Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][3]. Core Insights - The company reported a revenue of 186 million yuan in H1 2024, representing a year-on-year increase of 6.86%, and a net profit attributable to shareholders of 44 million yuan, up 10.67% year-on-year. The growth is primarily driven by increased sales in the aerospace honeycomb and new energy vehicle motor sectors [2]. - The new materials industry is thriving, with significant growth potential for aramid paper applications. The competitive landscape shows that DuPont holds an 80% global market share, while the company is steadily increasing its market recognition and brand awareness [2]. - The company is progressing well with its fundraising projects, including the new functional paper-based material project, which has a theoretical annual production capacity of 1,500 tons. This expansion is expected to enhance its industry position and market share in aramid paper [2][3]. Financial Forecasts - The company’s projected net profits for 2024-2026 are 102 million yuan, 127 million yuan, and 157 million yuan, respectively, with corresponding EPS of 0.70 yuan, 0.87 yuan, and 1.07 yuan per share. The P/E ratios based on the closing price as of August 16, 2024, are expected to be 17, 14, and 11 times [1][3]. - The total revenue forecast for 2024 is 426 million yuan, with a year-on-year growth rate of 25.06%. The net profit margin is projected to be around 24.27% for 2026 [9][10].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 185,668,678.80, representing a 6.86% increase compared to CNY 173,749,604.96 in the same period last year[15]. - The net profit attributable to shareholders was CNY 44,296,955.13, up 10.67% from CNY 40,026,519.67 year-on-year[15]. - The gross profit margin improved to 37.57%, compared to 36.68% in the previous year[15]. - The company's net profit for the period was ¥41,463,399.37, reflecting a 3.59% increase from ¥40,026,519.67 in the previous year[27]. - The total comprehensive income for the first half of 2024 was ¥47,402,518.39, compared to ¥40,028,200.37 in the same period of 2023[76]. - The total profit for the first half of 2024 was ¥48,158,583.25, compared to ¥45,401,815.38 in the first half of 2023, an increase of 6.1%[74]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 852,236,335.30, a 4.95% increase from CNY 812,021,118.70 at the end of the previous year[16]. - The total liabilities increased by 17.71% to CNY 171,401,204.54 from CNY 145,610,309.01 year-on-year[16]. - Shareholders' equity increased to ¥680,835,130.76 from ¥666,410,809.69, showing a rise of about 2.56%[69]. - Current liabilities rose to ¥106,765,864.43 from ¥82,721,922.98, marking an increase of approximately 29.05%[68]. Cash Flow - The net cash flow from operating activities for the current period is ¥23,757,327.63, compared to ¥38,033,563.15 in the same period last year, reflecting a decrease of 37.54%[17][18]. - Cash flow from financing activities showed a net outflow of CNY 29,250,000.00 in H1 2024, compared to a net inflow of CNY 247,553,100.00 in H1 2023, indicating a significant shift in financing strategy[80]. - The ending cash and cash equivalents balance for H1 2024 was CNY 260,382,629.83, down from CNY 311,738,766.44 at the end of H1 2023, a decrease of 16.5%[80]. Research and Development - The company has obtained 2 authorized invention patents and 2 utility model patents in the first half of 2024, indicating a focus on innovation and product development[22]. - Research and development expenses rose by 10.26% to ¥13,021,429.62, driven by optimization of production processes and new product development activities[28]. - Research and development expenses for the first half of 2024 were ¥13,021,429.62, compared to ¥11,810,240.64 in the first half of 2023, reflecting a growth of 10.2%[73]. Market and Product Strategy - The company focused on electrical insulation and honeycomb core materials, actively participating in industry exhibitions to expand its global market presence[3]. - The main product, aramid paper, is recognized as a key strategic material in the manufacturing upgrade process, with applications in various high-tech industries[23]. - The market demand for aramid paper is expected to expand due to emerging applications in new energy vehicles, wind power, photovoltaic power, and 5G communications[24]. - The company plans to implement a differentiated strategy to expand applications of aramid paper in high-end fields such as aerospace and new energy, aiming to mitigate risks associated with product concentration[41]. Customer and Supplier Relationships - The company maintains a direct sales model supplemented by distributors, establishing long-term relationships with major clients such as ABB and Siemens[21]. - The company has a robust supplier management system to ensure stable raw material supply and quality control[20]. - The company is facing risks related to reliance on a major shareholder for raw material supply, which could adversely affect operational performance if not managed properly[41]. Shareholder Information - The company’s total share capital remains at 146,250,000 shares, with 42,788,750 shares being freely tradable, representing 29.26% of total shares[53]. - The largest shareholder, Taihe New Material Group Co., Ltd., holds 66.23% of the shares, totaling 96,860,000 shares[55]. - The company has a total of 110,688,849 shares held by major shareholders, representing 77.48% of the total shares[56]. Risk Management - The company reported no significant changes in major risks during the reporting period[42]. - The company has established long-term supply agreements to ensure the stability and fairness of raw material prices from its major shareholder[41]. - The company has no significant litigation or arbitration matters during the reporting period[44]. Employee and Management Changes - The company added 16 new employees during the reporting period, bringing the total number of employees to 159, up from 143[65]. - The company appointed a new financial officer, Xiu Wenquan, who has extensive experience in financial management within the group[64]. - The board of directors saw changes with the appointment of new independent directors and a new deputy general manager, indicating a strategic shift in leadership[63]. Accounting and Financial Policies - The company has not changed its accounting policies or estimates compared to the previous year's financial statements[90]. - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[94]. - The company has not reported any significant changes in accounting policies or estimates during the reporting period[164][165].

证券代码：833394 证券简称：民士达 公告编号：2024-072 一、募集资金基本情况 （一）募集资金金额及到位时间 2023 年 3 月 16 日，公司收到中国证券监督管理委员会《关于同意烟台民士 达特种纸业股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监 许可〔2023〕537 号），同意公司向不特定合格投资者公开发行股票的注册申请。 公司采用公开发行股票的方式向不特定投资者共计发行人民币普通股（A 股）40,250,000 股,每股发行价格 6.55 元，募集资金总额人民币 263,637,500.00 元，扣除不含增值税发行费用人民币 16,908,773.08 元，实际募集资金净额为人 民币 246,728,726.92 元。截至 2023 年 5 月 26 日，上述募集资金已全部到账并 经信永中和会计师事务所（特殊普通合伙）审验，出具了《验资报告》 （XYZH/2023BJAA5B0210、XYZH/2023BJAA5B0292）。 （二） 募集资金累计使用金额及 630 期末余额 项目 金额（元） 一、募集资金总额 263,637,500.00 减：发行费用（不含税） 16,90 ...

烟台民士达特种纸业股份有限公司 证券代码：833394 证券简称：民士达 公告编号：2024-069 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：现场方式 4.发出监事会会议通知的时间和方式：2024 年 8 月 2 日 以邮件方式发出 5.会议主持人：监事会主席田原女士 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 13 日 第六届监事会第三次会议决议公告 本公司及监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。 本议案无需提交股东大会审议。 （二）审议通过《关于 2024 年半年度募集资金存放及实际使用情况的专项报告》 议案 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于审议 2024 年半年度报告及其摘要》议案 1.议案内容： 根据《公司法》《证券法》 ...

证券代码：833394 证券简称：民士达 公告编号：2024-068 烟台民士达特种纸业股份有限公司 第六届董事会第三次会议决议公告 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 4.发出董事会会议通知的时间和方式：2024 年 8 月 2 日以邮件方式发出 5.会议主持人：董事长宋西全先生 6.会议列席人员：公司监事及其他高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 （一）会议召开情况 1.会议召开时间：2024 年 8 月 13 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：现场方式 本议案已经公司审计委员会审议通过，同意将该议案提交董事会审议。 3.回避表决情况： 本议案不涉及回避表决。 二、议案审议情况 （一）审议通过《关于审议 2024 年半年度报告及其摘要》议案 1.议 ...

第六届监事会第三次会议决议公告 本公司及监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 证券代码：833394 证券简称：民士达 公告编号：2024-069 烟台民士达特种纸业股份有限公司 1.会议召开时间：2024 年 8 月 13 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：现场方式 4.发出监事会会议通知的时间和方式：2024 年 8 月 2 日 以邮件方式发出 5.会议主持人：监事会主席田原女士 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 （二）会议出席情况 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 本议案不涉及回避表决。 本议案无需提交股东大会审议。 （二）审议通过《关于 2024 年半年度募集资金存放及实际使用情况的专项报告》 议案 1.议案内容： 会议应出席监事 3 人，出席和授权出席监事 3 人。 二 ...

2024 年半年度募集资金存放与实际使用情况的专项报告 证券代码：833394 证券简称：民士达 公告编号：2024-072 烟台民士达特种纸业股份有限公司 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、募集资金基本情况 （一）募集资金金额及到位时间 单位：元 2023 年 3 月 16 日，公司收到中国证券监督管理委员会《关于同意烟台民士 达特种纸业股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监 许可〔2023〕537 号），同意公司向不特定合格投资者公开发行股票的注册申请。 公司采用公开发行股票的方式向不特定投资者共计发行人民币普通股（A 股）40,250,000 股,每股发行价格 6.55 元，募集资金总额人民币 263,637,500.00 元，扣除不含增值税发行费用人民币 16,908,773.08 元，实际募集资金净额为人 民币 246,728,726.92 元。截至 2023 年 5 月 26 日，上述募集资金已全部到账并 经信永中和会计师事务所（特殊普通合伙）审验，出 ...

证券代码：833394 证券简称：民士达 公告编号：2024-068 烟台民士达特种纸业股份有限公司 1.会议召开时间：2024 年 8 月 13 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：现场方式 4.发出董事会会议通知的时间和方式：2024 年 8 月 2 日以邮件方式发出 5.会议主持人：董事长宋西全先生 6.会议列席人员：公司监事及其他高级管理人员 7.召开情况合法、合规、合章程性说明： 第六届董事会第三次会议决议公告 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 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于审议 2024 年半年度报告及其摘要》议案 1.议案内容： 根据《公司法》《证券法》《北京证券交易所上市规则（试行）》等法律法规 及《公司章程》有关规定，公司 ...

证券代码：833394 证券简称：民士达 公告编号：2024-067 烟台民士达特种纸业股份有限公司 高级管理人员拟通过大宗交易方式 减持公司股份不超过 1%的预披露公告 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、 减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 鞠成峰 | 高级管理人员 | 1,915,000 | 1.31% | 上市前取得 | 二、 减持计划的主要内容 | 股东名称 | 计划减 | 计划减 | 减持 | 减持 | 减持价 | 拟减持 | 拟减持 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 持数量 | 持比例 | 方式 | 期间 | 格区间 | 股份来 | 原因 | | | （股） | | | | | 源 | | | 鞠成峰 | 不高于 | 不高于 | 大宗 | 自本公告 | 根 据 ...

证券代码：833394 证券简称：民士达 公告编号：2024-067 烟台民士达特种纸业股份有限公司 高级管理人员拟通过大宗交易方式 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 鞠成峰 | 高级管理人员 | 1,915,000 | 1.31% | 上市前取得 | 二、 减持计划的主要内容 | 股东名称 | 计划减 | 计划减 | 减持 | 减持 | 减持价 | 拟减持 | 拟减持 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 持数量 | 持比例 | 方式 | 期间 | 格区间 | 股份来 | 原因 | | | （股） | | | | | 源 | | | 鞠成峰 | 不高于 | 不高于 | 大宗 | 自本公告 | 根 据 市 | 上市前 | 股东个 | | | 478,750 | 0.33% | 交易 | 披露之日 | 场价格 | 取得 | 人资金 | | | 股 | | | 起15个交 | 确定,且 | | 需求 | | | | | ...