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| Paper packaging industry: the layout of the third quarter, focusing on defensive |
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Views: 6364 AddTime: 2011-9-10
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News: The industry opportunity of papermaking block has not been realized. Throughout 2010, after experiencing the Chilean earthquake in April, the international pulp price ushered in a round of skyrocketing, then slowly fell back, and gradually increased in the fourth quarter, maintaining a high level of shock, while the first quarter of 2011 was experiencing a high level. Taking into account the inventory adjustment time of a quarter, the gross profit margin and pre-tax profit margin of the industry have declined to varying degrees in the first half of 2011. The industry supply-demand pattern of the cardboard block determines the prosperity. The faster growth of industry fixed asset investment in 2009 and the first quarter of 2010 determines that the industry's supply pressure will be greater in 2011. Eliminating outdated production capacity is the only hope for an improvement in the industry's supply and demand pattern in the short term, but there is currently no evidence that the supply and demand pattern has improved. It is recommended to bypass the traditional papermaking business, as Meili Paper, which is an asset integration platform of MCC's paper industry, and Cain, which is a prosperous capacitor paper company.
It is recommended to deploy defensive varieties in the third quarter. In the context of the relatively sluggish global economy, it is recommended to focus on plastic packaging companies with food, medicine, and daily necessities as the main downstream as defensive varieties. The main logic is that the downstream belongs to the fast-moving consumer goods industry and demand is relatively rigid, while the relative downturn in the global economy puts pressure on the prices of upstream raw materials. The company has the corresponding initiative and it is recommended that investors pay attention to Yongxin shares. The third quarter results are expected to exceed expectations.
Corrugated packaging benefited from the increase in market concentration. The packaging and printing sector has strong profitability, although most of them are restricted by the economic service radius, and the market concentration is low. However, with the promotion of the financial strength of the listed companies in the industry and the active national layout, we believe that corrugated packaging is the most likely to produce In the sector of large companies, in individual stocks, we recommend Mei Yingsen, which has a large amount of new capacity, has just started its national layout, and has a relatively high gross profit margin. |
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