自动播放 自动播放 在新型显示技术迭代与新能源产业崛起浪潮中，功能性涂层材料作为连接基础工业与新兴产业的重要桥 梁，正悄然构筑起中国先进制造业的"隐形基石"。无论是新能源汽车的动力电池封装、消费电子的屏幕 防护，还是航空航天装备的轻量化涂层、医疗设备的生物相容性薄膜，其性能直接决定了下游产品的技 术上限与可靠性。 中国功能性材料行业曾长期陷入"卡脖子"困境，高端市场被日韩企业垄断，核心配方受制于人，环保标 准滞后于国际潮流。在长江三角洲西部、苏浙皖三省交界处的广德市，一家专注于功能性环保可回收材 料和功能性涂层复合材料的企业正以纳米级的精度重构产业格局。全球超过15亿部手机用到了他们的功 能性复合材料，某些型号的手机中，甚至应用了他们研发的 26 种材料。其研发的哑黑遮光膜以超越日 本同行的性能指标打破技术垄断，可回收透明有色复合薄膜的专利技术更开创了行业先河。手机专用可 回收环保材料更以20.1%、18.7%的市场占有率连续两年领跑全球。 本期《隐形冠军》节目将走进国家高新技术企业、安徽省专精特新中小企业——安徽明讯新材料科技股 份有限公司（以下简称"明讯科技"）。从进口代理到自主研发，从技术跟随到标准制定 ...

Group 1: Company Overview and Market Position - Jiangsu Sidike New Materials Technology Co., Ltd. focuses on electronic-grade adhesive materials and functional film materials, targeting optical display, new energy, and microelectronics sectors [2][3] - The company has a significant opportunity for domestic suppliers due to the large market share held by American and Japanese manufacturers, indicating a broad space for import substitution [2][3] Group 2: Production and Supply Chain - The company has an adhesive synthesis capacity of 185,000 tons, with a self-sufficiency rate of approximately 90% for adhesives and nearly complete self-sufficiency for release films [4] - The production lines for imported PET optical films and release films are operational, with plans to increase the self-sufficiency rate of high-end PET base films [4] Group 3: Financial Performance and Growth - The company reported a sales revenue growth of approximately 37% in 2024, with total sales reaching around 20 billion yuan [13] - The top five customers contributed 759,021,019.62 yuan, accounting for 28.21% of the annual sales total [8] Group 4: Research and Development Focus - Key R&D investments are concentrated in optical display materials, new energy battery materials, microelectronics materials, and PET optical films [5] Group 5: Market Expansion and Strategy - The company has established subsidiaries in the USA, Japan, South Korea, and Vietnam, achieving breakthroughs in overseas markets with core products reaching mass production [9] - Future goals include becoming an internationally leading provider of functional coating composite materials and solutions, aiming for advanced levels in technology and scale [9] Group 6: Production Capacity and Utilization - The overall machine utilization rate is above 80%, with plans for structural adjustments to improve investment returns [12] - The company is currently focusing on high-value orders while also accepting lower-value orders to cover fixed costs and enhance operational efficiency [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a significant revenue increase of 36.7% year-on-year, reaching 2.69 billion yuan in 2024, although net profit decreased by 2.1% to 55 million yuan [2][7]. - In Q1 2025, the company achieved a revenue of 670 million yuan, reflecting a slight year-on-year increase of 1.1% but a quarter-on-quarter decrease of 1.9% [2][7]. - The company is in a phase of ramping up new production capacities, which is expected to enhance sales volume in the future [13]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.69 billion yuan, with a net profit of 55 million yuan and a non-recurring net profit of 21 million yuan, marking a year-on-year decrease of 46.4% [2][7]. - For Q1 2025, the company reported a net profit of 10 million yuan, which is a 48.3% decrease year-on-year but a significant increase of 767.5% quarter-on-quarter [2][7]. Business Development - The company is a leader in functional coating composite materials, expanding its product lines into areas such as functional films, electronic-grade adhesives, and thermal management composites [13]. - The company is focusing on new product categories, particularly in OCA adhesives and upstream PET base films, to enhance its core competitiveness [13]. Future Outlook - The company has ongoing projects that are expected to contribute to future growth, with a projected net profit of 120 million yuan, 210 million yuan, and 300 million yuan for 2025, 2026, and 2027 respectively [13]. - The OCA adhesive market is anticipated to grow significantly, driven by demand from the smartphone and automotive sectors, particularly with the rise of foldable screen technology [13].