6月23日，美埃科技涨4.47%，成交额6885.75万元，换手率3.77%，总市值48.42亿元。 异动分析 中芯国际概念+光刻机+芯片概念+节能环保+PM2.5 1、据招股说明书：公司长期为中芯国际供应 FFU、高效/超高效过滤器、化学过滤器等产品，用于保障 中芯国际系的历代产品线（包括中芯国际最先进的 14nm和 28nm 制程）对空气洁净度的要求。 2、公司上市保荐书：公司为上海微电子装备（集团）股份有限公司开发国内首台 28 纳米光刻设备工艺 制程所需的机台内国际最高洁净等级标准（ISO Class 1 级）洁净环境提供 EFU （超薄型设备端自带风 机过滤机组）及 ULPA（超高效过滤器）等产品，亦已验收合格，助力国内光刻机事业突破卡脖子技术 难题。此外，在海外市场，公司系Intel、 ST Microelectronics 等国际半导体厂商的合格供应商，为其提 供空气净化产品。公司在前述产品核心技术指标、客户信赖度等方面，可与国际品牌平行竞争，处于国 内品牌领先的地位。 技术面：筹码平均交易成本为36.36元 该股筹码平均交易成本为36.36元，近期该股有吸筹现象，但吸筹力度不强；目前股价靠近支 ...

据了解，美埃科技 2024 年全年实现营业收入 17.23 亿元，同比增长 14.45%，实现归属上市公司股东净 利 1.92 亿元，同比增长 10.83%，2025 年第一季度实现营业收入 3.17 亿元，同比增长 16.02%，实现归 属上市公司股东净利 4192 万元，同比增长 18.45%。公司 2024 年的经营战略主要有落实战略布局、加 大研发投入、海外布局、重视存量客户需求、内生与外延并行五个方面，报告期内新增多项专利及获得 多个证书和称号。 据了解，对于资产负债率持续攀升、经营和投资性现金流均告负等问题，2024 年经营活动现金流出主 要是因年底接单备货增加采购付款，投资活动现金流出是因增加固定资产采购及厂房扩建。海外收入占 比 15%-20%，关税和贸易战影响有限，公司会加大海外产能布局及加快"国产替代"。公司已制定《舆 情管理制度》，重视市值管理。 据了解，公司未来盈利增长点包括加快海外市场部署和拓展，加强对存量市场客户深耕，加快"国产替 代"，在新能源洁净室、生物医药、工业废气排放治理等领域保持业务增长。收购捷芯隆可增强在洁净 室领域全方位方案解决能力、符合补链强链需求和经营战略、提升科 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 2.11, 2.78, and 3.54 yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 17, 13, and 10 [4]. Core Insights - In 2024, the company achieved revenue of 1.723 billion yuan, a year-on-year increase of 14.45%, and a net profit attributable to shareholders of 192 million yuan, up 10.83% year-on-year [2]. - The company is focusing on the incremental demand from existing customers, with the proportion of consumables in revenue exceeding 30% in 2024, driven by the replacement market for filters and related products [2]. - The company is accelerating its overseas business expansion, with foreign revenue reaching 228 million yuan in 2024, accounting for 13.21% of total revenue, and showing a year-on-year growth of 33.38% [3]. - The completion of the privatization of Jiexinlong has expanded the company's business scope in the cleanroom sector, enhancing its technical capabilities and market reach [3]. Summary by Sections Performance Review - In Q1 2025, the company reported revenue of 317 million yuan, a 16.02% increase year-on-year, and a net profit of 42 million yuan, up 18.45% year-on-year [2]. - The fourth quarter of 2024 saw a revenue of 521 million yuan, a 20.13% increase year-on-year, but a slight decrease in net profit by 1.85% [2]. Business Analysis - The company is prioritizing the replacement market for existing customers, which has led to a continuous increase in the proportion of consumables in total revenue [2]. - The establishment and acquisition of subsidiaries in Southeast Asia and other regions are part of the company's strategy to enhance its international presence [3]. Financial Forecast - The company is projected to achieve net profits of 283 million, 374 million, and 475 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.11, 2.78, and 3.54 yuan [4].