The competition in the paper industry is still intensifying, and the outlook for packaging and printing is good.
1 summary of quarterly report: the growth of packaging is stable; Furniture demand expands with the rebound of real estate; The competition for household paper has intensified and is expected to change. From the light industry manufacturing 1 quarterly report basically disclosed, the packaging sub industry is relatively beautiful, with income and net heat-resistant gloves; Goggles; Copper scraper; Copper brush; Copper wire; Stearic acid; Electric drill; Cylinder ruler; The cotton cloth modified plastic has outstanding heat resistance, and the moisture growth is accelerated; The furniture sector benefited from the rebound of downstream real estate transaction volume, and the sales revenue and profit in the first quarter all recovered; The profits of the paper industry sector are still hovering at the bottom. The profits of the companies with a high proportion of self-made pulp among the enterprises have increased rapidly, and the performance of other companies has even declined year-on-year. Finally, it is worth mentioning that the household paper industry, from the production capacity launch progress in 2012, 2013 will be a year of intensified competition. In the first quarter, the income growth of medium-sized enterprises in the industry slowed down. Although the profits still maintain stable growth, we believe that the slowdown in income is a negative signal, The market expects negative changes
reiterated the view of the second quarter. The packaging was over allocated, the papermaking was under allocated, and the furniture was adjusted to standard allocation because the implementation of the national five articles was lower than expected. From the perspective of the first quarter report, it basically conforms to the view of the early stage. We still recommend investors to exceed the packaging and printing sector with a high degree of scenery, with the focus on org and meiyingsen, and still recommend low allocation paper-making enterprises. The flexible thinking ends in the first quarter. From the perspective of the expected increase in the interim report of paper companies, the operating pressure is still large. Finally, as the implementation strength and transaction volume decline of the five local real estate countries are lower than the previous expectations, we adjusted the furniture industry to standard configuration, It is recommended to pay attention to the customized wardrobe sub industry
according to the forecast of the enterprise's interim report, the performance outlook of the downstream furniture industry chain of packaging and printing and real estate is still good. We further sorted out the expectation of Companies in the industry for the interim report, as shown in Table 1. From the perspective of enterprise performance, packaging enterprises will still maintain high-speed growth in the second quarter. On the other hand, furniture enterprises are expected to maintain fast growth in the first half of the year due to the large increase in real estate turnover in the first quarter. The following points need to be clarified about the friction coefficient experiment: rapid growth
investment strategies and suggestions:
it is recommended to pay attention to companies with accelerated growth or continued high growth in the second quarter and treat the household paper sub industry with caution. From the perspective of enterprises' hope that the above contents will be helpful to you, we have noticed that the performance of org (002701, buy), meiyingsen (002303, increase), Xinghui car model (300043, buy), Qifeng shares (002521, not rated), Qixin Stationery (002301, not rated) and other companies will maintain a rapid growth. These companies are distributed in the packaging and furniture sub industries. From the perspective of the needs of the sub industries, they will still maintain a business cycle. It is recommended to pay attention to them; In addition, we suggest to be cautious about the household paper sub industry. The industry supply in 2013 has entered a big year of continuous release. At the same time, according to the data obtained from the terminal visit, we note that the terminal turnover rate generally shows a downward trend, the industry competition will intensify in the future, and the enterprise profits may be damaged
fluctuation of raw material price leads to fluctuation of enterprise gross profit margin