Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [2][7]. Core Views - The company is expected to achieve a revenue of 1,724 million yuan in 2024, reflecting a year-on-year growth rate of 15% [2]. - The net profit attributable to the parent company is projected to be 189 million yuan in 2024, with a year-on-year growth of 9% [2]. - The company has a strong market position in the semiconductor cleanroom sector, with an estimated market share of approximately 30% in new domestic semiconductor projects [5]. - The successful acquisition of Jiexinlong enhances the company's capabilities to provide comprehensive cleanroom solutions, expanding its product line [5]. - The company is actively expanding its overseas business, with overseas revenue reaching 140 million yuan in the first half of 2024, a year-on-year increase of 86% [5]. Financial Summary - The company’s total revenue for 2022 was 1,227 million yuan, which increased to 1,505 million yuan in 2023, representing a growth rate of 23% [2]. - The earnings per share (EPS) for 2024 is estimated at 1.41 yuan, with a projected increase to 1.95 yuan in 2025 [2]. - The net asset return rate is expected to rise from 10% in 2024 to 14% in 2026 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 27.1 in 2025 to 19.5 in 2026, indicating a more attractive valuation over time [2].

Financial Performance - Total revenue for 2024 reached CNY 1,723.98 million, a year-on-year increase of 14.53%[4] - Net profit attributable to shareholders of the parent company was CNY 189.56 million, up 9.43% compared to the previous year[4] - Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was CNY 174.79 million, reflecting a growth of 15.57%[4] - Earnings per share for the reporting period was CNY 1.41, up 9.34% from CNY 1.29 in the previous year[4] - The weighted average return on net assets was 11.08%, a slight decrease of 0.06 percentage points compared to the previous year[4] Assets and Equity - Total assets at the end of the reporting period amounted to CNY 3,700.83 million, representing a 23.75% increase from the beginning of the period[4] - Shareholders' equity attributable to the parent company was CNY 1,789.72 million, an increase of 9.56% from the beginning of the period[4] - The net asset value per share attributable to shareholders of the parent company increased to CNY 13.32, up 9.56% from CNY 12.15 at the beginning of the period[4] Market Expansion - The company actively expanded both domestic and international markets, contributing to stable revenue growth across all business segments[7] - No indicators showed a change of 30% or more during the reporting period[7]

Investment Rating - The report maintains a "Buy" investment rating for the company [4]. Core Insights - The company has shown rapid revenue growth, achieving 1.202 billion yuan in revenue for the first three quarters of 2024, a year-on-year increase of 12.16%, and a net profit of 149 million yuan, up 15.17% year-on-year [1]. - The acquisition of Jiexinlong, a well-known supplier of cleanroom wall and ceiling systems, is a strategic move to enhance the company's product offerings in the cleanroom sector [2]. - The company operates in four key areas: semiconductor advanced processes, biological cleanrooms and safety protection, commercial living environments, and air pollution control, driving continuous innovation and market expansion [1][3]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 1.938 billion yuan, 2.378 billion yuan, and 2.879 billion yuan respectively, with corresponding EPS of 1.72 yuan, 2.21 yuan, and 2.78 yuan [4][9]. - The company is expected to benefit from an increased market share in semiconductor air filtration equipment, leading to sustained revenue and profit growth [4]. Product Portfolio - The company's main products include fan filter units, filters, air purification equipment, industrial dust and oil mist removal equipment, and VOCs treatment equipment, which are essential for cleanroom air purification [3].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [4] Core Insights - The company has shown rapid revenue growth, achieving 1.202 billion yuan in revenue for the first three quarters of 2024, a year-on-year increase of 12.16%, and a net profit of 149 million yuan, up 15.17% year-on-year [1] - The acquisition of Jiexinlong enhances the company's capabilities in cleanroom wall and ceiling systems, which are crucial for various industries including semiconductors and healthcare [2] - The company is a leader in semiconductor air filtration equipment, with a diverse product portfolio that includes fan filter units, filters, air purification equipment, and atmospheric emission control devices [3] Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 1.938 billion yuan, 2.378 billion yuan, and 2.879 billion yuan respectively, with corresponding EPS of 1.72 yuan, 2.21 yuan, and 2.78 yuan [4] - The company is expected to benefit from an increased market share in the semiconductor air filtration equipment sector, leading to sustained revenue and profit growth [4]

Summary of the Conference Call for 美埃科技 Company Overview - 美埃科技 is a leading supplier of semiconductor cleanroom equipment in China, holding a 30% market share in the domestic market [4][7]. Key Developments - The most significant recent change for 美埃科技 is the completion of the privatization acquisition of Hong Kong-listed company 捷芯隆, announced in October 2024 and completed within four months. The acquisition was made at a valuation of 0.95 times PB, with 捷芯隆's profit in 2023 estimated at 40 to 50 million yuan. This acquisition was funded through internal resources, enhancing consolidated profit and improving the company's supply chain synergy and bargaining power [3][4][13]. Financial Performance and Projections - 美埃科技 expects its profit for 2025 to be between 280 million to 300 million yuan, representing a year-on-year growth of 40% to 50%, with a current PE ratio of approximately 17 times, indicating a favorable valuation [4][5][14]. - The company has implemented an equity incentive plan with revenue assessment targets for 2024-2026, aiming for a compound annual growth rate (CAGR) of 24% at trigger values and 36% at unlock conditions, reflecting strong confidence in future revenue growth [4][5]. Market Position and Growth Drivers - The growth drivers for 美埃科技 include new order acquisition and consumables business. The company aims to increase its overseas revenue share to 50% and consumables revenue share to 50%, which will further enhance gross and net profit margins. Currently, the net profit margin is close to 12%, with room for improvement [4][9][11]. - The company primarily produces high-efficiency air filtration equipment for semiconductors, which is closely related to semiconductor capital expenditures. These devices account for 1% to 2% of total capital expenditures in semiconductor facilities, generating stable consumables replacement income, which constitutes about 10% of initial capital expenditures [6][9]. Industry Dynamics - The domestic market is benefiting from the demand for domestic substitution, which is expected to further increase market share. The overseas market is approximately three times the size of the domestic market, with 美埃科技's global market share currently at about 5% to 6% [4][7]. - The company is actively expanding its overseas business by entering the supply chains of major international clients like Intel [7]. Consumables Business Outlook - The consumables business has significant growth potential, currently accounting for about 5% of the market in mainland China. As new projects are established, this proportion is expected to rise. The company aims to enhance its market share and maintain profit margins through strong bargaining power as a leading supplier of semiconductor equipment [11][12]. Profitability and Margin Analysis - The gross margin for the delivery of FFUs (Fan Filter Units) is approximately 20% to 25%, while the gross margin for filter products can reach 30% to 40%. As the proportion of filter products increases, overall gross and net margins are expected to improve. The gross margin for overseas sales is generally higher than for domestic sales, indicating potential for further margin expansion as more overseas projects are secured [12]. Conclusion - Given the recent acquisition of 捷芯隆, the anticipated high growth rates in revenue and profit, and the current PE ratio of about 17 times, 美埃科技 presents a compelling investment opportunity with strong value for investors [8][14].

证券代码：688376 证券简称：美埃科技 公告编号：2025-002 美埃（中国）环境科技股份有限公司 关于对 CM Hi-Tech Cleanroom Limited（捷芯隆高 科洁净系统有限公司）收购完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 美埃（中国）环境科技股份有限公司（以下简称"公司"）于2024年10月15 日在上海证券交易所网站（http://www.sse.com.cn）披露了《关于对CM Hi-Tech Cleanroom Limited（捷芯隆高科洁净系统有限公司）进行收购的公告》（公告编 号：2024-041），公司拟指定于中国香港设立的全资子公司MayAir HK Holdings Limited（以下简称"美埃香港控股"）收购香港联合交易所有限公司主板上市公 司CM Hi-Tech Cleanroom Limited（捷芯隆高科洁净系统有限公司，以下简称"目 标公司"，股票代码：2115.HK），其中美埃香港控股将采取《开曼群岛公司法 （2023年版）》第86条项下的协议安排（Sc ...

Group 1: Company Overview and Market Expansion - The company is actively expanding its overseas market, with overseas orders accounting for approximately 15% of total sales, primarily in Southeast Asia, including Malaysia, Singapore, and Thailand [3] - The company is also focusing on the semiconductor cleanroom business and is making inroads into indoor air quality, lithium batteries, and new energy sectors [3] - Future plans include expanding sales in North America and strengthening presence in Europe and the Middle East [3] Group 2: Industry Trends and Impacts - The domestic semiconductor industry is under pressure due to U.S.-China tensions, prompting local manufacturers to consider domestic substitution for imported components [3] - The trend towards domestic substitution is accelerating, with leading domestic semiconductor companies integrating and reshaping their supply chains [3] - The growth of the semiconductor industry globally is expected to increase demand for cleanroom purification equipment [3] Group 3: Financial Performance and Profitability - The company's overall gross margin is expected to trend upwards, driven by an increase in consumable products, which are projected to achieve a gross margin of over 30% [4] - The gross margin for equipment is estimated to be between 15% and 20%, with an increase in the proportion of consumable products expected to enhance overall gross margin [4] - The company reported a revenue of 1.202 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.16%, and a net profit attributable to shareholders of 149 million yuan, up 15.17% [6] Group 4: Strategic Acquisitions and Competitiveness - The acquisition of Jiexinlong will enhance the company's comprehensive solution capabilities in the cleanroom sector, allowing it to provide a full range of cleanroom solutions [5] - The acquisition aligns with the company's strategy to strengthen its supply chain and expand its product line through mergers and acquisitions [5] - The target company generates approximately 30%-50% of its revenue from markets outside of China, which will help expand the company's overseas business [5] Group 5: Challenges and Future Outlook - The company faces challenges in cash flow due to increased orders and inventory reserves, leading to higher cash payments for goods and services [7] - The company has implemented a public opinion management system to enhance investor relations and market management [7] - The company is focused on improving operational efficiency and quality to enhance investor returns [8]

证券代码：688376 证券简称：美埃科技 公告编号：2024-055 美埃（中国）环境科技股份有限公司 关于对 CM Hi-Tech Cleanroom Limited（捷芯隆高 科洁净系统有限公司）进行收购的进展性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 美埃（中国）环境科技股份有限公司（以下简称"公司"）于2024年10月15 日在上海证券交易所网站（http://www.sse.com.cn）披露了《关于对CM Hi-Tech Cleanroom Limited（捷芯隆高科洁净系统有限公司）进行收购的公告》（公告编 号：2024-041），公司拟指定于中国香港设立的全资子公司MayAir HK Holdings Limited收购香港联合交易所有限公司（以下简称"香港联交所"）主板上市公司 CM Hi-Tech Cleanroom Limited（捷芯隆高科洁净系统有限公司，以下简称"目标 公司"，股票代码：2115.HK）。现将本次交易相关事宜进展公告如下： 具体情况详见目标公司于2024年12月12日在 ...

特此公告。 证券代码：688376 证券简称：美埃科技 公告编号：2024-053 美埃（中国）环境科技股份有限公司 关于设立可持续发展委员会并选举委员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 美埃（中国）环境科技股份有限公司（以下简称"公司"）于 2024 年 11 月 20 日召开第二届董事会第十八次会议，审议通过了《关于新设董事会可持续发展委员 会并制定<董事会可持续发展委员会工作细则>的议案》《关于选举董事会可持续发 展委员会委员的议案》，为进一步完善公司治理结构，促进公司规范运作，公司拟 在董事会下设立可持续发展委员会，审议公司可持续发展战略和目标，监督和检查 公司可持续发展相关政策执行情况、目标进度、绩效表现，并对公司 ESG 报告进 行审批并提出意见，同时制定《董事会可持续发展委员会工作细则》。 公司第二届董事会第十八次会议审议通过了《关于选举董事会可持续发展委 员会委员的议案》，选举公司董事长蒋立先生担任可持续发展委员会主任委员（召 集人），董事、总经理叶伟强（Yap Wee Keong）先生 ...

长江证券承销保荐有限公司 关于美埃（中国）环境科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为 美埃（中国）环境科技股份有限公司（以下简称"美埃科技"或"公司"）首次 公开发行股票并在科创板上市的保荐机构和持续督导券商，根据《证券发行上市 保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求（2022 年修订）》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作（2023 年 12 月修订）》等有关规定，对美埃科技使用部分 暂时闲置募集资金进行现金管理的相关事项进行了审慎核查，核查情况及核查意 见如下： 一、募集资金基本情况 公司根据中国证券监督管理委员会于 2022 年 10 月 18 日出具的《关于同意 美埃（中国）环境科技股份有限公司首次公开发行股票注册的批复》（证监许可 [2022]2506 号），向社会公众发行人民币普通股（A 股）股票 3,360 万股，发行 价格为 29.19 元/股，募集资金总额为 98,078.40 万元，扣除各项发行费用（不含 增值税）人民币 ...