[摘要]　　

　　事(shi)件2月(yue)11日晚(wan)間，公司(si)發布回購公司(si)股份的預案，擬(ni)以自(zi)有資金(jin)1億元(yuan)至3億元(yuan)、以集中競(jing)價交易方式回購公司(si)股份，回購價格不超過(guo)9.6元(yuan)/股，回購期限自(zi)股東大會審議通過(guo)之日起6個月(yue)。　　

　　預計最大回購股(gu)份數量(liang)為(wei)3125萬股(gu)，約占公司總股(gu)本(ben)的2.09%。　　

　　回購股份將(jiang)予以注銷，注冊資(zi)本相應減少。截至公(gong)司發(fa)布(bu)回購股份預案當日(ri)，公(gong)司股價為7.55元/股。　

　　我們的(de)(de)分析和(he)判斷(duan)1、公(gong)(gong)(gong)(gong)(gong)司(si)回購(gou)股(gu)(gu)份(fen)(fen)占(zhan)總股(gu)(gu)本(ben)2.09%，彰(zhang)顯未來(lai)發展信(xin)心近期(qi)受外部市(shi)場因(yin)素影(ying)響(xiang)，公(gong)(gong)(gong)(gong)(gong)司(si)股(gu)(gu)價(jia)(jia)出(chu)現波動，公(gong)(gong)(gong)(gong)(gong)司(si)認為不(bu)能正確反(fan)映(ying)公(gong)(gong)(gong)(gong)(gong)司(si)價(jia)(jia)值(zhi)。為維護投(tou)資者利益和(he)增(zeng)強投(tou)資者信(xin)心，公(gong)(gong)(gong)(gong)(gong)司(si)擬以(yi)自有(you)資金1-3億元(yuan)回購(gou)公(gong)(gong)(gong)(gong)(gong)司(si)股(gu)(gu)份(fen)(fen)最(zui)多3125萬股(gu)(gu)，約占(zhan)公(gong)(gong)(gong)(gong)(gong)司(si)目前總股(gu)(gu)本(ben)的(de)(de)2.09%。回購(gou)的(de)(de)股(gu)(gu)份(fen)(fen)將(jiang)予(yu)以(yi)注(zhu)銷，回購(gou)股(gu)(gu)份(fen)(fen)注(zhu)銷后公(gong)(gong)(gong)(gong)(gong)司(si)總股(gu)(gu)本(ben)約為14.64億股(gu)(gu)，注(zhu)冊資本(ben)相應減少。同(tong)時，回購(gou)將(jiang)在(zai)回購(gou)期(qi)限內根據(ju)市(shi)場情況擇機實施(shi)，具(ju)有(you)一(yi)定彈性。因(yin)此本(ben)次回購(gou)不(bu)會對公(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)經營、財務和(he)未來(lai)發展產生重(zhong)大影(ying)響(xiang)，大比例(li)回購(gou)將(jiang)利于公(gong)(gong)(gong)(gong)(gong)司(si)股(gu)(gu)票市(shi)場價(jia)(jia)格向(xiang)公(gong)(gong)(gong)(gong)(gong)司(si)長(chang)期(qi)內在(zai)價(jia)(jia)值(zhi)的(de)(de)合理回歸。　　

　　針(zhen)對近期(qi)外部(bu)市場(chang)因(yin)素引(yin)致公司股(gu)價出現波動，公司擬以自有資金回購股(gu)份，充分顯示出公司對未來發展(zhan)的信心(xin)和對內在價值的認可。　　

　　2、煙標回升，酒標并(bing)拓，精品包裝(zhuang)龍頭業績(ji)拐點顯現(xian)(xian)根據業績(ji)預告(gao)，公(gong)(gong)司(si)預計2017年(nian)實(shi)現(xian)(xian)營業總收入29.45億(yi)，同比增(zeng)(zeng)長(chang)(chang)(chang)6.06%；實(shi)現(xian)(xian)歸屬于上市公(gong)(gong)司(si)股東的(de)凈利潤5.76億(yi)，同比增(zeng)(zeng)長(chang)(chang)(chang)1.02%；實(shi)現(xian)(xian)歸屬于上市公(gong)(gong)司(si)股東的(de)扣除非經常性損(sun)益的(de)凈利潤5.53億(yi)，同比增(zeng)(zeng)長(chang)(chang)(chang)25.82%。在公(gong)(gong)司(si)2017年(nian)不(bu)再(zai)合并(bing)重慶宏聲及其下屬子公(gong)(gong)司(si)重慶宏勁的(de)財務報表(biao)的(de)情(qing)形(xing)下，收入增(zeng)(zeng)長(chang)(chang)(chang)為(wei)6.06%；在與(yu)2016年(nian)合并(bing)報表(biao)同口徑（合并(bing)重慶宏聲及重慶宏勁）情(qing)形(xing)下，公(gong)(gong)司(si)收入增(zeng)(zeng)長(chang)(chang)(chang)超(chao)過雙位(wei)數(shu)區間，煙標主業增(zeng)(zeng)長(chang)(chang)(chang)維持穩健。　

　　同時，公(gong)司煙標主(zhu)業盈利能力(li)優良，在17年(nian)白卡紙原材料漲價幅度(du)較(jiao)高背景下，依靠自身較(jiao)強的煙標龍頭議(yi)價能力(li)，實現全年(nian)毛(mao)利率的提(ti)高，扣(kou)非后歸(gui)母凈利潤(run)增速達到25.82%。　

　　此外，由于煙標、精(jing)品煙酒(jiu)等(deng)彩盒(he)包(bao)裝訂單(dan)及執行情(qing)況良好，公司前期業務布局持續貢獻業績增量，公司預計2018年(nian)(nian)一(yi)季(ji)度實(shi)現盈(ying)利2.02億(yi)元-2.28億(yi)元，較上(shang)(shang)年(nian)(nian)同期增長(chang)15%-30%。我們認為(wei)，公司受(shou)益于煙標行業復蘇(su)，以及精(jing)品煙酒(jiu)、彩盒(he)包(bao)裝等(deng)高附加值產品逐(zhu)漸(jian)發力(li)，業績持續復蘇(su)，趨勢向(xiang)上(shang)(shang)拐點明顯(xian)。