斯迪克（300806）：公司高比例研发、资产投入，等待收获期

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 1.4 billion yuan in the first half of 2025, representing a year-on-year increase of 4.5%, while the net profit attributable to shareholders was 30 million yuan, down 22.8% year-on-year [2][7]. - In Q2 2025, the company achieved a revenue of 730 million yuan, which is a 7.8% increase year-on-year and an 8.1% increase quarter-on-quarter. The net profit attributable to shareholders was 16 million yuan, up 10.9% year-on-year and 61.7% quarter-on-quarter [2][7]. Summary by Sections Company Overview - The company is a leader in functional coating composite materials, expanding its development boundaries through both horizontal and vertical growth. Its main products include functional film materials, electronic-grade adhesives, polymer film materials, thermal management composite materials, and film packaging materials, which are applied in key sectors such as consumer electronics, new displays, new energy vehicles, home appliances, and ceramic capacitors [7]. Financial Performance - The company is experiencing revenue growth as new projects are being put into production, but its performance remains under pressure due to the ramp-up phase of new projects and severe industry competition. The overall gross margin in Q2 2025 was 21.7%, a decrease of 0.7 percentage points year-on-year. The R&D expense ratio in Q2 2025 was 8.0%, indicating a sustained high level of investment [7]. Future Prospects - The company is advancing multiple projects funded through IPO and private placements, with several projects already in production. The company plans to invest 510 million yuan in expanding high-end functional film production, targeting applications in the electronics industry and automotive displays. The anticipated release of several key consumer electronic models in the second half of the year is expected to drive steady business growth [7]. Market Opportunities - The domestic market for OCA optical adhesives presents significant growth potential, driven by the increasing value of OCA adhesives in foldable smartphones and the expected rise in their shipment volumes. The company’s electronic-grade adhesive materials and automotive electronic materials are continuously expanding, with the gross margin for the electronic-grade adhesive materials segment at 35.4% in the first half of 2025, up 2.0 percentage points year-on-year [7]. Profit Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 90 million, 180 million, and 260 million yuan, respectively [7].