Group 1 - The core viewpoint of the article highlights that the company Stik is expected to achieve significant growth in its optical display, new energy, and PET film segments in 2024, with clear sales revenue targets set for 2025-2027 at 3.767 billion, 4.709 billion, and 5.920 billion respectively [1] - The anticipated continuous growth in sales revenue is driven by the completion of capacity expansion, development of new products and customers, and the trend of import substitution [1] - The optical display segment is particularly promising due to its high R&D investment and market potential, although the company is facing a situation of increasing revenue without corresponding profit growth in 2024 due to rising depreciation, labor, R&D, and financial costs [1] - Despite the profit challenges, the company expects that as sales scale increases, fixed costs will be diluted, leading to gradual realization of scale efficiency [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In 2024, the company's total sales revenue reached 269.055 million yuan, a year - on - year increase of 37% compared to 2023. The optical display, new energy, and PET film business segments achieved significant growth, with growth rates of 114%, 61%, and 158% respectively [21][22]. - The company launched a new equity incentive plan in December 2024. Under the condition of 100% unlocking of restricted stocks, the sales revenue targets for 2025, 2026, and 2027 are set based on the 2024 operating income, with growth rates of 40%, 57%, and 120% respectively [22]. - Main cost items such as depreciation and amortization, labor costs, R & D expenses, and financial expenses increased significantly in 2024 compared to 2023. However, as these are relatively fixed costs, scale benefits will gradually emerge with the increase in sales scale [22][24][25]. 3. Summary by Directory 01. Research Basic Situation - Research object: Sidike; Industry: Plastics; Reception time: May 15, 2025; Reception personnel: Director, CFO, Board Secretary Wu Jiang [16]. 02. Detailed Research Institutions - Participating institutions include Huaxia Fund, Zhongyou Fund, Fangzheng Fubang Fund, Minsheng Jiayin Fund, Hengtai Securities, CITIC Construction Investment, Northeast Securities, Beijing Xiyue Private Placement, Yuanfeng Fund, Heyong Investment, and Tianxingjian Capital [17]. 03. Research Institution Proportion No relevant content provided. 04. Main Content Data - **Sales Revenue in 2024 by Business Segment**: - Optical display: 55.159 million yuan in 2024, up 114% from 2023 [21][22]. - New energy: 47.108 million yuan in 2024, up 61% from 2023 [21][22]. - Microelectronics: 11.222 million yuan in 2024, up 24% from 2023 [21][22]. - Civilian tape: 47.03 million yuan in 2024, up 16% from 2023 [21][22]. - PET film: 14.08 million yuan in 2024, up 158% from 2023 [21][22]. - Other functional adhesive products: 94.457 million yuan in 2024, up 9% from 2023 [21][22]. - Total: 269.055 million yuan in 2024, up 37% from 2023 [21][22]. - **Cost Items in 2024**: - Depreciation and amortization: 37.218 million yuan in 2024, up 49% from 2023 [22]. - Labor costs: 37.516 million yuan in 2024, up 22% from 2023 [22]. - R & D expenses (excluding labor and depreciation): 12.61 million yuan in 2024, up 41% from 2023 [22]. - Financial expenses: 10.643 million yuan in 2024, up 47% from 2023 [22]. - Total: 97.988 million yuan in 2024, up 36% from 2023 [22]. - **Reasons for Cost Increases**: - Depreciation expenses increased significantly due to major construction projects being completed and transferred to fixed assets [24]. - Labor costs, R & D expenses, and labor costs increased due to large - scale investments in R & D, technology platforms, information transformation, and sales, as well as the commissioning of new projects and workshops [24]. - Financial expenses increased as some borrowing costs were expensed when projects shifted from the construction phase to the operation phase, and it is expected to rise further in 2025 with the increase in sales scale [24].

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue for the three main business segments—Optical Display, New Energy, and PET Film—showed significant growth, with total revenue increasing by 37% from 2023 to 2024 [2][4]. - The specific revenue figures for 2023 and 2024 are as follows: - Optical Display: 25,755万元 (2023) vs. 55,159万元 (2024), a growth of 114% - New Energy: 29,290万元 (2023) vs. 47,108万元 (2024), a growth of 61% - PET Film: 5,460万元 (2023) vs. 14,080万元 (2024), a growth of 158% [2][4]. Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue, with growth percentages of 40% for 2025, 75% for 2026, and 120% for 2027 [3]. - The projected revenue amounts for these years are 37.67 billion (2025), 47.09 billion (2026), and 59.20 billion (2027) [3]. Group 3: Growth Drivers - Key factors contributing to the expected revenue growth include: 1. Completion of large-scale expansion projects, allowing for increased production capacity [4]. 2. Ongoing development of new products and clients, enhancing the company's ability to serve major manufacturers [4]. 3. The trend of domestic substitution for "bottleneck" materials in the current international landscape [4]. Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, the company faced a situation of revenue growth without corresponding profit growth due to rising costs in depreciation, labor, R&D, and financial expenses [6][7]. - Major expense changes from 2023 to 2024 include: - Depreciation: 25,000万元 (2023) to 37,218万元 (2024), a 49% increase - Labor costs: 30,689万元 (2023) to 37,516万元 (2024), a 22% increase - R&D expenses: 8,932万元 (2023) to 12,610万元 (2024), a 41% increase [7][8]. Group 5: Strategic Focus Areas - The Optical Display segment is highlighted as the most promising area, with significant R&D investment and high product value, particularly in the folding screen and VR glasses markets [5]. - The company aims to capitalize on the accelerated import substitution trend in this sector following global tariff changes [5].

Group 1: Company Overview and Market Position - Jiangsu Sidike New Materials Technology Co., Ltd. focuses on electronic-grade adhesive materials and functional film materials, targeting optical display, new energy, and microelectronics sectors [2][3] - The company has a significant opportunity for domestic suppliers due to the large market share held by American and Japanese manufacturers, indicating a broad space for import substitution [2][3] Group 2: Production and Supply Chain - The company has an adhesive synthesis capacity of 185,000 tons, with a self-sufficiency rate of approximately 90% for adhesives and nearly complete self-sufficiency for release films [4] - The production lines for imported PET optical films and release films are operational, with plans to increase the self-sufficiency rate of high-end PET base films [4] Group 3: Financial Performance and Growth - The company reported a sales revenue growth of approximately 37% in 2024, with total sales reaching around 20 billion yuan [13] - The top five customers contributed 759,021,019.62 yuan, accounting for 28.21% of the annual sales total [8] Group 4: Research and Development Focus - Key R&D investments are concentrated in optical display materials, new energy battery materials, microelectronics materials, and PET optical films [5] Group 5: Market Expansion and Strategy - The company has established subsidiaries in the USA, Japan, South Korea, and Vietnam, achieving breakthroughs in overseas markets with core products reaching mass production [9] - Future goals include becoming an internationally leading provider of functional coating composite materials and solutions, aiming for advanced levels in technology and scale [9] Group 6: Production Capacity and Utilization - The overall machine utilization rate is above 80%, with plans for structural adjustments to improve investment returns [12] - The company is currently focusing on high-value orders while also accepting lower-value orders to cover fixed costs and enhance operational efficiency [12]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue is projected to reach CNY 269,055,000, a 37% increase from CNY 196,852,000 in 2023 [2] - The revenue by business segment for 2024 is as follows: - Optical Display: CNY 55,159,000 (114% increase) - New Energy: CNY 47,108,000 (61% increase) - Microelectronics: CNY 11,222,000 (24% increase) - Civil Adhesive Tape: CNY 47,030,000 (16% increase) - PET Film: CNY 14,080,000 (158% increase) - Other Functional Adhesive Products: CNY 94,457,000 (9% increase) [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue: - 2025: CNY 37.67 billion (40% growth) - 2026: CNY 47.09 billion (75% growth) - 2027: CNY 59.20 billion (120% growth) [2][3] Group 3: Growth Drivers - Key factors contributing to sustained revenue growth include: - Completion of large-scale expansion projects, allowing for increased sales [3] - Continuous development of new products and clients, enhancing market presence [3] - Readiness to capitalize on opportunities arising from the import substitution of critical materials [3] Group 4: Business Segment Highlights - The Optical Display segment is noted for its high R&D investment and product value, with significant growth potential due to market share previously dominated by US and Japanese suppliers [4] Group 5: Revenue vs. Profitability - Despite a 37% increase in sales revenue in 2024, profitability did not increase due to rising costs in several areas: - Depreciation: Increased from CNY 25,000,000 to CNY 37,218,000 (49% increase) - Labor Costs: Increased from CNY 30,689,000 to CNY 37,516,000 (22% increase) - R&D Expenses: Increased from CNY 8,932,000 to CNY 12,610,000 (41% increase) - Financial Costs: Increased from CNY 7,240,000 to CNY 10,643,000 (47% increase) [5][6] Group 6: Cost Structure Insights - Major cost increases are attributed to: - Transition of significant construction projects to fixed asset depreciation [6] - Increased investment in R&D, technology, and workforce [6] - Rising financial costs due to increased bank financing needs as sales scale up [7]

Group 1: Sales Revenue Breakdown - In 2023, total sales revenue was CNY 196,852,000, which is expected to increase to CNY 269,055,000 in 2024, representing a growth of 37% [2] - The revenue from the Optical Display segment increased from CNY 25,755,000 in 2023 to CNY 55,159,000 in 2024, a growth of 114% [2] - The New Energy segment saw revenue rise from CNY 29,290,000 in 2023 to CNY 47,108,000 in 2024, marking a 61% increase [2] - The PET Film segment experienced the highest growth rate of 158%, increasing from CNY 5,460,000 in 2023 to CNY 14,080,000 in 2024 [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets based on a 40% increase for 2025, aiming for CNY 37.67 billion [2][3] - For 2026, the target is a 75% increase, reaching CNY 47.09 billion, and for 2027, a 120% increase to CNY 59.20 billion [2][3] Group 3: Growth Drivers - The completion of large-scale expansion projects has positioned the company for a revenue growth phase [3] - Continuous development of new products and clients has strengthened the company's market position [3] - The trend of domestic substitution for "bottleneck" materials is expected to create further opportunities for growth [3] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, the company faced rising costs in depreciation, labor, R&D, and financial expenses [5][6] - Depreciation expenses rose by 49% from CNY 25,000,000 in 2023 to CNY 37,218,000 in 2024 [6] - Labor costs increased by 22%, from CNY 30,689,000 in 2023 to CNY 37,516,000 in 2024 [6] - R&D expenses (excluding labor and depreciation) grew by 41%, from CNY 8,932,000 in 2023 to CNY 12,610,000 in 2024 [6]

方正证券承销保荐有限责任公司 关于江苏斯迪克新材料科技股份有限公司 向特定对象发行股票持续督导保荐总结报告书 方正证券承销保荐有限责任公司（以下简称"方正承销保荐"、"保荐机构" 或"本机构"）作为江苏斯迪克新材料科技股份有限公司（以下简称"斯迪克" 或"公司"）向特定对象发行股票的保荐机构，持续督导期至 2024 年 12 月 31 日 止。截至目前，持续督导期已经届满，方正承销保荐根据《证券发行上市保荐业 务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》和《深圳证券交易所上市公 司自律监管指引第 13 号——保荐业务》等有关法律法规规定，出具本持续督导 保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）对保荐总结报告书相关事项进行的任何质询和调查。 四、保荐工作概述 （一）尽职推荐阶段 保荐机构遵守法律、法规及中 ...

方正证券承销保荐有限责任公司关于 江苏斯迪克新材料科技股份有限公司 2024 年年度跟踪报告 | 保荐机构名称：方正证券承销保荐有限责任公司 | 被保荐公司简称：斯迪克 | | --- | --- | | 保荐代表人姓名：王子 | 联系电话：010-56991899 | | 保荐代表人姓名：谢江鹏 | 联系电话：010-56991899 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制度、 | 是 | | 内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | 在公司募集资金专户注销前，保荐机构在履 | | | 行保荐职责期间每月查阅募集资金专户的 | | | 银行对账单，监督和检查公司募集资金 ...

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue for the optical display segment is projected to be 55,159, showing a 114% increase from 2023 [2] - The renewable energy segment is expected to reach 47,108, reflecting a 61% growth [2] - The PET film segment is anticipated to grow by 158%, reaching 14,080 [2] - Overall, the total sales revenue is forecasted to increase by 37%, from 196,852 in 2023 to 269,055 in 2024 [2] Group 2: Future Revenue Expectations - The company has set ambitious revenue targets for the next three years, with a 40% increase expected in 2025, amounting to 37.67 billion [3] - For 2026, the target is a 75% increase, reaching 47.09 billion [3] - In 2027, a 120% increase is projected, totaling 59.20 billion [3] Group 3: Growth Drivers - Significant expansion and upgrades of production facilities have been completed, allowing for a revenue growth phase [4] - Continuous development of new products and clients has strengthened the company's market position [4] - The trend of domestic substitution for "bottleneck" materials is expected to create further opportunities [4] Group 4: Business Segment Highlights - The optical display segment is noted for its high R&D investment and product value, with rapid revenue growth anticipated [5] - The market for optical displays has historically been dominated by suppliers from the US and Japan, but local alternatives are gaining traction [5] Group 5: Revenue vs. Profitability - Despite a 37% increase in sales revenue in 2024, profitability is impacted by rising costs in depreciation, labor, R&D, and financial expenses [6] - Key cost increases include depreciation rising by 49% to 37,218 and labor costs increasing by 22% to 37,516 [6] - Total major expenses grew by 36%, from 71,861 in 2023 to 97,988 in 2024 [6] Group 6: Cost Structure Insights - The rise in depreciation is attributed to the completion of major construction projects transitioning to fixed assets [7] - Increased investments in R&D and technology have led to higher labor costs and financial expenses [7] - As sales scale up, fixed costs are expected to be diluted, leading to improved economies of scale [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a significant revenue increase of 36.7% year-on-year, reaching 2.69 billion yuan in 2024, although net profit decreased by 2.1% to 55 million yuan [2][7]. - In Q1 2025, the company achieved a revenue of 670 million yuan, reflecting a slight year-on-year increase of 1.1% but a quarter-on-quarter decrease of 1.9% [2][7]. - The company is in a phase of ramping up new production capacities, which is expected to enhance sales volume in the future [13]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.69 billion yuan, with a net profit of 55 million yuan and a non-recurring net profit of 21 million yuan, marking a year-on-year decrease of 46.4% [2][7]. - For Q1 2025, the company reported a net profit of 10 million yuan, which is a 48.3% decrease year-on-year but a significant increase of 767.5% quarter-on-quarter [2][7]. Business Development - The company is a leader in functional coating composite materials, expanding its product lines into areas such as functional films, electronic-grade adhesives, and thermal management composites [13]. - The company is focusing on new product categories, particularly in OCA adhesives and upstream PET base films, to enhance its core competitiveness [13]. Future Outlook - The company has ongoing projects that are expected to contribute to future growth, with a projected net profit of 120 million yuan, 210 million yuan, and 300 million yuan for 2025, 2026, and 2027 respectively [13]. - The OCA adhesive market is anticipated to grow significantly, driven by demand from the smartphone and automotive sectors, particularly with the rise of foldable screen technology [13].