andrewhejeopardy| Light industry manufacturing industry monthly report: pulp prices continue to rise, real estate policies continue to be loose

Main points of investment: market review: light industry manufacturing sector fell 0% in AprilAndrewhejeopardy.42%AndrewhejeopardyOutperformed the CSI 300 Index 2Andrewhejeopardy.31pct, ranking 19th among Citic's first-tier industries. In the fine molecular plate, metal packaging, other light industry and paper increased at the top. More than 1/3 shares rose, and the top five were Fangda Xincai, Baiya shares, Jianlin Home, Qifeng Xincai and Yuegui shares. Papermaking: enterprise income continues to grow, profits continue to increase, and output continues to grow. Raw materials: April waste yellow paperboard price rises first and then suppresses, pulp price continues the upward trend. Price of paper products: cardboard / corrugated paper / a pair of adhesive paper / copper paper / whiteboard / white cardboard / wood pulp household paper / bamboo pulp household paper prices at the end of April are respectively higher than those at the end of last month-2.35%, 4.56%, 2.54%, 1.37%, 6.10%, 7.69%, 1.78%, 1.50%, except for a slight increase in the price of household paper, the prices of other paper products have decreased to varying degrees.AndrewhejeopardyGross profit margin of paper products: box board / corrugated paper / a pair of adhesive paper / copper paper / whiteboard / white cardboard / wood pulp household paper / bamboo pulp household paper at the end of April respectively compared with the end of last month-2.06/-4.66/-4.60/-3.07/-5.60/-9.65/-0.89/+1.63pct, except for bamboo pulp household paper gross profit margin increased, the gross profit margin of other paper products decreased in varying degrees Packaging paper is mainly affected by the off-season of the traditional market, the price drop of the product is greater than the cost change, the cultural paper is affected by the high pulp price, and the gross profit margin continues to shrink. Home: real estate development investment, new construction, sales, completion and other data continue to be under pressure, the real estate industry continues to adjust. Furniture enterprises continued to grow business income, profits remained high, furniture exports continued to grow but the growth rate dropped, the national building materials home climate index BHI rose significantly month-on-month, mainly due to the arrival of the traditional home decoration season after the Spring Festival, building materials home market ushered in the "Xiaoyangchun" market. Home raw materials, hardware, polymerization MDI prices rose slightly, TDI prices fell. Investment advice: as of April 30, 2024, the PE (TTM) of the CITIC Light Industry Manufacturing Industry Index was 26.73 times, in the historical 24.67% quantile; PB (LF) was 1.73 times, in the historical 1.48% quantile; the PE valuations of home furnishings, entertainment light industry and other light industries in the fine molecular sector were at 3.56%, 10.22% and 0.93%, respectively, and the valuations were at historic low levels. To maintain the industry's "stronger than the market" rating, it is recommended to pay attention to Sun Paper, the leading enterprise in the papermaking sector that has the advantage of forest-pulp-paper integration, Sofia and Bulls Group, as well as home cross-border enterprises Zhi Europe Technology and Music shares. Risk hints: 1) the risk that the real estate boom is not as good as expected; 2) the risk that consumer demand is not as expected; 3) the risk of a sharp rise in raw material prices; and 4) the risk that overseas demand is less than expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

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