Group 1 - The North Exchange will officially launch the North Certificate Specialized and New Index on June 30, 2025, providing investors with a multi-dimensional investment benchmark [2][5][9] - The North Certificate Specialized and New Index will select the largest 50 companies from the "specialized and new" small giant listed companies on the North Exchange, reflecting the overall performance of these companies [5][9] - A total of 27 companies are expected to enter the dual index list, including Jinbo Biological, Shuguang Digital Innovation, and Naconoer [9][10] Group 2 - The financial performance of the Specialized and New Index shows better growth compared to the North Certificate 50 Index, with total revenue and median revenue for 2024 reaching 318 million and 4.09 million respectively [12][13] - The total net profit for the Specialized and New Index in 2024 is projected to be 31.5 million, indicating a year-on-year growth of 10% [12][13] - The median market capitalization for the North Certificate 50 Index is 47 million, while for the Specialized and New Index it is 33 million, indicating a larger overall market value for the North Certificate 50 Index [12][13][19] Group 3 - The price-to-earnings ratio (PE TTM) for the North Certificate Specialized and New Index is 69X, which is higher than the 49X for the North Certificate 50 Index [19][23] - The average daily trading volume for the North Certificate A-shares has decreased to 248 billion, reflecting a slight decline in market activity [20][26] - The North Certificate 50 Index has shown a weekly increase of 1.30%, indicating a positive market sentiment [20][31]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company is positioned to benefit from the domestic substitution of aramid paper, with significant growth potential in new product lines and increased demand from various downstream sectors [4][5][57] - The company achieved a revenue of 115 million yuan in Q1 2025, representing a year-on-year growth of 27.43%, and a net profit of 30.55 million yuan, up 49.92% year-on-year [3][47] - The company is expected to maintain strong profit growth, with projected net profits of 133 million, 164 million, and 192 million yuan for 2025, 2026, and 2027 respectively [3][5] Summary by Sections 1. Product and Market Position - The company holds the second-largest global market share in aramid paper, following DuPont, and is recognized as a "national champion" in manufacturing [5][14] - The company plans to launch a new production line with a capacity of 1,500 tons in June 2025, which is expected to increase total production capacity by approximately 30% compared to 2024 [5][22] 2. Financial Performance - The company’s revenue is projected to grow from 340 million yuan in 2023 to 772 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.84% from 2012 to 2024 [5][48] - The net profit is expected to increase from 82 million yuan in 2023 to 192 million yuan in 2027, with a CAGR of 26.98% during the same period [5][48] 3. Industry Trends and Demand - The demand for aramid paper is expected to accelerate due to the domestic substitution of imports, particularly following the anti-monopoly investigation into DuPont [4][57] - The growth in the electric vehicle market and advancements in AI computing power are anticipated to drive the demand for aramid insulation paper [71][76] 4. Production Capacity and R&D - The company is expanding its production capabilities, with a focus on high-performance materials, including a 3,000-ton capacity for RO membrane substrates and 500 tons for aramid non-woven fabrics [22][34] - R&D investment has been steadily increasing, with R&D expenses rising from 6.8 million yuan in 2018 to 27 million yuan in 2024, indicating a commitment to innovation [53][54]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company is positioned to benefit from the domestic substitution of aramid paper, with significant growth potential in new product lines and increased demand from various downstream sectors [4][5][57] - The company achieved a revenue of 115 million yuan in Q1 2025, representing a year-on-year growth of 27.43%, and a net profit of 30.55 million yuan, up 49.92% year-on-year [3][47] - The company is expected to maintain strong profit growth, with projected net profits of 133 million, 164 million, and 192 million yuan for 2025, 2026, and 2027 respectively [3][5] Summary by Sections 1. Product and Market Position - The company holds the second-largest global market share in aramid paper, following DuPont, and is recognized as a "national champion" in manufacturing [5][14] - The company plans to launch a new production line with a capacity of 1,500 tons in June 2025, which will increase its overall capacity by approximately 30% compared to 2024 [5][22] 2. Financial Performance - The company reported a compound annual growth rate (CAGR) of 18.84% in revenue and 26.98% in net profit from 2012 to 2024 [48][47] - The projected revenue for 2025 is 525 million yuan, with a year-on-year growth of 28.6% [5][48] 3. Industry Trends and Demand - The domestic demand for aramid paper is expected to accelerate due to the DuPont antitrust investigation, which may enhance local production capabilities [4][57] - The growth in the electric vehicle sector and advancements in AI computing are anticipated to drive demand for aramid insulation paper [71][76] 4. Production Capacity and R&D - The company is investing in expanding its production capacity, with a focus on high-performance materials for various applications, including electric vehicles and aerospace [5][22] - R&D expenditures have been steadily increasing, reflecting the company's commitment to innovation and product development [53][54]

Core Insights - The aramid paper market in China is experiencing significant growth, with consumption projected to rise from 6,684 tons in 2024 to 12,357 tons by 2028, driven by demand from sectors such as electric power, high-speed rail, and aerospace [1][10]. Industry Overview - Aramid paper, also known as polyamide fiber paper, is produced using aramid short-cut fibers and aramid precipitated fibers, characterized by high strength, low deformation, and excellent electrical insulation properties [1][4]. - The aramid paper industry is divided into upstream (raw material supply), midstream (production), and downstream (application) segments, with key players including DuPont, Minshida, and Chaomeisi [4][12]. Current Industry Status - The global application of aramid paper is primarily in electrical insulation (65%) and honeycomb core materials (35%), while in China, electrical insulation applications dominate at 93% [6][8]. - The production of electrical insulation materials in China has increased from 2.162 million tons in 2019 to 2.651 million tons in 2024, boosting the demand for aramid paper [6]. Market Trends - The demand for aramid paper is expanding into new applications such as electric vehicles, wind power, photovoltaic power, and 5G communications, with a notable increase in the need for honeycomb core materials in the C919 aircraft [10][21]. - Domestic companies like Minshida are gaining market share, with a reported 16.7% increase in sales revenue in 2024, reaching 397 million yuan [14]. Competitive Landscape - The aramid paper market is currently dominated by DuPont, holding a 57.1% market share, while Minshida follows with 14.3% [12][19]. - Domestic companies are closing the gap with international competitors, with significant advancements in technology and production capabilities [12][19]. Future Development - The industry is expected to see accelerated domestic substitution of imported aramid paper, particularly in high-end applications such as aerospace, driven by the C919 aircraft production [19][21]. - The diversification of application fields is anticipated, with increasing demand for lightweight structural materials and high-performance composites in sectors like electric vehicles and renewable energy [21][22]. - Continuous investment in research and development by domestic firms is expected to enhance aramid paper performance and reduce costs, further solidifying their competitive position in the global market [22].

Summary of the Conference Call Company and Industry Overview - The conference call discusses the **aromatic paper industry**, specifically focusing on **Minshida Company** and its market position within the **aromatic paper sector** [2][3]. Key Points and Arguments - **Market Share and Position**: Minshida is a leading player in the domestic aromatic paper industry, with a market share of approximately **14% globally**, ranking second after **DuPont** [3]. - **Market Segmentation**: In the global aromatic paper market, **electrical insulation** and **honeycomb core materials** account for **63%** and **35%** of applications, respectively. In China, the electrical insulation application dominates at **91%**, while honeycomb core materials lag behind at **7%** [2][7]. - **Market Growth**: The Chinese aromatic paper market is projected to grow from **$226 million** in 2022 to **$585 million** by 2028, with a compound annual growth rate (CAGR) of approximately **17%**. By 2028, consumption is expected to reach around **12,000 tons** [2][8]. - **Production Capacity**: Minshida's new production capacity project has been delayed from **April 30, 2025**, to **March 31, 2026**, due to international supply chain issues affecting equipment delivery. However, the company plans to gradually debug existing production lines, ensuring overall capacity release remains on track [2][9]. - **Financial Health**: For 2024, Minshida's financial metrics include an asset-liability ratio of **25%**, an equity multiplier of **1.3**, a current ratio of **3.18**, and a quick ratio of **2.59**. The company has shown strong profitability, with gross margins increasing from **25.6%** in 2020 to **37.5%** in 2024, and net margins rising from **17.6%** to **23.5%** [2][11]. Additional Important Insights - **Sales Model**: Minshida primarily employs a direct sales model, with **75%** of its revenue generated domestically and the remainder from overseas markets, mainly in Europe and Asia [2][6]. - **Raw Material Procurement**: The company relies on its parent company, **Taihe New Materials**, for a controlled supply chain, ensuring fair pricing mechanisms for raw materials. Direct material costs constitute about **80%** of the main business costs, with stable procurement prices [2][10]. - **Future Profitability Forecast**: Projections for Minshida's net profit from 2025 to 2027 are **$138 million**, **$170 million**, and **$200 million**, respectively. The company is expected to maintain a price-to-earnings (PE) ratio of **45 to 50** in optimistic scenarios, translating to a future value range of **$6.176 billion** to **$6.862 billion**, or a share price between **$42.3** and **$47** [2][5][12].

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]