Core Viewpoint - The optical display sector is expected to accelerate its import substitution process, driven by increasing sales and market opportunities, particularly in the foldable screen and VR glasses segments [1] Group 1: Company Insights - The optical display segment is the area with the highest R&D investment and product added value for the company [1] - The company has accumulated experience in the foldable screen and VR glasses fields, leading to rapid growth in sales revenue within the optical display sector [1] Group 2: Industry Trends - Historically, suppliers from the United States and Japan have dominated the market share in the optical display sector [1] - The global tariff situation has created an expectation for accelerated import substitution in this field [1]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2][4] - The breakdown of sales revenue for 2024 is as follows: - Optical Display: 55,159 million CNY (114% increase) - New Energy: 47,108 million CNY (61% increase) - Microelectronics: 11,222 million CNY (24% increase) - Civil Adhesive Tape: 47,030 million CNY (16% increase) - PET Film: 14,080 million CNY (158% increase) - Other Functional Adhesives: 94,457 million CNY (9% increase) [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 the following growth percentages: - 2025: 40% increase (37.67 billion CNY) - 2026: 75% increase (47.09 billion CNY) - 2027: 120% increase (59.20 billion CNY) [3] Group 3: Growth Drivers - Key factors contributing to the expected revenue growth include: - Completion of large-scale expansion projects, allowing for increased sales capacity [4] - Continuous development of new products and clients, enhancing the company's ability to serve major manufacturers [4] - 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 profit growth due to rising costs: - Depreciation increased by 49% to 37,218 million CNY - Labor costs rose by 22% to 37,516 million CNY - R&D expenses increased by 41% to 12,610 million CNY - Financial costs surged by 47% to 10,643 million CNY [6][7][8] - The total increase in major expenses was 36%, amounting to 97,988 million CNY in 2024 [7][8]

江苏斯迪克新材料科技股份有限公司 关于 2024 年年度股东大会变更现场会议召开地点的 公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：江苏斯迪克新材料科技股份有限公司（以下简称"公司"）2024 年年度股东大会现场会议召开地点变更为：江苏省太仓市青岛西路11号公司多功 能厅会议室。敬请投资者注意。 公司拟于2025年5月23日（星期五）召开公司2024年年度股东大会，具体内 容详见公司2025年4月21日披露于巨潮资讯网（http://www.cninfo.com.cn/）的 《关于召开2024年年度股东大会的通知》（公告编号：2025-037）。 证券代码：300806 证券简称：斯迪克 公告编号：2025-049 现因会务安排调整，为便于股东参加会议，公司决定将2024年年度股东大会 现场会议召开地点变更为：江苏省太仓市青岛西路11号公司多功能厅会议室。本 次变更后的股东大会召开地点符合相关法律法规和《公司章程》的规定。除现场 会议召开地点变更外，公司2024年年度股东大会的股权登记日、会议召开方式、 会议登记时间和会议议案等其他事项均不 ...

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue for the optical display segment is projected to increase by 114%, reaching ¥55,159,000 [2] - The renewable energy segment is expected to grow by 61%, with revenue of ¥47,108,000 [2] - The PET film segment shows a significant increase of 158%, with projected revenue of ¥14,080,000 [2] - Overall, the total sales revenue is anticipated to rise by 37%, reaching ¥269,055,000 in 2024 [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years, starting with a 40% increase in 2025, aiming for ¥37.67 billion [3] - The target for 2026 is a 75% increase, reaching ¥47.09 billion [3] - By 2027, the goal is to achieve a 120% increase, totaling ¥59.20 billion [3] Group 3: Growth Drivers - The company has completed major expansion projects, allowing sales revenue to enter a 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 new opportunities for growth [4] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, costs such as depreciation, labor, and R&D expenses have risen significantly [6] - Depreciation expenses increased by 49%, reaching ¥37,218,000 [7] - Labor costs rose by 22%, totaling ¥37,516,000 [7] - R&D expenses (excluding labor and depreciation) increased by 41%, amounting to ¥12,610,000 [7] - Overall, total expenses grew by 36%, reaching ¥97,988,000 [7] Group 5: Cost Structure Insights - Major cost increases are attributed to the transition of construction projects to operational status, leading to higher depreciation [8] - Significant investments in R&D and technology have driven up labor costs and R&D expenses [8] - Financial costs have risen due to the capitalization of borrowing costs transitioning to expenses as projects move into operation [8] - As sales scale increases, fixed costs are expected to be diluted, leading to improved economies of scale [8]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2][3] - The breakdown of sales revenue for 2023 and 2024 is as follows: - Optical Display: 25,755 million CNY (2023) vs. 55,159 million CNY (2024), a growth of 114% [2] - New Energy: 29,290 million CNY (2023) vs. 47,108 million CNY (2024), a growth of 61% [2] - Microelectronics: 9,081 million CNY (2023) vs. 11,222 million CNY (2024), a growth of 24% [2] - Civil Adhesive Tape: 40,613 million CNY (2023) vs. 47,030 million CNY (2024), a growth of 16% [2] - PET Film: 5,460 million CNY (2023) vs. 14,080 million CNY (2024), a growth of 158% [2] - Other Functional Adhesives: 86,653 million CNY (2023) vs. 94,457 million CNY (2024), a growth of 9% [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: 40% increase, targeting 37.67 billion CNY [2] - 2026: 75% increase, targeting 47.09 billion CNY [2] - 2027: 120% increase, targeting 59.20 billion CNY [2] Group 3: Growth Drivers - Key factors contributing to the expected revenue growth include: - Completion of large-scale expansion projects, allowing sales revenue to enter a growth phase [3] - Continuous development of new products and clients, enhancing the company's capabilities to serve major manufacturers [3] - The trend of domestic substitution for "bottleneck" materials in response to international market conditions [3] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, the company faced a situation of increased costs leading to lower profit margins: - Major cost increases included depreciation (up 49%), labor costs (up 22%), R&D expenses (up 41%), and financial costs (up 47%) [5][6] - The total increase in major expenses amounted to 36%, rising from 71,861 million CNY in 2023 to 97,988 million CNY in 2024 [6]

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]