CONTENTS 目录 | 总经理致辞 | 01 | | --- | --- | | 关于本报告 | 03 | | 关于美埃科技 | 04 | 可持续发展管理 Management of Sustainability | 1.1 可持续发展治理体系 | 15 | | --- | --- | | 1.2 利益相关方参与 | 16 | | 1.3 重要性议题识别 | 18 | | 1.4 响应联合国可持续发展目标 | 19 | 2.1 公司治理 23 2.2 合规管理 26 尽责治理 Accountability 01 02 | | 04 | | 05 | | 06 | | --- | --- | --- | --- | --- | --- | | Adaptability | | Innovation | | Responsibility | | | 环境适应 | | 创新管理 | | 责任担当 | | | 4.1 应对气候变化 | 43 | 5.1 知识产权管理 | 53 | 6.1 以人为本 | 65 | | 4.2 开展绿色运营 | 47 | 5.2 科技研发创新 | 53 | 6.2 社会贡献 | 72 ...

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 2024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： 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 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 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 ...

证券代码：688376 证券简称：美埃科技 公告编号：2025-010 美埃（中国）环境科技股份有限公司 关于2025年度日常关联交易额度预计的公告 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。 本事项已经公司第二届董事会第十九次会议、第二届监事会第十五次 会议审议通过，尚需提交股东大会审议。 日常关联交易对上市公司的影响：本次预计的日常关联交易是公司正 常经营活动所需，有利于促进公司相关业务的发展。公司与关联方之间开 展的各项日常关联交易，均会按照实际业务情况签订具体交易协议，交易 价格将严格秉承公平、合理的原则，参照市场化公允价格水平、行业惯例、 第三方定价，由双方协商确定，不会损害公司及全体股东特别是中小股东 的利益，不会影响公司独立性，公司主营业务不会因上述交易而对关联方 形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 美埃（中国）环境科技股份有限公司（以下简称"公司"）于2025年4月25 日召开第二届董事会独立董事第三次专门会议，审议通过了《关于2025年度 日常关联交易额度预计的议案 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ( 会议召开时间：2025年4月28日（星期一）13:00-14:00 ( 投资者可于2025年4月21日（星期一）至4月25日（星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过美埃（中国）环境科技股份有限公司（以下简称"公司"）邮箱 ir@mayair.com.cn进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 公司将于2025年4月26日发布公司2024年年度报告及2025年第一季度报告，为便于广大投资者更全面深 入地了解公司2024年度、2025年第一季度经营成果、财务状况，公司计划于2025年4月28日（星期一） 13:00-14:00举行2024年度暨2025年第一季度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2024年度、2025年第一季度的经营成果及财务指标 的具体情况与投资者进行互动交流 ...

美埃（中国）环境科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 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。 证券代码：688376 证券简称：美埃科技 公告编号：2025-004 重要内容提示： 投资者可于 2025 年 4 月 21 日（星期一）至 4 月 25 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过美埃（中国）环 境科技股份有限公司（以下简称"公司"）邮箱 ir@mayair.com.cn 进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 公司将于 2025 年 4 月 26 日发布公司 2024 年年度报告及 2025 年第一季度报 告，为便于广大投资者更全面深入地了解公司 2024 年度、2025 年第一季度经营 成果、财务状况，公司计划于 2025 年 4 月 28 日（星期一）13:00-14:00 举行 2024 年度暨 2025 年第一季度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、说明会类型 ...

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].