Core Viewpoint - The company, Shihua Technology (688093), has shown strong growth in revenue and net profit for 2024 and Q1 2025, driven by its functional electronic materials and high-performance optical materials [2][12]. Financial Performance - In 2024, the company achieved revenue of 795 million yuan and a net profit of 280 million yuan, representing year-on-year growth of 55.36% and 44.56% respectively [2]. - For Q1 2025, the company reported revenue of 256 million yuan and a net profit of 87 million yuan, with year-on-year growth of 92.04% and 111.23% respectively [2][12]. - The gross profit margin for Q1 2025 was 52.6% [12]. Product Overview - The main products include functional electronic materials and high-performance optical materials, which are used in consumer electronics, automotive electronics, and medical electronics [3]. - The functional electronic materials generated revenue of 575 million yuan in 2024, growing by 22.24%, while high-performance optical materials saw revenue of 218 million yuan, a significant increase of 442.13% [2]. Market Potential - The market for optical materials is substantial, with estimates suggesting it could reach several hundred billion yuan globally, and there is significant room for domestic alternatives to replace foreign materials [6]. - The company has already achieved large-scale production and sales in the polarizer protective film sector, which is expected to grow further [6]. Customer Base - The company has established partnerships with various brands in the consumer electronics and automotive sectors, indicating a strong demand for functional materials [4]. - The estimated demand for functional materials from customers is at least 10 billion yuan, highlighting a significant market opportunity [4]. Future Outlook - The company is optimistic about its future, focusing on expanding its product structure to include high-performance optical materials, functional electronic materials, and functional adhesives [12]. - The functional adhesives segment is seen as a new growth point, with production trials already underway [12]. Shareholder Activity - The controlling shareholder has been actively increasing their stake in the company, with plans to invest between 60 million to 100 million yuan, having already acquired approximately 1.49 million shares [11]. Financing Plans - The company has proposed a refinancing plan to raise up to 600 million yuan for expanding production capacity in optical display films, with the project currently under review by the Shanghai Stock Exchange [10].

1）世华科技 （丹羿投资参与公司券商策略会） 根据市场公开信息及5月30日披露的机构调研信息，知名私募丹羿投资近期对2家上市公司进行了调研， 相关名单如下： 调研纪要：世华科技2024年实现营收7.95亿元，净利润2.80亿元，分别同比增长55.36%、44.56%。2025 年Q1营收2.56亿元，净利润0.87亿元，分别同比增长92.04%、111.23%。公司持续深化产业链布局，多 个项目进展顺利，包括功能性材料扩产及升级项目、创新中心项目、新建高效密封胶项目、高性能光学 胶膜材项目等。再融资预案已披露，拟建设光学显示薄膜材料扩产项目，总投资7.4亿元，募集资金不 超过6亿元，已取得上交所受理通知。公司拥有2条光学级产线可用于高性能光学材料的研发、打样及规 模化生产，产能有限，正在推进扩产项目。光学材料市场空间大，高端光学材料仍由国外企业主导，国 产替代空间大。功能性材料应用于A客户的多个产品线，合作项目多，单个项目体量差异大，总需求空 间大。张家港工厂生产粘接剂类产品，项目正陆续进行产线调试及试生产，面向多个领域。公司密切关 注折叠屏技术发展，积极布局相关材料研发。公司业务以国内销售为主，外销收入占比 ...

1）世华科技 （敦和资管参与公司券商策略会） 调研纪要：世华科技2024年实现营收7.95亿元，净利润2.80亿元，分别同比增长55.36%、44.56%。2025 年Q1营收2.56亿元，净利润0.87亿元，分别同比增长92.04%、111.23%。公司持续深化产业链布局，多 个项目进展顺利，包括功能性材料扩产及升级项目、创新中心项目、新建高效密封胶项目、高性能光学 胶膜材项目等。再融资预案已披露，拟建设光学显示薄膜材料扩产项目，总投资7.4亿元，募集资金不 超过6亿元，已取得上交所受理通知。公司拥有2条光学级产线可用于高性能光学材料的研发、打样及规 模化生产，产能有限，正在推进扩产项目。光学材料市场空间大，高端光学材料仍由国外企业主导，国 产替代空间大。功能性材料应用于A客户的多个产品线，合作项目多，单个项目体量差异大，总需求空 间大。张家港工厂生产粘接剂类产品，项目正陆续进行产线调试及试生产，面向多个领域。公司密切关 注折叠屏技术发展，积极布局相关材料研发。公司业务以国内销售为主，外销收入占比低，关税政策变 化短期影响不大。公司未来将形成高性能光学材料、功能性电子材料和功能性粘接剂三大产品结构，高 性能 ...