Investment Rating - The report downgrades the investment rating of Meilixin (301307) from "Strong Buy" to "Buy" with a target price of 22.2 RMB [1] Core Views - Meilixin's H1 2024 revenue reached 1.65 billion RMB, up 3% YoY, but net profit attributable to the parent company was -18 million RMB, a significant decline from 121 million RMB in H1 2023 [1] - The company's automotive business revenue grew 37% YoY to 1.02 billion RMB, while communication business revenue declined 34% YoY to 560 million RMB [1] - Meilixin faces pressure from structural changes, depreciation, raw material costs, and impairment losses, with Q2 2024 net profit margin at 2.8%, down 11.0 percentage points YoY [1] Business Performance Automotive Business - The automotive business benefited from increased wholesale volumes of 1.04 million units from customer B, up 43% YoY, while T China and T Global saw declines [1] - New energy vehicles bring additional aluminum casting demand of 30-50kg per vehicle, worth 1,500-2,500 RMB per vehicle, driving the development of integrated die-casting [1] - Meilixin has advantages in large and medium-sized die-casting, with 8800T rear floor and battery pack already in production, and is developing a 13000T dual-chamber super-large body mold for Chery [1] Communication Business - Domestic 5G penetration is high, with 270,000 new 5G base stations added in both Q1 and Q2 2024 [1] - Global 5G penetration varies, with North America at 61%, Northeast Asia at 41%, GCC at 34%, and Western Europe at 25%, while other regions are mostly below 10% [1] - The company has a first-mover advantage in 5G base station structural cooling technology and is partnered with the top two global 5G base station equipment leaders [1] Financial Forecasts - Revenue is expected to grow from 3.19 billion RMB in 2023 to 4.80 billion RMB in 2026, with a CAGR of 14.6% [2] - Net profit attributable to the parent company is forecasted to be 46 million RMB in 2024, 129 million RMB in 2025, and 186 million RMB in 2026 [2] - The company's gross margin is projected to improve from 12.4% in 2024 to 14.9% in 2026 [3] Valuation - The report values Meilixin at 1.41x PB for 2024, corresponding to the target price of 22.2 RMB [1] - The P/E ratio is expected to decline from 79x in 2024 to 20x in 2026 as earnings improve [2]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,653,901,257.26, representing a 2.70% increase compared to ¥1,610,450,590.62 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was a loss of ¥18,471,680.04, a decrease of 115.26% from a profit of ¥121,029,927.78 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥27,872,200.33, down 128.01% from ¥99,495,783.20 in the same period last year[13]. - The basic earnings per share were -¥0.09, a decline of 113.04% from ¥0.69 in the same period last year[13]. - The diluted earnings per share were also -¥0.09, reflecting a 113.04% decrease from ¥0.69 in the previous year[13]. - The weighted average return on net assets was -0.57%, down 6.24% from 5.67% in the previous year[13]. - The comprehensive gross profit margin was 11.34%, down by 7.10 percentage points from the previous year[34]. - The company reported a net loss attributable to shareholders of CNY 1,847,170.00, a decrease of 115.26% compared to the same period last year[34]. - The total comprehensive income for the first half of 2024 was -27,459,151.08 CNY, compared to 112,598,641.33 CNY in the same period of 2023[132]. Cash Flow and Investments - The net cash flow from operating activities increased by 41.33% to ¥338,277,115.97, compared to ¥239,360,660.44 in the previous year[13]. - The net cash flow from investing activities was negative CNY 533,961,262.23, a decline of 60.14% year-on-year[35]. - The company reported a significant decrease in investment amount, with CNY 80,532,840.00 in the current period compared to CNY 480,254,000.00 in the same period last year, representing a decline of 83.23%[42]. - The company completed a major equity investment in MCT Company, investing CNY 80,532,840.00 for a 100% stake, with the equity transfer completed as of June 12, 2024[43]. - The company has ongoing projects with a total investment of CNY 196,956,806.69, of which CNY 1,081,634,068.16 has been realized[45]. - The company has a total of CNY 267,378,937.41 in restricted assets, including CNY 221,551,988.91 in cash and CNY 39,140,000.00 in intangible assets[41]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,111,099,210.92, a 7.26% increase from ¥5,697,467,578.01 at the end of the previous year[13]. - The total liabilities increased to CNY 2,886,634,032.45 from CNY 2,430,225,957.27, representing an increase of approximately 18.8%[123]. - Long-term borrowings increased significantly to CNY 501,774,526.89, up by 4.09 percentage points from the previous year[38]. - The company's equity attributable to shareholders decreased to CNY 3,219,729,752.07 from CNY 3,262,946,072.06, a decline of about 1.3%[123]. Research and Development - Research and development expenses amounted to CNY 77,114,684.35, accounting for 4.66% of the operating revenue[34]. - The company has established four development platforms for new energy vehicles, covering battery pack components, control units, and large structural parts, enhancing its competitive edge in the market[24]. - The company has increased its investment in R&D and fixed assets to expand market share and strengthen competitive advantages despite short-term sales challenges[33]. - The company has implemented a sustainable R&D model driven by customer needs, ensuring controlled risks and quality in new product development[21]. Market and Product Development - The company specializes in the R&D, production, and sales of aluminum alloy precision die-casting parts for the communication and automotive sectors, including 4G and 5G communication base station components[17]. - The company is expanding its production bases globally, with new facilities in North America and Europe, enhancing its ability to respond quickly to customer needs[21]. - The company plans to strengthen its dual-driven development strategy focusing on 5G communication and "new energy + intelligent connected" vehicles, aiming to solidify its market position in 5G base stations and expand its automotive customer base[22]. - The company achieved operating revenue of 1,653.90 million yuan, a year-on-year increase of 2.70%, with automotive components revenue growing by 36.89% to 1,023.95 million yuan, while communication components revenue decreased by 33.50% to 555.88 million yuan[21]. Environmental and Social Responsibility - The company achieved a total environmental protection investment of 16.77 million yuan and reported an environmental protection tax of 138,386.5 yuan during the reporting period[78]. - The air pollution control efficiency reached 99% through the use of bag and filter dust removal methods, with daily operation of environmental protection facilities meeting national and local standards[78]. - The company actively participates in social responsibility initiatives, including donations of 50,000 yuan to the Chongqing Children's Rescue Foundation[84]. - The company has received no administrative penalties related to environmental issues during the reporting period[78]. Corporate Governance and Compliance - The company has experienced changes in its board of directors, with several resignations and new appointments in May 2024[74]. - The company has not reported any changes in the number of shares held by major shareholders during the reporting period[113]. - The company has no significant related party transactions during the reporting period[95]. - The company’s financial report for the first half of 2024 has not been audited[120]. Risks and Challenges - The company faces risks from fluctuations in raw material prices, particularly aluminum alloy, which significantly impacts gross margins[67]. - The automotive sector's demand is closely tied to macroeconomic conditions, and any downturn could adversely affect the company's production and profitability[65]. - The company is exposed to risks from global trade tensions, which could affect customer demand and operational costs in the automotive market[66]. - The company acknowledges the risk of innovation failure, which could negatively impact its market competitiveness and profitability[65].

法定代表人: 主管会计工作的负 金占周及其他关联资金往来情况汇总表 2024 年半年度非经营性 单位:万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上 | 上市公司核 | | 2024年期初占 2024年半年度占用累计发 | 2024年半年度占用资 | 2024 年半年度 | 2024年半年度 期末占用资金余 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市公司的关 | 算的会计科 | 用资金余额 | 生金额(不含利息) | 金的利息(如有) | 偿还累计发生 | | | | | | | 联关系 | 터 | | | | 金额 | 锁 | | | | 控股股东、实际控制人及 | | | | | 10 | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | 는 | r | | | | | | | | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | ...

| 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4、公司治理督导情况 | | | （1）列席公司股东大会次数 | 0 次，均事前或事后审阅会议议案 | | （2）列席公司董事会次数 | 0 次，均事前或事后审阅会议议案 | | （3）列席公司监事会次数 | 次，均事前或事后审阅会议议案 0 | | 5、现场检查情况 | | | （1）现场检查次数 | 次 0 | | （2）现场检查报告是否按照本所规定报送 | ...

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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》（2022 年修订）和深圳证券交易所印发的《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》（2023 年 12 月修订）的规定，将本公司 2024 年半年度募集资金存放与使用情况专项说 明如下： 一、募集资金基本情况 证券代码：301307 证券简称：美利信 公告编号：2024-061 重庆美利信科技股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意重庆美利信科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2023〕418 号），本公司由主承销商长 江证券承销保荐有限公司采用向参与战略配售的投资者定向配售、网下向符合条 件的网下投资者询价配售和网上向持有深圳市场非限售 A 股股份和非限售存托 凭证市值的社会公众投资者定价发行相结合的方式，向社会公众公开发行人民币 普通股（A 股）股票 5,30 ...

长江证券承销保荐有限公司 关于重庆美利信科技股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 重庆美利信科技股份有限公司（以下简称"美利信"或"公司"）首次公开发行 股票并在创业板上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办 法》《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》《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 13 号——保荐业务》等有关规定，对美利信部分募投项目结项并将节余 募集资金永久补充流动资金事项进行了核查，核查情况如下： 一、募集资金的基本情况 （一）募集资金到位情况 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意 重庆美利信科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 418 号）同意注册，公司首次公开发行人民币普通股（A 股）股票 5,300.00 万股， 发行价格为人民币 32.34 元/股，募集资金总额为 171,402.00 万元，扣除发行费用 13,685.94 万元（不 ...

第二届监事会第七次会议决议公告 证券代码：301307 证券简称：美利信 公告编号：2024-059 重庆美利信科技股份有限公司 本公司及监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、监事会会议召开情况 重庆美利信科技股份有限公司（以下简称为"公司"）第二届监事会第七次 会议于 2024 年 8 月 23 日在公司办公楼二楼会议室以现场、通讯相结合的方式召 开。会议通知于 2024 年 8 月 13 日以书面及电子邮件方式送达全体监事。会议由 监事会主席冯成龙先生主持，应出席表决监事 3 名，实际出席表决监事 3 名。本 次会议的召集和召开符合《公司法》等法律、法规、规范性文件和《公司章程》 的有关规定，会议合法有效。 二、监事会会议审议情况 经与会监事认真审议，会议表决通过了以下议案并形成决议： 1、审议通过《关于公司<2024 年半年度报告及摘要>的议案》 经审议，与会监事认为：公司编制的《2024 年半年度报告》及《2024 年半 年度报告摘要》符合相关法律法规和深圳证券交易所的规定，报告内容真实、准 确、完整地反映了公司实际经营情况，不存在任何虚假记载、 ...

证券代码：301307 证券简称：美利信 公告编号：2024-060 重庆美利信科技股份有限公司 关于部分募投项目结项并将节余募集资金永久 补充流动资金的公告 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。 重庆美利信科技股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开 第二届董事会第九次会议和第二届监事会第七次会议，审议通过了《关于部分募 投项目结项并将节余募集资金永久补充流动资金的议案》，同意对首次公开发行 股票募集资金投资项目中的"新能源汽车系统、5G 通信零配件及模具生产线建设 项目"、"新能源汽车零配件扩产项目"结项并将节余募集资金合计 2,640.21 万 元（含存款利息，最终金额以资金转出当日银行结息金额为准，下同）永久补充 流动资金，用于公司日常生产经营及业务发展。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》、《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》等法律法规、规范性文件及公司《募集资金管理制度》的相关规定，保荐 机构长江证券承销保荐有限公司出具了明确的 ...

证券代码：301307 证券简称：美利信 公告编号：2024-058 重庆美利信科技股份有限公司 第二届董事会第九次会议决议公告 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。 重庆美利信科技股份有限公司（以下简称为"公司"）第二届董事会第九次 会议于 2024 年 8 月 23 日在公司办公楼二楼会议室以现场、通讯相结合的方式召 开。会议通知于 2024 年 8 月 13 日以书面及电子邮件方式送达全体董事。会议由 董事长余亚军先生主持，应出席表决董事 9 名，实际出席表决董事 9 名，公司部 分高级管理人员列席了会议。本次会议的召集和召开符合《公司法》等法律、法 规、规范性文件和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议表决通过了以下议案并形成决议： 1、审议通过《关于公司<2024 年半年度报告及摘要>的议案》 经与会董事审议，公司编制的《2024 年半年度报告及摘要》符合相关法律法 规和深圳证券交易所的规定，真实、准确、完整地反映了公司 2024 年半年度的 经营情况，董事会保证公司 2024 年半年度报告 ...

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、本次交易的基本情况 证券代码：301307 证券简称：美利信 公告编号：2024-057 重庆美利信科技股份有限公司 关于重大资产购买事项的进展公告 三、本次交易的进展情况 本次交易尚需提交公司股东大会审议，并经相关监管机构批准后方可正式 实施，能否实施尚存在不确定性。后续公司将根据本次交易的进展情况，严格 按照有关法律法规的规定和要求及时履行信息披露义务。敬请广大投资者理性 投资，注意投资风险。 特此公告。 重庆美利信科技股份有限公司董事会 公司拟通过全资子公司香港美利信在卢森堡设立子公司，从 BIEG Invest Eng. & Bet. mbH，Voit Beteiligungs GmbH，Hendrik Otterbach 处以现金方式收购 VOIT Automotive GmbH 97%股权，并通过德国公司间接取 Fonderie Lorraine S.A.S.51% 的股权；拟从 BIEG Invest Eng. & Bet. mbH，Caroline Kneip，Christopher Paja ...