Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Insights - The company reported significant growth in Q2 2024, with a revenue of 484 million yuan, representing a year-on-year increase of 25.98% and a quarter-on-quarter increase of 77.03%. The net profit attributable to shareholders reached 57 million yuan, up 32.39% year-on-year and 62.44% quarter-on-quarter [3] - The overseas revenue proportion increased to 18.50%, up 7.17 percentage points from the previous year, indicating the company's active expansion into international markets [3] - The gross margin improved significantly, with a gross margin of 29.60% in H1 2024, an increase of 1.92 percentage points year-on-year [3] Financial Performance Summary - For H1 2024, the company achieved a total revenue of 757 million yuan, a year-on-year growth of 16.17%, and a net profit of 93 million yuan, up 20.64% year-on-year [2] - The company’s revenue projections for 2024-2026 are 1.871 billion yuan, 2.294 billion yuan, and 2.753 billion yuan, respectively, with corresponding net profits of 230 million yuan, 288 million yuan, and 359 million yuan [6][7] - The current price of the stock is 25.98 yuan, with a market capitalization of approximately 3.49 billion yuan [3][7]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 20 日 美埃科技(688376.SH) 证券研究报告 环保及公用事业 投资评级 买入-A 维持评级 6 个月目标价 36.74 元 股价 (2024-08-19) 25.58 元 交易数据 总市值(百万元) 3,437.95 流通市值(百万元) 1,269.16 总股本(百万股) 134.40 流通股本(百万股) 49.62 12 个月价格区间 24.55/39.01 元 升幅% 1M 3M 12M 相对收益 -6.4 -10.9 -6.1 绝对收益 -11.6 -19.6 -17.4 周喆 分析师 相关报告 新增产能即将放量叠加疫情 2023-02-28 影响消除，业绩有望高速增 长 业绩持续增长，耗材与海外占比提升驱 动利润率提升 事件： 公司发布 2024 年半年报，上半年实现营业收入 7.57 亿元，同比增长 16.17%；归母净利润 9288.37 万元，同比增长 20.64%；扣非归母净 利润 8575.99 万元，同比增长 27.08%。 海外收入高增，耗材与海外占比提升驱动毛利率增长： 2024 年上半年 ...

[Table_Main] 证券研究报告 | 公司点评 美埃科技(688376.SH) 2024 年 08 月 20 日 | --- | --- | |----------------------------|------------------------| | 美埃科技（ 买入（维持） | 688376.SH ）：业绩稳 | | 所属行业：环保 / 环保设备Ⅱ | | | 当前价格 ( 元 ) ： 25.58 | 步增长，毛利率持续改善 | | | | 投资要点 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 美埃科技 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | 2023-08 \n沪深 300 对比 | 2023-12 ...

证券代码：688376 证券简称：美埃科技 公告编号：2024-025 美埃（中国）环境科技股份有限公司 第二届监事会第八次会议决议公告 指引第2号——上市公司募集资金管理和使用的监管要求》《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》以及公司《募集资金管理制度》等法 律法规和制度文件的规定，对募集资金进行了专户存储和专项使用，并及时履行了 相关信息披露义务，募集资金具体使用情况与公司已披露情况一致，不存在变相改 变募集资金用途和损害股东利益的情况，不存在违规使用募集资金的情形。 二、 监事会会议审议情况 1、审议通过《关于2024年半年度报告及摘要的议案》 经审核，监事会同意公司《2024年半年度报告》《2024年半年度报告摘要》的 内容，认为公司2024年半年度报告的编制和审议程序规范合法，符合法律、法规、 规范性文件及《公司章程》的规定；公司2024年半年度报告公允地反映了公司报告 期内的财务状况和经营成果，所包含的信息从各个方面都真实地反映出公司报告期 内的经营管理和财务状况等事项。公司2024年半年度报告所披露的内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，未发现参 ...

证券代码：688376 证券简称：美埃科技 公告编号：2024-024 美埃（中国）环境科技股份有限公司 2024 年半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 2024 年半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 ...

美埃（中国）环境科技股份有限公司 2024 年度"提质增效重回报"专项行动方案的 半年度评估报告 为践行"以投资者为本"的上市公司发展理念，推动上市公司持 续卓越运营、规范治理，增强投资者回报，提升投资者的获得感。美 埃（中国）环境科技股份有限公司（以下简称"公司"）于 2024 年 4 月制定了《2024 年度"提质增效重回报"行动方案》，为公司 2024 年度 提质增效重回报行动制定出明确的工作方向。公司根据行动方案积极 开展和落实各项工作，现将 2024 年上半年的主要工作成果报告如下： 一、聚焦空气净化产业，布局开拓海外市场 2024 年上半年，公司积极应对市场变化，通过技术创新、销售渠 道完善、加强内部管理等多种方式推动公司各项业务平稳发展。2024 年 4 月，公司主营产品超净节能型风机过滤机组获国家制造业单项冠 军。报告期内，公司实现营业收入 75,698.44 万元，同比增长 16.17%； 实现归属于母公司所有者的净利润 9,288.37 万元，同比增长 20.64%； 实现归属于母公司所有者的扣除非经常性损益的净利润 8,575.99 万 元，同比增长 27.08%。 此外，公司重点推进海 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of RMB 500 million, representing a 25% year-over-year growth[6]. - The company's operating revenue for the first half of 2024 reached ¥756,984,416.03, representing a 16.17% increase compared to ¥651,638,957.11 in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was ¥92,883,740.56, up 20.64% from ¥76,993,856.03 in the previous year[12]. - The total profit reached 103.18 million yuan, reflecting a year-on-year growth of 18.88%[62]. - The company achieved a gross profit margin of approximately 30.4% in the first half of 2024, compared to 24.0% in the same period of 2023[139]. - The company reported a total comprehensive income of ¥93,033,968.55 for the first half of 2024, compared to ¥75,356,538.95 in the same period of 2023, an increase of 23.5%[138]. User Growth and Market Expansion - User data indicates that the number of active users has reached 1.2 million, up from 900,000 in the same period last year, marking a 33% increase[6]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[6]. - The company has accelerated its expansion into Southeast Asia and has entered the supply chains of core international customers, obtaining multiple supplier certifications from renowned manufacturers[57]. Research and Development - Research and development investments have increased by 40%, focusing on innovative filtration technologies and sustainable materials[6]. - The company maintained a research and development investment ratio of 4.76% of operating revenue[13]. - R&D expenses for the first half of 2024 amounted to CNY 35,999,233.15, representing a year-on-year increase of 16.02%[46]. - The company has a total of 199 R&D personnel, which constitutes 19.55% of the total workforce, with an average salary of CNY 99,446.75[50]. - The company has established partnerships with several renowned universities for research and development collaboration, enhancing its innovation capabilities[52]. Product Development and Technology - New product launches are expected to contribute an additional RMB 100 million in revenue, with a focus on advanced air purification technologies[6]. - The company has developed a digital monitoring technology that integrates sensor technology, 5G communication, and cloud systems, achieving the goal of visible cleanliness and energy savings[43]. - The company has developed a range of waste gas treatment equipment, including dry and wet dust removal devices, VOCs concentration wheels, and RCO regenerative catalytic oxidation equipment[20]. - The company has made significant advancements in the development of PTFE membrane materials and nanofiber materials, with increasing domestic production ratios[42]. Financial Position and Assets - The total assets at the end of the reporting period were ¥3,077,629,969.97, an increase of 2.91% from ¥2,990,458,805.96 at the end of the previous year[12]. - The net assets attributable to shareholders increased by 3.26% to ¥1,686,855,263.38 from ¥1,633,523,507.84[12]. - The company's cash flow from operating activities showed a significant decline of 346.31%, resulting in a net outflow of ¥85,889,987.29[12]. - The company's overseas assets amounted to 286.77 million RMB, accounting for 9.32% of total assets[87]. Risks and Challenges - The management has identified potential risks, including supply chain disruptions and regulatory changes, which could impact future performance[6]. - The company faces risks related to technological upgrades and potential failures in cutting-edge technology development[70][71]. - The company faces risks from intensified competition in the cleanroom equipment industry and potential downturns in the semiconductor sector[80][81]. Environmental and Regulatory Compliance - The company has obtained ISO14001:2015 Environmental Management System certification and ISO45001:2018 Occupational Health and Safety Management System certification[99]. - The company has not experienced any environmental pollution incidents during the reporting period and has not been penalized for violations of environmental protection laws and regulations[99]. - The company continues to strengthen its environmental awareness and management practices[99]. Shareholder and Governance Matters - The company held its first extraordinary general meeting of 2024 on March 26, 2024, where several governance proposals were approved[94]. - The company has committed to a stock price stabilization plan, which will be implemented if the stock price falls below the latest audited net asset value for 20 consecutive trading days[106]. - Major shareholders, including Meie International, T&U, and Tecable, pledged to comply with shareholding commitments and will not sell shares below the IPO price during the lock-up period[103]. Market Trends and Industry Outlook - The global semiconductor sales are expected to rebound in 2023, driven by AI applications and cloud computing infrastructure, which may positively impact the company's market[28]. - The cleanroom equipment market is anticipated to expand significantly due to the increasing demand from semiconductor and display industries, driven by technological advancements[32]. - The semiconductor industry is experiencing a shift towards higher cleanliness standards, leading to increased competition and consolidation among cleanroom equipment suppliers[34].

| 01 可持续发展管理 | 1.1 ESG治理体系 | 13 | | --- | --- | --- | | | 1.2 利益相关方沟通 | 13 | | | 1.3 实质性议题识别 | 13 | | Accountability | | | | 02 尽责治理 | 2.1 公司治理 | 17 | | | 2.2 合规管理 | 19 | | | 2.3 商业道德 | 19 | | | 2.4 风险管理 | 20 | | Yield | | | | 03 价值创造 | 3.1 高质量产品 | 23 | | | 3.2 高标准服务 | 26 | | Adaptability | | | | 04 环境适应 | 4.1 应对气候变化 | 29 | | | 4.2 开展绿色运营 | 30 | | Innovation | | | | 05 创新管理 | 5.1 知识产权管理 | 35 | | | 5.2 持续创新研发 | 37 | | | 5.3 产业合作交流 | 39 | | Responsibility | | | | 06 责任担当 | 6.1 以人为本 | 45 | | | 6.2 共享发展 | 50 | ...

证券代码：688376 证券简称：美埃科技 公告编号：2024-023 美埃（中国）环境科技股份有限公司 关于核心技术人员离职的公告 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： 美埃（中国）环境科技股份有限公司（以下简称"公司"）董事会于 2024年6月收到副总经理、核心技术人员杨崇凯先生递交的辞职报告，杨崇凯先 生因个人原因申请辞去所任职务，辞职后将不再担任公司任何职务。近日，杨 崇凯先生已完成其所参与的相关研发项目交接工作，公司将不再认定其为核心 技术人员。 杨崇凯先生与公司签署了《劳动合同》《保密协议》《竞业协议书》等 相关协议文件，其在任职期间参与研究并申请的专利均为职务成果，相应的知 识产权归属于公司，与公司不存在涉及职务成果、知识产权纠纷或潜在纠纷的 情形，其离职不影响公司知识产权权属的完整性。 杨崇凯先生在任职期间所参与研发项目的工作已经完成工作交接，其离 职不会对公司的技术优势、核心竞争力、业务发展和产品创新产生重大不利影 响，不会影响公司现有核心技术及研发项目的工作开展。 一、核心技术 ...

公司董事会于 2024 年 6 月收到副总经理、核心技术人员杨崇凯先生递交的 辞职报告，杨崇凯先生因个人原因申请辞去所任职务，辞职后将不再担任公司任 何职务。近日，杨崇凯先生已完成其所参与的相关研发项目交接工作，公司将不 再认定其为核心技术人员。 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》《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》 等有关规定，对美埃科技核心技术人员离职事项进行了审慎核查，核查情况如下： 一、核心技术人员离职的具体情况 （一）核心技术人员的具体情况 杨崇凯，男，1950 年 6 月出生，持有台湾居民来往大陆通行证，大同工学 院电机系学士学位。1997 年 1 月至 2002 年 2 月，任武汉麦克维尔空调有限公司 总经理。2002 年 2 月至 2005 年 6 月，任苏州麦克维尔空调有限公司总经理。2006 年 10 月至 2013 年 2 月，任天加环境制造总监。2013 年 5 月 ...