Paper industry has a high degree of prosperity, entry barriers, increased capacity expansion
The strictening of environmental protection policies and the implementation of the sewage permit system have led to the continuous improvement of the entry barriers of China's paper industry, as well as the profitability of existing capacity and new capacity. It is understood that the current investment in environmental protection equipment of papermaking enterprises is between 300-400 yuan / ton, and the operating cost of large-scale environmental protection equipment is between 40-100 yuan / ton. In addition, due to the scale of production capacity, capital requirements, equipment requirements, approval of supporting projects such as captive power plants, environmental protection policies, and transportation policies, it is difficult to expand new capacity.
It is understood that due to environmental protection policies and other factors, the progress of several projects originally planned to be put into operation in 2018 or 2019 is not up to expectations. Industry capacity expansion has been greatly affected.
Take Nine Dragons Paper as an example. On September 19, 2018, Nine Dragons Paper announced its 2018 financial report. Its financial report shows that several new projects under construction by Xiaolong did not achieve the expected progress and were all delayed. According to industry analysts, in addition to market supply and demand reasons, factors such as continued pressure on policies, concerns about future markets, and uncertainties in Sino-US trade may all become slow progress in the new capacity of Nine Dragons Paper. Influencing factors.
In addition to Nine Dragons Paper, there are still many new paper production capacity construction projects in operation. However, the current complex situation of the paper industry and the growth of market uncertainties have affected the strategic layout of various paper enterprises to varying degrees.
Under the continuous influence of environmental protection policies, the advantages of China's leading papermaking enterprises have become more prominent, and the overall production and sales of leading enterprises have been better. Judging from the changes in production and sales volume of major papermaking enterprises in China, the production of mechanical papers of Murray Paper, Shanying Paper and Yueyang Paper in the first half of 2018 have increased in different degrees. The output of Chenming Paper Industry is slightly There is a decline. In the first half of the year, Shanying Paper and Chenming Paper's sales in the first half of the year increased by 35.2% and 103.3% respectively.