national situation and the times japan property agency, and follow the path of “optimizing product quality, opening up the industrial chain, and constructing an industrial ecology”, and enjoy the industry concentration and increase dividends. In 2018, the company realized operating income of 24.367 billion yuan, a year-on-year increase of 39.48%; net profit attributable to mothers was 3.204 billion yuan, a year-on-year increase of 59.04%. Under the pressure of weak demand performance in the first three quarters of 19, the company’s advanced equipment and technology combined with the company’s scale advantage have established an industry benchmark system for operational excellence, which has brought significant industry cost leadership. In 19 years, weak demand led to a sharp decline in revenue growth. Some SMEs withdrew from backward production capacity and withdrew from the market. The concentration of the industry continued to increase. The company as a leading company has obvious cost advantages and strong transfer ability. We expect the company’s paper product revenue growth rate to be 10.00% in 2019-2021, which is a good leader in the long run. It is expected that the company’s recycled fiber revenue growth rate will be 10.00%, 9.50%, and 9.00% in 2019-2021. 2. Assumption of gross profit margin: Raw paper production has scale advantages and product structure advantages. As one of the largest containerboard paper production companies in the country, the company has a leading domestic and overseas recycled fiber procurement network and supporting logistics channels. In the context of the tightening of the state’s import policy on waste paper, the company is still able to effectively protect the supply of raw materials. The core technology has reached the international advanced level, and the company’s future performance is expected to maintain steady development. We estimate that the company’s EPS for 2019-2021 will be 0.65 yuan, 0.83 yuan, and 1.02 yuan, respectively. The current stock price corresponding PE is 5X, 4X, 3X. The valuation of comparable companies in the paper industry is 9 times. 7 Risk analysis Real estate business downside risks. Household light industry is a post-real estate industry, which lags real estate sales by 8-10 months. If the real estate boom is lower than expected, it will affect the passenger flow and order acceptance situation of the home furnishing company, and thus affect the overall prosperity of the home furnishing industry.
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