Two core factors supporting the rise of cultural p

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The two core factors supporting the rise in the price of cultural paper in 2019

cost control ability will become the key to the profitability of enterprises, which will benefit the enterprises with increasing self-sufficiency rate of wood pulp, and the resource advantage will support the price of paper. The self-sufficiency rate of Chenming paper is 69%, the self-sufficiency rate of sun paper from green plastic packaging materials is 50% and the self-sufficiency rate of app is 45%

1. The pattern of cultural paper industry is conducive to consolidating the advantages of the leading enterprises.

the supply and demand pattern of cultural paper is expected to improve. On the supply side, the new capacity of cultural paper is limited in the next two years. The new capacity of white paperboard almost comes from the top four paper-making enterprises. There is no new capacity of coated paper, and the new capacity of double offset paper is limited, with an annualized rate of only about 3%. On the demand side, the demand for double glue and white cardboard began to stabilize, the decline of coated paper slowed down, and the supply-demand pattern continued to improve

the industry has a high degree of concentration. Large manufacturers have pricing power, and the price is smoothly transmitted to the downstream. Among the wood pulp paper types, Cr4 coated paper is 95%, white cardboard is 61%, and double offset paper is 42%, which are significantly higher than the concentration of packaging paper. It ensures the bargaining power and price synergy of large manufacturers, and makes the price transmission more smooth in the price rise of wood pulp

2. The cost advantage of self-supporting wood pulp is significant, and the resource endowment advantage of dragon clamping convenience head is leading.

raw materials account for about 80% of the cost of cultural paper. From the raw material ratio of coated paper and double offset paper production, each ton of paper needs 0 8 tons of wood pulp as raw material. In the cost composition of coated paper and double offset paper, raw materials account for about 80%. Therefore, the change of raw material price is very important for the cost of paper enterprises

the cost advantage of self-made wood pulp is significant. Taking Chenming paper as an example, in the first three quarters of this year, the cost of the company's self-made pulp could be saved by 1600 compared with that of the purchased pulp per ton, and the cost of the self-made pulp was only 59% of that of the purchased pulp

wood pulp continued to rise, benefiting enterprises with self-sufficiency in wood pulp. From the comparison of peers, Chenming paper, which has the highest self-sufficiency rate of wood pulp in the industry (with an annual capacity of 3.32 million tons and a self-sufficiency rate of 69%), also leads the industry in terms of gross profit. Sun paper (with an annual capacity of 1million tons (including 300000 tons of Laos project), with a self-sufficiency rate of about 50%) and app (with an annual capacity of 2.1 million tons, with a self-sufficiency rate of 45%) currently have a gross profit margin of hd=100- l/0.025 of more than 20%

the self-sufficiency rate of wood pulp of sun paper has a high room for improvement. At present, the company has a capacity of 500000 tons of dissolved pulp, which can also be converted to chemical pulp. The company's wood pulp supply has certain flexibility; Arkansas bio refining project will be put into operation in 2020, and the self-sufficiency rate of wood pulp is expected to be further improved


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