The hottest structural excess pressure paper compa

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Structural excess pressure paper companies compete to integrate and issue additional shares

under the situation of sluggish demand, rising raw materials and falling prices in the first three quarters of this year, the structural excess in the paper industry is particularly prominent. Facing the overall unfavorable situation of performance growth in the fourth quarter, listed companies in the paper industry have made moves one after another, either actively introducing strategic investors, accelerating the pace of integration and transfer of low-grade paper production lines, or supporting private placement to improve cash flow

the paper industry is divided into many varieties. In recent years, the equipment flow range is 15 ~ 140 g/s. The prosperity of white cardboard used for high-end packaging and rigid daily use demand is relatively good, while coated paper, writing paper and paper are affected by the change of reading habits, and the production capacity is relatively surplus. The deformation accuracy of low-end production lines has become the focus of industry integration and elimination. Yesterday, Chenming Paper (000488) announced that it planned to transfer 20% equity of Chibi Chenming, 100% equity of Xianning Chenming and 31% equity of Chibi Chenming held by its holding subsidiary for 175million yuan. The industry believes that the transfer of the medium and low-grade writing paper production line, on the one hand, the company is to integrate resources and focus on the development of high-end products, on the other hand, it is intended to recover cash flow to improve the year-end financial pressure

since the third quarter, Chenming paper has not only transferred and integrated the company's equity. Recently, Fujian Light Textile Holdings, the controlling shareholder of Fujian Nanzhi (600163), transferred its equity by publicly soliciting the transferee. The industry believes that the move of Light Textile Holdings is intended to introduce strategic investors for listed companies and support the company's bamboo and wood fiber projects in terms of capital and technology. Previously, in September, Shanghai Lvxin (002565) and Annie shares (002235) transferred their equity in the paper company, Annie shares predicts that the transfer will increase the pre tax investment income of the consolidated statements by about 4.5 million yuan to 5 million yuan, which will have a positive impact on the business performance in 2011

in fact, in the third quarter of this year, the operating revenue and net profit of the paper industry were not ideal, both from a month on month and year-on-year perspective. Juyuan data statistics show that in the third quarter, the operating revenue and net profit of 23 listed companies in the paper industry (Shenwan industry classification) increased by 50.92% and 21.13% respectively year-on-year, but the growth rate of operating revenue slowed down by nearly 5 percentage points year-on-year, and the growth rate fell by nearly 50 percentage points month on month. The net profit and the pilot extension of electrical and electronic products producers decreased by 18 percentage points year-on-year, and the growth rate also plummeted by nearly 60% month on month in the first half of the year

unlike the sharp rise in raw materials from the third quarter of last year to the first half of this year, which led to the overall decline in the gross profit margin of the industry, since the third quarter of this year, although the prices of raw materials such as pulp have fallen significantly, the paper price has also begun to fall, and the gross profit margin of the industry as a whole has fallen again; In addition, the vast majority of Listed Companies in the paper industry are also facing an adverse situation of increasing inventory turnover days and debt ratio

from the operating cash flow data, although the industry as a whole has improved over the first half of the year, the improvement is not obvious. According to the data of the third quarter report, among the 23 listed companies in the paper industry in the first three quarters of this year, only 10 companies such as Huatai Co., Ltd. (600308), Sun Paper (002078), Meili Paper (000815) and Bohui paper (600966) have improved their net operating cash flow quarterly, and among the 10 listed companies, sun paper has a relatively good account recovery quality. According to the quarterly data, the net cash flow from operating activities of sun paper in the third quarter was 1.56 times the net income from operating activities, while the proportion was only 0.68 in the same period of last year. Faced with the continuous pressure of cash flow, since the second half of this year, four companies have announced additional issuance plans, including Yueyang forest paper (600963), Chenming paper, Cairn (002012) and Guanhao high tech (600433)

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