证券代码：300848 证券简称：美瑞新材 美瑞新材料股份有限公司 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 | \n 媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 □一对一沟通 \n□ 其他： | 特定对象调研 □分析师会议 \n□路演活动 | | 参与单位名称 | 招金私募：郝洪谅、修竹婷 | | | 及人员姓名 | 国泰租赁：郭梦颖、夏晨星 | | | 时间 | 2024 年 12 月 30 日 | 13:30-14:30 | | 地点 | 公司办公楼会议室 | | | 上市公司接待 | 董事会秘书兼财务总监 | 都英涛 ...

Group 1: Market Overview - The first phase of the Henan project will establish a production capacity of 100,000 tons of HDI, impacting market supply and competition positively [4] - China's TPU market demand has shown consistent growth, with consumption rising from 321,000 tons in 2016 to 610,000 tons in 2023, nearly doubling [4] - In 2023, domestic TPU consumption rebounded to approximately 610,000 tons, reaching a historical peak [4] Group 2: Economic Benefits of Projects - The project for producing 10,000 tons of expandable thermoplastic polyurethane elastomer is expected to have a post-tax internal rate of return of 39.68% and a static investment payback period of 4.21 years [6][10] - The water-based polyurethane project, with an annual production capacity of 30,000 tons, is projected to have a post-tax internal rate of return of 38.05% [10] Group 3: Strategic Initiatives - The company aims to actively develop and promote downstream applications of specialty monomer materials to drive upstream demand for HDI [4] - The Henan project utilizes advanced technology and stable processes, enhancing the company's confidence in adapting to market changes [4] Group 4: Supply Chain and Raw Materials - The supply situation for hexamethylenediamine has significantly improved due to breakthroughs in domestic production of its key raw material, adiponitrile [9] - The core raw materials for both the expandable thermoplastic polyurethane elastomer and water-based polyurethane are HDI, creating synergistic advantages with the Henan project [4][6]

证券代码：300848 证券简称：美瑞新材 公告编号：2024-067 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。 一、担保情况概述 1、已审批通过的担保额度 美瑞新材料股份有限公司（以下简称"公司"）于 2022 年 3 月 12 日、2022 年 4 月 8 日分别召开了第三届董事会第四次会议、2021 年年度股东大会，审议通过了《关于为子公 司提供担保的议案》，同意公司对子公司美瑞科技（河南）有限公司（以下简称"美瑞科 技"）提供不超过 8 亿元的担保额度，上述额度适用范围包括但不限于美瑞科技申请及办理 各类贷款、信用证、保函、银行承兑汇票、融资租赁等业务，自公司 2021 年年度股东大会 审议通过之日起 7 年内有效，在额度内可循环使用。具体内容详见公司于 2022 年 3 月 15 日 在巨潮资讯网（www.cninfo.com）披露的《关于为子公司提供担保的公告》。 公司于 2024 年 4 月 20 日、2024 年 5 月 15 日分别召开了第三届董事会第十三次会议、 2023 年年度股东大会，审议通过了《关于为子公司提供担保额度的议案》， ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its future growth potential and the expected rapid performance improvement after the completion of the Henan project [4] Core Views - The company's Q3 2024 performance met expectations, with stable shipments and a slight improvement in profitability due to declining upstream raw material costs [4] - The Henan Phase I project is nearing completion, and the Phase II project has been planned, which is expected to extend the company's industrial chain and reduce production costs, opening up growth opportunities [4] - The company's 2024-2026 profit forecasts have been adjusted downward due to intensified industry competition, but the long-term growth potential remains strong, with a projected profit compound growth rate of 127% [4] Financial Performance - In Q3 2024, the company achieved revenue of 432 million yuan (YoY +8.63%, QoQ +4.21%) and net profit of 19 million yuan (YoY +6.35%, QoQ +2.62%) [4] - The company's gross margin in Q3 2024 increased by 0.66 percentage points to 13.48%, supported by a decline in raw material costs [4] - The company's 2024-2026 revenue is forecasted to be 1.724 billion yuan, 2.955 billion yuan, and 4.045 billion yuan, respectively, with net profit expected to be 95 million yuan, 285 million yuan, and 488 million yuan [5][7] Market and Industry Analysis - The TPU product market price in Q3 2024 was 17,544 yuan/ton, a slight increase of 0.5% QoQ, while raw material prices such as pure MDI, BDO, and adipic acid declined by 2.2%, 10.2%, and 9%, respectively [4] - The company's 100,000-ton capacity construction was gradually put into operation in the first half of 2024, contributing to scale growth [4] - The Henan project includes a 100,000-ton/year HDI production capacity, with HDI prices averaging 29,087 yuan/ton in Q3 2024, indicating high profitability [4] Strategic Developments - The company plans to raise 197 million yuan to build a 10,000-ton/year expanded TPU and 30,000-ton/year PUD project, optimizing its product structure and leveraging industrial integration advantages [4] - The Henan Phase II project includes a 200,000-ton/year special isocyanate expansion and plans for products such as m-phenylenediamine, resorcinol, and acyl chloride, further extending the industrial chain [4]

证券代码：300848 证券简称：美瑞新材 公告编号：2024-066 美瑞新材料股份有限公司 三、对公司的影响 随着 HDI 单体装置的投产，公司可实现聚氨酯新材料所需部分特种核心原料的自主供应， 促进了上下游产业链联动，同时为进一步生产 HDI 衍生品奠定了基础。 后续，公司将积极推进其他装置的开车工作，争取早日全面投产。 四、风险提示 关于河南子公司聚氨酯产业园一期项目 HDI 单体装置投产的公告 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。 一、项目基本情况 美瑞新材料股份有限公司（以下简称"公司"）的子公司美瑞科技（河南）有限公司投 资建设的聚氨酯产业园一期项目（以下简称"项目"）于 2022 年四季度开工建设，项目建成 后将实现年产 12 万吨特种异氰酸酯产能，包括 10 万吨 HDI（六亚甲基二异氰酸酯单体及其 衍生品）、1.5 万吨 CHDI（1,4-环己烷二异氰酸酯）和 0.5 万吨 PPDI（对苯二异氰酸酯）。 此外，PNA（对硝基苯胺）、PPDA（对苯二胺）和 CHDA（1,4-环己烷二胺）是 CHDI 和 PPDI 产 线的中间产品， ...

证券代码：300848 证券简称：美瑞新材 编号：2024-022 美瑞新材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 | \n 媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 □一对一沟通 \n□ 其他： | 特定对象调研 □分析师会议 \n 路演活动 | | 参与单位名称 | 中泰证券 孙颖 | | | 及人员姓名 | 东证资管 向仕杰 | | | 时间 | 2024 年 10 月 29 日 | 15:30-16:30 | | 地点 | 美瑞新 ...

Group 1: Financial Performance - In the first three quarters of 2024, the company's product sales increased by 22.26% compared to the same period last year [1] - Revenue reached 1.233 billion CNY, a year-on-year increase of 10.37% [1] - Gross profit was 156 million CNY, a year-on-year decrease of 10.33% [1] - Net profit attributable to shareholders was 50.64 million CNY, a year-on-year decrease of 27.12% [1] Group 2: Project Updates - The PNA and PPDI units of the Henan project were put into production in early October 2024, marking a successful industrialization of the key phosgene technology [4] - The company is actively promoting trial production of other units to achieve full production as soon as possible [4] Group 3: Raw Material Supply - The supply situation for hexamethylenediamine (HDI) has significantly improved due to the domestic breakthrough in its key raw material, adiponitrile [5] - The company has engaged with several target suppliers for hexamethylenediamine and has procured the necessary raw materials for upcoming production [5] Group 4: Product Development and Market Strategy - The company is focusing on the mainstream industries for HDI products, including coatings and automotive paints, while also exploring new applications in polyurethane materials [6] - The new production capacity for foamed TPU and water-based polyurethane (PUD) will support the Henan project and enhance the company's profitability [7] - The release schedule for new TPU capacity will be adjusted based on customer demand and raw material price fluctuations [7]

Financial Performance - The company's revenue for Q3 2024 was ¥432,131,416.67, representing an increase of 8.63% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥19,403,017.06, a growth of 6.35% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥17,031,385.09, showing a slight decrease of 0.38% compared to the previous year[2]. - The total operating revenue for Q3 2024 was CNY 1,232,673,823.58, an increase of 10.4% compared to CNY 1,116,825,097.61 in the same period last year[15]. - Net profit for Q3 2024 was CNY 47,561,796.28, a decrease of 30.9% from CNY 68,930,449.80 in the previous year[16]. - Basic earnings per share for Q3 2024 were CNY 0.12, down from CNY 0.18 in the previous year, a decline of 33.3%[17]. Assets and Liabilities - The total assets at the end of Q3 2024 reached ¥3,847,041,248.84, reflecting a 14.67% increase from the end of the previous year[2]. - The total liabilities as of Q3 2024 amounted to CNY 2,330,543,416.78, compared to CNY 1,854,149,012.97 in the previous year, indicating a growth of 25.7%[15]. - The total equity attributable to shareholders of the parent company was CNY 1,293,411,386.62, slightly up from CNY 1,274,633,709.35, reflecting a growth of 1.5%[15]. Cash Flow - The cash flow from operating activities for the year-to-date was -¥254,253,870.09, a significant decline of 278.94% compared to the same period last year[5]. - Cash inflow from operating activities for Q3 2024 was CNY 946,255,629.27, down from CNY 983,358,060.84 in the same period last year, a decrease of 3.8%[18]. - The net cash flow from operating activities was -254,253,870.09, a significant decline compared to 142,088,884.42 in the previous period, indicating a negative shift in operational performance[19]. - Cash outflows from operating activities totaled 1,200,509,499.36, up from 841,269,176.42, reflecting increased operational expenses[19]. - The net cash flow from investing activities was -595,919,980.16, worsening from -449,084,996.96, suggesting higher investments or asset acquisitions[19]. - Cash inflows from financing activities amounted to 562,082,921.27, a decrease from 691,897,549.67, indicating reduced capital raising efforts[19]. - The net cash flow from financing activities was 457,950,585.07, down from 578,659,518.19, showing a decline in net financing[19]. - The total cash and cash equivalents at the end of the period were 506,454,535.55, down from 821,894,437.02, indicating a decrease in liquidity[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,979[6]. - The largest shareholder, Wang Renhong, holds 42.42% of the shares, amounting to 175,690,153 shares[6]. - The total number of restricted shares held by major shareholders increased to approximately 174.77 million, up from 139.08 million, due to the release of restrictions on certain shares[10]. Inventory and Fixed Assets - The company's inventory increased by 31.78% to ¥415,565,955.15, primarily due to the preparation of raw materials for the polyurethane industrial park project[5]. - The company's fixed assets rose by 149.66% to ¥477,465,342.89, mainly due to the transfer of certain construction projects to fixed assets[5]. - The company’s inventory rose to approximately CNY 416 million from CNY 315 million, marking an increase of about 32%[14]. Research and Development - Research and development expenses increased to CNY 63,566,624.26, compared to CNY 53,467,008.02 in the same quarter last year, marking a rise of 18.8%[16]. Other Income and Expenses - The company reported a significant increase of 419.48% in other income, totaling ¥15,283,858.38, attributed to increased government subsidies received[5]. - The company reported a decrease in investment income, with a loss of CNY 1,791,700.22 compared to a gain of CNY 2,139,267.99 in the same quarter last year[16]. - Tax payments increased to 32,172,693.33 from 11,359,475.32, indicating a rise in tax liabilities[19]. - The company paid 67,990,427.94 in employee compensation, an increase from 55,106,149.42, reflecting higher labor costs[19]. Future Plans and Developments - The company has successfully launched production for the PPDI and PNA facilities at its polyurethane industrial park, which is expected to achieve an annual production capacity of 120,000 tons of specialty isocyanates upon full operation[11]. - The company is actively working on the commissioning of additional facilities to achieve full production capacity at the polyurethane industrial park[11]. - The company plans to issue shares to specific investors, having appointed Zhongde Securities as the new sponsor, replacing Haitong Securities[12].

证券代码：300848 证券简称：美瑞新材 公告编号：2024-064 美瑞新材料股份有限公司 关于会计估计变更的公告 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。 美瑞新材料股份有限公司(以下简称"公司")于 2024 年 10 月 23 日召开了第四届董事 会第二次会议，第四届监事会第二次会议，审议通过了《关于会计估计变更的议案》。根据 《深圳证券交易所创业板股票上市规则》《上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等有关规定，本次会计估计变更事项无需提交股东大会审议。现就变更情况公 告如下： 一、会计估计变更情况概述 为了更加公允、适当地反映公司财务状况和经营成果，满足子公司不同类型业务发展的 核算需要，使资产折旧年限与资产使用寿命更加接近，经评估固定资产的使用情况和使用年 限，公司决定对机器设备折旧年限进行会计估计变更，公司拟将固定资产下的"机器设备" 折旧年限由原来的"3.00-10.00"修改为"3.00-20.00"，预计残值率（3%）保持不变；将 "研发设备"折旧年限由原来的"3.00-5.00"修改为"3.00-12.00 ...

证券代码：300848 证券简称：美瑞新材 公告编号：2024-065 美瑞新材料股份有限公司 关于 2024 年前三季度计提减值准备的公告 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。 一、本次计提资产减值准备情况概述 1、本次计提减值准备的原因 美瑞新材料股份有限公司（以下简称"公司"）根据《深圳证券交易所创业板上市公司 自律监管指南第 1 号——业务办理》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》《企业会计准则》和公司相关会计政策的规定，基于谨慎性原则， 为真实准确反映公司的财务、资产和经营状况，全面清查合并报表范围内截至 2024 年 9 月 30 日的各类存货、应收票据、应收账款、应收款项融资、其他应收款、固定资产、在建工程、无 形资产等科目的资产情况，充分评估和分析各项资产减值的可能性，认为上述资产中部分资 产存在一定的减值迹象，经过确认或计量，计提了信用及资产减值准备。 | 项目 | 期初余额 | | 本期变动金额 | | 期末余额 | | --- | --- | --- | --- | --- | --- | ...