The hottest packaging continues to hover at the bo

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Packaging continues to hover at the bottom of the wonderful paper industry

the first quarterly report of the industry is summarized as follows: packaging growth is steady; Furniture demand expands with the rebound of real estate; The competition for household paper is intensifying, and it is expected to change. From the light industry manufacturing 1 quarterly report basically disclosed, the packaging sub industry is relatively beautiful, and the growth of revenue and net profit is accelerated; The furniture sector benefited from the rebound in downstream real estate trading 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 companies with a relatively high proportion of self-made pulp among 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

Orient Securities reiterated its view: over packaging, low papermaking, and furniture were adjusted to standard configuration because the implementation of the five national regulations was lower than expected. From the perspective of the first quarter report, it is basically in line with the previous view. We still recommend investors to exceed the packaging and printing sector with high scenery and low distribution paper 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, due to the implementation of the five local implementation efforts and trading volume projects in the real estate country, the sliding range can also measure the specified high load of the spring in the environment of constant load and temperature The spring coefficient and lap height are lower than the previous expectations. We will adjust the furniture industry to standard configuration, and we suggest paying attention to the customized wardrobe sub industry

according to the forecast of the interim report of the enterprise, the performance outlook of the downstream furniture industry chain of packaging and printing and real estate is still good. We further combed the outlook and expectations of Companies in the industry for the interim report, as shown in Table 1. From the perspective of enterprise performance outlook, packaging enterprises will continue to maintain high-speed growth in the second quarter. On the other hand, through identification and sorting experiments, they have reached 98% output and 95% purity. Furniture enterprises are expected to maintain rapid growth in the first half of the year due to the large increase in real estate trading volume in the first quarter

investment strategy: it is recommended to pay attention to companies with accelerated growth or high growth in the second quarter and treat the household paper sub industry with caution

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