Core Viewpoint - The EU negotiators aim to prevent the U.S. from imposing higher tariffs on automobiles, pharmaceuticals, and microelectronics by establishing unified tariffs [1] Group 1 - The EU is seeking to unify tariffs as a strategy to avoid increased tariffs from the U.S. on key sectors [1]

Group 1: Sales Revenue Performance - In 2024, the company achieved a significant increase in sales revenue across various business segments, with total revenue rising from 196,852,000 CNY in 2023 to 269,055,000 CNY in 2024, marking a growth of 37% [2][3] - The optical display segment saw the highest growth rate of 114%, with revenue increasing from 25,755,000 CNY in 2023 to 55,159,000 CNY in 2024 [2] - The new energy segment also performed well, with a revenue increase of 61%, from 29,290,000 CNY in 2023 to 47,108,000 CNY in 2024 [2] Group 2: Cost and Expense Analysis - Major expenses increased significantly, with total costs rising from 71,861,000 CNY in 2023 to 97,988,000 CNY in 2024, a 36% increase [3] - Depreciation expenses surged by 49%, from 25,000,000 CNY in 2023 to 37,218,000 CNY in 2024, due to the completion of major construction projects [3] - R&D expenses (excluding labor and depreciation) rose by 41%, from 8,932,000 CNY in 2023 to 12,610,000 CNY in 2024, reflecting increased investment in innovation [3] Group 3: Future Revenue Projections - The company has set ambitious sales revenue targets for the next three years, aiming for a 40% increase in 2025, which corresponds to 37.67 billion CNY based on 2024 revenue [5] - For 2026, the target is a 75% increase, reaching 47.09 billion CNY, and for 2027, a 120% increase, totaling 59.20 billion CNY [5] - The growth is supported by the completion of large-scale expansion projects and the development of new products and clients [6] Group 4: Strategic Insights - The company is well-positioned to benefit from the trend of domestic substitution of "bottleneck" materials, preparing to meet both opportunities and challenges in the market [7] - The optical display segment is highlighted as the most promising area, with significant R&D investment and high product value, particularly in the folding screen and VR display markets [7]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment is projected as follows: - Optical Display: 55,159 (up 114% from 2023) - New Energy: 47,108 (up 61% from 2023) - Microelectronics: 11,222 (up 24% from 2023) - Civil Adhesive Tape: 47,030 (up 16% from 2023) - PET Film: 14,080 (up 158% from 2023) - Other Functional Adhesive Products: 94,457 (up 9% from 2023) - Total Revenue: 269,055 (up 37% from 2023) [2][4] Group 2: Future Revenue Expectations - The company has set performance targets for sales revenue growth based on 2024 figures: - 2025: 40% increase (37.67 billion) - 2026: 75% increase (47.09 billion) - 2027: 120% increase (59.20 billion) [3] Group 3: Growth Drivers - Key factors for sustained revenue growth include: - Completion of large-scale expansion projects, leading to a revenue growth phase - Continuous development of new products and clients, enhancing capabilities to serve major manufacturers - Readiness to capitalize on opportunities arising from the trend of domestic substitution for "bottleneck" materials [4] Group 4: Business Segment Highlights - The Optical Display segment is the most promising, with significant R&D investment and high product value. The market is largely dominated by US and Japanese suppliers, but recent experience in foldable screens and VR glasses positions the company well for growth [5] Group 5: Revenue vs. Profit Analysis - In 2024, despite a 37% increase in sales revenue, profit margins are affected by rising costs: - Depreciation: 37,218 (up 49% from 2023) - Labor Costs: 37,516 (up 22% from 2023) - R&D Expenses: 12,610 (up 41% from 2023) - Financial Costs: 10,643 (up 47% from 2023) - Total Costs: 97,988 (up 36% from 2023) [6][7] Group 6: Cost Structure Insights - Major cost increases are attributed to: - Transition of construction projects to fixed assets, leading to higher depreciation - Significant investments in R&D, technology, and human resources - Shift from capitalized borrowing costs to expense recognition, increasing financial costs - Fixed costs will be diluted as sales scale increases, leading to anticipated economies of scale [8]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2] - The breakdown of sales revenue for 2023 and 2024 is as follows: - Optical Display: 25,755 million CNY (2023) vs. 55,159 million CNY (2024), a growth of 114% [2] - New Energy: 29,290 million CNY (2023) vs. 47,108 million CNY (2024), a growth of 61% [2] - Microelectronics: 9,081 million CNY (2023) vs. 11,222 million CNY (2024), a growth of 24% [2] - Civil Adhesive Tape: 40,613 million CNY (2023) vs. 47,030 million CNY (2024), a growth of 16% [2] - PET Film: 5,460 million CNY (2023) vs. 14,080 million CNY (2024), a growth of 158% [2] - Other Functional Adhesive Products: 86,653 million CNY (2023) vs. 94,457 million CNY (2024), a growth of 9% [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue: - 2025 target: 40% growth, amounting to 37.67 billion CNY [2] - 2026 target: 75% growth, amounting to 47.09 billion CNY [2] - 2027 target: 120% growth, amounting to 59.20 billion CNY [2] Group 3: Growth Drivers - Key factors contributing to the expected continuous growth in sales revenue include: - Completion of large-scale expansion and construction, allowing for a revenue growth phase [3] - Ongoing development of new products and clients, enhancing the company's capabilities to serve leading manufacturers [3] - The trend of import substitution for critical materials in the current international landscape [3] Group 4: Profitability Concerns - Despite a 37% increase in sales revenue in 2024, the company faced a situation of revenue growth without profit growth due to rising costs: - Major cost increases included depreciation (49%), labor costs (22%), R&D expenses (41%), and financial expenses (47%) [5][6] - Total costs rose from 71,861 million CNY in 2023 to 97,988 million CNY in 2024, reflecting a 36% increase [6] Group 5: Cost Structure and Future Outlook - The increase in costs is attributed to: - Transitioning major construction projects to fixed assets, leading to higher depreciation [6] - Significant investments in R&D, technology, and workforce, which are expected to continue [6] - A shift from capitalized borrowing costs to expenses as projects move into operation [7] - As sales scale increases, fixed costs are expected to be diluted, leading to improved economies of scale [7]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2][4] - The breakdown of sales revenue for 2024 is as follows: - Optical Display: 55,159 million CNY (114% increase) - New Energy: 47,108 million CNY (61% increase) - Microelectronics: 11,222 million CNY (24% increase) - Civil Adhesive Tape: 47,030 million CNY (16% increase) - PET Film: 14,080 million CNY (158% increase) - Other Functional Adhesives: 94,457 million CNY (9% increase) [2][4] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue, with the following growth percentages: - 2025: 40% increase (37.67 billion CNY) - 2026: 75% increase (47.09 billion CNY) - 2027: 120% increase (59.20 billion CNY) [3] Group 3: Growth Drivers - Key factors contributing to the expected revenue growth include: - Completion of large-scale expansion projects, allowing for increased sales capacity [4] - Continuous development of new products and clients, enhancing the company's ability to serve major manufacturers [4] - The trend of domestic substitution for "bottleneck" materials in the current international landscape [4] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, the company faced a situation of revenue growth without profit growth due to rising costs: - Depreciation increased by 49% to 37,218 million CNY - Labor costs rose by 22% to 37,516 million CNY - R&D expenses increased by 41% to 12,610 million CNY - Financial costs surged by 47% to 10,643 million CNY [6][7][8] - The total increase in major expenses was 36%, amounting to 97,988 million CNY in 2024 [7][8]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2][3] - The breakdown of sales revenue for 2023 and 2024 is as follows: - Optical Display: 25,755 million CNY (2023) vs. 55,159 million CNY (2024), a growth of 114% [2] - New Energy: 29,290 million CNY (2023) vs. 47,108 million CNY (2024), a growth of 61% [2] - Microelectronics: 9,081 million CNY (2023) vs. 11,222 million CNY (2024), a growth of 24% [2] - Civil Adhesive Tape: 40,613 million CNY (2023) vs. 47,030 million CNY (2024), a growth of 16% [2] - PET Film: 5,460 million CNY (2023) vs. 14,080 million CNY (2024), a growth of 158% [2] - Other Functional Adhesives: 86,653 million CNY (2023) vs. 94,457 million CNY (2024), a growth of 9% [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue: - 2025: 40% increase, targeting 37.67 billion CNY [2] - 2026: 75% increase, targeting 47.09 billion CNY [2] - 2027: 120% increase, targeting 59.20 billion CNY [2] Group 3: Growth Drivers - Key factors contributing to the expected revenue growth include: - Completion of large-scale expansion projects, allowing sales revenue to enter a growth phase [3] - Continuous development of new products and clients, enhancing the company's capabilities to serve major manufacturers [3] - The trend of domestic substitution for "bottleneck" materials in response to international market conditions [3] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, the company faced a situation of increased costs leading to lower profit margins: - Major cost increases included depreciation (up 49%), labor costs (up 22%), R&D expenses (up 41%), and financial costs (up 47%) [5][6] - The total increase in major expenses amounted to 36%, rising from 71,861 million CNY in 2023 to 97,988 million CNY in 2024 [6]

江苏斯迪克新材料科技股份有限公司 江苏斯迪克新材料科技股份有限公司 投资者关系活动记录表 证券代码：300806 证券简称：斯迪克 2025-044 4、各业务板块中，最值得期待的是哪个业务板块？ 光学显示板块是斯迪克研发投入最大、产品附加值最高的业务板块，该领 域的市场很大，长期以来美国和日本的供应商占领了绝大多数的市场份额。 近年来，斯迪克在折叠屏和 VR 眼镜领域，已经积累了一定的经验，光学 显示板块的销售收入呈现快速增长的态势。全球关税风暴之后，该领域进 口替代的进程有加速的预期。 5、2024 年，为何出现增收不增利的情况？ 投资者关系活动记录表 | 投资者关系 | 特定对象调研 | | | | | | --- | --- | --- | --- | --- | --- | | 活动类别 | | | | | | | 参与单位名称 | 麦高证券有限责任公司 | | | | | | 时 间 | 年 月 日 2025 5 6 | | | | | | 地 点 | 江苏省太仓市青岛西路 | 11 号 | | | | | 总接待次数 1 | 场 | | | | | | 上市公司 | 董事、财务总监、董事会秘书（ ...