泛亚微透公告，股东赛富创投计划减持不超过280万股，占公司总股本的4%。南方精工（002553）计划 减持不超过210万股，占公司总股本的3%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is a rare domestic player mastering high-end e-PTFE membrane and aerogel core technologies, establishing significant competitive barriers through "technical depth and application innovation" [1][2] - The company is currently in a performance release phase, with a net profit of 24.08 million in Q1 2025, representing a year-on-year increase of 43% [1] - The company is actively expanding into high-growth sectors such as new energy and military applications while maintaining stable growth in traditional automotive business [1] Summary by Sections Company Overview - The company focuses on product R&D and technological innovation, with core technologies in e-PTFE membranes and SiO2 aerogels, widely applied in automotive, new energy, and consumer electronics [20][12] Technical Barriers - The company has developed a complete e-PTFE membrane technology system, breaking the monopoly of international giants like Gore and Nitto [2] - The company’s core production equipment is self-designed or modified, creating a natural moat [2] - R&D investment is projected to be about 5.6% in 2024, with an increase in the proportion of R&D personnel to approximately 20% [2] Growth Drivers - The CMD product line has seen revenue growth of 6.5 times from 2021 to 2023, expected to account for 27.6% of revenue in 2024 [3] - Aerogel revenue is projected to reach 65.12 million in 2024, with a year-on-year increase of 46.5% [3] - The company has established a new automotive wiring harness division in 2024, which has already generated revenue [3] Financial Forecast - The company’s net profit is expected to reach 146.15 million, 193 million, and 250 million for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26, 20, and 15 [4] - Revenue is projected to grow from 410.55 million in 2023 to 1,096.16 million in 2027, with a compound annual growth rate of 15.25% [4] Valuation - The target price is set at 63 yuan per share, based on a 30x PE valuation for 2025 [4][51] - The company is compared with peers like Walton Technology and Starry Material, with an average PE of 30.2 for comparable companies [51]

Financial Performance - The company achieved operating revenue of CNY 514.78 million in 2024, representing a year-on-year growth of 25.39%[26]. - The net profit attributable to shareholders reached CNY 99.16 million, an increase of 14.58% compared to the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 89.82 million, reflecting a growth of 22.98% year-on-year[26]. - The weighted average return on equity increased to 13.90%, up by 0.39 percentage points from the previous year[25]. - The company's cash flow from operating activities significantly improved, totaling CNY 128.66 million, a 57.55% increase from the previous year[26]. - The company's total assets increased to CNY 1,088.61 million, marking a 14.23% rise from the previous year[26]. - The net assets attributable to shareholders reached CNY 725.70 million, an increase of 6.08% year-on-year[26]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 20% year-over-year growth[176]. Research and Development - The company invested CNY 28.63 million in R&D during the reporting period, representing a year-on-year increase of 14.81%[36]. - Research and development expenses accounted for 5.56% of operating revenue, a decrease of 0.51 percentage points compared to the previous year[25]. - The number of R&D personnel increased to 73, which is 19.83% of the total workforce, up from 18.26% last year[97]. - The company has developed 10 core technologies related to ePTFE membrane production, modification, and composite applications, breaking the monopoly of foreign giants[86]. - The company has obtained a total of 247 authorized patents, including 52 invention patents, 183 utility model patents, and 9 PCT patents, effectively protecting its core technologies[100]. - The company is committed to increasing its R&D efforts, aiming to convert new materials and technologies into patented innovations to strengthen its technological barriers[159]. - The company has established partnerships with several universities and research institutions to bolster its R&D capabilities and innovation[101]. Product Development and Market Strategy - The company maintained stable growth in core technology products, including ePTFE micro-permeable products and aerogel products[27]. - The ePTFE micro-permeable products accounted for 31.57% of the company's revenue in 2024, forming the first growth curve[45]. - The CMD and gas management products have experienced rapid growth, establishing the company's second growth curve[49]. - The company is focused on expanding its composite materials business and enhancing product applications through continuous technological innovation[121]. - The company plans to expand its product applications beyond the automotive sector, targeting consumer electronics, new energy, and military industries as key growth areas[160]. - The company is actively pursuing automation and smart manufacturing capabilities to improve production efficiency and product consistency[164]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The company has conducted three shareholder meetings and six board meetings during the reporting period, ensuring compliance with governance regulations[166][167]. - The company emphasizes strong communication with investors, ensuring fair treatment and safeguarding their rights[170]. - The company is committed to maintaining compliance with governance regulations, ensuring alignment with legal standards[170]. - The board approved the 2023 annual report and profit distribution plan, indicating a commitment to transparency and shareholder returns[171]. Risk Management - The company has detailed various operational risks and corresponding countermeasures in the report[4]. - The company faces risks related to high customer concentration, primarily in the automotive industry, which could impact its revenue if customer demand declines[108]. - The company faces risks related to macroeconomic fluctuations and potential trade tensions that could impact product demand[118][119]. - The company is focusing on cost reduction and efficiency improvement to create competitive advantages in a challenging market environment[40]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares (including tax) and to increase capital by 3 shares for every 10 shares held, resulting in a total cash dividend of RMB 7,000,000 and an increase of 21,000,000 shares, raising total shares to 91,000,000[7]. - The company is set to propose a three-year dividend return plan for 2024-2026, reflecting a focus on shareholder value[171]. - The profit distribution policy should maintain continuity and stability, ensuring reasonable returns to shareholders while considering the overall interests of all shareholders and the company's sustainable development[198]. Operational Efficiency - The company has strengthened its sales team and established a military products division to enhance customer orientation and service[38]. - The company has implemented policies to prevent core technology leakage and personnel turnover, which are critical for maintaining its competitive edge[107]. - The company is planning to reduce operational costs by 15% through efficiency improvements and automation in production processes[178]. Market Position and Competitive Advantage - The company is one of the few in the industry that has overcome multiple barriers and mastered advanced technology in ePTFE membrane manufacturing, with a high entry threshold limiting market participants[77]. - The company has led the drafting of the industry standard for ePTFE membranes, indicating its advanced technical level in the field[78]. - The company's CMD product offers a leading humidity control solution without the need for external power, providing a competitive advantage over similar products from Gore and AML[80].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company reported a revenue of 515 million yuan for 2024, representing a year-on-year growth of 25.39%, and a net profit attributable to shareholders of 99 million yuan, up 14.58% year-on-year [1][4]. - The company is benefiting from a strong demand in the automotive sector, with its ePTFE micro-permeable and CMD products experiencing significant growth, contributing to a robust performance in 2024 [2][3]. - The company has a strategic focus on niche markets and product diversification, with a total of 247 authorized patents as of the end of 2024, including 52 invention patents [3]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 162 million yuan, a year-on-year increase of 33.18%, and a net profit of 33 million yuan, up 17.47% year-on-year [1]. - For Q1 2025, the company reported a revenue of 131 million yuan, reflecting a year-on-year growth of 26.60%, and a net profit of 24 million yuan, which is a 43.22% increase year-on-year [1]. - The company expects its net profit attributable to shareholders to reach 152 million yuan in 2025, with a projected growth rate of 53.75% [4]. Market Trends and Projections - The automotive market showed strong performance in 2024, with production and sales reaching 31.28 million and 31.44 million vehicles, respectively, marking growth rates of 3.7% and 4.5% year-on-year [2]. - The company anticipates continued growth driven by new policies encouraging vehicle upgrades, which is expected to further enhance its market share in imported substitutes [2][3]. - The projected net profit for 2026 and 2027 is 218 million yuan and 304 million yuan, respectively, indicating a consistent upward trend in profitability [4].

证券代码：688386 证券简称：泛亚微透 公告编号：2025-021 江苏泛亚微透科技股份有限公司 关于召开2024年年度股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2024年年度股东会 召开日期时间：2025 年 5 月 20 日 14 点 30 分 召开地点：常州市武进区礼嘉镇前漕路 8 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） ...

证券代码：688386 证券简称：泛亚微透 公告编号：2025-014 江苏泛亚微透科技股份有限公司 第四届监事会第六次会议决议公告 本公司监事会及全体监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个别及连带责任。 江苏泛亚微透科技股份有限公司（以下简称"公司"）第四届监事会第六次 会议通知于2025年4月21日以直接送达、微信等方式发出，会议于2025年4月29 日在公司会议室以现场方式召开。会议应出席监事3名，实际出席监事3名。会议 由监事会主席张斌先生主持。本次会议的召集、召开和表决程序符合《公司法》、 《公司章程》的规定，合法有效。 经与会监事逐项认真审议，会议以记名投票表决的方式通过了如下议案： 1.审议通过了《关于公司 2024 年度监事会工作报告的议案》 表决结果：同意3票，反对0票，弃权0票。 监事会经审核认为：本次利润分配及资本公积转增股本方案充分考虑了公 司盈利情况、现金流状态及资金需求等各种因素，符合中国证监会《关于进一 步落实上市公司现金分红有关事项的通知》《上市公司监管指引第 3 号—上市 公司现金分红》以及《公司章程》中关于现 ...

江苏泛亚微透科技股份有限公司 表决结果:同意 3 票，反对 0 票，弃权 0 票 第四届董事会第四次独立董事专门会议决议 2025 年 4 月 29 日，公司第四届董事会第四次独立董事专门会议以现场方式 召开。会议通知已于 2025 年 4 月 25 日通过微信、电话及电子邮件等方式送达给 独立董事，会议应出席独立董事 3 名，实际出席独立董事 3 名。会议由全体独立 董事共同推举沈金涛先生担任会议召集人并主持本次会议。会议召开符合《上市 公司独立董事管理办法》、《上海证券交易所科创板股票上市规则》、《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）》、《公 司章程》及《公司独立董事工作制度》的规定。 全体独立董事本着认真、负责的态度，在认真阅读公司提供的资料，听取有 关人员的汇报并详细了解有关情况后，经出席会议的独立董事审议和表决，形成 以下决议： 一、审议通过《关于公司 2024 年度利润分配预案的议案》 表决结果:同意 3 票，反对 0 票，弃权 0 票 全体独立董事一致认为: 本次分红方案平衡了公司当前资金需求与未来发 展投入、股东短期现金分红回报与中长期回 ...

证券代码：688386 证券简称：泛亚微透 公告编号：2025-013 江苏泛亚微透科技股份有限公司 第四届董事会第六次会议决议公告 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个别及连带责任。 经与会董事认真审议，以记名投票表决方式审议通过了如下议案： 1、审议通过了《关于公司2024年度董事会工作报告的议案》 表决结果：9 票同意，0票反对，0票弃权。 公司现任独立董事沈金涛先生、钱技平先生、陈强先生向董事会提交了《2024 年度独立董事述职报告》,并将在公司2024年年度股东会上述职。 《泛亚微透2024年度董事会工作报告》以及《2024年度独立董事述职报告》 详见公司同日刊登在上海证券交易所网站（www.sse.com.cn）的公告。 本议案尚需提交公司2024年年度股东会审议。 2、审议通过了《关于公司2024年度总经理工作报告的议案》 江苏泛亚微透科技股份有限公司（以下简称"公司"或"泛亚微透"）第四 届董事会第六次会议（以下简称"会议"）于2025年4月21日以直接送达、微信 等方式发出通知，并通过电话进行确认，会议于2 ...

证券代码：688386 证券简称：泛亚微透 公告编号：2025-016 江苏泛亚微透科技股份有限公司 关于 2024 年度利润分配及公积金转增股本方案的公告 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。 重要内容提示： 每股分配比例，每股转增比例：每 10 股派发现金红利人民币 1.00 元（含 税），同时以资本公积金向全体股东每 10 股转增 3 股，不送红股。 本次利润分配/公积金转增股本以实施权益分派股权登记日登记的总股本 为基数，具体日期将在权益分派实施公告中明确。如在实施权益分派的股权登记 日前公司总股本发生变动的，拟维持每股分配比例、每股转增比例不变， 相应 调整分配总额和转增股本总额，并将另行公告具体调整情况。 本次利润分配及资本公积金转增股本方案不触及《上海证券交易所科创板 股票上市规则》（以下简称"科创板股票上市规则"）第 12.9.1 条第一款第（八） 项规定的可能被实施其他风险警示的情形。 一、 利润分配方案的具体内容 经天健会计师事务所（特殊普通合伙）（以下简称"天健"）审计截至 2024 年 12 ...

证券代码：688386 证券简称：泛亚微透 公告编号：2025-019 江苏泛亚微透科技股份有限公司 关于公司 2022 年限制性股票激励计划第三个归属期 不符合归属条件暨作废部分已授予尚未归属的限制性股票公告 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个别及连带责任。 江苏泛亚微透科技股份有限公司（以下简称"公司"或"泛亚微透"）于 2025年4月29日召开的第四届董事会第六次会议、第四届监事会第六次会议审议 通过了《关于公司2022年限制性股票激励计划第三个归属期不符合归属条件的议 案》、《关于作废处理部分限制性股票的议案》，现将有关事项公告如下： 一、公司2022年限制性股票激励计划已履行的审批程序和信息披露情况 1、2022 年 3 月 3 日，公司召开第三届董事会第四次会议，审议通过了《关 于<公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》、《关于<公司 2022 年限制性股票激励计划实施考核管理办法>的议案》、《关于提请股东会授权 董事会办理 2022 年限制性股票激励计划相关事宜的议案》、《关于召开 2 ...