Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is experiencing significant growth in the honeycomb core material sector, with a year-on-year increase of over 50%, establishing a dual platform of "technological moat + innovation incubator" [5] - The company is accelerating domestic substitution in its core business, with a forward-looking layout in flash-spun non-woven fabrics, RO membrane substrates, and wet multifunctional materials, which are expected to contribute to a second growth curve [6] - The company has increased its R&D expenditure to 27.02 million yuan in 2024, accounting for 6.6% of revenue, reflecting a year-on-year increase of 35% [6] - The company aims to become a global leader in high-performance functional paper-based materials through the development of new products [6] Financial Performance - In 2024, the company achieved an operating income of 408 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 101 million yuan, up 23% year-on-year [7] - The company’s revenue from aramid paper reached 397 million yuan in 2024, with a year-on-year growth of 17% [7] - The company’s gross margin improved by 4.93 percentage points to 39% due to business structure optimization [7] - The projected net profits for 2025, 2026, and 2027 are 130 million yuan, 169 million yuan, and 209 million yuan, respectively, with corresponding EPS of 0.89 yuan, 1.16 yuan, and 1.43 yuan per share [8] Market Position - The company has successfully broken DuPont's global monopoly in aramid paper, becoming the first domestic manufacturer with a market share of 1st in China and 2nd globally [7] - The company’s products are widely used in aerospace, rail transportation, and new energy vehicles, with significant growth expected in these sectors [7] - The honeycomb core material sector is projected to grow over 50% year-on-year, driven by demand in new energy vehicles and electrical insulation applications [7]

一、 投资者关系活动类别 √特定对象调研 证券代码：833394 证券简称：民士达 公告编号：2025-034 烟台民士达特种纸业股份有限公司 投资者关系活动记录表 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。 √业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 3 月 27 日至 2025 年 3 月 28 日 活动地点：公司会议室、烟台民士达特种纸业股份有限公司（以下简称"公 司"）在进门财经（https://s.comein.cn/ys2j2phz）举办 2024 年年度报告业绩 说明会。 参会单位及人员：东北证券股份有限公司、开源证券股份有限公司、汇添富 基金管理股份有限公司、中海基金管理有限公司、中信建投证券股份有限公司、 浙商证券股份有限公司、方正证券股份有限公司、粤开证券股份有限公司、东莞 证券股份有限公司、长江证券股份有限公司、国投证券股份有限公司、国金证券 股份有限公司、国联民生证券股份有限公司、国信 ...

Investment Rating - The report recommends a selection of ten stocks across various sectors, indicating a positive outlook for these companies [4]. Core Insights - The report highlights the potential for double-digit growth in earnings for companies like China Biopharmaceuticals and Sichuan Road and Bridge, driven by strong market demand and innovative product pipelines [5][6]. - The report emphasizes the importance of product differentiation and market positioning for companies such as Maogeping and Transsion Holdings, which are expected to benefit from their unique offerings and market strategies [10][11]. - The report also notes the significant land value gains and high dividend yields for Shenzhen International, suggesting a favorable investment environment [14]. Summary by Sector 1. Pharmaceuticals - China Biopharmaceuticals (1177.HK) is expected to achieve nearly 50% revenue from innovative drugs by 2025, with a strong growth trajectory anticipated [5]. 2. Construction - Sichuan Road and Bridge (600039.SH) is projected to see a turnaround in performance due to new demand from infrastructure projects in central and western China, alongside attractive dividend yields [6]. 3. Media - Kaiying Network (002517.SZ) is building a solid foundation with nostalgic products and a rich pipeline of new games set to launch in 2025, alongside investments in AI-driven products [7][9]. 4. Electronics - Transsion Holdings (688036.SH) is focusing on emerging markets, with a projected shipment of 106.9 million smartphones in 2024, aiming to enhance its market position through increased R&D investment [10]. 5. Consumer Goods - Maogeping (1318.HK) is positioned as a leading high-end domestic cosmetics brand, with a strong product expansion strategy and high offline repurchase rates [11]. 6. Transportation - Shenzhen International (0152.HK) is expected to benefit from significant land value gains and maintain a 50% dividend payout ratio, enhancing its investment appeal [14]. 7. Agriculture - Haida Group (002311.SZ) is entering a phase of cash flow release, with domestic growth and overseas expansion expected to drive performance [15]. 8. Overseas - Weishi Jiajie (0856.HK) is a leading tech service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation trends [16]. - Yum China (9987.HK) is focusing on market share growth through strategic repurchase plans and robust governance [18]. 9. North Exchange - Minshida (833394.BJ) is the first domestic manufacturer of aramid paper, with a strong market position and growth potential in high-performance applications [19][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from increased production capacity targets for domestic large aircraft and new products that will open a second growth curve [1] - The revenue for 2024 is projected to be 408 million yuan, representing a year-on-year increase of 19.82%, with a net profit attributable to the parent company of 101 million yuan, up 23.14% [1] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 133 million yuan, 164 million yuan, and 192 million yuan respectively [1] Financial Summary - Revenue and profit projections for the company are as follows: - 2024: Revenue of 408 million yuan (+19.82%), net profit of 101 million yuan (+23.14%) - 2025: Revenue of 525 million yuan (+28.6%), net profit of 133 million yuan (+32.7%) - 2026: Revenue of 655 million yuan (+24.9%), net profit of 164 million yuan (+23.1%) - 2027: Revenue of 772 million yuan (+17.8%), net profit of 192 million yuan (+17.1%) [3][6] - The gross margin for 2024 is expected to be 37.49%, an increase of 3.49 percentage points [1] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.91 yuan, 1.12 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 30.0, 24.4, and 20.8 [1][3] Industry Insights - The demand for aramid paper honeycomb core materials is expected to surge due to rapid development in aerospace, rail transportation, and the rise of the new energy vehicle industry [2] - The C919 aircraft production capacity is planned to increase significantly, with a target of 50 aircraft in 2025, up from the previously stated 50 aircraft [2] - The company is also expanding its production capabilities with a new 1500-ton production line expected to be completed by mid-2025 [3]

二、 说明会召开的时间、地点 证券代码：833394 证券简称：民士达 公告编号：2025-033 烟台民士达特种纸业股份有限公司 2024 年年度报告业绩说明会预告公告 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、 说明会类型 烟台民士达特种纸业股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日在北京证券交易所官网（www.bse.cn）、中国证券报 www.cs.com.cn、上海证 券报 www.cnstock.com、证券日报网 www.zqrb.cn、证券时报 www.stcn.com 披 露了公司《2024 年年度报告》，为加强公司与投资者的沟通和交流，现定于 2025 年 3 月 28 日召开 2024 年年度报告业绩说明会。 电话参会： （+86）4001510269（中国） （一）会议召开时间：2025 年 3 月 28 日（星期五）15:00-16:30。 （二）会议召开地点 本次 2024 年年度报告业绩说明会将采用网络方式召开，投资者可登陆进门 财经（ht ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [8]. Core Insights - The company reported a revenue of 408 million yuan for 2024, reflecting a year-on-year growth of 19.8%, with a net profit of 101 million yuan, up 23.1% year-on-year [8]. - The company is experiencing strong growth in its aviation honeycomb segment, with over 50% year-on-year growth, driven by the European market [8]. - The company is actively pursuing international customer validation for its aviation honeycomb products, anticipating a gradual replacement of international competitors by 2025 [8]. - The company has a robust cash flow, with operating cash flow of 42.48 million yuan, up 20.8% year-on-year, and improved profitability metrics, including a gross margin of 37.5% [8]. - The company is investing 60 million yuan in the construction of a wet-process multifunctional materials project, aiming to establish a second growth curve [8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 340 million yuan in 2023 to 801 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.3% [2][10]. - Net profit is expected to increase from 82 million yuan in 2023 to 213 million yuan in 2027, with a CAGR of about 22.2% [2][10]. - The company's earnings per share (EPS) is forecasted to rise from 0.62 yuan in 2023 to 1.46 yuan in 2027 [2][10]. - The gross margin is anticipated to improve from 34.0% in 2023 to 41.4% in 2027 [2][10]. Market Data - As of March 20, 2025, the company's closing price was 27.12 yuan, with a market capitalization of 1.301 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio projected to decrease from 49 in 2023 to 19 in 2027, indicating an improving valuation [2][3].

Group 1 - The company Minshida (833394) announced a dividend distribution plan for 2024, proposing a cash dividend of 2 yuan per share (before tax), totaling 29.25 million yuan [1] - For the fiscal year 2024, the company reported an operating revenue of 408 million yuan, representing a year-on-year growth of 19.82%, and a net profit of 101 million yuan, with a year-on-year increase of 23.14% [1] - The earnings per share for 2024 were reported at 0.6873 yuan, with a weighted average return on equity of 14.79% [1] Group 2 - The company primarily engages in the manufacturing and sales of aramid paper and its derivative products [2] - As of the end of 2024, the total number of shareholders reached 5,739, an increase of 2,428 shareholders compared to the previous quarter, marking a growth rate of 73.33% [2] Group 3 - The latest closing price of the stock was 29.43 yuan, with a cumulative increase of 5.56% over the past five days and a total turnover rate of 53.71% [3] - In terms of institutional interest, six institutions conducted research on the company in the past month, including three securities firms and two private equity firms [3]

关于部分募投项目延期的公告 证券代码：833394 证券简称：民士达 公告编号：2025-021 烟台民士达特种纸业股份有限公司 截至2024年12月31日，公司募集资金累计使用情况如下： 1 | 序 | | 投资总额 | 调整后拟使用 | 截至2024年12月 | 原项目达到预定 | | --- | --- | --- | --- | --- | --- | | 号 | 项目名称 | （万元） | 募集资金投资 金额（万元） | 31日募集资金投 入金额（万元） | 可使用状态日期 | | 2 | 研发中心 | 4,000.00 | 3,000.00 | 1,459.02 | 2025年12月31日 | | 3 | 补充流动资金 | 4,400.00 | 4,000.00 | 4,022.35 | 不适用 | | | 合计 | 29,770.00 | 24,672.87 | 12,150.80 | | 三、 本次募投项目延期的具体情况及原因 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、 募集资 ...

证券代码：833394 证券简称：民士达 公告编号：2025-030 会计师事务所履职情况评估报告 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 烟台民士达特种纸业股份有限公司（以下简称"公司"）聘请信永中和会计 师事务所（特殊普通合伙）（以下简称"信永中和"）作为公司2024年度审计机 构。 根据《国有企业、上市公司选聘会计师事务所管理办法》，公司对信永中和 2024年度审计工作的履职情况进行了评估。具体情况如下： 一、会计师事务所的基本情况 （一）基本信息 1、会计师事务所名称：信永中和会计师事务所（特殊普通合伙） 2、成立日期：2012年3月2日 3、组织形式：特殊普通合伙企业 6、信永中和2023年度业务收入为人民币40.46亿元，其中，审计业务收入 人民币30.15亿元，证券业务收入为人民币9.96亿元。2023年度，信永中和上市 公司年报审计项目364家，收费总额人民币4.56亿元，涉及的主要行业包括制造 业，信息传输、软件和信息技术服务业，交通运输、仓储和 ...