Positioning of new shares of the hottest Shixian p

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New share positioning of Shixian paper (600462)

Shixian paper company is mainly engaged in the production and sales of paper, offset paper, commercial wood pulp and other products, and is one of the major domestic paper production enterprises. In December, 2002, the national key technological transformation project undertaken by the company, the high-grade offset paper technological transformation project, was completed and put into operation, making the company's existing paper production capacity of 230000 tons, offset paper production capacity of 15000 tons, chemical pulp production capacity of 55000 tons, deinked pulp production capacity of 200000 tons. The domestic market share of the company's leading product paper has been stable at 6% - 7%, and the industry ranks fifth to seventh. The company is located at the foot of Changbai Mountain, adjacent to Daxing'an Mountains and Xiaoxing'an Mountains in the north, and rich in forest resources. Yanbian Korean Autonomous Prefecture, where the company is located, is the only Korean Autonomous Prefecture in China and enjoys the preferential policies of the western development. At present, there are six listed companies that produce paper. In addition to * ST Jiangzhi and St Jizhi, we choose Chenming paper, Fujian Nanzhi, Heilong Co., Ltd. and Huatai Co., Ltd. for comparison. Shixian paper has the smallest share capital; From the comparison of profitability, we can see that Chenming Paper and Huatai are far ahead in various indicators, and Shixian paper dilutes earnings per share, return on net assets The net profit margin is higher than that of Fujian south special experiment (special experiment needs to add special friction accessory paper and Heilong shares.

risk tips: 1. The total supply of 607300 tons in the future market may tend to be saturated, and the market competition will be more intense. 2. The pulp and paper industry in which the company is located is "three wastes" As one of the industries with serious pollution, the improvement of national environmental protection standards will bring certain risks to the production and operation of the company. 3. The controlling shareholder Shi Paper Co., Ltd. (and the original Shixian paper mill) of the company has been in a state of loss since 1999, and there is a potential risk that the controlling shareholder will use its controlling position to infringe on the interests of the company. (Tianli investment new stock research department)

price forecast: 6.1-10 yuan (increase: 34.4% - 120.3%)

Tianli Investment: 7-7.7 yuan

Guodu Securities: 6.7-7.4 yuan

national capital investment: 6.3-7 yuan

Zhejiang Lijie: 7.5-8.5 yuan

Wanguo evaluation Wei Yong: 6.5-7.5 yuan

Xiao tengwen of Chengdu Securities: around 6.5 yuan

Guangdong securities you Jianhao: 9-10 yuan

technology securities tangyonggang: 8-8.8

Qinghai securities tangwensheng: 7.5-8.5 yuan

LUO Xiaoming of Ping An Securities: 7.7-8.4 yuan

Jintong securities Qian Xiangjin: around 7-8 yuan

Guangzhou Boxin zhoujianxin: around 6.1 yuan

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