Paper for a quarterly test of the dual pressure of large deficits Pro – printing, paper, quarter – Printing Industry
Domestic economic recovery led Papermaking Enterprises out of Financial Crisis, "winter", recently published paper, and a quarterly corporate report confirmed this. But since late last year, a new round of price increases of raw materials and continuous release of new capacity, is testing the sustainability of paper corporate profits.
Paper losses for a substantial quarterly
Enterprises in a paper published quarterly, the operation of high-grade cultural paper of Meili Paper Industry (000815.SZ) the most significant increase in net profit increase of approximately 800% to about 800 million, followed by still Yueyang Paper (600963.SH), Bo Paper (600966.SH), Hengfeng Paper Co. (600356.SH), etc., in addition to Yingetouzi (600069.SH), Shanying (600567.SH) and other phase loss than the same period last year, the first quarter of this year recorded a surplus.
Most of these companies will "credit" given to them in the first quarter increase in production and sales, and the paper price of upgrading. Bo secretaries to directorate James Young told the paper, "First Financial Daily", their company's main product of white cardboard, a quarter had two price increases, price increase by more than 10% of the total expected net profit in the first quarter year on year increase of 50 % or more. Yueyang Paper Co. said that because Sell Increased and paper prices, the company's net profit increased 152.69 percent year on year to 33.86 million yuan.
In fact, the paper industry late last year has shown signs of improvement. Contraction in demand and inventory in the first half against the backlog, the domestic prices of most paper products at a lower status, but the second half of the chain the better, as demand recovery, papermaking enterprises have carried out several kinds of paper the number of second price increase, a substantial increase in profitability.
To King Hing Paper Products Kraft Liner Board, for example, in early 2009 fell to 2,000 yuan / ton historical low, after a brief recovery of up to fall again in May, made three years before the company's products Quarterly average prices have been at historic lows, from the fourth quarter, with the state policies to stimulate the economy produce an effect, the industry gradually bottom out with consumption and exports, cardboard prices began to rise significantly, to the last month of the year, market price has rebounded close to historic highs. This year more than 2008 high level.
Double pressure test However, the two main raw materials required for paper pulp and waste paper are soaring since late last year. Number of traders from the middle of a press officer that once imported wood pulp prices close to more than 8000 yuan / ton, the highest in five years the most; some of the main raw material waste paper such as newsprint, the U.S. spent on the 8th, cardboard waste 11, the main raw materials, the United States No. relatively short supply, the domestic spot price was 1,830 yuan / ton and 2,300 yuan / ton, respectively, the lowest point last year, up 46% and 100.3%, respectively, compared with the beginning of the year rose 14.4% and 39.3%.
Traders and manufacturers are increasing their inventory. Wang Feng of Guotai Junan industry analyst, "China's economic recovery in the global lead and becoming an international import wood pulp incremental largest country, is the main reason for higher prices, while economic cycles in the round of paper economy, the importance of wood pulp exporting countries, Chile and Finland were 8.8 earthquake occurred and the port strike, and rising ocean freight, etc., also affect several major factor in soaring prices. "He believes that the future price of raw materials will remain high for some time.
Soaring prices of raw materials to SMEs, not a small added pressure. James Young is expected that SMEs can not use the futures volume Purchase , And the state pollution control and elimination of backward production capacity of a number of initiatives, industry reshuffle is inevitable.
Production release is a lot of competition in the paper industry may exacerbate the other factors. Information in accordance with the mill open, a large number of new capacity has been, or will this year focus on the release, the impact on the industry will be revealed soon. These new projects include a total of three items of Nine Dragons Paper 1.4 million tons capacity, Hainan Jinhai Pulp and Paper 1 1 million tons of coated paper production, the Japanese prince Nantong an 400,000 tons of coated paper, 400,000 tons Lee & Man Paper , Golden River Paper 600,000 tons so.
According to incomplete statistics, at least 5.286 million tons capacity will be released this year, next year, a total of nearly a thousand tons of capacity to be put into production. China's paper industry last year, production has more than 90 million tons, the excess supply, especially coated paper, cardboard surplus problem has been highlighted.
"The two major raw materials, wood pulp and waste paper prices, paper enterprises should simultaneously improve the ex-factory prices to cover increased production costs, but new capacity this year have a greater, and the demand is difficult to be improved accordingly, decided to enterprise bargaining space of paper limited, "the Great Wall to find the spring of the securities industry analyst at Jane expects," Paper of various sub-sectors in the second quarter were difficult-than-expected performance. "
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