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].

日科化学分析师会议 调研日期：2025年05月15日 调研行业：塑料制品 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的 ...

Core Viewpoint - The article highlights the unexpected success of a businessman in the garbage bag industry, illustrating how innovation and market understanding can transform a seemingly low-value product into a profitable business venture [4][19][29]. Group 1: Business Journey - The businessman, Wu Xiangju, transitioned from being a high school teacher to an entrepreneur in Yiwu, where he initially struggled but eventually found success in selling unique products like a water-absorbing towel [7][10]. - In 2012, Wu expanded his product range and discovered the potential of a new type of garbage bag that was more user-friendly, leading to significant sales growth [12][14]. - By 2017, Wu's sales exceeded 10 million, with garbage bags accounting for over half of that revenue [15]. Group 2: Market Dynamics - The garbage bag market in China has evolved significantly over the past 30 years, with consumers becoming more willing to spend on specialized products [16][22]. - By 2022, Wu's company faced intense competition, resulting in low profits despite high sales, indicating a saturated market [23][30]. - The article notes that the market for garbage bags had grown to include millions of products and numerous competitors, making price the primary factor for consumers [22][23]. Group 3: Innovation and Strategy - Wu's turning point came when he decided to focus solely on garbage bags, implementing innovative designs such as "tear-free" bags and aesthetically pleasing options [25][26]. - The introduction of scented garbage bags and specialized designs for different uses (e.g., car, home) led to a significant increase in sales, with a reported 500 million in revenue from these innovations [27][29]. - By 2024, the company experienced a threefold increase in performance, demonstrating the effectiveness of their innovative strategies [29][37]. Group 4: Broader Implications - The article draws parallels between Wu's success and that of other wealthy individuals who have capitalized on low-value industries, suggesting that there is potential for significant profit in overlooked markets [32][35]. - Wu's company has also embraced AI technology to enhance product design and streamline operations, further contributing to its growth [36][37]. - The success of the garbage bag business has positively impacted employees, with some earning substantial incomes due to the company's performance [38].

Core Insights - The article highlights the unexpected success of a low-end product, garbage bags, in the Chinese market, showcasing how innovative marketing and product differentiation can lead to significant financial success for entrepreneurs in seemingly mundane industries [1][9][19] Company Overview - Wu Xiangju, the entrepreneur behind the garbage bag business, transitioned from being a high school teacher to a successful business owner in Yiwu, China, after identifying a market opportunity in unique garbage bags [4][6] - The company initially struggled but found success by focusing on a specific product category, leading to a significant increase in sales and market presence [12][16] Market Dynamics - The garbage bag market in China has evolved over the past 30 years, with increasing consumer acceptance and demand for specialized products [7][9] - By 2018, the market became highly competitive, with thousands of sellers and millions of products available, making it challenging for individual businesses to stand out [9][10] Innovation and Product Development - Wu Xiangju's company focused on product innovation, introducing features like "tear-free" garbage bags and aesthetically pleasing designs, which significantly boosted sales [13][14] - The introduction of scented garbage bags and specialized designs for different consumer needs further differentiated the product offerings and attracted a broader customer base [14][16] Financial Performance - In 2022, the company reported sales of over 70 million yuan, but faced challenges with profitability due to high competition and inventory issues [10][12] - By 2024, after implementing innovative strategies and focusing on product differentiation, the company experienced a threefold increase in revenue and an eightfold increase in profit [16][21] Future Outlook - The company is exploring the integration of AI technology to enhance product design and streamline operations, which could further improve efficiency and market competitiveness [20][21] - The success of the garbage bag business reflects a broader trend where entrepreneurs can achieve significant wealth through innovative approaches in overlooked markets [19][23]

Group 1: Macroeconomic and Financial Data - DRO01 closed at 1.54, down 5.09 bp; DR007 closed at 1.78, up 3.35 bp; GC001 closed at 1.61, down 28.50 bp; GC007 closed at 1.68, down 17.00 bp; SHBOR 3M closed at 1.75, unchanged; LPR 5 - year closed at 3.60, unchanged; 1 - year treasury closed at 1.46, down 0.50 bp; 5 - year treasury closed at 1.51, down 2.00 bp; 10 - year treasury closed at 1.62, down 2.35 bp; 10 - year US treasury closed at 4.23, down 6.00 bp [3] - The central bank conducted 340.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.50%, resulting in a net investment of 120 billion yuan [3] - This week, 504.5 billion yuan of reverse repurchases will mature in the central bank's open market, with 176 billion, 220.5 billion, and 108 billion maturing from Monday to Wednesday respectively, and the funds due on Thursday and Friday will be postponed to the first trading day after the holiday [4] Group 2: Stock Index Futures and Options - The CSI 300 fell 0.17% to 3775.1; the SSE 50 fell 0.22% to 2645.5; the CSI 500 rose 0.12% to 5604.9; the CSI 1000 rose 0.45% to 5903.4. The trading volume of the two markets was 1.02 trillion yuan, a decrease of 34.3 billion yuan [5] - The central political bureau meeting on April 25 released limited incremental information on aggregate policies, emphasizing the implementation of existing policies and the refinement of support policies for specific areas [6] - The short - term trend of stock indices faces a situation of mixed long and short factors. The uncertainty of the Trump administration's actions complicates Sino - US tariff negotiations, while the better - than - expected Q1 economic data reduces the urgency of short - term incremental policies [6] - The short - term recommendation for stock index futures is to hold a light position and wait for the market direction to become clear. Before the May Day holiday, consider the double - buying strategy for stock index options due to overseas uncertainties and low option volatility [6] - The IF, IH, IC, and IM contracts have different levels of premium and discount rates for different delivery months [7]

Core Viewpoint - A-shares showed mixed performance with the Shanghai Composite Index slightly declining while the Shenzhen Component and ChiNext Index experienced minor gains [1] Market Performance - As of the midday close, the Shanghai Composite Index was at 3287.45 points, down 0.03% - The Shenzhen Component was at 9863.90 points, up 0.09% - The ChiNext Index was at 1935.35 points, up 0.05% [1] Sector Performance - The beauty care, plastic products, and chemical products sectors led the gains, while the electricity, insurance, and liquor sectors faced the largest declines [2] Sector Rankings - The top performing sectors included: - Beauty Care: +3.22% with a total trading volume of 148.22 million hands and net inflow of 2.68 billion - Plastic Products: +3.15% with a total trading volume of 642.34 million hands and net inflow of 7.08 billion - Chemical Products: +2.48% with a total trading volume of 1466.20 million hands and net inflow of 8.32 billion - Automotive Parts: +2.44% with a total trading volume of 2088.77 million hands and net inflow of 18.83 billion - Engineering Machinery: +1.99% with a total trading volume of 276.91 million hands and net inflow of 0.89 billion [3] - The sectors with the largest declines included: - Electricity: -3.03% with a total trading volume of 4438.99 million hands and net outflow of 41.13 billion - Insurance: -2.08% with a total trading volume of 68.36 million hands and net outflow of 0.81 billion - Raw Materials: -1.43% with a total trading volume of 85.20 million hands and net outflow of 8.09 billion - Comprehensive: -1.23% with a total trading volume of 211.05 million hands and net inflow of 0.73 billion - Audio Equipment: -0.91% with a total trading volume of 237.04 million hands and net outflow of 2.84 billion [3]

【DT新材料】 获 悉 ，4月28日， 南京聚隆 发布公告，2025年第一季度，公司实现营业收入为5.95亿元，同比上升32.48%；归母净利润为3052.77万元，同比上升 33.56%；扣非归母净利润为2897.81万元，同比上升26.35%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | (%) | | 营业收入(元) | 594, 654, 632. 66 | 448, 876, 171. 94 | 32. 48% | | 归属于上市公司股东的净利 | 30.527.733.41 | 22, 857, 761. 18 | 33.56% | | 润(元) | | | | | 归属于上市公司股东的扣除 | | | | | 非经常性损益的净利润 | 28. 978. 050. 57 | 22, 934, 613. 78 | 26. 35% | | (元) | | | | | 经营活动产生的现金流量净 | -64.164.679.43 | 34.677.076.93 | -285.03% | | 额(元) | | | | 前 ...

从行业市盈率排名来看，公司所处的塑料制品行业市盈率平均62.07倍，行业中值40.80倍，英科再生排 名第20位。 作者：行情君 截至2024年三季报，共有2家机构持仓英科再生，其中基金2家，合计持股数22.71万股，持股市值0.06亿 元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20英科再生13.7813.781.6841.38亿行业平均 62.0753.293.2945.03亿行业中值40.8036.992.4231.04亿1阿科力-801.07143.154.6534.24亿2华峰超 纤-165.02-58.832.91136.13亿3茶花股份-143.98-143.984.7454.00亿4至正股份-126.18-126.1817.0638.53亿5 国风新材-96.89-96.892.4267.56亿6喜悦智行-67.17-137.771.7816.31亿7乐凯胶片-60.79-60.791.5337.85亿8 杭州高新-42.7362.2519.3314.72亿9瑞华泰-41.36-41.362.8923.69亿10日科化学-39.65-39.651.1027.03亿11 和顺科技 ...

4月16日，英科再生今日收盘22.2元，下跌4.39%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到13.84倍，总市值41.56亿元。 最新一期业绩显示，2024年三季报，公司实现营业收入22.31亿元，同比22.30%；净利润1.95亿元，同 比24.91%，销售毛利率25.65%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)19英科再生13.8413.841.6941.56亿行业平均 65.9856.473.2343.51亿行业中值38.3936.622.3330.74亿1阿科力-785.85140.434.5633.59亿2华峰超 纤-159.68-56.932.82131.73亿3茶花股份-146.17-146.174.8254.82亿4至正股份-116.56-116.5615.7635.59亿5 国风新材-76.08-76.081.9053.04亿6和顺科技-63.16120.221.2717.60亿7乐凯胶片-59.01-59.011.4936.74亿8 日科化学-52.1430.831.0626.10亿9杭州高新-42.7762.3019.3514.73亿10瑞华泰 ...

塑料制品板块持续走低，奇德新材（300995）跌超12%，杭州高新（300478）、国风新材（000859）、 英科再生（688087）、沃顿科技（000920）等跟跌。 ...