公司采用合资公司的形式设立，以解决资金问题，这是冷门。建立一个合资公司，纸浆与造纸的收入不能和表，公司只能获得xxxx制浆造纸项目。由于对上市公司，纸浆的两家公司之间的合资企业生产线的未来林地项目将是集团与上市公司的关联方交易的大量如何开展之间的利益分配，这是值得投资者关注。

我们确定了白卡生产线将生产比预期的慢，项目毛利率将低于市场预期。我们认为，在白卡未来两年为上市公司的年收入提供大量的投资项目数更为困难。

我们认为，在环保加强执法，纸张的企业文化在2008年，逐步增加，毛利率将上升。

我们预测美利纸业2007-2009年每股收益分别0.27元，0.41元，0.59元在2009年相当于27倍的市盈率目前的价格。公司估值高于同类公司，主要给林业公司的市场前景，林纸一体化，以及中国冶金集团，相关企业的整体上市预期，超出了范围，由于预期等因素的分析的基础，我们无法准确判断公司的未来价值。

风险提示：林纸一体化项目公司仍可能低于预期，公司的股价预计将包含许多因素，如有关的情况，与预期不一致，该公司股价可能出现波动。

美利纸业: high valuation is mainly a reflection of market expectations

Companies to adopt the form of joint-venture company set up to solve funding problems, it is upset. To establish a joint venture company, Pulp & Paper’s revenue can not and table, the company can only get a return on investment Pulp and Paper project. As the woodland project on the future of listed companies, paper pulp production line on the joint venture between the two companies will be a large number of related party transactions of listed companies with the group how to carry out the distribution of interests between, it is worth investor attention.

we determine the white card lines will be slower than expected production, and projects gross margin will be below market expectations. We believe that the item count on white card the next two years for listed companies contribute substantial investment income is more difficult.

We believe that increased enforcement in environmental protection, the corporate culture of paper in 2008 and gradually increases, gross profit margins will rise.

our 2007-2009 EPS prediction美利纸业were 0.27 yuan, 0.41 yuan, 0.59 yuan, at current prices in 2009 corresponding to 27 times earnings. Company valuation higher than the comparable companies, which are mainly given to the company’s market prospects for forestry-paper integration, as well as the China Metallurgical Group, the overall listing of related businesses is expected, due to the expected factors such analysis beyond the scope of the fundamentals, we are unable to accurately judge the value of the company’s future.

risk Hint: forestry-paper integration project company may still be slower than expected, company’s share price is expected to contain a large number of factors, such as the relevant circumstances are inconsistent with expectations, the company stock price volatility that may arise. (07-11-23)