The hottest spot is the first quarterly loss of th

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Hot spots: the first quarterly report of the paper industry in four years

the slowdown in economic growth has encountered an industry trough, and the paper industry is in a bad year. The first quarter report of 2013 showed that the total net profits of 25 listed companies in the paper industry suffered losses for the first time in nearly four years, with a loss of 15 million yuan. However, product differences also led to huge differentiation in the company's performance. For this year's paper industry profit prospects, securities industry researchers said it was difficult to be optimistic. A number of listed paper companies said that they would increase investment in product research and development and industrial upgrading this year

the profitability has deteriorated year after year

the data shows that the profitability of the paper industry has deteriorated in recent years. From 2010 to 2011, user feedback, market environment, implementation and other factors have greatly affected the actual effect of new product research and development on enterprises. In the three-year quarterly report, the total net profits of 25 listed companies were 633 million yuan, 715 million yuan, 110 million yuan and -15 million yuan respectively. From 2010 to 2012, the annual profit also shrank significantly, with the net profits of 25 paper companies totaling 2.435 billion yuan, 1.343 billion yuan and 1.407 billion yuan respectively

in this regard, Orient Securities believes that the profits of the paper sector are still hovering at the bottom, among which the profits of paper companies with a relatively high proportion of self-made pulp have increased rapidly, and the performance of other companies has even declined year-on-year

on the other hand, the inventory situation of the paper industry has not improved significantly. From 2010 to 2012, the inventories of the above companies were 14.5 billion yuan, 19.8 billion yuan and 18.8 billion yuan respectively. Shenyin Wanguo believes that the overall market demand in the first quarter of this year is weak, and most manufacturers have great inventory pressure, so the shipment is not ideal

in addition, the demand for some traditional products such as coated paper and paper continued to decline, causing paper companies to form a loss black hole. For example, in the field of coated paper, sun paper's tianzhang subsidiary lost 157million yuan in 2012

previously, the 12th Five Year Plan for the development of the paper industry disclosed that the production and consumption of paper and paperboard in China ranked first in the world. However, domestic and foreign macro environmental factors, changes in supply-demand relations and rising costs have led to the paper industry falling into an industry trough

as for the RMB appreciation factor that supports the industry to improve, a researcher from the paper light industry of a large securities company told that this has a relatively small impact on the performance of paper companies, and the proportion of paper using imported raw materials is not large at present

actively expand upstream and downstream

although traditional papermaking businesses such as coated paper and paper suffer huge losses, Northeast Securities believes that coated paper will basically have no impact on new production capacity in the next few years, and the inflection point of industry operation has emerged. At present, expanding to the upstream and downstream industrial chain has become an inevitable choice for many paper companies

unlike traditional paper companies, Qifeng insists on developing special paper. In order to improve the technical competitiveness of Tista high-tech valve spring fatigue testing machine by adopting the development concept of unitization, modularization and standardization, the company increased R & D investment and developed new products such as wallpaper base paper. Qifeng's net profit doubled to 144million yuan in 2012. The first quarter report of 2013 predicted that the pipes after pressure test of net profit in the middle of 2013 would be subject to drift diameter inspection at the next station, and the pipes that failed the pressure test and drift diameter would be subject to automatic classification inspection The profit continued to grow by 30% to 40% year on year

vigorously developing the upstream and downstream of the industrial chain and expanding the product structure have become the best choice for paper companies to break through the industry downturn

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