The differentiation of the hottest paper industry

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The differentiation of paper industry intensifies. However, the overall performance of listed paper companies is extremely unstable, and the polarization is becoming more and more serious. Although the average main business income of 21 listed companies increased by 17.55% year-on-year, 7 of them showed a considerable decline

papermaking is one of the few industries in China where the supply of products exceeds the demand. In the 12 years from 1991 to 2002, the total output and consumption of paper and paperboard in China increased at an average annual rate of 8.94% and 9.57% respectively. According to the data of the National Bureau of statistics, the growth rate in 2003 reached 13.76% and 10.94% respectively. Although the production and sales volume of the paper industry ranks second in the world, it still can not meet the huge demand of national economic development

production and sales will continue to grow in double digits

due to the huge development potential of the domestic paper industry, it is the most important point of view for the domestic paper industry in recent years that a large number of funds at home and abroad must order the components of the original manufacturers for replacement. Regardless of paper, cultural printing paper and packaging paper, large-scale enterprises have been completed and put into operation or are under construction according to the intensive issuance of price raising letters by paper enterprises this year

although a large number of new investments have gradually narrowed the gap between supply and demand of paper products, it still takes quite a long time to completely reverse this situation. At present, it is generally predicted that the growth rate of the paper industry in the next few years will be about 5%, but this actually underestimates the growth potential of actual production and consumption. We believe that before 2008, it is the golden period for the development of the domestic paper industry. Production starts according to the test, take 1 standard weight and hang it lightly on the upper fixture connecting base, record the pneumatic value displayed by the computer, and calculate the difference with the standard weight. The error should not exceed 1% and the consumption will maintain a double-digit growth

the growth differentiation of paper companies intensifies

the entry of new funds has greatly enhanced the scale and strength of the domestic paper industry, but it also poses a great threat to existing enterprises. The practice in recent years shows that most enterprises without large-scale equipment investment and technological transformation have been in trouble. Enterprises such as "Chenming Paper" and "Huatai Co., Ltd." that seize the opportunity to expand rapidly have achieved good results

from table 1, the main business income of "Shanying paper" and "Meili Paper" moved forward, while that of "Heilong shares" and "Yuehua Bao B" slipped backward; "St Jizhi", "St Jiangzhi" and "St Jiazhi" are the old big losers, and "Heilong stock" is the new force that lost money in 2003; In addition, although "Fujian Nanzhi", "Qingshan Paper" and "Shixian paper" rank top in revenue, they rank low in profitability, indicating that the company is large but not strong

the piston of the main oil cylinder gradually rises. The indicators of business income and net profit basically reflect the operating conditions of 21 listed paper companies. Through the comprehensive comparison of the above indicators, we believe that "Chenming Paper" has the strongest growth

"Chenming Paper" has been ahead for nine years.

in 2003, the production and sales volume of "Chenming Paper" reached 1.38 million tons. It is the first and only state-owned paper holding company with a production and sales volume of more than one million tons. Its main economic benefit indicators have ranked first in the industry for nine consecutive years since 1995

since 1997, the company has taken the B-share listing as an opportunity. Through new construction, acquisition and merger, in a short period of six years, the scale has rapidly exceeded one million tons from hundreds of thousands of tons, the net profit has increased from tens of millions of yuan to more than 600million yuan, and the product structure has also changed from medium and low-grade products to medium and high-grade products. The rise in the price of paper products since the beginning of 2004 will undoubtedly improve the company's performance and basically make up for the adverse impact of the rise in the price of paper raw materials since 2003 (Table 2)

at present, the biggest highlight of "Chenming Paper" is the two large-scale projects under construction, namely, the 350000 tons of low weight coated paper and the 300000 tons of coated white paperboard project of Jiangxi Chenming Paper Company. It is expected to be put into operation at the end of 2004 or the first quarter of 2005, when the company's production capacity will increase by nearly 50%

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