Core Insights - The paper sector experienced a slight increase of 0.01% on October 29, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance Summary - Minshida (920394) closed at 41.63, with a rise of 6.99% and a trading volume of 29,200 lots, amounting to a transaction value of 117 million [1] - Xianhe Co. (603733) closed at 22.90, up 2.92%, with a trading volume of 34,900 lots and a transaction value of approximately 78.84 million [1] - Wuzhou Special Paper (605007) closed at 12.01, increasing by 2.56%, with a trading volume of 36,900 lots and a transaction value of around 43.68 million [1] - Other notable stocks include Songyang Resources (603863) at 20.93 (+2.30%), Huatai Co. (600308) at 3.79 (+1.88%), and Sun Paper (002078) at 14.24 (+0.49%) [1] Capital Flow Analysis - The paper sector saw a net outflow of 198 million from institutional investors, while retail investors contributed a net inflow of 182 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Huatai Co. (600308) had a net inflow of 16.33 million from institutional investors, but a net outflow of 15.51 million from retail investors [3] - Xianhe Co. (603733) experienced a net inflow of 2.16 million from retail investors, despite a net outflow from institutional investors [3] - Wuzhou Special Paper (605007) saw a net inflow of 1.77 million from institutional investors and a net inflow of 3.26 million from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a revenue increase of 21.8% year-on-year for the first three quarters of 2025, reaching 343 million yuan, with a net profit of 91.17 million yuan, up 28.9% year-on-year [3] - The third quarter revenue was 106 million yuan, reflecting a 9.9% year-on-year increase, but the performance was below market expectations [3] - The company is experiencing a slowdown in revenue growth due to changes in the delivery schedule of honeycomb core materials, which impacted overall revenue growth [7] - The company maintains stable gross and net profit margins, with a gross margin of 40.4% for the first three quarters, up 2.8 percentage points year-on-year [7] - The company is in a ramp-up phase for its new production capacity, which is expected to gradually release in the future [7] - The company is positioned as a leading domestic aramid paper manufacturer, with significant potential for domestic substitution and is actively developing a second growth curve to ensure long-term development [7] Financial Forecast - Total revenue is projected to grow from 340.47 million yuan in 2023 to 801.96 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.84% [6] - Net profit is expected to increase from 81.63 million yuan in 2023 to 209.45 million yuan in 2027, with a CAGR of approximately 28.22% [6] - The company’s return on equity (ROE) is forecasted to rise from 12.10% in 2023 to 16.62% in 2027 [6] - The earnings per share (EPS) is projected to grow from 0.56 yuan in 2023 to 1.43 yuan in 2027 [6] Market Data - The current stock price is 39.75 yuan, with a total share capital of 146.25 million shares [1] - The stock has a price-to-earnings (P/E) ratio projected at 44x for 2025, 36x for 2026, and 28x for 2027 [7]

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 10 月 16 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《2025 年第三季度报告》，为加强公司与投资者的沟通和交流，现定于 2025 年 10 月 29 日召开 2025 年第三季度业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 10 月 29 日（星期三）15:00-16:00。 证券代码：920394 证券简称：民士达 公告编号：2025-090 烟台民士达特种纸业股份有限公司 2025 年第三季度业绩说明会预告公告 （问题征集专题页面二维码） （参加会议二维码） 电话参会： （二）会议召开地点 本次 2025 年第三季度业绩说明会将采用网络方式召开，投资者可登陆 ...

Market Overview - The paper sector increased by 0.81% on October 23, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Songyang Resources (603863) closed at 19.97, up 10.03% with a trading volume of 138,000 shares and a turnover of 267 million yuan [1] - Yibin Paper (600793) closed at 25.49, up 4.55% with a trading volume of 157,300 shares and a turnover of 396 million yuan [1] - Other notable performers include Qifeng New Materials (002521) up 2.19%, Huatai Co. (600308) up 1.61%, and Kain Co. (002012) up 1.59% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 86.95 million yuan from institutional investors, while retail investors saw a net inflow of 146 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow for Selected Stocks - Yibin Paper had a net inflow of 77.39 million yuan from institutional investors, but a net outflow of 36.71 million yuan from speculative funds [3] - Songyang Resources saw a net inflow of 54.72 million yuan from institutional investors, with a net outflow of 19.35 million yuan from speculative funds [3] - Other stocks like Xianhe Co. (603733) and Kain Co. (002012) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Market Overview - The paper sector increased by 0.96% on October 21, with Kain Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Kain Co. (002012) closed at 5.66, up 2.54% with a trading volume of 108,200 shares and a turnover of 60.52 million yuan [1] - Shanying International (600567) closed at 1.84, up 2.22% with a trading volume of 1,539,100 shares and a turnover of 280 million yuan [1] - Xianhe Co. (603733) closed at 22.21, up 2.02% with a trading volume of 21,800 shares and a turnover of 48.22 million yuan [1] - Other notable stocks include Yueyang Lin Paper (600963) at 4.62 (+1.99%), Bohui Paper (600966) at 5.05 (+1.81%), and Yibin Paper (600793) at 24.49 (+1.66%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The net inflow from speculative funds was 68.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Yibin Paper (600793) had a net inflow of 11.70 million yuan from institutional investors, but a net outflow of 9.52 million yuan from retail investors [3] - Guanmeng High-tech (600433) saw a net inflow of 4.86 million yuan from institutional investors, with a net outflow of 6.09 million yuan from speculative funds [3] - Xianhe Co. (603733) had a net inflow of 3.45 million yuan from institutional investors, but also faced outflows from both speculative and retail investors [3]

Group 1 - The company Minshida (920394.BJ) has entered the solid-state transformer (SST) sector with its insulation materials [1] - The company has established partnerships or engaged with several leading domestic and international clients, with some clients already implementing the products [1] - Other clients are currently in the product validation phase [1]

证券代码：920394 证券简称：民士达 公告编号：2025-089 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。 一、 投资者关系活动类别 √特定对象调研 □新闻发布会 □分析师会议 □路演活动 □业绩说明会 □媒体采访 □现场参观 √其他 （线上会议） 二、 投资者关系活动情况 活动时间：2025 年 10 月 17 日 活动地点：线上调研 参会单位及人员：诚旸投资、华源证券、创金合信、同泰基金、天弘基金、 招商基金、东海基金、信达澳亚基金、长城基金、招商信诺资管、大湾区发展基 金、联储证券、开源证券、东北证券、国投证券、华鑫证券、长江证券、中泰证 券、平安证券、兴业证券、晨鸣资管、涌德瑞烜私募、朴易资管、森锦投资、滦 海投资、歌斐资产、艾叶私募、国晖投资、尚诚资产、星允投资、临信资产、高 竹私募、江岳基金、泰鼎私募、正圆私募、赛伯乐投资、冰河资产、汇瑾资产、 华夏财富资管、潼骁投资、招银理财、峰境私募、工银瑞信、中金公司、国泰海 通资管、度势 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a 38% year-on-year growth in net profit attributable to the parent company for Q1-Q3 2025, with steady progress in capacity construction and expansion into consumer markets [5] - The company's leading position in aramid paper and the acceleration of domestic substitution are expected to drive high growth in sectors such as aerospace, power grid transformation, and data centers [6][9] - The demand for honeycomb core aramid paper is anticipated to continue its high growth trend due to validation from international clients and ongoing deliveries of domestically produced aircraft [6] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 343 million yuan (up 22% year-on-year) and a net profit of 91.17 million yuan (up 29% year-on-year) [9] - The company’s revenue for Q3 2025 was 106 million yuan (up 10% year-on-year), with a net profit of 28.14 million yuan (up 6% year-on-year) [9] - The gross profit margin remained stable above 40%, indicating strong operational performance [9] - The net cash flow from operating activities for Q1-Q3 2025 was 63.62 million yuan (up 255% year-on-year) [9] Earnings Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 143 million yuan, 181 million yuan, and 230 million yuan, respectively, corresponding to P/E ratios of 40.2, 31.7, and 24.9 times [6][8] - Revenue is expected to grow from 408 million yuan in 2024 to 805 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.63% [8][10] - The company’s return on equity (ROE) is projected to increase from 14.04% in 2024 to 20.00% in 2027 [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported a revenue of 343 million yuan for the first three quarters of 2025, representing a year-on-year growth of 21.77%, and a net profit attributable to the parent company of 91 million yuan, up 28.88% year-on-year [5] - The demand in the electrical insulation sector is robust, driving continuous business growth for the company, with a forecasted net profit of 140 million yuan, 171 million yuan, and 203 million yuan for 2025, 2026, and 2027 respectively [5] - The company is expected to benefit from the release of production capacity from its fundraising projects, contributing to performance growth [5] Financial Summary - Revenue is projected to grow from 340 million yuan in 2023 to 825 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.3% [8][10] - The net profit attributable to the parent company is expected to increase from 82 million yuan in 2023 to 203 million yuan in 2027, reflecting a CAGR of 18.5% [8][10] - The gross margin is forecasted to improve from 34.0% in 2023 to 37.4% in 2027, while the net margin is expected to remain stable around 24% [8][10] Industry Insights - The growth in electric vehicle sales is driving demand for high-voltage insulation materials, with the company’s flagship product, YT510W, seeing a sales increase of over 40% in the first half of 2025 [6] - The average power of AI data center cabinets is evolving from 6-8 kW to 10-20 kW, indicating a growing need for high-quality electrical transformers and insulation materials [7] - The company has successfully launched a new production line for aramid paper, which is expected to enhance operational efficiency and support revenue growth [7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported Q3 results that fell short of expectations due to the delivery rhythm of honeycomb materials, while transformers continued to show growth [7] - The company is experiencing a strong growth trajectory in the electrical insulation sector, with a significant market share increase in the domestic and international transformer markets [7] - Despite short-term challenges in the honeycomb core material sector, the long-term trend of domestic substitution remains intact, with stable growth in military and civil aviation sectors [7] - The company is expected to see more contributions from its investment projects in Q4, with new products projected to launch in early 2026 [7] Financial Data and Earnings Forecast - For the first three quarters of 2025, the company achieved total revenue of 343 million yuan, a year-on-year increase of 21.8%, and a net profit of 91.17 million yuan, a year-on-year increase of 28.9% [6][7] - The projected revenues for 2025, 2026, and 2027 are 518 million yuan, 666 million yuan, and 820 million yuan respectively, with corresponding net profits of 133 million yuan, 174 million yuan, and 220 million yuan [6][9] - The gross margin for the first three quarters of 2025 was 40.4%, reflecting a year-on-year increase of 2.8 percentage points [7] Market Data - As of October 17, 2025, the closing price of the company's stock was 39.19 yuan, with a market capitalization of 5,675 million yuan [2] - The stock has seen a one-year high of 56.84 yuan and a low of 16.05 yuan, with a price-to-book ratio of 7.4 and a dividend yield of 0.51% [2]