研报掘金丨信达证券：五洲特纸盈利见底，景气复苏可期

格隆汇2025-08-21

信达证券研报指出，五洲特纸25H1归母净利润1.22亿元（同比-47.7%）；25Q2归母净利润0.57亿元（同比-42.2%）。盈利见底，景气复苏可期。该行认为，单吨盈利承压主要系湖北基地全面投产、产品结构变化，以及热转印等承压纸种拖累。展望未来，受益于浆价见底、需求旺季修复，我们判断包装纸等价格底部品类Q3有望边际回暖，叠加低价浆逐步入库，盈利能力改善可期。食品卡纸/文化纸受制于竞争加剧，该行...

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