证券代码：833394 证券简称：民士达 公告编号：2025-017 烟台民士达特种纸业股份有限公司 2024 年年度权益分派预案公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、权益分派预案情况 根据公司 2025 年 3 月 19 日披露的 2024 年年度报告（财务报告已经审计）， 截至 2024 年 12 月 31 日，上市公司合并报表归属于母公司的未分配利润为 242,825,443.40 元，母公司未分配利润为 249,274,338.63 元。 公司本次权益分派预案如下：公司目前总股本为 146,250,000 股，以未分配 利润向全体股东每 10 股派发现金红利 2 元（含税）。本次权益分派共预计派发现 金红利 29,250,000 元。 公司将以权益分派实施时股权登记日应分配股数为基数，如股权登记日应分 配股数与目前预计不一致的，公司将维持分派比例不变，并相应调整分派总额。 实际分派结果以中国证券登记结算有限责任公司北京分公司核算的结果为准。 经审议，监事会认为，本次利润分配预 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 407,945,897.30, representing a 19.82% increase from CNY 340,471,771.32 in 2023[23] - The net profit attributable to shareholders reached CNY 100,522,558.37, up 23.14% from CNY 81,633,866.78 in the previous year[23] - The gross profit margin improved to 37.49% in 2024, compared to 34.00% in 2023[23] - The basic earnings per share increased to CNY 0.69, reflecting an 11.29% growth from CNY 0.62 in 2023[23] - The net profit after deducting non-recurring gains and losses was CNY 92,235,101.36, a significant increase of 49.94% from CNY 61,513,475.16 in 2023[23] - Operating income grew by 19.82% to ¥407,945,897.30 compared to the previous year[26] - Operating profit increased by 20.58 million yuan, a growth of 23.11%, and net profit increased by 15.20 million yuan, a growth of 18.85%[52] Market and Product Development - The company is focused on expanding its market presence and enhancing product development in the specialty paper sector[18] - The European market saw a growth of over 40% year-on-year, while the new energy vehicle sector grew approximately 26%[41] - The company is engaged in significant non-equity investments, with a total actual investment of 120,030,512.48 yuan in various projects, including a new energy vehicle project[70] - The company is in the trial production phase for high-frequency high-voltage electrical insulation materials, aiming to meet technical specifications for high-frequency applications[84] - The company is collaborating with Tianjin University on the development of thermal conductive aramid insulation materials for high-frequency high-voltage electrical devices[86] - The market demand for aramid paper is expanding due to emerging applications in new energy vehicles, wind power, photovoltaic power, 5G communication, and computing power[93] Research and Development - The company's research and development expenses increased by 34.82% to ¥27,019,789.05, accounting for 6.62% of operating revenue[50] - The company was awarded 7 invention patents and 2 utility model patents in 2024, reinforcing its innovation capabilities[41] - The company owns a total of 45 patents, an increase from 36 in the previous period[83] - The number of invention patents held by the company has risen to 27 from 20 in the previous period[83] Financial Position - Total assets increased by 20.71% to ¥980,153,040.30 compared to the end of 2023[25] - Total liabilities rose by 68.23% to ¥244,961,857.94 compared to the end of 2023[25] - The company's cash and cash equivalents decreased by 8.28% to ¥292,574,019.91, down from ¥318,970,420.03 in 2023[45] - Accounts receivable increased by 50.90% to ¥35,828,812.21, primarily due to accelerated revenue growth in the fourth quarter[47] - The company's fixed assets rose by 26.77% to ¥261,546,084.55, attributed to the capitalization of new project facilities[47] Corporate Governance - The board of directors consists of 9 members, with 4 senior management personnel, ensuring a diverse governance structure[139] - The company maintains a robust decision-making process for remuneration, aligning with corporate governance standards[146] - The company has a clear policy for protecting minority shareholders' rights, allowing them to express their opinions and ensuring their interests are safeguarded[136] - The company has established an investor relations management system to improve communication with investors and protect their rights[163] Compliance and Audit - The audit report indicates that the financial statements of Yantai Minshida Special Paper Co., Ltd. fairly reflect its financial position as of December 31, 2024, and its operating results for the year 2024[180] - The audit firm, Xinyong Zhonghe Accounting Firm, provided an unqualified opinion on the financial statements, confirming compliance with accounting standards[179] - The company has established a comprehensive internal control system, which was revised and supplemented during the reporting period, ensuring effective execution[172] Employee and Community Engagement - The company has implemented a comprehensive employee care system, providing RMB 600,000 in interest-free housing loans to support employees in need[90] - The total number of employees increased from 143 to 178, with a net addition of 35 employees during the reporting period[148] - The company implemented a compensation management plan that includes basic salary, performance bonuses, and year-end bonuses based on performance evaluations[149] Risks and Challenges - The company faces risks related to reliance on a single supplier for key raw materials, which account for over 90% of its revenue from aramid paper sales[98] - The competitive landscape is intensifying, with foreign giants dominating the market, prompting the company to enhance R&D and expand production capacity[99] - The company is addressing the risk of product concentration by diversifying applications in high-end sectors like aerospace and new energy[99]

Core Viewpoint - The company Minshida (833394) reported a significant increase in both revenue and net profit for the year 2024, driven by growth in various sectors including aerospace, rail transportation, and the electric vehicle industry [1] Financial Performance - The company achieved an operating revenue of 408 million yuan, representing a year-on-year growth of 19.82% [1] - Net profit reached 101 million yuan, with a year-on-year increase of 23.14% [1] - Basic earnings per share were reported at 0.69 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax) [1] Industry Growth Drivers - The rapid development in the aerospace and rail transportation sectors led to a surge in demand for aramid paper honeycomb core materials [1] - The rise of the electric vehicle industry, along with upgrades in European and American power grids and increased demand for computing power, contributed to the expansion of transformer demand [1] - The sales volume of aramid paper for honeycomb applications and electrical insulation saw significant growth, which in turn boosted the company's operating revenue and costs [1]

Investment Rating - The report maintains a "Recommendation" rating for the company [2][8]. Core Viewpoints - The company is a domestic leader in the aramid paper industry, with a global market share of approximately 15%, second only to DuPont [4][51]. - The company has achieved significant revenue growth, with a CAGR of 24% from 2018 to 2024, and a net profit CAGR of 28% during the same period [4][31]. - The aramid paper industry is strategically important in China, receiving government support since the 1970s, and is classified as a key strategic material [4][52]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of aramid paper and its derivatives, having established a comprehensive product system and proprietary technology [14][20]. - It is the first aramid paper manufacturer in China and has broken DuPont's monopoly in the field, making China the second country capable of producing aramid paper [15][52]. Industry Outlook - The aramid paper market is expected to grow significantly, driven by demand in various sectors such as electrical power, aerospace, and new energy [5][48]. - The domestic aramid paper consumption is projected to have a CAGR of 19.63% from 2022 to 2028, with the market size reaching approximately $585 million by 2028 [7][54]. Capacity Expansion and Product Development - The company plans to increase its aramid paper production capacity from 3,000 tons to 4,500 tons through ongoing investment projects, with full capacity expected by 2027 [6][30]. - New product development is underway, including RO membrane substrates and flash-spun non-woven fabrics, with the RO membrane project expected to commence production in the first half of 2026 [7][16]. Financial Projections - Revenue forecasts for 2024-2026 are estimated at 409 million, 503 million, and 628 million RMB, respectively, with year-over-year growth rates of 20.03%, 23.02%, and 24.95% [8][9]. - Net profit projections for the same period are 100 million, 125 million, and 159 million RMB, with corresponding growth rates of 22.86%, 24.94%, and 26.97% [8][9]. Competitive Position - The company has a strong competitive edge with a gross margin improvement from 25.59% in 2020 to 37.53% in the first three quarters of 2024 [5][37]. - The company’s high gross margins are indicative of its strong market position compared to peers [42].

Group 1: Financial Performance - In Q4 2024, the company's revenue increased by 54% year-on-year and 32% quarter-on-quarter [3] - Net profit grew by 157% year-on-year and 28% quarter-on-quarter, driven by three main factors: increased production and sales volume, higher sales of value-added products, and stable orders in the electric vehicle sector [5] Group 2: Investment Projects - The company is investing in a wet-process multifunctional material production line, focusing on two main product directions: - Polyester non-woven fabric (RO membrane substrate) with an annual production capacity of 3,000 tons, serving industries such as electronics, pharmaceuticals, chemicals, and food [6] - Aramid wet non-woven fabric with an annual production capacity of 500 tons, applicable in automotive interiors and aerospace [6] Group 3: Production and Market Strategy - The RO membrane substrate project is in the planning and equipment procurement phase, with an expected construction period of 14 months, aiming for production in the first half of 2026 [7] - The flash-spun non-woven fabric project is under feasibility study, with a highly concentrated market where foreign competitors hold over 95% market share [8] Group 4: Aerospace and International Expansion - The company’s aramid honeycomb core materials are successfully applied by major aircraft manufacturers, with multiple projects in the civil aviation sector progressing as planned [9] - The company plans to enhance its global presence in 2025 by increasing exhibition participation, customer visits, and hiring foreign professionals, expecting faster growth in overseas markets compared to domestic [11]

Investment Rating - The report maintains an "Increase" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [6]. Core Views - The company is expected to achieve a revenue of 409 million yuan in 2024, representing a year-on-year growth of 20.03%, and a net profit of 100 million yuan, reflecting a year-on-year increase of 22.86% [3]. - The fourth quarter of 2024 showed impressive performance with a revenue of 130 million yuan, up 54.9% year-on-year, and a net profit of 18 million yuan, up 61.1% year-on-year [3]. - The growth in revenue is primarily driven by the aramid paper honeycomb core materials, particularly in the aerospace sector, which has outperformed other sectors [3]. - The company anticipates a recovery in overseas sales in 2025, following a challenging first half of 2024 due to customer payment issues [3]. Summary by Relevant Sections Financial Performance - Revenue and profit forecasts for 2024-2026 show a consistent growth trajectory, with net profit expected to reach 140 million yuan by 2026, growing at a compound annual growth rate [3][5]. - The company's earnings per share (EPS) is projected to increase from 0.56 yuan in 2024 to 0.95 yuan in 2026 [3][5]. Market Position and Product Development - The company is positioned as a leader in the domestic aramid paper market, with significant applications in critical sectors such as electrical power, aerospace, and new energy [3]. - A new product, RO membrane substrate, is expected to begin industrialization in 2025, targeting various industries including electronics and pharmaceuticals [3]. Capacity Expansion - The company is expanding its production capacity to 4,500 tons per year, which is expected to enhance its market share further [3]. - The investment in a new functional paper base material project is in the equipment installation phase, with production expected to commence in mid-2025 [3].

Financial Performance - The company achieved operating revenue of ¥408,675,460.40, representing a year-on-year increase of 20.03%[4] - Net profit attributable to shareholders reached ¥100,298,602.78, up 22.86% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥93,799,477.28, reflecting a significant growth of 52.49%[4] - Basic earnings per share increased to ¥0.69, marking an 11.29% rise year-on-year[4] Assets and Equity - Total assets at the end of the reporting period amounted to ¥993,221,070.04, a growth of 22.31% from the beginning of the period[6] - Shareholders' equity attributable to the company increased to ¥715,908,748.12, up 11.37% from the start of the period[6] Market and Growth Drivers - The growth in revenue was driven by increased demand in aerospace, rail transportation, and the electric insulation market due to the rise of new energy vehicles[7] - The company enhanced its market influence through global expansion and improved its high-end application market share[7] - Continuous investment in technological innovation and smart transformation has optimized operational efficiency, supporting future growth[7] Cautionary Note - The financial data presented is preliminary and unaudited, and investors are advised to exercise caution[8]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][9]. Core Views - The company is a domestic leader in aramid paper, focusing on new products such as RO membrane substrates and flash-spun non-woven fabrics to create a second growth curve [5][12]. - The company has successfully broken DuPont's global monopoly on aramid paper, achieving a market share of first in China and second globally, with a CAGR of 29% in revenue and 43% in net profit from 2020 to 2023 [8][11]. - The company benefits from stable upstream raw material supply from its parent company, Taihe New Materials, and has established strong demand from well-known clients such as ABB, Siemens, and China National Railway [6][11]. Summary by Sections 1. Aramid Paper as a National "Little Giant" - The company is the first domestic manufacturer of aramid paper, with a global market share ranking second, following DuPont [21]. - The company has achieved a CAGR of 43% in net profit from 2020 to 2023, with a revenue of 2.82 billion yuan in Q1-Q3 2024, reflecting a year-on-year growth of 9.10% [23][25]. - The company has a diverse product line of aramid paper, with thicknesses ranging from 0.025mm to 0.76mm, catering to various customer needs [27]. 2. Market Potential and Growth Drivers - The global aramid paper market is expected to grow, with projections indicating that the domestic market could reach 585 million USD by 2028 [29][30]. - The demand for aramid paper is driven by its applications in high-end structural components and insulation materials, particularly in the aerospace and rail transport sectors [11][29]. - The company is positioned to benefit from the increasing demand for aramid paper in the electric insulation and new energy vehicle markets [11][12]. 3. New Product Development and Innovation - The company is focusing on accelerating the development of new products such as RO membrane substrates and flash-spun non-woven fabrics, aiming to establish a second growth curve [12][34]. - The company has maintained a research and development expense ratio of around 6%, with significant investments in innovation to meet market demands [12][27]. - The company has participated in the formulation of 22 national standards and holds multiple patents, enhancing its competitive edge in the market [12][34]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 106 million, 130 million, and 157 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 33.6, 27.4, and 22.8 [6][9]. - Revenue forecasts for 2024-2026 indicate a steady growth trajectory, with expected revenues of 4.15 billion, 4.95 billion, and 5.91 billion yuan [10][11].

证券代码：833394 证券简称：民士达 公告编号：2025-010 烟台民士达特种纸业股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 2 月 13 日 1.公司在任董事 9 人，出席 9 人； 2.会议召开地点：烟台经济技术开发区太原路 3 号民士达会议室 3.会议召开方式：现场投票和网络投票相结合的方式 4.会议召集人：董事会 5.会议主持人：董事孙静先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序均符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 4 人，持有表决权的股份总数 98,307,096 股，占公司有表决权股份总数的 67.22%。 其中通过网络投票参与本次股东大会的股东共 2 人，持有表决权的股份总数 10,846 股，占公司有表决权股份总数的 0.0 ...

北京市中伦律师事务所 关于烟台民士达特种纸业股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年二月 北京市中伦律师事务所 关于烟台民士达特种纸业股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：烟台民士达特种纸业股份有限公司（"公司"） 法律意见书 范和勤勉尽责精神，对公司提供的有关文件和有关事项进行了核查和验证，现出 具法律意见如下： 一、本次股东大会的召集、召开程序 （一） 本次股东大会的召集 2025 年 1 月 23 日，公司在北京证券交易所信息披露平台上发布了《关于召 开 2025 年第一次临时股东大会通知公告（提供网络投票）》；2025 年 2 月 6 日， 公司在北京证券交易所信息披露平台上发布了《烟台民士达特种纸业股份有限公 司关于 2025 年第一次临时股东大会延期公告》。本次股东大会由公司董事会召集， 上述公告载明了本次股东大会召开的时间、地点、审议事项、会议召开方式、股 权登记日、会议登记办法、公司联系地址及联系人等事项，股东有权亲自或委托 代理人出席股东大会并行使表决权。 （二） 本次股东大会的召开 根据《中华人民共和国公司法》（以下简称"《公司法》" ...