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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's non-net profit for the first three quarters of 2025 increased by 38% year-on-year, with a significant improvement in operating cash flow [2][3] - For Q1-3 2025, the company achieved revenue of 343 million yuan, a year-on-year increase of 21.77%, and a net profit attributable to the parent company of 91 million yuan, up 28.88% year-on-year [2] - The gross profit margin for Q1-3 2025 was 40.37%, an increase of 2.84 percentage points year-on-year, while the net profit margin was 26.16%, up 2.43 percentage points year-on-year [2] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 340.47 million yuan, 2024A: 407.95 million yuan, 2025E: 534.23 million yuan, 2026E: 675.31 million yuan, 2027E: 842.74 million yuan, with respective year-on-year growth rates of 20.70%, 19.82%, 30.96%, 26.41%, and 24.79% [1] - Net profit attributable to the parent company is projected to be: 2023A: 81.63 million yuan, 2024A: 100.52 million yuan, 2025E: 133.98 million yuan, 2026E: 171.07 million yuan, 2027E: 215.64 million yuan, with year-on-year growth rates of 28.74%, 23.14%, 33.28%, 27.69%, and 26.05% [1] - The latest diluted EPS is projected to be: 2023A: 0.56 yuan, 2024A: 0.69 yuan, 2025E: 0.92 yuan, 2026E: 1.17 yuan, 2027E: 1.47 yuan [1] Operational Insights - The company has demonstrated strong innovation and research capabilities, breaking the monopoly of DuPont in the aramid paper sector, making China the second country capable of producing aramid paper [4] - The company has established a solid customer base, including well-known domestic and international enterprises such as AVIC Group, CRRC, ABB, Siemens, and Schneider Electric [4] - The report anticipates growth in demand for aramid insulation paper in various sectors, including new energy vehicles, wind power, photovoltaic power, and domestic large aircraft, which will drive future revenue growth [4]

Core Viewpoint - Taihe New Materials (002254) announced that its subsidiary, Yantai Minshida Special Paper Co., Ltd. (stock code "920394"), disclosed its Q3 2025 report, showing significant growth in revenue and net profit [1] Financial Performance - For the first three quarters, Minshida achieved operating revenue of 343 million yuan, representing a year-on-year increase of 21.77% [1] - The net profit attributable to shareholders of the listed company was 91.17 million yuan, reflecting a year-on-year growth of 28.88% [1] - Basic earnings per share stood at 0.62 yuan per share [1]

证券代码：920394 证券简称：民士达 公告编号：2025-088 烟台民士达特种纸业股份有限公司 使用部分闲置募集资金进行现金管理的公告 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、募集资金基本情况 2023 年 4 月 25 日，烟台民士达特种纸业股份有限公司发行普通股 3,500 万 股，发行方式为向不特定合格投资者公开发行，发行价格为 6.55 元/股，募集资 金总额为 229,250,000.00 元，实际募集资金净额为 213,971,965.33 元，到账时 间为 2023 年 4 月 17 日。公司因行使超额配售选择权取得的募集资金净额为 32,756,761.59 元，到账时间为 2023 年 5 月 26 日。 二、募集资金使用情况 （一）募集资金使用情况和存储情况 截至 2025 年 6 月 30 日，公司上述发行股份的募集资金使用情况具体如下： 公司拟使用额度不超过人民币 9,000 万元闲置募集资金进行现金管理，在上 述额度范围内资金可以循环滚动使用。公司拟投资的品种 ...

证券代码：920394 证券简称：民士达 公告编号：2025-087 烟台民士达特种纸业股份有限公司 关于使用募集资金置换已投入募投项目的自筹资金的公告 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于2025年10月16日召开第六届董事会第 十二次会议，审议通过了《关于使用募集资金置换已投入募投项目的自筹资金的 议案》，同意公司使用募集资金置换已投入募投项目的自筹资金。现将有关情况 公告如下： 二、募投项目基本情况 1 一、募集资金基本情况 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, ...