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 an "Outperform" rating for the North Exchange market [5] Core Insights - The North Exchange has entered the "920 era," marking the emergence of the first ST companies [1] - The North Exchange's total number of listed companies is 265, with a total market capitalization of 737.724 billion and a circulating market capitalization of 441.839 billion, reflecting a quarter-on-quarter increase of 5.2% and 4.3% respectively [1][11] - The North Exchange 50 Index experienced a significant rebound, ending the month with a 4.72% increase, while other major indices declined [2][30] - The report highlights that 16 out of 22 industries on the North Exchange saw gains, with notable increases in beauty care, transportation, food and beverage, textiles, and agriculture, with median increases exceeding 15% [2][35] Market Overview - The North Exchange's trading volume for April was 30.945 billion shares, with a total transaction value of 630.962 billion, representing a quarter-on-quarter decrease of 14.4% and 20.2% respectively [1][17] - The average daily margin balance for April reached 5.262 billion, remaining at a historically high level [22] - As of April 30, the North Exchange 50 Index's price-to-earnings ratio (PE-TTM) was 45.31, placing it in the 99.79th percentile over the past two years [24][27] Industry Performance - The highest median price-to-earnings ratios by industry were recorded in the computer sector at 111, followed by telecommunications at 110, construction materials at 91, light industry manufacturing at 74, and social services at 72 [24][27] - The report indicates that 23 stocks reached historical highs in price during the month, with Huaguang Yuanhai achieving a remarkable 65.42% increase [2][39] Company Announcements - In April 2025, 232 companies on the North Exchange released their annual reports, with Jinbo Biological reporting the highest earnings per share at 8.27 yuan [3][12] - The report notes that there were no new listings in April, but one new stock, Tiangong Co., was issued [3][11] Policy and Important Events - The North Exchange introduced several policies in April 2025 related to refinancing, trading management, broker performance evaluation, and delisting supervision, marking a strategic move towards market independence and specialization [3][14]

Economic Overview - In 2023, China's low-altitude economy market size reached CNY 505.95 billion, with a growth rate of 33.8%[16] - The market size is expected to reach CNY 1.5 trillion by 2025 and CNY 3.5 trillion by 2035[16] Industry Development - The low-altitude economy's commercialization path is divided into three phases: strategic preparation (2025-2027), market expansion (2027-2030), and ecological maturity (2030-2035)[12][13] - China has nearly 700 drone manufacturers, leading globally in both consumer and industrial drone markets, holding over 70% and 50% market shares respectively[8] Stock Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was -3.48% from April 21 to April 25, 2025, with 14% of companies showing an increase[21] - Notable stock performers included Can Energy (+24.82%), Wanda Bearings (+21.38%), and Yi Neng Power (+8.23%)[21] Valuation Metrics - The median TTM P/E ratio for the information technology sector decreased from 38.5X to 38.0X, while the electronic equipment sector's P/E ratio fell from 56.6X to 51.1X[26][39] - The total market value of the electronic equipment sector decreased from CNY 134.06 billion to CNY 129.44 billion[28] Company Highlights - Weimiao Electronics has secured a project for the Xiaopeng Huaitian flying car control console wiring harness[17] - Parallel Technology serves as a cloud client for Xiaopeng Huaitian, a key player in the low-altitude economy[17]

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]

Group 1 - The report highlights that as of Q1 2025, the market value of public funds heavily invested in the Beijing Stock Exchange (BSE) reached 6.743 billion, a quarter-on-quarter increase of 24.5% [3][4] - The allocation scale and ratio of public funds continue to grow, driven by the spring technology theme, with a notable increase in the importance of stock selection [3][8] - The active equity public funds have shown increased attention towards BSE stocks, with the allocation coefficient reaching 0.43, up by 0.05 from the previous quarter [3][9] Group 2 - The report indicates that the BSE 50 index fund experienced slight redemptions, but future inflows are still anticipated, with the total scale reaching 9.258 billion, an increase of 1.479 billion [3][16] - The average net value growth rate of thematic funds in 2025 is 39.1%, outperforming the BSE 50 index's growth of 30.6% [3][19] - The report emphasizes a focus on active equity public funds, with new additions to the top ten heavy stocks including Kaitai Co., Minsida, and Norsland, further concentrating on Jinbo Biological [3][20] Group 3 - The report notes that active public funds are increasing their holdings in consumer sectors and companies with strong earnings reports, with six of the top ten stocks showing a profit growth rate exceeding 20% in 2024 [3][24] - The report identifies a shift towards consumer sectors, with an emphasis on "consumption + technology" as highlighted in the 2025 Two Sessions, leading to increased allocations in companies like Jinbo Biological and Kangnong Seed [3][26] - The report also mentions a decrease in heavy allocations in sectors such as electric equipment, machinery, and automobiles, while increasing in beauty care, light manufacturing, and agriculture [3][26]

证券时报·数据宝统计显示，近一个月共有18家北交所公司获机构调研，调研机构类型显示，券商共对 17家公司进行调研；基金调研14家；阳光私募调研13家；保险调研10家；海外机构调研2家。 机构调研榜单中，民士达参与调研的机构合计达139家，最受关注；其次是一致魔芋、利通科技、奥迪 威，参与调研的机构分别有137家、77家、65家。 按申万行业分类，获机构调研的北交所公司分属于10个行业，机械设备、电子、基础化工等行业较为集 中，分别有5家、4家、2家公司上榜。 机构调研次数来看，一致魔芋机构调研最为密集，共获机构6次调研。民士达、利通科技、朗鸿科技等 机构调研也较为密集，均被机构调研2次。 根据调研日期截止日统计，近一个月（3月23日至4月22日），共有18家北交所公司获机构调研，其中， 民士达最受关注，参与调研的机构有139家。 近一个月机构调研股一览 | 代码 | 简称 | 机构家数 | 调研次数 | 最新收盘价（元） | 其间涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | 833394 | 民士达 | 139 | 2 | 47.9 ...

Group 1 - In the past month (from March 22 to April 21), 17 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Minshida being the most notable, attracting 139 participating institutions [1] - The types of institutions conducting research include 16 brokerages, 13 funds, 12 private equity firms, 9 insurance companies, and 2 overseas institutions [1] - The companies that received the most attention were Minshida, Yizhi Moyu, Litong Technology, and Audiwei, with 139, 124, 77, and 65 participating institutions respectively [1] Group 2 - The average stock price of the companies that received institutional research increased by 18.31% over the past month, with notable gainers including Yizhi Moyu (up 148.08%), Minshida (up 87.63%), and Jikang Instruments (up 32.68%) [2] - The average daily turnover rate for the researched companies was 7.71%, with the highest rates recorded for Zhongke Meiling (16.91%), Minshida (16.01%), and Guohang Yuanyang (15.15%) [2] - As of April 21, the average market capitalization of all companies on the BSE was 2.916 billion yuan, while the average market capitalization of the researched companies was 3.461 billion yuan, with Minshida, Hualing Co., and Fujida leading in market value [2]

Group 1: Market Overview - US stock index futures fell on Monday, and the US dollar index dropped below 99.00 for the first time since April 2022 [2] - Trump hinted at a desire to lower tariffs on China, suggesting a potential agreement within a month [2] - The domestic stock market is being supported by government efforts to stabilize the market and promote healthy development in the real estate sector [5][11] Group 2: Company Developments - MP Materials has ceased exporting rare earth concentrates to China, which may lead to a tightening of domestic supply and a potential increase in overseas rare earth prices [4][12] - Tesla's production of the low-cost Model Y may be delayed until next year, with significant sales declines reported in Europe, particularly in Germany, Denmark, and Sweden, where sales fell over 50% [3] - The first quarter saw significant profit increases for several companies, including: - Cambrian Technology with a net profit of 355 million yuan, turning a profit year-on-year [16] - Zhongji Xuchuang with a net profit of 1.583 billion yuan, up 56.83% year-on-year [16] - Zhengdan Co. with a net profit of 389 million yuan, a 558.59% increase year-on-year [16] Group 3: Industry Trends - The consumer electronics industry is experiencing a recovery, driven by demand for passive components like MLCCs, with prices rising due to increased orders and low inventory levels [13] - The humanoid robot industry is gaining traction, with the first humanoid robot half-marathon held in Beijing, showcasing advancements in robotics and potential market expansion [14] - The AI sector is driving demand for passive components, with projections indicating that the demand for MLCCs in AI applications will grow at an annual rate exceeding 30% by 2030 [13]