上海市锦天城律师事务所 关于美埃（中国）环境科技股份有限公司 2023 年年度股东大会之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于美埃（中国）环境科技股份有限公司 2023 年年度股东大会之 法律意见书 案号：01F20225320 致：美埃（中国）环境科技股份有限公司 上海市锦天城律师事务所 法律意见书 且这些文件的原件均是真实、完整、准确的。 本所保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意 见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并愿意承担相应法 律责任。 据此，本所律师根据法律、法规的要求，按照律师行业公认的业务标准、道 德规范和勤勉尽责精神，现出具法律意见如下： 敬启者： 上海市锦天城律师事务所（以下简称"本所"）接受美埃（中国）环境科技 股份有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东大会规则》（以下简称"《股东大会规 ...

美埃（中国）环境科技股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 证券代码：688376 证券简称：美埃科技 公告编号：2024-019 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 审议结果：通过 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 05 月 16 日 （二） 股东大会召开的地点：南京市江宁区秣陵街道蓝霞路 101 号美埃（中国） 环境科技股份有限公司三楼报告厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 11 | | --- | --- | | 普通股股东人数 | 11 | | 2、出席会议的股东所持有的表决权数量 | 94,870,531 | | 普通股股东所持有表决权数量 | 94,870,531 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 70. ...

证券代码：688376 证券简称：美埃科技 美埃（中国）环境科技股份有限公司 2023 年年度股东大会 会议资料 2024 年 5 月 六、出席股东大会的股东（或股东代理人），应当对提交表决的议案发表如下 意见之一：同意、反对或弃权。现场出席的股东（或股东代理人）请务必在表决票 1 | 2023 | 年年度股东大会会议须知 1 | | --- | --- | | 2023 | 年年度股东大会会议议程 3 | | 2023 | 年年度股东大会会议议案 5 | | 议案一：关于 | 2023 年度董事会工作报告的议案 5 | | 议案二：关于 | 2023 年度监事会工作报告的议案 11 | | 议案三：关于 | 2023 年度独立董事述职报告的议案 15 | | 议案四：关于 | 2023 年度财务决算报告的议案 16 | | 议案五：关于 | 2023 年年度报告及摘要的议案 25 | | 议案六：关于 | 2023 年度利润分配方案的议案 26 | | 议案七：关于续聘会计师事务所的议案 27 | | | 议案八：关于公司董事 | 2024 年度薪酬方案的议案 30 | | 议案九：关于公司监事 | 202 ...

司 研 事件：公司发布 2023 年年报和 2024 年一季报。2023 年，公司实现营业 收入 15.05 亿元，同比+22.68%；归母净利润 1.73 亿元，同比+40.76%。2024Q1， 公司实现营业收入 2.73 亿元，同比+2.08%；归母净利润 0.35 亿元，同比+5.44%。 替换收入占比持续增长，满足存量客户增量需求。公司过滤器产品具有"耗 材属性"，通过不断拓展存量替换市场，在满足客户非新建工厂替换需求的同 时，获持续性订单保障业绩发展。2023 年，公司替换耗材收入占总营收占比约 30%，未来有进一步提升和扩展的空间。目前公司下游行业各领域均拥有优质 客户，包括天马微电子、中芯国际、华星光电、京东方、辉瑞制药、雀巢、苹 果等，通过不断为客户提供后续过滤器设备替换，建立稳定合作供应关系，优 质客户+耗材替换属性将为公司稳定发展提供有力支撑。 环保设备Ⅲ 2024 年 05 月 05 日 | --- | --- | --- | |--------------------------|-------|--------------| | 基本数据 | | | | 总股本 / 流通股本(百万 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 44.25 CNY over the next six months, based on the current price of 32.33 CNY [1]. Core Insights - The company, Meike Technology, is positioned as a leading domestic player in the semiconductor cleanroom sector, focusing on high-efficiency filtration units and consumables, with a market share of approximately 30% in the domestic semiconductor cleanroom market [3][39]. - The company has experienced revenue growth, with a reported income of 1.298 billion CNY in 2023, reflecting a year-on-year increase of 2.4% [2]. - The company is expanding its overseas operations, achieving 170 million CNY in overseas revenue in 2023, a growth of 30.8% year-on-year, and plans to increase its production capacity in Malaysia [29][51]. Summary by Sections Company Overview - Meike Technology has been dedicated to the air purification field for over 20 years, specializing in semiconductor cleanroom technology and has received recognition as a "Little Giant" enterprise by the Ministry of Industry and Information Technology [13][39]. - The company emphasizes research and development, holding 16 core technologies with independent intellectual property rights [13]. Financial Performance - In 2023, the company achieved a net profit of 170 million CNY, a year-on-year increase of 40.8%, with a compound annual growth rate (CAGR) of 40.0% from 2017 to 2023 [39]. - The gross profit margin for 2023 was reported at 27.25%, with a net profit margin of 11.48%, reflecting a slight decrease in gross margin but an increase in net margin [2][39]. Market Position and Growth Potential - The company is expanding its market presence in Southeast Asia, driven by the increasing demand in the semiconductor industry, particularly in AI and chip technology [3][29]. - The revenue from replacement consumables accounted for approximately 30% of total revenue in 2023, indicating potential for further growth in this segment [5]. Client Base and Diversification - The company has established strong relationships with leading clients across various sectors, including major semiconductor manufacturers and pharmaceutical companies, reducing dependency on any single client [45]. - The revenue contribution from the top five clients decreased from 43% to 37.1%, indicating a diversification in the client base [45]. Future Projections - The company forecasts significant revenue growth, with projected revenues of 1.505 billion CNY in 2024, increasing to 2.741 billion CNY by 2026, reflecting a growth rate of 22.68% in 2024 [6]. - The earnings per share (EPS) is expected to rise from 1.29 CNY in 2023 to 2.67 CNY by 2026, with a corresponding decrease in the price-to-earnings (PE) ratio from 25.1 to 12.1 over the same period [6][55].

美埃科技（688376） 买入（维持） 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 马天翼 执业证书：S0600522090001 maty@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 市场数据 | --- | --- | |--------------------------|--------| | | | | 每股净资产 元 | | | ( ,LF) | 12.40 | | 资产负债率 (%,LF) | 42.98 | | 总股本 ( 百万股 ) | 134.40 | | 流通 A 股 ( 百万股 ) | 49.62 | 2023-10-26 证券研究报告·公司点评报告·环保设备Ⅱ 2024 年 04 月 29 日 [Table_Tag] [Table_Summary] 投资要点 ◼ 事件：公司公告 2023 年报和 2024 一季报。2023 年营业收入 15.05 亿 元，同增 22.68%，归母净利润/扣非归母净利润 1.73/1.51 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 36.74 CNY for the next six months [3]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 1.505 billion CNY, a year-on-year increase of 22.68%, and a net profit of 173.2 million CNY, up 40.76% [1][5]. - The company is a leader in the domestic semiconductor cleanroom market with a market share of approximately 30% and is expanding its presence in Southeast Asia and other international markets [1]. - The company has a strong focus on R&D, with a 35.62% increase in R&D expenses in 2023, amounting to 70.11 million CNY, which represents 4.66% of total revenue [2][5]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 1.505 billion CNY, a 22.68% increase from the previous year, and a net profit of 173.2 million CNY, reflecting a 40.76% growth [1][5]. - For Q1 2024, the company maintained its growth trajectory with revenue of 273 million CNY, a 2.08% year-on-year increase, and a net profit of 35.39 million CNY, up 5.44% [1]. Market Position - The company holds a leading position in the domestic semiconductor cleanroom sector, with a market share of around 30% [1]. - The overseas revenue reached 171 million CNY in 2023, marking a 30.79% increase, supported by new international partnerships [1]. Product and R&D - The company’s filter products are consumables with strong customer retention, contributing to 30% of total revenue in 2023, with potential for further growth [2]. - R&D investment has been prioritized, with a focus on environmental emission control, new filtration materials, and smart air solutions, leading to a 35.62% increase in R&D spending in 2023 [2]. Capacity Expansion - The company is currently operating at full capacity and plans to increase production through new facilities set to launch in 2024, including a project in Nanjing that will increase capacity by 1.5 times [2][5].

Investment Rating - The investment rating for the company is "Buy" [15][3]. Core Insights - The company achieved a revenue of 1.505 billion yuan in 2023, representing a year-on-year growth of 22.68%, and a net profit attributable to shareholders of 173 million yuan, up 40.76% year-on-year [1]. - The company is expanding its overseas market presence, with overseas revenue accounting for 11.33% of total revenue in 2023, an increase of 0.7 percentage points year-on-year [2]. - The company is a leader in the domestic semiconductor cleanroom equipment sector and is accelerating its overseas market expansion, with a compound annual growth rate (CAGR) of 45% in overseas revenue from 2019 to 2023 [3]. Financial Performance - In Q1 2024, the company reported a revenue of 273 million yuan, a year-on-year increase of 2.08%, and a net profit of 35 million yuan, up 5.44% year-on-year [1]. - The company expects revenues of 1.936 billion yuan, 2.408 billion yuan, and 2.889 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 235 million yuan, 300 million yuan, and 382 million yuan [3][6]. - The gross profit margin for 2023 was 27.25%, with a net profit margin of 11.51%, showing an increase of 1.48 percentage points year-on-year [16]. Market Data - The current stock price is 32.33 yuan, with a market capitalization of 4.345 billion yuan [4]. - The company has a total share capital of 13.44 million shares, with a daily average trading volume of 84.14 million yuan [2][4]. Business Segmentation - The company's fan filter unit business generated revenue of 1.298 billion yuan in 2023, a year-on-year increase of 32.35%, while other businesses saw a revenue decline of 15.86% [4]. - The replacement consumables revenue has increased to approximately 30% of total revenue, contributing to the stability and profitability of the company [4].

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 2023 年度持续督导跟踪报告 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"、"公司"）首次公开 发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则（2023 年 8 月修订）》《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》等有关法律、法规的规定，负责 公司上市后的持续督导工作，并出具本持续督导跟踪报告。 一、持续督导工作情况 1 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行 | | 1 | 针对具体的持续督导工作制定相应的工作计 | 了持续督导制度，并制定了相应的 | | | 划 | 工作计划 | | | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与公司签订保荐协议， | | | 开始前，与上市公司或相关当事人签署持续 | 该协议明确了双方在持续督导期 | | 2 ...

来源：公司年报、国金证券研究所 盈利预测、估值与评级 0 50 100 150 200 250 28.00 31.00 34.00 37.00 40.00 43.00 230426230726231026240126 人民币(元) 成交金额(百万元) 成交金额 美埃科技 沪深300 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-----------------------------------------------------|------------|------------------------|--------------------|------------|----------------------------------|--------------------------------------------------------------|------------------- ...