| 日期 | 2025/5/30 | | --- | --- | | 当前股价(元) | 41.86 | | 一年最高最低(元) | 56.84/11.00 | | 总市值(亿元) | 61.22 | | 流通市值(亿元) | 20.07 | | 总股本(亿股) | 1.46 | | 流通股本(亿股) | 0.48 | | 近 3 个月换手率(%) | 739.25 | 北交所研究团队 布局新产品打开增长第二曲线，芳纶纸国产替代有望加速 ——北交所公司深度报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所公司深度报告 民士达（833394.BJ） 2025 年 06 月 03 日 投资评级：买入（维持） 2025Q1 公司实现营收 1.15 亿元（+27.43%），归母净利润 0.31 亿元（+49.92%） 2025 年一季度公司实现营收 1.15 亿元，同比增长 27.43%，实现归母净利润 3055.05 万元，同比增长 49.92%。下游需求高增，我们维持 2025-2027 年盈利预 测，预计公司 2025-2027 年的归母净利润分别为 1 ...

北交所公司深度报告 民士达（833394.BJ） 2025 年 06 月 03 日 投资评级：买入（维持） | 日期 | 2025/5/30 | | --- | --- | | 当前股价(元) | 41.86 | | 一年最高最低(元) | 56.84/11.00 | | 总市值(亿元) | 61.22 | | 流通市值(亿元) | 20.07 | | 总股本(亿股) | 1.46 | | 流通股本(亿股) | 0.48 | | 近 3 个月换手率(%) | 739.25 | 北交所研究团队 布局新产品打开增长第二曲线，芳纶纸国产替代有望加速 ——北交所公司深度报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 公司实现营收 1.15 亿元（+27.43%），归母净利润 0.31 亿元（+49.92%） 2025 年一季度公司实现营收 1.15 亿元，同比增长 27.43%，实现归母净利润 3055.05 万元，同比增长 49.92%。下游需求高增，我们维持 2025-2027 年盈利预 测，预计公司 2025-2027 年的归母净利润分别为 1 ...

Core Viewpoint - The company, Minshida, has successfully developed and industrialized aramid paper, a high-performance fiber material, breaking foreign monopolies and expanding its applications in various industries such as aviation, high-speed rail, and new energy vehicles [2][5][6]. Group 1: Product Development - Aramid paper constitutes 50% to 60% of the aircraft's filling materials, significantly reducing weight and enhancing sound insulation and fire resistance [2]. - The company faced challenges in developing aramid paper due to a lack of existing technology and experience, requiring extensive research and collaboration with equipment manufacturers and research institutions [3][4]. - After over 1,000 days of research, the company successfully established the first domestic production line for aramid paper, marking a significant technological breakthrough [5]. Group 2: Market Challenges and Strategies - The market perception of aramid paper has been influenced by decades of foreign dominance, leading to customer hesitance regarding the new product's capabilities [6]. - To gain customer trust, the company targeted leading enterprises as clients, successfully becoming a global supplier after rigorous testing and validation [6]. - The company aims to expand its product range to match or exceed the variety offered by foreign competitors, focusing on producing wider aramid paper [6][7]. Group 3: Application Expansion - The demand for lightweight, high-performance materials in new energy vehicles is increasing, positioning aramid paper as an ideal material for critical components [8]. - The company is also exploring applications in aerospace, low-altitude economy, and electrical equipment, integrating aramid paper into structural materials and insulation solutions [8]. - Minshida's products are exported to multiple countries, with exports accounting for over one-third of its revenue, and the company has achieved an annual revenue growth rate exceeding 25% over the past five years [8]. Group 4: Future Innovations - The company is committed to continuous innovation, enhancing the electrical properties, smoothness, and tear resistance of aramid paper, while developing diverse products tailored to various applications [9]. - In the first quarter of this year, the company reported a revenue of 115 million yuan, a year-on-year increase of 27.4%, and a net profit of 30.55 million yuan, up 49.9% [9].

本次权益分派基准日合并报表归属于母公司的未分配利润为 242,825,443.40 元，母公司未分配利润为 249,274,338.63 元。本次权益分派共计派发现金红利 29,250,000.00 元。 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司现有总股本 146,250,000 股为基数，向全体股东每 10 股派 2 元人民币 现金。 证券代码：833394 证券简称：民士达 公告编号：2025-041 烟台民士达特种纸业股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 烟台民士达特种纸业股份有限公司 2024 年年度权益分派方案已获 2025 年 4 月 10 日召开的股东大会审议通过，本次实施分配方案距离股东大会审议通过的 时间未超过两个月。 现将权益分派事宜公告如下： （3）对于合格境外投资者之外的其他机构投资者和法人股东，本公司未代 2、扣税说明 （1）个人股东、投资基金适用股息红利差别化个人所得税政策, 个人股东、 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a fair valuation range of 42.30 to 47.00 CNY per share, indicating a 6% premium over the current stock price of 44.31 CNY [6][3]. Core Insights - The company is a leader in the domestic aramid paper industry, focusing on the research, production, and sales of aramid paper and its derivatives, with a strong emphasis on high-end manufacturing applications [14][19]. - The aramid paper market is expected to grow significantly, with a compound annual growth rate (CAGR) of 17% projected for the period from 2022 to 2028 in China, driven by increasing demand in electrical insulation and aerospace applications [30][39]. - The company is expanding its production capacity, with a theoretical capacity of 3,000 tons and an additional 1,500 tons under construction, which is expected to contribute to profit growth by 2026 [2][3]. Summary by Sections Company Overview - The company, Yantai Minshida Special Paper Co., Ltd., was established in 2009 and specializes in aramid paper, holding key technologies and patents in the field [14][19]. - It has a strong market position, ranking second globally with a 14% market share, following DuPont, which holds 57% [2][43]. Market Demand and Growth - The global aramid paper market is primarily driven by electrical insulation (63%) and honeycomb core materials (35%), with China heavily focused on electrical insulation (91%) [34][37]. - The demand for aramid paper is expected to rise due to the rapid development of power equipment and the aerospace sector, with significant growth opportunities in high-end composite materials [30][39]. Financial Projections - The company forecasts revenue growth from 340 million CNY in 2023 to 713 million CNY in 2027, with a compound growth rate of 20.7% to 16.2% over the years [4]. - Net profit is projected to increase from 82 million CNY in 2023 to 200 million CNY in 2027, reflecting a CAGR of 28.7% to 17.7% [4]. Production and Capacity Expansion - The company is investing in new projects, including a 60 million CNY investment in a multifunctional material project, which will produce polyester non-woven fabric and aramid non-woven fabric [2][3]. - The expansion of production capacity is expected to enhance profitability, particularly with the anticipated release of new capacity in 2026 [3][2]. Industry Trends - The aramid paper industry is entering a high-growth phase, supported by domestic substitution trends and increasing demand in various sectors, including clean energy and aerospace [39][45]. - The report highlights the potential for domestic companies to capture market share due to geopolitical factors affecting international competitors [45][42].

Investment Rating - The report maintains a "Recommended" investment rating for the company Minshida (833394.BJ) [1] Core Views - The company reported a significant increase in quarterly performance, with a 27.43% year-on-year growth in revenue and a 49.92% increase in net profit attributable to shareholders in Q1 2025 [3] - The company is experiencing a full production and sales momentum, with overseas market recovery contributing to nearly 30% of revenue, particularly in the European market, which saw over 40% growth [3] - The domestic substitution of aramid paper is accelerating, with the company’s products being successfully applied in mainstream aircraft manufacturing, and ongoing projects in the civil aviation sector progressing as planned [3] - The company is diversifying its product lines, including RO membrane substrates and non-woven fabrics, which are expected to create a second growth curve [3] Financial Performance Summary - In Q1 2025, the company achieved an operating income of 115.09 million yuan, a year-on-year increase of 27.43%, and a net profit of 30.55 million yuan, up 49.92% [3] - The company’s net profit attributable to shareholders is projected to grow from 133 million yuan in 2025 to 198 million yuan in 2027, with corresponding growth rates of 32.26%, 24.22%, and 19.92% [4][6] - The gross margin is expected to remain stable around 37.48% to 38.50% from 2025 to 2027 [4][6] Product and Market Development - The company is focusing on high-end products such as aramid paper for aerospace applications, which are expected to enhance its product structure and market share [3] - New product categories, including polyester non-woven fabrics and flash-spun non-woven fabrics, are being developed for various industries, including electronics, pharmaceuticals, and construction [3] - The company’s RO membrane substrate and wet non-woven fabric are set to begin production in Q1 2026, indicating a strong pipeline for future growth [3]

1、 核实对象： 公司控股股东、实际控制人、持股 5%以上股东，在任的董事、监事及高级管理人员。 证券代码：833394 证券简称:民士达 公告编号：2025-040 烟台民士达特种纸业股份有限公司股票交易异常波动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、股票交易异常波动的具体情况 公司股票最近 3 个有成交的交易日（2025 年 4 月 16 日至 2025 年 4 月 18 日）以内收盘 价涨幅偏离值累计达到 43.92%，根据《北京证券交易所交易规则（试行）》的有关规定，属 于股票交易异常波动情形。 二、公司关注并核实的相关情况 2、 核实方式： 电话询问、口头询问及微信询问等方式。 3、 核实结论： 前期公告的事项不存在需要更正、补充之处,未发现可能或已经对本公司股票交易价格 产生较大影响的媒体报道或市场传闻，不涉及热点概念事项；近期公司经营情况及内外部经 营环境未发生重大变化；公司、控股股东和实际控制人不存在关于本公司的应披露而未披露 的重大事项，或处于筹划阶段的重大事项；不存在 ...

Group 1: Investor Relations Activities - The investor relations activities included specific object research and online meetings [3] - The activities took place from April 12 to April 14, 2025, with various investment firms participating [3][4] - The reception team included the board secretary and a securities specialist [4] Group 2: Company Performance Overview - In Q1 2025, the company maintained a full production and sales status, with losses from subsidiaries largely eliminated [5] - The overseas market saw a growth rate exceeding 40%, driven by demand from infrastructure projects [6] - The overall gross profit margin continued to improve due to stable raw material prices and optimized sales structure [5] Group 3: Profit and Revenue Insights - Profit growth outpaced revenue growth, attributed to low raw material costs and efficiency improvements [5] - The sales increase was concentrated in high-end transformer and aerospace honeycomb core sectors, which have higher added value [5] Group 4: Market Trends and Capacity - The overseas sales growth is expected to be a long-term trend, driven by infrastructure upgrades and product replacements [6] - The revenue split between domestic and overseas markets remained stable, with overseas revenue close to 30% [7] - Current production capacity is fully utilized, with a planned 1,500-ton production line expected to increase capacity by approximately 30% by year-end [8] Group 5: New Product Development - The industrialization of RO membrane substrates and wet non-woven fabrics has commenced, with production expected in Q1 2026 [9] - Equipment and processes for flash-spun non-woven fabrics are under continuous optimization, with steady progress in the waterproof building materials sector [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q1 2025 revenue of 115 million yuan, a year-on-year increase of 27.4%, and a net profit of 30.55 million yuan, up 49.9% year-on-year, indicating that revenue met expectations while profit exceeded expectations [7] - The company continues to operate at full capacity, with strong demand in the electrical insulation and aerospace sectors, particularly benefiting from the growth in the European market for wind power and transformer needs [7] - The shift towards high-end products has improved gross margins, with Q1 2025 gross margin at 39.7%, up 3.3 percentage points year-on-year [7] - The company is expected to benefit from the ongoing antitrust investigation into DuPont, as its main products are domestically developed alternatives to DuPont's offerings [7] - The company plans to launch its fundraising projects in mid-2025, which will enhance production capacity and potentially increase profit margins [7] - The long-term outlook remains positive, with an upward revision of profit forecasts for 2025-2027, expecting net profits of 144 million, 178 million, and 223 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 587 million yuan, with a year-on-year growth rate of 43.9% [6] - The net profit for 2025 is estimated at 144 million yuan, reflecting a year-on-year growth of 43.5% [6] - The earnings per share (EPS) for 2025 is forecasted to be 0.99 yuan [6] - The gross margin is expected to be 38.2% in 2025 [6] - The return on equity (ROE) is projected to be 17.4% for 2025 [6]

证券代码：833394 证券简称：民士达 公告编号：2025-035 烟台民士达特种纸业股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 10 日 2.会议召开地点：烟台经济技术开发区太原路 3 号民士达会议室 3.会议召开方式：现场投票和网络投票相结合的方式 4.会议召集人：董事会 5.会议主持人：董事长宋西全先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序均符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 6 人，持有表决权的股份总数 98,354,023 股，占公司有表决权股份总数的 67.25%。 其中通过网络投票参与本次股东大会的股东共 1 人，持有表决权的股份总数 10,574 股，占公司有表决权股份总数的 0.01%。 （三）公司董事、监事、高级管理人员出 ...