A-share subscription | Linping Development (603284.SH) opens subscription, deepening the field of corrugated paper and boxboard paper products.

On January 30th, Lin Ping Development (603284.SH) began its initial public offering with an issue price of 37.88 yuan per share and a purchase limit of 7,500 shares. The price-to-earnings ratio is 18.69 times and it is listed on the Shanghai Stock Exchange. Guolian Minsheng Securities is its sponsoring institution. The prospectus shows that Lin Ping Development is mainly engaged in the research, development, production, and sales of corrugated paper and boxboard paper products. After years of development, the company has grown into a resource comprehensive utilization enterprise integrating waste paper utilization, cogeneration of heat and power, and green papermaking. The company's main products include corrugated paper and boxboard paper, which are sold downstream and used in logistics, industrial, and consumer packaging. In terms of sales, the company adopts a direct sales model, with direct customers as the main customer base, and trade customers as secondary customers. During the reporting period, the company's main customers include Xiamen ITG Group Corp., Ltd., Xiamen Hexing Packaging Printing Co., Ltd., Xiamen C&D Inc., Shanying International Holdings Ltd., and Wuxi Shengyuan Paper Products Co., Ltd. There are numerous papermaking enterprises in China, with the industry being decentralized and low in market concentration, leading to intense competition. However, there are few large papermaking companies with high production capacity, and the production capacity is mostly concentrated in mid-to-low-end products. According to the data released by the China Paper Association in the "China Paper Industry Report for 2024," there are approximately 2,600 paper and paperboard production enterprises in China in 2024, with 30 enterprises producing over 1 million tons per year. The company currently has a production capacity of 1.15 million tons, and in 2024, the total raw paper production of the company was 1.0197 million tons, ranking among the top in the country as one of the top 30 papermaking enterprises by production capacity. Financially, in 2022, 2023, 2024, and the first half of 2025, the company's operating income was approximately 2.879 billion yuan, 2.8 billion yuan, 2.485 billion yuan, and 1.224 billion yuan respectively, with net profits of approximately 154 million yuan, 212 million yuan, 153 million yuan, and 91.419 million yuan respectively during the same periods.