Zhejiang Merchants Securities: Nine Dragons Paper (02689.HK) repurchases perpetual bonds to reduce financial costs, benefits from the increase in boxboard prices during the off-season, and maintains a "buy" rating.

According to the financial news app, Zheshang Securities has released a research report stating that it maintains a "Buy" rating on Nine Dragons Paper (02689.HK), considering the financial cost savings from the perpetual bond buyback and the prosperous trend of the corrugated paper industry. It is expected that the company's revenue for FY2026-FY2028 will be 72.7/74/74.8 billion yuan, an increase of 15%/2%/1% respectively, with a net profit attributable to shareholders of 3.5/4.3/5 billion yuan, an increase of 99%/23%/15% respectively.