晶华新材（603683）：国际领先的胶粘材料企业，积极布局电子皮肤打开成长空间

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is positioned as a leading player in adhesive materials, with a strong presence in various downstream industries such as automotive and electronics [1][13]. - The establishment of a new subsidiary focused on electronic skin technology indicates the company's strategic expansion into emerging markets, particularly in humanoid robotics [2][3]. - The financial forecasts suggest steady revenue growth, with projected revenues of 2.01 billion, 2.23 billion, and 2.50 billion yuan for 2025, 2026, and 2027, respectively, alongside significant profit growth [3][4]. Summary by Sections Company Overview - Founded in 2006 and listed in 2017, the company has evolved into a high-tech enterprise specializing in various adhesive materials, with a focus on R&D, production, and sales [1][13]. - The product portfolio includes industrial adhesives, electronic adhesives, optical adhesive films, specialty papers, and chemical materials, catering to diverse sectors such as construction, 3C electronics, and automotive [1][46]. Market Position and Growth Potential - The company is recognized as a leader in the industrial adhesive segment, with a strong market share in products like masking tape, which is widely used in construction and automotive applications [2][46]. - The optical adhesive film, particularly OCA, is highlighted for its applications in new display technologies, with expectations for significant market growth driven by trends in flexible displays and automotive screens [30][39]. Financial Performance and Projections - The company has shown a steady increase in revenue, with total revenue expected to rise from 1.56 billion yuan in 2023 to 2.50 billion yuan by 2027, reflecting a compound annual growth rate [4][21]. - Net profit is projected to grow significantly, with estimates of 0.86 billion, 1.18 billion, and 1.55 billion yuan for 2025, 2026, and 2027, respectively, indicating a robust recovery and profitability trajectory [3][4]. Strategic Initiatives - The launch of Beijing Jingzhigan New Materials Co., Ltd. marks the company's entry into the electronic skin market, focusing on multi-modal flexible tactile sensors for various applications [2][3]. - The company aims to leverage its existing material advantages to capture growth opportunities in the electronic skin sector, which is expected to see increased demand in robotics and consumer electronics [2][3].