斯迪克（300806）：大规模投建已过，放量期即将到来

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Views - The company has completed its large-scale construction phase and is entering a period of increased production capacity [6][12]. - In the first three quarters of 2025, the company achieved revenue of 2.24 billion yuan, a year-on-year increase of 11.6%, while net profit attributable to shareholders was 45 million yuan, a year-on-year decrease of 15.8% [6][12]. - The third quarter alone saw revenue of 840 million yuan, a year-on-year increase of 25.7% and a quarter-on-quarter increase of 16.2% [6][12]. Summary by Sections Financial Performance - For Q3 2025, the company reported a net profit of 20 million yuan, a year-on-year decrease of 4.9% but a quarter-on-quarter increase of 28.6% [6][12]. - The company's gross margin for Q3 2025 was 22.4%, a decrease of 3.9 percentage points year-on-year [12]. - R&D expense ratio for Q3 2025 was 7.5%, indicating a continued high level of investment in research and development [12]. Project Development - The company is progressing with multiple projects funded through IPO and private placements, including OCA optical adhesive and PET base film production lines [12]. - The company plans to invest 510 million yuan in expanding high-end functional film production, targeting applications in the electronics sector [12]. Market Opportunities - The global OCA adhesive market is estimated to be nearly 10 billion yuan, with significant growth potential driven by the demand for foldable smartphones and other electronic devices [12]. - The company is positioned to benefit from the domestic substitution of high-end adhesive materials and functional films, enhancing its competitive edge in the market [12].