Group 1: Project Updates - The HDI, PPDI, and PNA units at the Henan project have successfully completed trial runs and produced standard-compliant products. The sales team is actively engaging with target customers, and market feedback is positive. The company aims to expedite the trial production of remaining units for full-scale production [2]. - The new TPU and water-based PUD projects commenced construction in Q4 2024, with an 18-month construction period. The TPU project has an expected after-tax internal rate of return (IRR) of 39.68% and a payback period of 4.01 years, while the water-based PUD project has an IRR of 38.05% and a payback period of 4.21 years [3]. Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 388 million, remaining stable compared to the previous year. The net profit attributable to shareholders was CNY 18.14 million, a year-on-year increase of 47.12%, while the net profit excluding non-recurring items was CNY 18.05 million, up 75.04% [2]. Group 3: Competitive Advantages - The company possesses significant competitive advantages in the HDI project, including a skilled team with extensive industry experience and a strong upstream-downstream collaboration in the polyurethane materials sector. This strategic positioning enhances customer loyalty and market reach while ensuring stable supply and reducing production costs [4]. Group 4: Specialty Amines Products - The company produces three specialty amines: PNA, PPDA, and CHDA. PNA is a key chemical raw material used in dye synthesis, while PPDA is essential for aramid and polyimide production. CHDA is widely used in polyamide and polyurethane applications. The production process utilizes stable raw material supplies, significantly lowering production costs compared to competitors [5][6].

Group 1: Financial Performance - The company's Q1 2025 revenue remained stable compared to the same period last year, while net profit saw significant growth due to optimized sales structure of polyurethane new materials, with a higher proportion of specialty products contributing to revenue [2] - The gross margin of specialty products is higher than that of general products, benefiting from structural optimization in the supply chain that reduced raw material procurement costs [2] - The Q2 performance is expected to be influenced by market demand, raw material prices, and company operations, with specific details to be disclosed in the semi-annual report [3] Group 2: Product Development and Applications - The PPDI product, known for its excellent physical and mechanical properties, is primarily used in high-end elastomer materials for military aerospace, high-end automotive shock absorbers, and oil drilling equipment seals [4] - The company is focusing on traditional industries such as coatings and automotive paints for HDI-related products, while also exploring new applications in polyurethane new materials [5] - The company has 8,000 tons of production capacity for foamed TPU, with plans to increase capacity by an additional 10,000 tons by the end of 2025 through ongoing projects [6] Group 3: Future Strategy - The company aims to leverage the synergy between upstream and downstream industries to promote the development of functional chemical raw materials and polyurethane new materials [7] - There is a plan to accelerate the industrialization of successfully developed specialty isocyanate-based polyurethane new materials and enhance market promotion efforts [8]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][10] Core Views - The company's performance met expectations, with the polyurethane integration project gradually ramping up production [2][8] - In 2024, the company achieved operating revenue of 1.658 billion yuan, a year-on-year increase of 12.42%, while the net profit attributable to the parent company was 78 million yuan, a year-on-year decrease of 11.70% [5][12] - The TPU market demand remained stable in 2024, with a notable increase in production and sales of polyurethane new materials, achieving a production volume of 100,500 tons and sales volume of 97,200 tons, representing year-on-year increases of 23.20% and 22.23% respectively [7][8] Financial Performance - The company reported a gross profit margin of 12.91% in 2024, a decrease of 1.13 percentage points year-on-year, and a net profit margin of 4.25%, down 1.72 percentage points year-on-year [5][12] - The projected net profit for 2025-2027 is estimated at 115 million, 204 million, and 274 million yuan respectively, with corresponding P/E ratios of 62.96X, 35.48X, and 26.38X [10][12] Production Capacity Expansion - The company has successfully launched new production capacities for TPU and other polyurethane materials, with significant projects in Henan expected to enhance growth potential [8][9] - The new production lines for water-based polyurethane and expanded thermoplastic polyurethane are set to begin construction in Q4 2024, which will improve production efficiency and profitability [9][10]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2] Core Views - The company's performance met expectations, with the polyurethane integration project gradually ramping up production [2] - In 2024, the company achieved operating revenue of 1.658 billion yuan, a year-on-year increase of 12.42%, while the net profit attributable to the parent company was 78 million yuan, a year-on-year decrease of 11.70% [5] - The TPU market demand remained stable in 2024, with a notable increase in production and sales of polyurethane new materials, achieving a production volume of 100,500 tons and sales volume of 97,200 tons, representing year-on-year increases of 23.20% and 22.23% respectively [7][8] Financial Performance - The company reported a gross profit margin of 12.91% in 2024, a decrease of 1.13 percentage points year-on-year, and a net profit margin of 4.25%, down 1.72 percentage points year-on-year [5] - The projected net profit for 2025-2027 is estimated at 115 million, 204 million, and 274 million yuan respectively, with corresponding P/E ratios of 62.96X, 35.48X, and 26.38X [10][12] - The company's total assets are projected to grow from 3.85 billion yuan in 2024 to 8.63 billion yuan in 2027 [13] Production Capacity Expansion - The company has successfully launched its 100,000-ton TPU new capacity and the first phase of the polyurethane industrial park, which includes the production of key specialty monomers [8][9] - The expansion projects are expected to enhance the company's production capacity and improve the proportion of high-end TPU products, thereby strengthening its product layout [9]

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 1.658 billion, a year-on-year increase of 12.42% [3] - The net profit attributable to shareholders for 2024 was CNY 77.5885 million, a year-on-year decrease of 11.70% [3] - In Q1 2025, the company reported a revenue of CNY 388 million, remaining stable compared to the same period last year [3] - The net profit attributable to shareholders in Q1 2025 was CNY 18.1368 million, a year-on-year increase of 47.12% [3] - The net profit excluding non-recurring items for Q1 2025 was CNY 18.048 million, a year-on-year increase of 75.04% [3] Group 2: Product Development and Market Strategy - The company has developed and promoted high-performance polyurethane new materials, resulting in a sales volume increase of 24.72% in 2024 [3] - The company is focusing on optimizing the sales structure of its polyurethane products, with a higher proportion of specialty products contributing to improved profit margins [4] - The company plans to quickly enter markets for short verification cycle fields such as adhesives and coatings, while preparing for longer verification cycles with larger manufacturers [5] - The company is advancing the construction of two projects: a TPU project with an annual capacity of 10,000 tons and a water-based polyurethane project with an annual capacity of 30,000 tons, both expected to be completed by late 2025 or early 2026 [6][7] Group 3: Supply Chain and Cost Management - The company has optimized its supply chain structure, leading to reduced raw material procurement costs and improved product profitability [4] - The company’s export business to the U.S. accounts for less than 1% of total revenue, indicating limited direct impact from U.S. tariff policies [5] Group 4: Future Outlook and Strategic Initiatives - The company aims to enhance its competitive advantage through R&D innovation, focusing on functional chemical raw materials and polyurethane new materials [8] - The company is committed to expanding emerging application scenarios and improving service capabilities to mitigate risks from market fluctuations [9] - The company plans to utilize a simplified procedure for issuing stocks, with a maximum fundraising limit of CNY 300 million, not exceeding 20% of the net assets at the end of the previous year [9]

证券代码：300848 证券简称：美瑞新材 公告编号：2025-030 美瑞新材料股份有限公司 关于确认 2024 年度日常关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2、2024 年度上述日常关联交易实际发生情况 单位：万元 | 关联交易 | 关联 | 关联交易 | 实际发生 | | 实际发生额 | 实际发生额 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 披露日期及索引 | 预计金额 | 占同类业务 | 与预计金额 | | | 类别 | 方 | 内容 | 金额 | | 比例（％） | 差异（%） | | | | | | 2024 年 4 月 | | | | 23 | | | | | | | | | 日，巨潮资讯网： | | 向关联方 | 玖点 | 模压托盘 | 671.49 《关于 2024 | 1012.30 | 100% | -33.67% | 年度 | | 采购商品 | 物流 | | | | | | 日常关联交易预计 | | | | | 的公告》 | | ...

证券代码：300848 证券简称：美瑞新材 公告编号：2025-023 美瑞新材料股份有限公司 2024 年年度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 美瑞新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日召开了第四届董事 会第五次会议，审议通过了《2024 年年度报告全文及摘要》。 为使投资者全面了解公司的财务状况和经营成果，公司《2024 年年度报告》及《2024 年 年度报告摘要》于 2025 年 4 月 22 日在中国证监会指定的创业板信息披露网站巨潮资讯网 (www.cninfo.com.cn)上披露，敬请广大投资者注意查阅。 特此公告。 美瑞新材料股份有限公司 董事会 2025 年 4 月 22 日 美瑞新材料股份有限公司 | 地址：烟台市开发区长沙大街 35 号 | 电话：+86-535-3979898 | 网址： www.miracll.com 第 1 页 共 1 页 ...

美瑞新材料股份有限公司 2、其他流动资产 2024 年 12 月 31 日较 2023 年 12 月 31 日增加 144.74%，主要系增值 税待认证进项税增加所致。 3．固定资产 2024 年 12 月 31 日较 2023 年 12 月 31 日增加 238.56%，主要系部分在建 工程转为固定资产所致。 二、 公司负债情况分析 单位：元 2024 年度财务决算报告 公司 2024 年度的财务报表已经和信会计师事务所（特殊普通合伙）审计，出具了标准 无保留意见的审计报告。会计师审计意见为：我们认为，后附的财务报表在所有重大方面按 照企业会计准则的规定编制，公允反映了美瑞新材公司 2024 年 12 月 31 日合并及公司的财 务状况以及 2024 年度合并及公司的经营成果和现金流量。 一、 公司资产情况分析 单位：元 | 项目 | 2024 年 12 月 31 日 | 2023 年 12 月 31 日 | | 变动比率 | | --- | --- | --- | --- | --- | | 货币资金 | 605,599,428.47 | 920,494,258.46 | | -34.21% | | 应收 ...

证券代码：300848 证券简称：美瑞新材 公告编号：2025-037 美瑞新材料股份有限公司 一、会计政策变更情况概述 1、会计政策变更的原因 财政部 2024 年 12 月 6 日发布《企业会计准则解释第 18 号》（财会〔2024〕24 号），就 关于浮动收费法下作为基础项目持有的投资性房地产的后续计量账务处理、新旧衔接进行了 明确；就关于不属于单项履约义务的保证类质量保证的会计处理、报表列示科目、新旧衔接 进行了明确。 由于上述会计准则解释的发布，公司需对会计政策进行相应变更，并按以上文件规定的 生效日期开始执行上述企业会计准则。 2、变更前公司采用的会计政策 本次变更前，公司执行财政部发布的《企业会计准则—基本准则》和各项具体会计准则、 企业会计准则应用指南、企业会计准则解释公告以及其他相关规定。 3、变更后公司采用的会计政策 本次变更后，公司将按照财政部颁发的《企业会计准则解释第 18 号》要求执行。其他未 变更部分，仍按照财政部前期颁布的《企业会计准则—基本准则》和各项具体会计准则、企 业会计准则应用指南、企业会计准则解释公告以及其他相关规定执行。 关于会计政策变更的公告 本公司及董事会全体成员 ...