公司發佈2023年年報及2024年一季報。
24Q1收入9.5億，同比+4%，歸母淨利潤1.5億，同比+37%，扣非歸母淨利潤1.5億，同比+50%；主要系公司繼續深耕主業，新增產能釋放，市場需求增長，促進盈利水平增長所致。
23Q4收入9.9億，同比+4.7%，歸母淨利潤1.7億，同比+24%，扣非歸母淨利潤1.5億，同比+9%；23年收入39.8億，同比+16%，歸母淨利潤5.7億，同比+21%，扣非歸母淨利潤5.3億，同比+16%。
23年擬分紅3.6億元（含稅），分紅比例64%，此外擬向全體股東每10股以資本公積金轉增4股。
2023 ex-nonrecurring net profit up 16%, 64% DPR; capacity add bumped up 24Q1E
Huawang New Material Technology recently released final 2023 results and unaudited 24Q1E earnings:
•24Q1E:
it garnered revenue of RMB950m (up 4% yoy) in the first quarter of the year; with net profit at RMB150m (up 37% yoy) and ex-nonrecurring net profit at RMB150m (up 50% yoy). The company’s core business gained market traction as it rolled out new production capacities amid growing market demand, which led profitability to improve.
•23Q4:
revenue was at RMB990m (up 4.7% yoy); while net profit came to RMB170m (up 24% yoy) and ex-nonrecurring net profit to RMB150m (up 9% yoy).
•2023:
full-year revenue last year amounted to RMB3.98bn (up 16%), with net profit at RMB570m (up 21%) and ex-nonrecurring net profit at RMB530m (up 16%).
•DPR:
Huawang plans to distribute RMB360m (including tax) in dividends for 2023, a dividend payout ratio of 64%. It also plans to issue four additional shares to all shareholders per every 10 shares held from its capital reserves.
分產品，
23年裝飾原紙收入31.1億，同比+30.4%，其中量/價分別同比+34%/-3%，毛利率23.4%，同比+3.1pct；木漿貿易收入8.2億，同比-14.9%，毛利率3.5%，同比-10.5pct。
深耕中高端裝飾原紙，外銷市場份額加速提升
近年來，國內裝飾原紙行業集中度不斷提高，下游客戶對裝飾原紙的勻度、紙張強度、滲透性等指標提出了更高的要求，中高端裝飾原紙越來越受到市場的青睞。而海外由於成本持續處於高位，導致企業的毛利率不斷下滑，海外廠商在技術革新和投放新產能方面缺乏動力，進一步導致海外廠商的產品在市場上的競爭力不斷下降。
公司深耕中高端裝飾原紙領域，積極調整市場結構，加大海外市場開拓力度，持續構建海外客戶體系，優先爭搶高毛利產品的國際市場份額，促使海外業務量快速增長。23年公司內銷/外銷收入分別同增8.3%/66.9%。
Decorative base paper: higher-end price band and export market share focus
Revenue mix:
Huawang’s core business of decorative paper product contributed 30.4% more revenue to RMB3.11bn in 2023; a 3% price dip was mitigated by sales volume growth of 34%, while gross margin expanded 3.1ppt to 23.4%. Over at wood pulp trading, revenue fell 14.9% to RMB820m as gross margin slid 10.5ppt to 3.5%.
Core product:
industry concentration has risen in the company’s core business of decorative base paper in recent years as downstream customers upgraded their requirements in terms of product uniformity, strength, permeability and other specifications. We see a trend shift toward higher-end decorative base paper. Foreign producers face increasing pressure as costs rise and gross margins decline, leading to innovation fatigue and unwillingness to invest in new production capacity, a vicious circle that continually pulls down their product competitiveness in the market.
Export focus:
Huawang increased traction in higher-end decorative base paper and stepped up forays into foreign markets to tweak its market mix. It continued to build up its foreign customer system by prioritizing global share of its high-gross-profit products, which fueled export volume growth. Export revenue rose 66.9% in 2023, vs an 8.3% rise in domestic sales.
擴產步伐穩健，品質&質量深度綁定客戶，中期成長空間廣闊
公司堅持以客戶需求爲產品導向，以產品質量贏得口碑，注重生產全過程的質量控制，對原輔材料要求嚴格，對供應商進行反覆篩選和質量監控，堅持持續改進，及時處理客戶反饋信息，產品質量和服務得到了業內的一致認可。
在產品性能方面，公司生產的中高端裝飾原紙產品在耐曬、耐磨、穩定性和印刷性能等方面具有良好的表現性，更有效地滿足下游浸漬裝飾紙與人造板製造業對勻度、遮蓋力、紙張強度等高性能要求。
公司依託成本控制優勢、客戶資源優勢和產品品質優勢保持了穩定的出貨增長。23年公司募投項目“年產18萬噸特種紙生產線擴建項目（一期）”順利投產，產能持續增長，市場份額持續有效提升。23年公司裝飾原紙產量/銷量分別爲31.0萬噸/30.5萬噸，分別同比+27.8%/+34.2%。
Capacity build: customer-driven quality measures; medium-term growth potential
Customer-driven:
Huawang says it adheres to customer requirements in product plans and builds its reputation on product quality. We see that this translates into quality control over the entire production process and strict raw and auxiliary material standards. The protocol is to screen and monitor suppliers for quality, ensure improvements and handle customer feedback in a timely manner. Through these efforts, the company’s product quality and services have earned the recognition of the industry.
Product strengths:
the company’s higher-end decorative base paper products perform well in terms of light and wear resistance, stability and printability. These qualities cater to downstream markets like impregnated decorative paper and wood-based panel manufacturers, whose requirements include uniformity, strength and permeability.
Production ramp-up:
the company’s cost advantages allowed it to control costs and keep shipment growth stable, along with its other strengths of customer resources and product quality. Growing production capacity also means an expanding market share: phase I of its fundraising project commenced production in 2023, expanding specialty paper production by 180ktpa. Huawang’s decorative base paper production/sales volumes amounted to 310kt/305kt in 2023, up 27.8%/34.2%.
短期原材料成本上漲，公司產品結構優化，盈利能力預計穩定
24Q1公司毛利率20.2%，同比+6.1pct，環比-1.9pct；淨利率15.4%，同比+3.7pct，環比-1.7pct；木漿及鈦白粉價格上漲，公司盈利能力環比下滑；中期受益於公司產品結構優化，我們預計盈利能力有望保持穩定。
Rising raw material prices: enhanced product mix could stabilize profitability
The company had gross margin of 20.2% in 24Q1E, up 6.1ppt yoy and down 1.9ppt qoq; while net margin was 15.4%, up 3.7ppt yoy and down 1.7ppt qoq. We attribute higher wood pulp and titanium dioxide prices to the qoq decline in profitability. We reckon that product mix enhancements would stabilize profitability in the medium term.
發佈員工持股計劃，深度綁定核心員工
近期公司發佈員工持股計劃，涉及的標的股票規模不超過243.47萬股（佔比0.73%），涉及對象包括董監高及骨幹員工合計不超過257人（不含預留授予人員），其中董監高/骨幹員工認購份額分別爲14.9%/69.6%。
本員工持股計劃也設置了個人績效考覈指標和分期解鎖機制，個人績效考覈達到合規等級及以上可100%解鎖，有望調動員工的積極性和創造性，共享公司經營成果。
ESOP: performance-based plan for 2.43m shares to motivate key employees
The plan:
Huawang recently announced an employee stock ownership plan (ESOP) to incentivize targeted key personnel with up to 2.43m shares (accounting for 0.73% of the total). They number as many as 257 people (excluding reserved grant recipients) and comprise directors, supervisors, senior managers and other key staff. The subscription allotments are 14.9% for directors, supervisors and senior managers, and 69.6% for other key employees.
Merit goals:
the ESOP is tied to personal performance appraisal indicators under a phased unlocking mechanism. As fulfillment of the appraisal objectives would unlock 100% of the incentives, we believe this plan will motivate and inspire employees in aligning them with the company’s operating results.
