Investment Rating - The report maintains a "Recommended" investment rating for the company Minshida (833394.BJ) [1] Core Views - The company reported a significant increase in quarterly performance, with a 27.43% year-on-year growth in revenue and a 49.92% increase in net profit attributable to shareholders in Q1 2025 [3] - The company is experiencing a full production and sales momentum, with overseas market recovery contributing to nearly 30% of revenue, particularly in the European market, which saw over 40% growth [3] - The domestic substitution of aramid paper is accelerating, with the company’s products being successfully applied in mainstream aircraft manufacturing, and ongoing projects in the civil aviation sector progressing as planned [3] - The company is diversifying its product lines, including RO membrane substrates and non-woven fabrics, which are expected to create a second growth curve [3] Financial Performance Summary - In Q1 2025, the company achieved an operating income of 115.09 million yuan, a year-on-year increase of 27.43%, and a net profit of 30.55 million yuan, up 49.92% [3] - The company’s net profit attributable to shareholders is projected to grow from 133 million yuan in 2025 to 198 million yuan in 2027, with corresponding growth rates of 32.26%, 24.22%, and 19.92% [4][6] - The gross margin is expected to remain stable around 37.48% to 38.50% from 2025 to 2027 [4][6] Product and Market Development - The company is focusing on high-end products such as aramid paper for aerospace applications, which are expected to enhance its product structure and market share [3] - New product categories, including polyester non-woven fabrics and flash-spun non-woven fabrics, are being developed for various industries, including electronics, pharmaceuticals, and construction [3] - The company’s RO membrane substrate and wet non-woven fabric are set to begin production in Q1 2026, indicating a strong pipeline for future growth [3]
民士达（833394）：点评报告：一季报业绩高增，芳纶纸国产替代加速