融券方面，美盈森9月17日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量3.92万股，融券余额17.21万元，超过近一年80%分位水平，处于高位。 资料显示，美盈森集团股份有限公司位于广东省深圳市光明新区光明新陂头村美盈森厂区A栋，成立日 期2000年5月17日，上市日期2009年11月3日，公司主营业务涉及运输包装产品、精品包装产品、标签产 品及电子功能材料模切产品的研发、生产与销售,并为客户提供包装产品创意设计、结构设计、包装方 案优化、包装材料第三方采购与包装产品物流配送、供应商库存管理以及现场辅助包装作业等包装一体 化深度服务。主营业务收入构成为：轻型包装产品57.54%，第三方采购35.96%，其他(补充)3.28%，重 型包装产品3.07%，食品行业0.15%。 9月17日，美盈森跌0.68%，成交额8255.60万元。两融数据显示，当日美盈森获融资买入额708.58万 元，融资偿还863.67万元，融资净买入-155.09万元。截至9月17日，美盈森融资融券余额合计2.05亿 元。 融资方面，美盈森当日融资买入708.58万元。当前融资余额2.05亿元， ...

Investment Rating - The report gives a "Hold" rating for the company [6][87]. Core Views - The company is a leading integrated packaging service provider in China, focusing on transportation packaging, premium packaging, labels, and electronic functional materials [2][13]. - In 2024, the company achieved a revenue of 4.007 billion yuan, a year-on-year increase of 14.07%, and a net profit of 282 million yuan, up 43.61% year-on-year [2][20]. - The company has a diversified and high-quality customer base, with major clients in consumer electronics, home appliances, and the automotive industry [4][53]. - The global layout has deepened, with a significant increase in export revenue, which reached 1.104 billion yuan in 2024, a year-on-year growth of 34.5% [5][67]. - The company maintains a high dividend payout ratio, with a dividend ratio of 310.5% in 2024 and a dividend yield of 15.95% [5][78]. Summary by Sections Company Overview - Established in 2000, the company specializes in various packaging products and services, including design, logistics, and inventory management [2][13]. - The company has a strong presence in multiple industries, including consumer electronics, food and beverage, and automotive [2][13]. Financial Performance - The company reported a compound annual growth rate (CAGR) of 12.3% in revenue and 5.1% in net profit from 2009 to 2024 [20]. - The revenue for 2024 was 4.007 billion yuan, with a net profit of 282 million yuan, indicating a significant improvement in profitability [20][33]. Customer Structure - The customer base is well-diversified, with approximately 40% from consumer electronics, over 30% from home appliances, and around 10% from the liquor industry [4][53]. - The top five customers accounted for about 20.4% of sales in 2024, indicating a stable customer distribution [4][53]. Global Expansion - The company operates 50 subsidiaries globally, with 37 in China and 13 overseas, focusing on regions like Southeast Asia and Mexico [5][66]. - The export revenue in 2024 was 1.104 billion yuan, representing 27.5% of total revenue, with a higher gross margin compared to domestic sales [5][67]. Dividend Policy - The company has a strong commitment to returning value to shareholders, with a high dividend payout ratio and consistent cash flow generation [5][78]. - In 2024, the company distributed a total cash dividend of 873 million yuan [5][78]. Earnings Forecast - The company is expected to see revenue growth rates of 7%, 15%, and 18% from 2025 to 2027, with corresponding net profit growth rates of 18%, 31%, and 22% [6][84].