杨凌美畅新材料股份有限公司（以下简称"公司"或"美畅股份"） 董事 会近日收到公司证券事务代表张恒敏先生提交的书面辞职报告，其因个人原因申 请辞去公司证券事务代表职务，辞职报告自送达董事会之日起生效。张恒敏先生 辞职后将不再担任公司任何职务，其辞职不会影响公司相关工作的正常开展。 证券代码：300861 证券简称：美畅股份 公告编号：2024-055 杨凌美畅新材料股份有限公司 关于证券事务代表辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 杨凌美畅新材料股份有限公司 董事会 2024 年 7 月 19 日 截至本公告日，张恒敏先生未持有公司股份，亦不存在应当履行而未履行的 承诺事项。张恒敏先生在任职期间恪尽职守、勤勉尽责，公司及公司董事会对其 在任职期间为公司发展所做出的贡献表示衷心感谢！ 公司将根据《深圳证券交易所创业板股票上市规则》《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》等相关规定，尽快聘任 符合任职资格的人员担任证券事务代表。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the photovoltaic diamond wire industry, experiencing temporary profit pressure due to a decline in industry chain prices [1] - In Q1 2024, the company achieved revenue of 857 million yuan, a year-on-year decrease of 13.83%, with a net profit of 195 million yuan, down 48.46% year-on-year [1] - The company focuses on R&D as its core strategy, possessing independent intellectual property rights in key production technologies [1] - The decline in diamond wire prices since the second half of last year is expected to stabilize, allowing the company to increase market share [1] Summary by Sections Company Overview - The company shipped 12,866.43 million kilometers of diamond wire in 2023, a growth of 33.81% compared to 2022 [1] - The current stock price is 19.5 yuan, with a total market value of 9.4 billion yuan [1] Financial Performance - Revenue projections for 2024-2026 are 27.7 billion yuan, 32.9 billion yuan, and 41.7 billion yuan respectively, with EPS estimates of 1.22 yuan, 1.48 yuan, and 1.95 yuan [1][8] - The current PE ratios are 16.0, 13.2, and 10.0 for the years 2024, 2025, and 2026 respectively [1] Industry Outlook - The industry is undergoing a clearing process, with tungsten wire opening up new growth opportunities for the company [1] - The report anticipates that as diamond wire prices approach a bottom, the company will benefit from an increase in the proportion of tungsten wire sales [1]

证券代码：300861 证券简称：美畅股份 公告编号：2024-054 杨凌美畅新材料股份有限公司 2023 年度分红派息实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、股东大会审议通过利润分配方案情况 1、杨凌美畅新材料股份有限公司（以下简称"公司"）2023 年度利润分配 方案已获 2024 年 5 月 30 日召开的 2023 年度股东大会审议通过。2023 年度利润 分配方案为，以 2023 年 12 月 31 日公司总股本 480,012,000 股为基数，合计派发 现金股利 72,001,800.00 元，向全体股东每 10 股派发现金 1.5 元（含税）。实施 上述分配后，公司剩余可供分配利润 190,140,027.99 元结转到以后年度。本年度 不送股，不进行资本公积转增股本。若公司董事会、股东大会审议通过利润分配 方案后到方案实施前公司的股本发生变动的，则以实施分配方案时股权登记日的 总股本为基数，公司将按照"现金分红总额固定不变"的原则对分配比例进行调 整。 二、本次实施的利润分配方案 公司 2023 年度利润分配方案为：以 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于杨凌美畅新材料股份有限公司 2023 年度股东大会的 法律意见书 国枫律股字[2024]A0324 号 致：杨凌美畅新材料股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2023 年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《杨凌美畅新材料股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人 员资格、会议表决程序及表决结果等事宜，出具本法律 ...

证券代码：300861 证券简称：美畅股份 公告编号：2024-053 杨凌美畅新材料股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会不涉及变更前次股东大会决议的情形； 3、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 杨凌美畅新材料股份有限公司（以下简称公司）2023 年度股东大会于 2024 年 5 月 30 日下午 15：30 在陕西省杨凌示范区渭惠路东段富海工业园公司会议室 召开，本次会议通知于 2024 年 4 月 25 日在中国证监会指定信息披露网站巨潮资 讯网公告。本次会议采取现场投票与网络投票结合的表决方式。其中： （1）现场会议时间：2024 年 5 月 30 日下午 15:30 （2）网络投票时间：2024 年 5 月 30 日。其中，通过深圳证券交易所系统 进行网络投票的具体时间为 2024 年 5 月 30 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深 ...

证券代码：300861 证券简称：美畅股份 公告编号：2024-052 杨凌美畅新材料股份有限公司 2024 年 5 月 15 日 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会根据陕 西证监局工作部署，联合深圳市全景网络有限公司举办"2024 年陕西辖区上市 公司投资者集体接待日暨 2023 年度业绩说明会"。 届时，公司高管人员将通过互动平台与投资者进行网络沟通和交流，欢迎广 大投资者踊跃参加！ 活动时间：2024 年 5 月 22 日 15:00-17:00 活动地址："全景路演" 网址：http://rs.p5w.net 关于参加 2024 年陕西辖区上市公司投资者集体接待日暨 特此公告。 2023 年度业绩说明会的公告 杨凌美畅新材料股份有限公司董事会 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 ...

[Table_Reportdate] 2024年05月13日 [Table_Authors] 证券分析师 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 联系人 付天赋 ftfu@longone.com.cn | --- | --- | --- | |-------------------------------------|------------------|-------| | | | | | [Table_cominfo] 数据日期 收盘价 | 2024/05/10 24.74 | | | 总股本 ( 万股 ) | 48,001 | | | 流通 A 股 /B 股 ( 万股 ) | 27,943/0 | | | 资产负债率 (%) | 12.17% | | | 市净率 ( 倍 ) | 1.78 | | | 净资产收益率 ( 加权 ) | 2.99 | | | 12 个月内最高 / 最低价 | 47.88/20.52 | | 美畅股份 沪深300 ➢ 金刚线龙头企业，盈利能力持续领先。公司成立于2015年，专注于电镀金刚线及其他金刚 石超硬工具的研发、生产及销售， ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company is facing pressure on profitability due to rapid price declines in its products, but it maintains a cost advantage that supports its performance [2][3]. - The integrated layout of the company strengthens its cost and technological advantages, highlighting its leadership position despite profitability pressures [3]. - The company is actively advancing the research and development of tungsten wire, which is expected to enhance its competitive position and market share [4]. Financial Performance Summary - In 2023, the company achieved a revenue of 45.12 billion RMB, a year-on-year increase of 23.34%, and a net profit of 1.589 billion RMB, up 7.9% year-on-year [18]. - The company’s revenue is projected to decline to 36.60 billion RMB in 2024, followed by a recovery to 44.49 billion RMB in 2025 and 57.02 billion RMB in 2026, with respective growth rates of -18.87%, 21.55%, and 28.14% [6]. - The net profit forecast for 2024 is adjusted to 768 million RMB, reflecting a significant decrease of 66% compared to previous estimates, with projections of 869 million RMB for 2025 and 1.03 billion RMB for 2026 [4][6]. Market Position and Strategy - The company has seen a continuous increase in the shipment of its diamond wire products, with a total sales volume of 12,866 million kilometers in 2023, representing a year-on-year growth of 33.81% [18]. - The company is focusing on an integrated supply chain strategy, which includes key raw materials such as yellow wire, mother wire, tungsten wire, and diamond powder, to achieve cost reduction and efficiency [19]. - Despite the rapid price decline of diamond wire products leading to pressure on profitability, the company is adjusting its sales strategy to maintain product quality and cost advantages [19].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 24.20 and an industry rating of "Outperform the Market" [17]. Core Views - The company reported a revenue of RMB 4.51 billion in 2023, a year-on-year increase of 23.34%, and a net profit of RMB 1.59 billion, up 7.86% year-on-year. However, the Q4 2023 net profit decreased by 55.22% year-on-year [20]. - In Q1 2024, the company experienced a significant decline in performance, with revenue of RMB 856.76 million, down 13.83% year-on-year, and a net profit of RMB 195.48 million, a decrease of 48.46% year-on-year [20]. - The sales volume of diamond wires increased by 33.81% in 2023, contributing to a market share of approximately 40%-50% in Q1 2024, indicating potential for further growth [20]. Summary by Relevant Sections Financial Performance - 2023 Revenue: RMB 4,511.93 million, up 23.34% from 2022 - 2023 Net Profit: RMB 1,588.61 million, up 7.86% from 2022 - Q1 2024 Revenue: RMB 856.76 million, down 13.83% year-on-year - Q1 2024 Net Profit: RMB 195.48 million, down 48.46% year-on-year [3][20]. Market Position - The company achieved a diamond wire sales volume of 12,866 million kilometers in 2023, with a revenue of RMB 4.44 billion, reflecting a year-on-year growth of 22.68% [20]. - The price of diamond wire has been declining due to silicon wafer inventory, with the market price for carbon steel diamond wire dropping to approximately RMB 20 per kilometer [20]. Future Outlook - The company has adjusted its earnings per share forecasts for 2024-2026 to RMB 1.16, RMB 1.86, and RMB 2.49, respectively, reflecting a significant downward revision due to price competition and poor profitability in the downstream silicon wafer industry [20]. - The trend towards finer wire diameters is expected to drive the adoption of tungsten wire, which can withstand higher tensile strength, potentially leading to increased market demand in 2024 [20].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3][9]. Core Insights - The company's diamond wire sales have steadily increased, with a production volume growth of 33.07% year-on-year to 148 million kilometers in 2023, and sales volume up 33.81% to 129 million kilometers, leading to a revenue increase of 22.68% to 4.439 billion yuan [8][14]. - However, due to intensified industry competition and declining prices of downstream silicon wafers, the average selling price of diamond wire decreased by 8.33% year-on-year to 34.50 yuan per kilometer, resulting in a reduction of gross margin by 1.77 percentage points to 54.07% [8][9]. - The company plans to produce between 165 million to 180 million kilometers of diamond wire in 2024, maintaining its leading position in the industry despite the pressure on profitability [23]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.512 billion yuan, a year-on-year increase of 23.34%, and a net profit of 1.589 billion yuan, up 7.86% year-on-year [14][16]. - For Q1 2024, the company reported a revenue of 857 million yuan, a decrease of 13.83% year-on-year, and a net profit of 195 million yuan, down 48.46% year-on-year [14]. Research and Development - The company has prioritized technology research and development, with R&D investment increasing by 162.21% year-on-year to 119 million yuan in 2023, representing 2.65% of revenue [2][15]. - The dual strategy of developing carbon steel wire and tungsten wire is being implemented, with advancements in both areas expected to enhance competitive positioning [2][15]. Market Outlook - The report anticipates a continued increase in market share for the company, supported by technological upgrades and production expansion, despite the challenges posed by price declines in diamond wire [9][23].