Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a pioneer in the domestic substitution of optical OCA glue, with revenue expected to continue growing significantly. In 2024, the company's electronic-grade adhesive materials are projected to generate 1.43 billion yuan, a year-on-year increase of 66%, primarily driven by OCA optical glue [9] - The company is accelerating vertical integration to build a comprehensive supply chain, achieving over 70% self-sufficiency in key materials for OCA optical glue. This integrated approach is expected to enhance profitability as the scale effect materializes [9] - Profitability is currently under pressure due to prior investments, but profits are anticipated to grow rapidly after the peak of depreciation costs passes [9] Financial Forecasts and Investment Recommendations - The company is forecasted to achieve net profits attributable to the parent company of 141 million yuan, 275 million yuan, and 439 million yuan for the years 2025 to 2027, respectively. This is an adjustment from previous forecasts due to a downward revision in gross margin and an upward revision in revenue [3][10] - The target price is set at 19.52 yuan based on a comparable company PE of 32 times for 2026 [3][10] - Revenue projections for the company are as follows: 1,969 million yuan in 2023, 2,691 million yuan in 2024, 3,535 million yuan in 2025, 4,431 million yuan in 2026, and 5,345 million yuan in 2027, reflecting a compound annual growth rate of 20.6% from 2025 to 2027 [5][11]
斯迪克（300806）：光学OCA胶国产替代先锋，利润短期承压