Investment Rating - The report maintains a "Recommended" investment rating for the company Minshida (833394.BJ) [1] Core Insights - The company is expected to see a significant increase in net profit for 2024, with a projected growth of 41.43% to 57.69% for its net profit excluding non-recurring items [3] - The growth drivers for 2025 are identified as the honeycomb core materials and the ongoing domestic substitution of aramid paper [3] - The company is enhancing its market influence and share through global exhibitions and partnerships with leading enterprises [3] Financial Performance Summary - The company forecasts a revenue of 414 million yuan for 2024, representing a growth rate of 21.60% compared to 2023 [4] - The projected net profit for 2024 is between 108 million and 129 million yuan, with a year-on-year growth of 31.99% [4] - The gross profit margin is expected to improve to 37.92% in 2024, up from 34.00% in 2023 [9] Future Outlook - The new production line for aramid paper is expected to be operational by mid-2025, which will enhance the company's market share amid rising domestic demand [3] - The company is also preparing for the industrialization of a new product, flash-spun nonwoven fabric, which has a broad market potential in various sectors [3] - The projected net profit for 2025 is estimated to be between 129 million and 149 million yuan, with a growth rate of 20.01% [4]
民士达点评报告：业绩预告高增，芳纶纸国产替代持续推进