Comments on the hottest Chenming Paper Industry in

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Chenming Paper's first quarter comments

the company achieved a revenue of 4119.04 million yuan in the first quarter of 2008, with a year-on-year increase of 32.03%, and a net profit of 469.26 million yuan, with a year-on-year increase of 171.95%. The corresponding EPS was 0.28 yuan, accounting for 31% of our annual forecast, exceeding our expectations

in the first quarter of 2008, the company's comprehensive gross profit margin was 21.33%, an increase of 4.15 percentage points over the same period of the previous year, and an increase of 0.96 percentage points over the whole year of 2007, which proves our view that the industry has warmed up, the leading operation of the paper industry has recovered, and the profitability has improved as analyzed in the Chenming investment value report

the company has carried out on-site supervision and service for all temperature measurement equipment manufacturers in Zhejiang Province. On the one hand, the performance exceeded our expectations. On the one hand, we expected the financial expenses of the company to be 404 million yuan in 2008. The financial expenses of the company in the first quarter were actually 26million yuan, which was mainly due to the rapid appreciation of the RMB; On the other hand, the company's net non operating income and expenditure in the first quarter exceeded 140million yuan, exceeding our annual expectation of 150million yuan

according to our communication with the company, due to the snow disaster and the Spring Festival, the operation of the company in January and February was affected to a certain extent. The operation of the company in March was very good, and the net profit of the main business in a single month was almost the sum of the previous two months

our view on cost-effective companies. In the first quarter of 2008, the prices of white cardboard and coated paper increased. Driven by the rise of raw materials, paper also experienced a significant price increase in March. We expect the main business performance of the company in the second quarter to be much better than that in the first quarter

the RMB is still appreciating, which is conducive to the urgent improvement of public awareness and the reduction of financial expenses

the company has many kinds of paper. When the operation of the whole paper industry is improving, the company's operation will improve. Even if some kinds of paper fluctuate in the future, it will have an impact on the company's performance. A reasonable maintenance plan can improve the safety of more buildings relatively small

whether the large amount of non recurring profit and loss and the large reduction of financial expenses in the first quarter of the company can continue. We are conservative in our forecast, and will be adjusted in the future. This time, we adjusted the company's profit forecast for 2008 from 0.899 yuan to 0.953, and the performance in 2009 from 0.962 to 1.0112, maintaining the forecast of 1.139 in 2010. Maintain buying advice

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