证券代码：300861 证券简称：美畅股份 公告编号：2025-040 杨凌美畅新材料股份有限公司 关于回购公司股份的进展公告 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。 自 2024 年三季度利润分配除权除息之日（即 2024 年 11 月 22 日）起，回购 股份价格上限由人民币 26.40 元/股（含本数）调整为人民币 26.35 元/股（含本 数）。具体回购股份的数量以回购结束时实际回购的股份数量为准。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，公司应在回购期间每个月的前三个交易日内披 露截至上月末的回购进展情况。现将回购进展情况公告如下： 一、回购公司股份进展情况 截至 2025 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价交易方 式累计回购公司股份 381,500 股，占公司总股本的 0.0795%，最高成交价为 21.54 元/股，最低成交价为 16.55 元/股，成交总金额为人民币 7,099,318 元（不含佣 金等交易费用）。上述回购符合公司既定的回购方案和相关法 ...

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024 and Q1 2025, indicating challenges in the diamond wire industry due to increased competition and falling prices [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 2.271 billion yuan, a year-on-year decrease of 49.66%, and a net profit attributable to shareholders of 146 million yuan, down 90.84% [1]. - For Q1 2025, the company reported operating revenue of 423 million yuan, a year-on-year decline of 50.61%, with a net profit of 26 million yuan, down 86.46%, but showing a quarter-on-quarter recovery [1][2]. Industry Dynamics - The diamond wire sales and profitability are under pressure due to intensified industry competition and continuous price declines [2]. - In 2024, the company's diamond wire production was 125 million kilometers, falling short of the initial target of 165-180 million kilometers, representing a year-on-year decrease of 15.60%. Sales volume also decreased by 5.37% to 122 million kilometers [2]. Pricing and Revenue Impact - The average selling price of diamond wire (after tax) in 2024 decreased by 48.78% to 17.67 yuan per kilometer, leading to a 51.53% drop in diamond wire revenue to 2.152 billion yuan [2]. - The gross margin for diamond wire fell by 34.71 percentage points to 17.04% in 2024 [2]. Recovery Indicators - In Q1 2025, the company achieved a net profit of 26 million yuan, indicating a recovery in profitability, with a gross margin increase of 33.55 percentage points to 17.88% [2]. - Since Q3 2023, the company has maintained positive net cash flow from operating activities, ending Q1 2025 with cash reserves of 706 million yuan and no debt, indicating a strong financial position [2]. R&D and Future Plans - The company maintained a stable R&D investment ratio, allocating 60 million yuan in 2024, which accounted for 2.64% of operating revenue [3]. - Plans to invest 230 million yuan in a new tungsten wire mother line project aim to enhance long-term development, with expected monthly production capacity reaching 7 million kilometers [3]. Rating Adjustment - Due to increased competition and sustained pressure on diamond wire prices, the company has adjusted its profit forecasts for 2025-2027, expecting net profits of 213 million, 245 million, and 349 million yuan respectively, reflecting significant downward revisions [3]. - The current stock price corresponds to a 2025 PE ratio of 42 times, with a cautious adjustment to a "hold" rating due to ongoing profitability pressures [3].

Investment Rating - The report has downgraded the investment rating to "Accumulate" due to increased industry competition and continuous pressure on diamond wire prices [3]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with operating income of 2.271 billion yuan, down 49.66% year-on-year, and a net profit attributable to shareholders of 146 million yuan, down 90.84% year-on-year [1]. - In Q1 2025, the company achieved operating income of 423 million yuan, a decrease of 50.61% year-on-year, but managed to turn a profit with a net profit of 26 million yuan, down 86.46% year-on-year [1][2]. - The company plans to invest 230 million yuan in a new tungsten wire mother line project to ensure long-term development, which will increase monthly production capacity to 7 million kilometers [3]. Summary by Sections Financial Performance - In 2024, the company’s diamond wire production was 125 million kilometers, a 15.60% decrease from the previous year, and sales volume was 122 million kilometers, down 5.37% year-on-year [2]. - The average selling price of diamond wire (after tax) fell by 48.78% to 17.67 yuan per kilometer, leading to a 51.53% decrease in revenue to 2.152 billion yuan, with a gross margin drop of 34.71 percentage points to 17.04% [2]. - For 2025-2027, the forecasted net profits are 213 million yuan, 245 million yuan, and 349 million yuan respectively, reflecting a downward adjustment of 62% and 61% for 2025 and 2026 [3][4]. Research and Development - The company maintained a stable R&D investment ratio, with 60 million yuan allocated in 2024, accounting for 2.64% of operating income [3]. Cash Flow and Financial Health - The company has maintained positive operating cash flow since Q3 2023, with cash and cash equivalents of 706 million yuan at the end of Q1 2025 and no debt, indicating a strong financial position [2].

Investment Rating - The report maintains a "Strong Buy" rating for Meichang Co., Ltd. [2][6] Core Views - The company has demonstrated significant cost advantages and a substantial increase in dividend payout ratio despite a challenging market environment [5][6] - The decline in revenue and profit margins is attributed to both volume and price decreases, particularly in the photovoltaic industry [4][5] - The company maintains a strong cash position, enhancing its risk resilience, with cash and financial assets accounting for 52.63% of total assets [5] - The company is expected to increase its market share during the industry's downturn, benefiting from its cost advantages [5] Financial Performance Summary - In 2024, the company reported a revenue of 2.271 billion yuan, a decrease of 49.66% year-on-year, and a net profit of 145.52 million yuan, down 90.84% [3][12] - For Q1 2025, revenue was 423 million yuan, a decline of 50.61% year-on-year, with a net profit of 26 million yuan, down 86.46% [3][12] - The average selling price of diamond wire decreased by 48.78% to 17.67 yuan/km in 2024, while sales volume fell by 5.37% to 1.22 billion km [4] - The company's gross margin for 2024 was 17.34%, a decrease of 34.29 percentage points year-on-year [4][12] Future Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 134 million yuan, 222 million yuan, and 293 million yuan, respectively, with corresponding EPS of 0.28, 0.46, and 0.61 yuan [6][12] - The PE ratios for 2025, 2026, and 2027 are expected to be 65.20, 39.26, and 29.74, respectively [6][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][4]. Core Views - The company has experienced a significant decline in sales and profitability, with a projected drop in revenue for 2024 by 49.66% to RMB 2,271 million and a net profit decrease of 90.84% to RMB 146 million [7][8]. - Despite the challenges, the company is expected to improve its competitive position through the introduction of tungsten wire products and self-manufactured tungsten mother lines, which are anticipated to enhance its market share in the long term [4][7]. - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to RMB 0.27, 0.42, and 0.62 respectively, reflecting a significant downward revision due to the rapid decline in diamond wire prices [4][6]. Financial Summary - The company’s main revenue for 2023 was RMB 4,512 million, with a projected revenue of RMB 2,858 million for 2025, indicating a growth rate of 25.8% [6][10]. - The EBITDA for 2024 is expected to be RMB 386 million, with a significant drop from RMB 2,033 million in 2023 [6][10]. - The net profit margin for 2024 is projected to be 6.30%, down from 35.34% in 2023, highlighting the impact of declining sales and increased costs [8][9]. Market Performance - The company's stock has underperformed relative to the Shenzhen Composite Index, with a 12-month absolute return of -25.2% and a relative return of -27.1% [3][4]. - The average trading volume over the past three months was RMB 80.38 million, indicating moderate liquidity in the market [3]. Shareholder Structure - The major shareholder, Wu Ying, holds 49.60% of the company, indicating a concentrated ownership structure [3].

Investment Rating - The report maintains a "Strong Buy" rating for Meichang Co., Ltd. [2][6] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 2.271 billion yuan, down 49.66% year-on-year, and net profit at 145.52 million yuan, down 90.84% year-on-year [3][4] - Despite the downturn in the photovoltaic industry, the company is expected to maintain profitability due to its cost advantages, which may lead to an increase in market share [5][6] - The company has a strong cash position, with cash and trading financial assets totaling 7.06 billion yuan and 3.020 billion yuan respectively, enhancing its risk resistance [5] Financial Performance Summary - Revenue for 2024 is projected to be 2.271 billion yuan, a decrease of 49.66% from 2023, with a slight recovery expected in 2026 and 2027 [12] - The net profit for 2025 is estimated at 133.71 million yuan, reflecting an 8.12% decline from 2024, but is expected to grow in subsequent years [12] - The company's gross margin for 2024 is forecasted to be 17.34%, down 34.29 percentage points year-on-year, indicating significant pressure on profitability [4][12] - The earnings per share (EPS) for 2025 is projected at 0.28 yuan, with a PE ratio of 65.20 [6][12] Market Position and Outlook - The company is positioned as a leader in the diamond wire manufacturing sector, with the highest global market share in the photovoltaic crystalline silicon cutting industry [7] - The current market downturn is seen as an opportunity for the company to increase its market share, as competitors may struggle with profitability [5][6] - The report anticipates that the company's strong cash flow and high dividend payout ratio, which increased from 4.53% in 2023 to 214.36% in 2024, will support its long-term growth [5][6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.271 billion yuan in 2024, a year-on-year decrease of 50%. The net profit attributable to the parent company was 146 million yuan, down 91% year-on-year [1] - In Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year decline of 51%, with a net profit of 26 million yuan, down 86% year-on-year [1] - The company has successfully turned a profit in Q1 2025, with significant improvements in cost optimization [4] - The expansion plan for tungsten wire busbars is underway, with a target of reaching a monthly production capacity of 6 million kilometers, which is expected to enhance cost efficiency [4] - Profit forecasts for 2025-2027 are 139 million, 266 million, and 383 million yuan respectively, with year-on-year changes of -5%, +92%, and +44% [4] Financial Summary - Total revenue for 2023 was 4.512 billion yuan, with a year-on-year growth of 23.3%. The projected revenue for 2025 is 2.208 billion yuan, reflecting a decrease of 2.8% [3] - The gross profit margin for 2025 is expected to be 15.3%, down from 50.2% in 2023 [3] - The diluted EPS for 2025 is projected to be 0.29 yuan, compared to 3.31 yuan in 2023 [3] - The P/E ratio for 2025 is estimated at 64.16, indicating a significant increase from 10.06 in 2023 [3]

Core Viewpoint - The photovoltaic industry is experiencing a downturn, significantly impacting all segments of the supply chain, including upstream material suppliers like Meichang Co., Ltd. [1][4] Financial Performance - Meichang Co., Ltd. reported a 49.66% year-on-year decline in revenue for 2024, totaling approximately 2.27 billion yuan, and a staggering 90.84% drop in net profit, amounting to about 145.52 million yuan [2][10][17] - In Q1 2025, the company continued to face substantial declines, with total revenue down 50.61% year-on-year to 423 million yuan and net profit down 86.46% to approximately 26.47 million yuan [3][11] Market Conditions - The company's main product, diamond wire, has seen a significant price drop from 37.64 yuan/km in 2023 to around 17 yuan/km in 2024, while silicon wafer prices only fell by 30% during the same period [7][8] - The competitive landscape has intensified, leading to a "price war" that has severely eroded profit margins [8][21] Customer Dependency - Meichang Co., Ltd. has a high customer concentration, with the top five customers accounting for 68.02% of sales in 2024, indicating a reliance on a few large clients [18][19] - The largest customer’s sales proportion decreased from over 53% in 2023 to 34.01% in 2024, yet it remains a significant contributor to revenue [19][20] Industry Dynamics - The global diamond wire production capacity is projected to exceed 300 million kilometers in 2024, while the growth rate of new photovoltaic installations is expected to slow to about 25%, leading to an oversupply situation [21] - Technological advancements in the industry, particularly the shift towards N-type batteries and larger silicon wafers, are increasing the demand for higher-quality diamond wire, presenting both challenges and opportunities for Meichang Co., Ltd. [22][23] Research and Development - The company plans to accelerate its focus on tungsten wire technology, with a 230 million yuan investment in expanding tungsten wire production capacity, although current capacity remains limited [24][28] - Despite facing challenges, the company has seen a reduction in R&D expenses by 49.86% to approximately 59.85 million yuan in 2024, with a decrease in the number of R&D personnel [24][28]

Group 1: Company Overview and Market Context - Yangling Meichang New Materials Co., Ltd. is involved in the production of diamond wire saws for the photovoltaic industry, facing intense competition and price fluctuations [9][10]. - In 2024, the company experienced a slight decline in diamond wire sales, totaling 120 million kilometers, a 5% decrease from the previous year [11]. - The company's revenue for 2024 was 2.27 billion CNY, with a net profit of 146 million CNY, indicating resilience in a challenging market [11]. Group 2: Technological Innovations - The company has made significant advancements in diamond wire technology, including the development of thinner wire diameters, with mainstream carbon steel wire diameters reaching 26 and 24 microns, and tungsten wire at 20 and 22 microns [10]. - A proprietary high cutting force technology has been developed, which reduces wire consumption compared to conventional products [10]. - The company has initiated the self-research and production of tungsten mother wire, with plans for expansion approved at the annual board meeting [10]. Group 3: Financial Performance and Projections - In Q1 2025, the company reported revenue of 420 million CNY and a net profit of 26 million CNY, showing a recovery compared to Q4 2024 [11]. - The company plans to distribute a cash dividend of approximately 240 million CNY, significantly exceeding the 2024 net profit, to bolster investor confidence [17]. Group 4: Market Strategy and Future Outlook - The company is focusing on cost control and efficiency improvements to navigate the competitive landscape, with a shift towards tungsten wire production expected to enhance cost advantages [13][15]. - Ongoing exploration for new growth opportunities beyond diamond wire, including new materials and renewable energy sectors, is a priority for the company [16].

Core Viewpoint - Meichang Co., Ltd. reported a significant decline in revenue and net profit for 2024, yet managed to maintain profitability and propose substantial dividends amidst industry challenges [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 2.271 billion yuan, a year-on-year decrease of 49.7% [1]. - The net profit attributable to shareholders was 146 million yuan, down 90.8% year-on-year [1]. - The net operating cash flow was 1.612 billion yuan, reflecting a substantial increase of 1421.4% [1]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares and issue 4 bonus shares for every 10 shares, with a total dividend amounting to 240 million yuan [1]. Group 2: Industry Context - The diamond wire saw price declines due to the overall pressure on the photovoltaic industry, leading to many companies incurring losses [2]. - The diamond wire is primarily used in cutting hard and brittle materials, with the photovoltaic silicon cutting segment being its main application [2]. - The rapid expansion of production capacity in the photovoltaic industry has resulted in a significant imbalance between supply and demand, prompting manufacturers to lower product prices [2]. Group 3: Strategic Initiatives - The company is actively seeking ways to navigate through the industry cycle by enhancing technology promotion and cost reduction efforts [2][3]. - Meichang Co., Ltd. maintains a leading market share and has made technological breakthroughs in core processes such as tungsten wire diamond wire production [3]. - The company emphasizes independent innovation and has developed its production processes and equipment, ensuring a high degree of technological autonomy [3]. - A new investment project of 230 million yuan is planned to expand tungsten wire production capacity, aiming for a monthly output of 6 million kilometers [4]. - The increasing market penetration of tungsten wire diamond wire is expected to enhance the company's competitiveness and reduce costs [4].