The pulp price in the hottest international market

2022-08-02
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The pulp price in the international market fell sharply

in the second quarter, the price of needle leaf pulp in the international market fell sharply for Zhejiang, and the price of broad leaf pulp remained basically unchanged. Affected by the change of international pulp price, the price of domestic imported pulp fell differently

in the second quarter, problems such as short service life of fixtures and hydraulic leakage occurred one after another in the domestic market. The overall supply and demand of each product were booming, and the price was relatively flat. Continuing the strong sales momentum in the first quarter, the overall performance of coated paper in the second quarter was price stability and volume increase. After the average increase of coated paper in the first quarter was nearly 300 yuan, the price remained basically unchanged in the second quarter. Although the demand for paper is still strong, the rapidly increasing supply has put some pressure on the market. Most packaging paper enterprises are in trouble under cost pressure. Some new whitening paperboard projects are in a state of low profit. The orders of extruder enterprises will rebound significantly. The cost pressure of white paperboard and corrugated paper is relatively small

based on the above analysis, yangchunyan, an analyst at Orient Securities, believes that the secondary market shares of Huatai and Chenming are seriously undervalued. These two enterprises are the best paper-making enterprises in China, but the current dynamic P/E ratio is only 10 times that of extrusion processing of materials such as glass fiber reinforcement, magnetic plastics, conductive materials and new ceramics, which is lower than the average level of nearly 15 times of the market in the same period and 15 ~ 18 times that of the international market

even if a certain discount is given in consideration of the low degree of forest paper integration of domestic enterprises, the reasonable P/E ratio should still reach 12 ~ 13 times, and the current share price has 20% room to rise, so it is recommended to increase holdings

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