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资讯 独立不迁 横而不流
Independent and Unwavering,
Steadfast without Yielding.
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仙鹤股份：
26Q2盈利修复
Profitability Recovery in Q2 2026
投资要点
Investment Thesis
公司发布2026年半年度报告
26Q2公司实现营业收入31.37亿元，同比+4.58%；归母净利润2.89亿元，同比+21.50%；扣非归母净利润2.64亿元，同比+20.27%。
26H1公司实现营业收入63.04亿元，同比+5.23%；归母净利润5.40亿元，同比+13.88%；扣非归母净利润4.96亿元，同比+11.95%。
26H1公司完成特种浆纸产量132.15万吨，同比+19.28%；特种浆纸销售量93.20万吨，同比+11.83%。
2026年上半年，面对外部环境变乱交织、国内经济运行新情况与老问题交织叠加的复杂局面，公司紧紧围绕“提质增效”的核心理念，充分发挥“林浆纸用”一体化全产业链布局优势，依托总部的技术开发支持和广西来宾、湖北石首两大基地产能的持续释放，经营业绩实现稳步增长。26H1随着公司提价政策的逐步落地和产销规模的持续扩大，经营业绩延续改善态势。
产品矩阵丰富，重点品类竞争优势巩固
日用消费系列：26H1实现收入29.81亿元，同比+16.64%，销量同比+29.52%。随着国内数码转印市场的整体增长，公司转印系列材料销量持续提升。此外，公司生活用纸系列产品自2025年正式投放市场以来，市场拓展顺利。
食品与医疗包装材料系列：26H1实现收入12.40亿元，同比+19.98%，生产量达到22.37万吨，同比+31.67%，销售量19.10万吨，保持稳健增长。
商务交流及出版印刷材料系列：26H1实现收入4.94亿元，同比+40.04%。公司低定量出版印刷用纸国内市场占有率超过90%，产品持续为多家国内大型出版社及国际知名出版社的指定用纸。
烟草行业配套系列：26H1实现收入4.61亿元，同比+3.56%。公司在烟草行业配套系列市场占有率近45%，处于行业重要地位。
电气及工业用材系列：26H1实现收入4.25亿元，同比+3.63%。随着AI服务器等新兴产业对高电压电解电容器需求的持续增长，26H1电解电容器纸基材料销售达3,748.09吨，销售收入同比+7.35%。公司年产2万吨绝缘纸、电容纸等特种纸项目正按计划稳步推进，目前整体已进入设备安装阶段。其中，PM11、PM12生产线已于2026年8月启动单机调试，即将转入试生产；PM13、PM14生产线预计于2026年12月底完成安装调试并试生产。
两大基地产能持续释放，林浆纸一体化优势凸显
截至2026年6月末，广西、湖北两大基地共有7条制浆生产线和9条特种纸生产线投入生产。26H1公司重点推动两大基地一期项目的满产达产工作，产能利用率以及纸浆配套均处于稳步提升态势。
其中，湖北仙鹤产出特种纸10.74万吨，自制特种浆12.15万吨；广西仙鹤产出特种纸21.84万吨、木浆25.27万吨。经过公司产品自用的充分检验及市场端的持续验证，两地自制浆已基本达到替代进口同类木浆的水准，有效突破了行业长期以来木浆高度依赖进口的瓶颈约束。
26H1广西仙鹤二期项目建设加速推进，二期项目规划新增60万吨制浆和70万吨特种纸产能，计划于2027年年中全部投产，其中新建的PM6特种纸生产线力争于2026年9月率先投入运行。湖北基地除继续满负荷运行外，年产20万吨生活用纸项目作为公司新赛道，持续紧密结合市场需求，加快构建自主的生活用纸产销生态圈。
The Company Released Its 2026 Interim Report
In Q2 2026, the Company achieved Operating Revenue of RMB 3.137 billion, Year-on-Year +4.58%; Net Profit Attributable to Parent Company of RMB 289 million, Year-on-Year +21.50%; and net profit attributable to the parent company after non-recurring items of RMB 264 million, Year-on-Year +20.27%.
In H1 2026, the Company achieved Operating Revenue of RMB 6.304 billion, Year-on-Year +5.23%; Net Profit Attributable to Parent Company of RMB 540 million, Year-on-Year +13.88%; and net profit attributable to the parent company after non-recurring items of RMB 496 million, Year-on-Year +11.95%.
In H1 2026, the Company's Production Volume of specialty pulp and paper reached 1.3215 million tonnes, Year-on-Year +19.28%; sales volume of specialty pulp and paper reached 932,000 tonnes, Year-on-Year +11.83%.
In the first half of 2026, faced with a complex environment characterized by intertwined external disruptions and the overlapping of new developments and longstanding issues in domestic economic operations, the Company remained firmly focused on the core philosophy of "quality improvement and efficiency enhancement," fully leveraging the advantages of its integrated "forest-pulp-paper-use" full Industry Chain layout. Supported by the headquarters' technical development capabilities and the continued release of Production Capacity at its two major bases in Laibin, Guangxi and Shishou, Hubei, the Company achieved steady growth in operating performance. In H1 2026, as the Company's price increase policies were progressively implemented and its production and sales scale continued to expand, operating performance maintained its improving trajectory.
Enriched Product Matrix, Competitive Advantages in Key Categories Further Consolidated
Daily Consumer Products Series: In H1 FY2026, revenue reached RMB 2.981 billion, Year-on-Year +16.64%, with sales volume up Year-on-Year +29.52%. Driven by the overall growth of the domestic digital transfer printing market, the Company's transfer printing series materials continued to see rising sales volume. In addition, the Company's household paper series products, officially launched to market in 2025, have achieved smooth market expansion.
Food and Medical Packaging Materials Series: In H1 FY2026, revenue reached RMB 1.240 billion, Year-on-Year +19.98%, with Production Volume reaching 223,700 tonnes, Year-on-Year +31.67%, and sales volume of 191,000 tonnes, maintaining steady growth.
Business Communication and Publishing & Printing Materials Series: In H1 FY2026, revenue reached RMB 494 million, Year-on-Year +40.04%. The Company holds a domestic market share of over 90% in low-grammage publishing and printing paper, with its products continuously designated as the specified paper by multiple large domestic publishing houses and internationally renowned publishers.
Tobacco Industry Supporting Series: In H1 FY2026, revenue reached RMB 461 million, Year-on-Year +3.56%. The Company holds a market share of approximately 45% in the tobacco industry supporting series market, occupying a significant position in the industry.
Electrical and Industrials Materials Series: In H1 FY2026, revenue reached RMB 425 million, Year-on-Year +3.63%. Driven by the continued growth in demand for high-voltage electrolytic capacitors from emerging industries such as AI servers, sales of electrolytic capacitor paper-based materials in H1 FY2026 reached 3,748.09 tonnes, with sales revenue up Year-on-Year +7.35%. The Company's specialty paper project with an annual Production Capacity of 20,000 tonnes of insulating paper, capacitor paper and other specialty papers is progressing steadily as planned and has currently entered the equipment installation phase overall. Among the production lines, PM11 and PM12 have commenced individual machine commissioning in August 2026 and are about to enter trial production; PM13 and PM14 are expected to complete installation, commissioning and trial production by the end of December 2026.
Production Capacity of Two Major Bases Continues to Be Released, Advantages of Forest-Pulp-Paper Integration Become Increasingly Prominent
As of the end of June 2026, the two major bases in Guangxi and Hubei had a combined total of 7 pulping production lines and 9 specialty paper production lines in operation. In H1 FY2026, the Company focused on driving full-capacity and on-target production at the Phase I projects of both major bases, with Production Capacity utilization rates and pulp supply support both on a steady upward trajectory.
Among them, Hubei Xianhe produced 107,400 tonnes of specialty paper and 121,500 tonnes of self-manufactured specialty pulp; Guangxi Xianhe produced 218,400 tonnes of specialty paper and 252,700 tonnes of wood pulp. Following thorough internal verification through the Company's own product use and continuous validation on the market side, the self-manufactured pulp from both locations has essentially reached the standard required to substitute imported wood pulp of the same type, effectively breaking through the long-standing industry bottleneck of heavy reliance on imported wood pulp.
In H1 FY2026, construction of the Phase II project at Guangxi Xianhe accelerated. The Phase II project plans to add 600,000 tonnes of pulping Production Capacity and 700,000 tonnes of specialty paper Production Capacity, with full commissioning targeted for mid-2027; among the new production lines, the PM6 specialty paper production line is striving to be the first to commence operation in September 2026. In addition to continuing to operate at full capacity, the Hubei base is advancing its annual 200,000-tonne household paper project as a new growth track for the Company, continuously aligning closely with market demand to accelerate the development of an independent household paper production and sales ecosystem.
投资建议
Investment Thesis
维持“买入”评级
公司提价政策逐步落地，产销规模持续扩大，广西、湖北两大基地产能利用率及纸浆配套稳步提升，我们预计26-28年公司归母净利润分别为12.1/15.1/19.0亿元，维持“买入”评级。
Maintaining "Buy" Rating
As the company's price increase policies are gradually implemented and its production and sales scale continues to expand, the capacity utilization rates and pulp integration at the two major bases in Guangxi and Hubei are steadily improving. We forecast the company's Net Profit Attributable to Parent Company for 2026–2028 to be RMB 1.21/1.51/1.90 billion, respectively, and maintain our Buy Rating.
风险提示
终端需求不及预期风险；纸浆等原材料价格大幅波动风险；产能利用率提升不及预期风险；新项目投产进度不及预期风险；汇率波动风险。
Risks Warnings
Risk of terminal demand falling short of expectations; risk of significant price volatility in pulp and other Raw Materials; risk of capacity utilization improvement falling short of expectations; risk of new project commissioning progress falling short of expectations; Exchange Rate fluctuation risk.
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