景兴纸业与当前文件的A股是最不寻常的地方：产能和逆向一体化战略几乎同时扩大，富有成果，在在试图进行的分歧，同时下游业务。

文件重新扩展业务，以确保公司的基本增长。重新融资项目将于2009年投入运作，该公司投产的生产规模将有望达到150万吨，较目前的近两倍大小。 2007-2009年造纸业务收入和息税前利润预计超过45％的复合年增长率，而净利润有望超过50％的复合年增长率。

在今年的反向整合其发射公司的全面战略。对废物回收初显大小的纸张建设的频道，预计在2008年的废纸回收量将能充分满足自己的生产。目前，收购废纸超过80元/吨，我们预计今年2008,2009文件将至少有助于业务EPS0.08元和0.16元收购外包节省成本。广西后，在项目完成纸浆，该公司需要xx自我木浆，在2009年保守足够的预期将有助于企业纸浆EPS0.25元。

国王，成立控股公司，特别彩色印刷包装公司，对纸箱进行深加工以获得更好的印刷和包装性能的影响。我们认为，这在下游业务是非常有意义的尝试，以区分业务，以实现预期的成果，业界将能够规避竞争加剧的风险。

包括上游和下游业务，估计该公司的2007-2009年净利润将获得90％的平均水平显着增长。到2008年的水平20-25倍市盈率计算，以人民币14.77-18合理的价格。纸浆项目的上游和下游的彩色印刷，以促进企业推广成功，将成为该公司的股票的一个重要因素xxx。

主要危险因素：箱板基地供应或需求因素造纸工业，在牛皮箱纸板的比我们的假设水平低于市场价格的不利趋势的影响，纸浆原料林工程项目未能预期纸浆项目将有竞争力的影响。

King Hing Paper: the size and effectiveness of both

King Hing Paper A shares with the current paper is the most unusual place: the expansion of production capacity and reverse integration strategy almost simultaneously, and fruitful; at the same time in the downstream business of trying to carry out the differences.

in the paper re-expansion of business to ensure that the company’s fundamental growth. The re-financing project will be put into operation in 2009, the company is put into production scale of production is expected to reach 1.5 million tons, compared with the current size of close to double. 2007-2009 papermaking business revenues and EBIT is expected CAGR of more than 45%, while net profit is expected CAGR of more than 50%.

companies in this year’s launch of its comprehensive strategy for reverse integration. Channels for the construction of a waste paper recycling初显size, is expected in 2008 the volume of waste paper recycling will be able to fully meet its own production. At present the acquisition cost savings of outsourcing of waste paper than 80 yuan / ton, we expect that the year 2008,2009 paper will at least contribute to the acquisition of business EPS0.08 yuan and 0.16 yuan. Guangxi-pulp after the completion of the project, the company needed to completely self-sufficient in wood pulp, a conservative in 2009 is expected to contribute to business-pulp EPS0.25 million.

King set up holding companies, special color printing packaging companies, on the carton to make deep processing to obtain better performance of the printing and packaging effects. We believe that this is in the downstream business very meaningful attempt to differentiate the business to achieve the desired result if, the industry will be able to circumvent the risk of increased competition.

includes upstream and downstream operations, it is estimated that the company’s net profit for 2007-2009 will receive an average of 90% of the phenomenal growth. By 2008 the level of 20-25 times the PE calculation, a reasonable price in yuan 14.77-18. -Pulp projects upstream and downstream of color printing to promote the success of the promotion of business will become the company’s share price performance of an important contributing factor.

major risk factors: box board base paper industry by supply or demand factors, the impact of adverse trends in the market price of Kraft Liner Board less than the level of our assumptions; pulp raw material forest engineering projects fail to expected-pulp project will have an impact on competitiveness. (07-11-22)