I. Overview In 2000, with the increase in the price of pulp in the international market, the domestic paper industry saw a marked improvement in production. In 2000, the national papermaking industry realized sales revenue of 147.423 billion yuan, an increase of 22.81% year-on-year; and total profit of 5.724 billion yuan was a year-on-year increase of 54.49%.
The cultural paper industry is one of the important branches of the paper industry. Although the competition in the domestic culture and education paper industry is fierce, in general, the culture paper industry in 2000 has shown a steady growth. At present, there are five listed companies in the cultural and paper industry in Shenzhen and Shanghai, namely Chenming Paper, Huasheng, Meili Paper, Yinge Investment and Jincheng. In 2000, the benefits of cultural paper companies showed a trend of polarization. The profitability of enterprises with advantageous products grew steadily. Such as Chenming Paper, Huatai Paper and Murray Paper, the average earnings per share of the three companies reached 0.43 yuan. Far above the average level of the paper industry. In contrast, Yinge Investment and Jincheng have a relatively low competitive advantage in the market due to the low technological content of new products. In 2000, net profits all experienced negative growth. The specific financial data is shown in Table 1.
Table 1 Major Financial Data of Listed Companies in the Cultural Paper Industry in 2000 Stocks Per share Income per share Main income from operations Net profit
Code Name Benefit/Year Profit/% Change in YoY/% YoY Change/% YoY
0488 Chenming A 0.510 8.08 241147 40.18 23133 33.45
0815 Murray Paper 0.320 7.71 28696 50.15 4262 4.54
0820 Gold City shares 0.072 5.54 44465 -12.43 2744 -40.86
600069 Silver Pigeon Investment 0.028 1.62 15425 9.96 1044 -39.19
600308 Huatai shares 0.460 6.47 62618 24.01 8782 24.73
II. Operation of Listed Companies (I) Chenming Paper (0488)
1. Position of the company in the cultural paper industry Shandong Chenming Paper Group Co., Ltd. is a leading enterprise in the cultural paper industry in China. For the past 6 years, the company's efficiency has been the highest in the industry, and it is the only company that owns the domestic paper industry. Listed companies of B shares. The company's annual production capacity is 450,000 tons, and the economic frontier ranks first in the industry in Shandong Province.
2. Production and operation of the company in 2000 The company's main mechanism was the production and sales of paper, paperboard and papermaking raw materials. In 2000, the company's main business revenue increased by 40.17% year-on-year, main business profit increased by 18.68%, and net profit increased by 33.44%. The increase in profits was mainly due to the increase in sales volume of the company’s high-grade cultural paper. In addition, the company further explored the international market. In 2000, it achieved export volume of more than 57 million US dollars.
At present, the company's products are divided into 2 major categories, 6 series, and more than 30 varieties. Two of them are mainly cultural paper and kraft paperboard. The six series are too double-tape, writing paper, and paper, and no paper. Carbon copy base paper, coated paper and wrapping paper. Among the leading products produced by the company, the market share of high-grade low-quantity coated paper reaches 90%, and the market share of special-purpose paper for eight-color high-speed rotary printing press reaches 30%. It is a leading enterprise in the papermaking industry in China.
The company has established the strategy of establishing a paper production base based on the production of high-grade cultural paper. It is guided by the two markets at home and abroad to accelerate the upgrading of products and improve product quality. In terms of development priorities, the company positioned high-grade copperplate paper as the dominant product of the company. From the current situation, the demand for coated paper market in China is increasing at an average annual rate of 22%, far from meeting the original growth rate of domestic production capacity. With the huge gap in production, the domestic coated paper market has provided a broad space for development.
3, analysis of the company's competitive advantage â— scientific and technological advantages. The company's scientific research strength is the first in the domestic industry. At present, the company has more than 270 scientific and technical personnel specialized in scientific research and technology development. The company has established long-term cooperative relationships with famous scientific research institutions such as Chinese Academy of Sciences, China Pulp and Paper Research Institute, US Dow Corporation, North Carolina State University, and Hamburg University of Germany. In recent years, more than 10 kinds of new products including high-grade low-quantitative coated paper, advanced matt coated paper, 8-color high-speed rotary printing press paper, and map paper for teaching materials have been developed. 7 of them fill domestic gaps, and 2 of them reach international advanced level. , 3 items were rated as national new products.
â— The advantages of production equipment. The company's production equipment level is internationally advanced. At present, the company's main production equipment is imported from abroad, and the technology is higher than the overall equipment level of China's paper industry. The company's existing pulp production line 2, 8 paper production lines, have reached or exceeded the international advanced level in the 1990s. The introduction of these advanced equipment and processes, combined with the company's own non-stop redevelopment and transformation, has ensured the continuous availability of high-tech and high-quality new products.
â— Export advantage. The company is an export-oriented domestic papermaking enterprise. In recent years, Chenming Paper has focused on exports and has carried out large-scale technological transformations on equipment and processes, which has greatly increased the technological content and quality level of products, making the export situation look promising. In 2000, the company's exports exceeded US$57 million, accounting for nearly one-fifth of the company's sales.
◠Additional project advantages. The company’s raised funds are mainly used for the construction of coated paper projects. Coated paper is a typical, widely used coated paper, widely used in high-end albums, high-end covers, advertising calendars, labels and so on. At present, the actual annual production volume of coated paper is less than 300,000 tons, and the demand growth is much higher than the increase in production capacity. More than 85% of the total domestic consumption depends on imports. It is predicted that by 2005, the consumption of coated paper in China will be 2.02 million tons, and it will reach 2.97 million yuan in 2010. Therefore, the market prospect of the coated paper project is very broad.
(II) Huatai Shares (600308)
1. The position of the company in the cultural paper industry The Shandong Huatai Paper Co., Ltd. was founded in 1993 and is the first A-share listed company in Shandong Papermaking Industry. Since the company’s listing, the company’s efficiency has been steadily increasing. The company’s total profits for many years have ranked among the top in the industry in the country.
2. Production and operation of the company in 2000 The company's main business is the production and sales of paper, paper products, paper processing and chemical products. In 2000, the company realized a total of 6261.7668 million yuan of main business income, of which various types of mechanism paper achieved 59,925,700 yuan, accounting for 95.07%; chemical products achieved 30,881,100 yuan, accounting for 4.93%. The company achieved a total profit of RMB 1,791.738 million in its main business, including 17564.79 for various types of mechanism paper and RMB 3.5058 million for chemical products, accounting for 1.97%.
In 2000, the company's performance achieved further growth. This was mainly due to the company's adoption of the following measures: First, the company gradually replaced wheat straw with reeds, increased production costs through high-speed raw material structure, and improved the quality of new products. In 2000, the company established the Huatai Qinghe Lusheng base and has begun to plant a large area of ​​reeds. Second, it closely follows the market demand and actively develops multi-species, high-quality new products to win the market. The company has successively developed and produced 90g/m2 art textbook special paper, 75, 80g/m2 export offset paper and 160, 200g/m2 coated paper and other new products, which have been recognized by the market; the third is the combination of ERP module Implementation, comprehensively strengthen the "zero inventory" management, reduce the use of two funds, improve the operational efficiency of warts; Fourth, the implementation of two-legged walk, increase export efforts, expand sales channels. The company has established business relationships with former customers in South Korea, Hong Kong, the Philippines, Sudan, Myanmar and other countries and regions, and has increased foreign exchange through exports. Fifth, the company has increased its project transformation efforts to produce marketable products and participate in international market competition.
3. Investment raised by the company The company invested RMB 417.84 million in 2000 to raise funds for the annual output of 68,000 tons of light-weight coated paper technical transformation projects and 46,700 hm2 (700,000 mu) of reed base development and cogeneration Expansion and other projects. By the end of 2000, it has completed cogeneration expansion, 130t/d border cooking and 100t/d alkali recovery, 25,000 t/a computer printing base paper, 20,000 t/a beating and 20,000 t/a senior books. The construction of six items such as dying paper. These projects will become the company's future profit growth point.
4. The company's development direction in 2001 The company's main plans in the Year of the Poultry are: Accelerating the progress of technical reform projects, fully completing the 100,000t high-grade magazine paper project, 90,000m3/d second-stage water treatment project, 25,000 kW thermal power unit The construction and construction of the third-phase industrial bead project will be completed and put into operation within the year; the 150,000t/d scale coated paper project will begin construction in July 2001 and will be completed and put into operation in December 2002; the construction of 46,700 hm2 reed base will be accelerated and gradually Complete the technical transformation of 1760 paper machine and 2400 paper machine in No.7 workshop; implement contracted management in full by branch company, mobilize all positive factors, reduce staff, increase efficiency, save energy and reduce consumption, improve work efficiency and economic efficiency; Jincao Press 2000 version ISO9000 Standard requirements, improve the company's quality management system, regulate internal operations.
(III) Murray Paper (0815)
1. The company's position in the cultural paper industry Ningxia Meili Paper Co., Ltd. has a production scale of 120,000 tons and is one of the largest papermaking backbones in the northwest region. The company is a key enterprise with 21 key advantages in Ningxia Hui Autonomous Region.
2. The company's production and operation in 2000 The company's main production of cultural paper, household paper and all kinds of cardboard production
The cultural paper industry is one of the important branches of the paper industry. Although the competition in the domestic culture and education paper industry is fierce, in general, the culture paper industry in 2000 has shown a steady growth. At present, there are five listed companies in the cultural and paper industry in Shenzhen and Shanghai, namely Chenming Paper, Huasheng, Meili Paper, Yinge Investment and Jincheng. In 2000, the benefits of cultural paper companies showed a trend of polarization. The profitability of enterprises with advantageous products grew steadily. Such as Chenming Paper, Huatai Paper and Murray Paper, the average earnings per share of the three companies reached 0.43 yuan. Far above the average level of the paper industry. In contrast, Yinge Investment and Jincheng have a relatively low competitive advantage in the market due to the low technological content of new products. In 2000, net profits all experienced negative growth. The specific financial data is shown in Table 1.
Table 1 Major Financial Data of Listed Companies in the Cultural Paper Industry in 2000 Stocks Per share Income per share Main income from operations Net profit
Code Name Benefit/Year Profit/% Change in YoY/% YoY Change/% YoY
0488 Chenming A 0.510 8.08 241147 40.18 23133 33.45
0815 Murray Paper 0.320 7.71 28696 50.15 4262 4.54
0820 Gold City shares 0.072 5.54 44465 -12.43 2744 -40.86
600069 Silver Pigeon Investment 0.028 1.62 15425 9.96 1044 -39.19
600308 Huatai shares 0.460 6.47 62618 24.01 8782 24.73
II. Operation of Listed Companies (I) Chenming Paper (0488)
1. Position of the company in the cultural paper industry Shandong Chenming Paper Group Co., Ltd. is a leading enterprise in the cultural paper industry in China. For the past 6 years, the company's efficiency has been the highest in the industry, and it is the only company that owns the domestic paper industry. Listed companies of B shares. The company's annual production capacity is 450,000 tons, and the economic frontier ranks first in the industry in Shandong Province.
2. Production and operation of the company in 2000 The company's main mechanism was the production and sales of paper, paperboard and papermaking raw materials. In 2000, the company's main business revenue increased by 40.17% year-on-year, main business profit increased by 18.68%, and net profit increased by 33.44%. The increase in profits was mainly due to the increase in sales volume of the company’s high-grade cultural paper. In addition, the company further explored the international market. In 2000, it achieved export volume of more than 57 million US dollars.
At present, the company's products are divided into 2 major categories, 6 series, and more than 30 varieties. Two of them are mainly cultural paper and kraft paperboard. The six series are too double-tape, writing paper, and paper, and no paper. Carbon copy base paper, coated paper and wrapping paper. Among the leading products produced by the company, the market share of high-grade low-quantity coated paper reaches 90%, and the market share of special-purpose paper for eight-color high-speed rotary printing press reaches 30%. It is a leading enterprise in the papermaking industry in China.
The company has established the strategy of establishing a paper production base based on the production of high-grade cultural paper. It is guided by the two markets at home and abroad to accelerate the upgrading of products and improve product quality. In terms of development priorities, the company positioned high-grade copperplate paper as the dominant product of the company. From the current situation, the demand for coated paper market in China is increasing at an average annual rate of 22%, far from meeting the original growth rate of domestic production capacity. With the huge gap in production, the domestic coated paper market has provided a broad space for development.
3, analysis of the company's competitive advantage â— scientific and technological advantages. The company's scientific research strength is the first in the domestic industry. At present, the company has more than 270 scientific and technical personnel specialized in scientific research and technology development. The company has established long-term cooperative relationships with famous scientific research institutions such as Chinese Academy of Sciences, China Pulp and Paper Research Institute, US Dow Corporation, North Carolina State University, and Hamburg University of Germany. In recent years, more than 10 kinds of new products including high-grade low-quantitative coated paper, advanced matt coated paper, 8-color high-speed rotary printing press paper, and map paper for teaching materials have been developed. 7 of them fill domestic gaps, and 2 of them reach international advanced level. , 3 items were rated as national new products.
â— The advantages of production equipment. The company's production equipment level is internationally advanced. At present, the company's main production equipment is imported from abroad, and the technology is higher than the overall equipment level of China's paper industry. The company's existing pulp production line 2, 8 paper production lines, have reached or exceeded the international advanced level in the 1990s. The introduction of these advanced equipment and processes, combined with the company's own non-stop redevelopment and transformation, has ensured the continuous availability of high-tech and high-quality new products.
â— Export advantage. The company is an export-oriented domestic papermaking enterprise. In recent years, Chenming Paper has focused on exports and has carried out large-scale technological transformations on equipment and processes, which has greatly increased the technological content and quality level of products, making the export situation look promising. In 2000, the company's exports exceeded US$57 million, accounting for nearly one-fifth of the company's sales.
◠Additional project advantages. The company’s raised funds are mainly used for the construction of coated paper projects. Coated paper is a typical, widely used coated paper, widely used in high-end albums, high-end covers, advertising calendars, labels and so on. At present, the actual annual production volume of coated paper is less than 300,000 tons, and the demand growth is much higher than the increase in production capacity. More than 85% of the total domestic consumption depends on imports. It is predicted that by 2005, the consumption of coated paper in China will be 2.02 million tons, and it will reach 2.97 million yuan in 2010. Therefore, the market prospect of the coated paper project is very broad.
(II) Huatai Shares (600308)
1. The position of the company in the cultural paper industry The Shandong Huatai Paper Co., Ltd. was founded in 1993 and is the first A-share listed company in Shandong Papermaking Industry. Since the company’s listing, the company’s efficiency has been steadily increasing. The company’s total profits for many years have ranked among the top in the industry in the country.
2. Production and operation of the company in 2000 The company's main business is the production and sales of paper, paper products, paper processing and chemical products. In 2000, the company realized a total of 6261.7668 million yuan of main business income, of which various types of mechanism paper achieved 59,925,700 yuan, accounting for 95.07%; chemical products achieved 30,881,100 yuan, accounting for 4.93%. The company achieved a total profit of RMB 1,791.738 million in its main business, including 17564.79 for various types of mechanism paper and RMB 3.5058 million for chemical products, accounting for 1.97%.
In 2000, the company's performance achieved further growth. This was mainly due to the company's adoption of the following measures: First, the company gradually replaced wheat straw with reeds, increased production costs through high-speed raw material structure, and improved the quality of new products. In 2000, the company established the Huatai Qinghe Lusheng base and has begun to plant a large area of ​​reeds. Second, it closely follows the market demand and actively develops multi-species, high-quality new products to win the market. The company has successively developed and produced 90g/m2 art textbook special paper, 75, 80g/m2 export offset paper and 160, 200g/m2 coated paper and other new products, which have been recognized by the market; the third is the combination of ERP module Implementation, comprehensively strengthen the "zero inventory" management, reduce the use of two funds, improve the operational efficiency of warts; Fourth, the implementation of two-legged walk, increase export efforts, expand sales channels. The company has established business relationships with former customers in South Korea, Hong Kong, the Philippines, Sudan, Myanmar and other countries and regions, and has increased foreign exchange through exports. Fifth, the company has increased its project transformation efforts to produce marketable products and participate in international market competition.
3. Investment raised by the company The company invested RMB 417.84 million in 2000 to raise funds for the annual output of 68,000 tons of light-weight coated paper technical transformation projects and 46,700 hm2 (700,000 mu) of reed base development and cogeneration Expansion and other projects. By the end of 2000, it has completed cogeneration expansion, 130t/d border cooking and 100t/d alkali recovery, 25,000 t/a computer printing base paper, 20,000 t/a beating and 20,000 t/a senior books. The construction of six items such as dying paper. These projects will become the company's future profit growth point.
4. The company's development direction in 2001 The company's main plans in the Year of the Poultry are: Accelerating the progress of technical reform projects, fully completing the 100,000t high-grade magazine paper project, 90,000m3/d second-stage water treatment project, 25,000 kW thermal power unit The construction and construction of the third-phase industrial bead project will be completed and put into operation within the year; the 150,000t/d scale coated paper project will begin construction in July 2001 and will be completed and put into operation in December 2002; the construction of 46,700 hm2 reed base will be accelerated and gradually Complete the technical transformation of 1760 paper machine and 2400 paper machine in No.7 workshop; implement contracted management in full by branch company, mobilize all positive factors, reduce staff, increase efficiency, save energy and reduce consumption, improve work efficiency and economic efficiency; Jincao Press 2000 version ISO9000 Standard requirements, improve the company's quality management system, regulate internal operations.
(III) Murray Paper (0815)
1. The company's position in the cultural paper industry Ningxia Meili Paper Co., Ltd. has a production scale of 120,000 tons and is one of the largest papermaking backbones in the northwest region. The company is a key enterprise with 21 key advantages in Ningxia Hui Autonomous Region.
2. The company's production and operation in 2000 The company's main production of cultural paper, household paper and all kinds of cardboard production
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