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 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-----------------------------------------------------|------------|------------------------|--------------------|------------|----------------------------------|--------------------------------------------------------------|------------------- ...

Financial Performance - The company achieved a net profit attributable to shareholders of 173,232,679.36 CNY for the year 2023, with a total distributable profit of 367,731,918.10 CNY as of December 31, 2023[6]. - The proposed cash dividend is 3.00 CNY per 10 shares (including tax), amounting to a total of 40,320,000.00 CNY, which represents 23.28% of the net profit attributable to shareholders[6]. - The company's operating revenue for 2023 reached RMB 1,505,309,099.95, representing a year-on-year increase of 22.68% compared to RMB 1,227,003,277.74 in 2022[24]. - The net profit attributable to shareholders of the listed company was RMB 173,232,679.36, a 40.76% increase from RMB 123,071,519.09 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 151,242,928.57, up 33.55% from RMB 113,248,964.82 in 2022[24]. - The net cash flow from operating activities improved significantly to RMB 119,547,900.28, compared to a negative RMB 79,415,502.30 in 2022[24]. - Total assets increased by 18.10% to RMB 2,990,458,805.96 at the end of 2023, up from RMB 2,532,125,985.58 at the end of 2022[24]. - The net assets attributable to shareholders of the listed company rose to RMB 1,633,523,507.84, reflecting a 10.73% increase from RMB 1,475,250,015.38 in 2022[24]. - The gross profit margin for the main business was 27.25%, influenced by sales price fluctuations and raw material costs[122]. - The company's net profit attributable to shareholders was CNY 151.24 million, a year-on-year increase of 33.55%[123]. - The company's total revenue for the reporting period was CNY 1,505.31 million, representing a year-on-year growth of 22.68%[132]. - The company's gross profit margin for 2023 was 27.25%, a decrease of 0.57 percentage points compared to the previous year[134]. Research and Development - The company's R&D expenditure accounted for 4.66% of operating revenue, up by 0.45 percentage points from the previous year[25]. - The company increased R&D investment to CNY 70.11 million, accounting for 4.66% of total revenue, with 180 R&D personnel representing 19.59% of the total workforce[56]. - The company has filed for 62 new patents during the reporting period, with 40 granted, including 5 invention patents and 15 utility model patents[100]. - The company has established partnerships with several renowned universities, enhancing its R&D capabilities and industry standards[111]. - The company has a strong focus on R&D, with a total of 11 software copyrights and numerous design patents related to air purification technologies[95]. - The company aims to enhance its competitive edge through continuous innovation and adherence to high standards in product development and testing[92]. - The company is currently developing 14 projects aimed at addressing industry pain points, focusing on high-end air purification products for key sectors such as semiconductors and public health[106]. Market Expansion and Strategy - The company plans to expand its market presence in semiconductor cleanroom technology, targeting both domestic and international markets[42]. - The company is actively addressing air quality issues in various sectors, including biopharmaceuticals and renewable energy, by providing tailored air purification solutions[44]. - The company has accelerated its overseas expansion into Southeast Asia, gaining certification as a qualified supplier for several international manufacturers in the semiconductor and renewable energy sectors[57]. - The company is expanding its market coverage in air pollution control, providing comprehensive services from data collection to project implementation tracking[160]. - The company plans to enhance its market presence through strategic investments and potential acquisitions[159]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of the next fiscal year[175]. Corporate Governance - The company has not reported any special arrangements for corporate governance[9]. - The board of directors has approved the profit distribution plan, pending approval from the shareholders' meeting[6]. - The company emphasizes the importance of controlling airborne molecular contamination (AMC) to improve semiconductor yield rates, positioning itself as a key player in this area[55]. - The company has established a dedicated air solution diagnosis center to provide timely remote communication services, improving efficiency and reducing marketing costs[165]. - The company is enhancing its governance structure by establishing specialized committees within the board, including a strategy committee and an audit committee[168]. Risks and Challenges - The company has highlighted potential risks that may adversely affect its operations in the management discussion section[4]. - The company faces risks related to technology upgrades and potential failures in cutting-edge R&D, which could impact future performance[118]. - The company faced risks related to raw material price fluctuations, with direct materials accounting for approximately 90% of its main business costs[124]. - The semiconductor industry, which significantly impacts the company's revenue, may face investment slowdowns if capacity saturation occurs[126]. Product Development and Innovation - The company’s products achieved a filtration efficiency of up to 99.999997% for particles as small as 0.1 microns, demonstrating superior performance compared to competitors[56]. - The company has developed advanced technologies for filter material modification, enhancing the lifespan of its products to 1.7 to 5 times that of imported materials[56]. - The company is focusing on technological innovation in air purification, including the development of advanced filtration systems for various industries[44]. - The company is investing in new filtration materials, including activated carbon modification and regeneration technology, to improve chemical adsorption performance and reduce environmental pressure[161]. - The company is developing a smart warehouse system for automated inventory management, enabling full lifecycle traceability of each product[164]. Financial Management - The company has established a cash dividend policy aimed at stable growth, prioritizing cash dividends when conditions are met[199]. - The company will distribute cash dividends only if the undistributed profits are positive and the distributable profits for the year are also positive[200]. - The cash dividend distributed by the company each year will not be less than 10% of the distributable profits achieved that year[200]. - The board can set specific plans for mid-year dividends based on annual shareholder meeting approvals and the company's financial status[200]. Human Resources - The company employed a total of 919 staff members, with 607 in the parent company and 312 in major subsidiaries[195]. - The number of R&D personnel increased to 180, representing 19.59% of the total workforce, up from 150 and 18.75% respectively[110]. - Total compensation for R&D personnel reached RMB 3,207.55 million, compared to RMB 2,650.76 million in the previous period[110]. - The company has a training plan in place to enhance employee skills and knowledge, focusing on various professional and compliance training[197].

二. 内部控制评价结论 2023 年度内部控制评价报告 美埃（中国）环境科技股份有限公司全体股东： 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程 度降低，根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 财务报告内部控制缺陷认定 公司代码：688376 公司简称：美埃科技 美埃（中国）环境科技股份有限公司 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规 ...

证券代码：688376 证券简称：美埃科技 公告编号：2024-010 美埃（中国）环境科技股份有限公司 2023 年度募集资金存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会《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）》（证监会公告［2022］15 号）、 《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》的相关规 定，美埃（中国）环境科技股份有限公司（以下简称"本公司"、"美埃科技"或"公 司"）就 2023 年度募集资金存放与实际使用情况作如下专项报告： 一、募集资金基本情况 （一） 实际募集资金金额、资金到账时间 经上海证券交易所科创板股票上市委员会2021年9月1日审核同意，并经中国 证券监督管理委员会2022年10月18日《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）核准，同意公司 公开发行A股普通股股票33,600,000股，发行价格 ...

证券代码：688376 证券简称：美埃科技 公告编号：2024-016 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。 根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》《上海证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，美埃（中国）环境科技股份有限公司（以下简称"公司"）于2024年4 月25日召开公司第二董事会第八次会议，审议通过了《关于提请股东大会授权 董事会以简易程序向特定对象发行股票的议案》，同意提请股东大会授权董事会 以简易程序向特定对象发行融资总额不超过人民币3亿元且不超过最近一年末净 资产20%的股票，授权期限自公司2023年年度股东大会审议通过之日起至公司 2024年年度股东大会召开之日止。该议案尚需提交公司股东大会审议。 本次授权事宜包括但不限于以下内容： (一)确认公司是否符合以简易程序向特定对象发行股票条件 授权董事会根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司证券发行注册管理办法》等有关法律法规和规范性文件的规定，对 公司实际情况 ...

美埃（中国）环境科技股份有限公司 已审财务报表 2023年度 美埃（中国）环境科技股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 7 | | 已审财务报表 | | | | | 合并资产负债表 | 8 | - | 10 | | 合并利润表 | 11 | - | 12 | | 合并股东权益变动表 | 13 | - | 14 | | 合并现金流量表 | 15 | - | 16 | | 公司资产负债表 | 17 | - | 18 | | 公司利润表 | | 19 | | | 公司股东权益变动表 | 20 | - | 21 | | 公司现金流量表 | 22 | - | 23 | | 财务报表附注 | 24 | - | 132 | | 补充资料 | | | | | 1.非经常性损益明细表 | | 1 | | | 2.净资产收益率和每股收益 | | 1 | | 审计报告 安永华明（2024）审字第70038348_B01号 美埃（中国）环境科技股份有限公司 美埃（中国）环境科技股份有限公司全体股东： 一、审计意见 我们审计了美埃（中国） ...

证券代码：688376 证券简称：美埃科技 公告编号：2024-012 美埃（中国）环境科技股份有限公司 关于2024年度为子公司提供担保额度预计的公告 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。 重要内容提示： 被担保人名称：美埃（中国）环境科技股份有限公司（以下简称"公司"）子公 司美埃（南京）环境系统有限公司（以下简称"美埃环境系统"）、中山美埃净 化技术有限公司（以下简称"美埃中山"）、美埃环境净化科技（天津）有限公 司（以下简称"美埃天津"）、成都美埃环境净化设备有限公司（以下简称"美埃 成都"）、美埃净化科技（上海）有限公司（以下简称"美埃上海"）、MayAir Manufacturing (M) Sdn. Bhd.（以下简称"美埃制造"）、美埃（南京）医疗健康 科技有限公司（以下简称"美埃医疗"）、美埃（无锡）环境设备有限公司（以下 简称"美埃无锡"）、美埃新型材料南京有限公司（以下简称"美埃新材"）、南京 美赫半导体设备有限公司（以下简称"美赫半导体"）、美埃（南京）纳米材料有 限公司（以下简称"美埃纳 ...

美埃（中国）环境科技股份有限公司 内部控制审计报告 内部控制审计报告 安永华明（2024）专字第 70038348_B01 号 美埃（中国）环境科技股份有限公司 2023年度 1 美埃（中国）环境科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了美埃（中国）环境科技股份有限公司 2023 年 12 月 31 日的财务报告内 部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是美埃（中 国）环境科技股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认 ...