美瑞新材料股份有限公司 投资者关系活动记录表 编号：2025-020 投资者关系活 动类别 特定对象调研 □分析师会议 媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □ 其他： 参与单位名称 及人员姓名 国投证券：王华炳 博时基金：许少波 时间 2025 年 11 月 24 日 10:00-11:00 地点 公司办公楼会议室 上市公司接待 人员姓名 董事会秘书兼财务总监：都英涛 证券事务代表：王越 投资者关系活 动主要内容介 绍 1、美瑞科技的特种异氰酸酯 HDI 主要应用哪些市场? 答：您好！一方面，公司将进入 HDI 现有市场的主流行业，如涂料、 汽车漆、木器漆以及工业漆等传统领域。另一方面，聚氨酯新材料作为 HDI 具有潜力的新兴应用方向，也是我们关注的重点。目前，公司在不断探索 持续进行将特种异氰酸酯应用于聚氨酯新材料的技术创新，并将其视为未 来发展的关键市场之一。 2、介绍一下公司的 PPDI 产品及应用场景？ 答：PPDI 分子结构对称，由其制成的弹性体物理机械性能优异、回弹 性出色，在高温条件下压缩永久变形低。此外，PPDI 在耐磨性、抗疲劳性、 耐湿热性和耐溶剂性方 ...

Product Overview - The company specializes in polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (special isocyanates, special amines) [2] - Products are widely used in various sectors including consumer electronics, automotive manufacturing, high-end equipment, green energy, and industrial coatings [2] Market Applications - Special isocyanate HDI is targeted at traditional markets such as coatings, automotive paint, and industrial paint, while also exploring emerging applications in polyurethane new materials [3] - The company's special amine products include PNA, PPDA, and CHDA, which are essential for dye and pigment synthesis, as well as for producing aramid and polyimide materials [4] Product Synergy - The newly developed foamed TPU is aimed at the footwear market, particularly for sports shoe midsoles, leveraging HDI as a core raw material, enhancing competitive advantage through synergy with the Henan project [5] Future Investment Plans - Future investment plans will consider strategic planning, market conditions, industry trends, and actual funding needs, with timely information disclosure as required [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 801 million yuan, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 39 million yuan, a year-on-year increase of 25.25% [6] - The company is expected to see significant growth in profits due to the completion of its projects in Henan, with a projected compound annual growth rate of 56% from 2025 to 2027 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 1,803 million yuan, with a year-on-year growth rate of 8.7% [2] - Net profit attributable to shareholders for 2025 is projected to be 205 million yuan, reflecting a year-on-year increase of 164% [2] - Earnings per share for 2025 is estimated at 0.48 yuan [2] - Gross margin is expected to improve to 21.5% in 2025 [2] - Return on equity (ROE) is projected to reach 12% in 2025 [2] Market Data - As of September 12, 2025, the closing price of the stock is 16.79 yuan, with a market capitalization of 4,020 million yuan [3] - The stock has a price-to-earnings (PE) ratio of 35 for 2025 [2][3] - The company has a book value per share of 3.56 yuan and a debt-to-asset ratio of 58.65% [3] Project Updates - The company has successfully launched the first phase of its polyurethane industrial park in Henan, with some facilities already in stable operation and supplying products [6] - The company is developing high-performance polyurethane products, which are expected to enhance its market position and profitability [6]