[Table_Title] 证券研究报告 / 公司动态报告 风险提示：电子业务进展不及预期；盈利预测与估值判断不及预期 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,559 | 1,885 | 2,285 | 2,626 | 3,055 | | (+/-)% | 10.23% | 20.94% | 21.22% | 14.93% | 16.31% | | 归属母公司净利润 | 57 | 67 | 82 | 103 | 123 | | (+/-)% | 872.76% | 18.50% | 22.96% | 24.43% | 19.56% | | 每股收益（元） | 0.24 | 0.26 | 0.28 | 0.35 | 0.42 | | 市盈率 | 46.92 | 34.77 | 57.47 | 46.18 | 38.63 | | 市净率 | 2.27 | 1.78 | 2.95 | 2.74 | 2.56 | | 净资 ...

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 2025-046 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 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 | | □分析师会议 □特定对象调研 | | | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 √□业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | 活动类别 | □现场参观 | | | | | □其他（电话） | | | | 参与单位名称及人 | 线上参与公司 2024 年度网上业绩说明会的投资者 | | | | 员姓名 | | | | | 时 间 | 2025 年 5 月 15:00 至 17:00 | 13 | 日 | | 地 点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | | 董事长、总经理：金闯先生 | | | | 公司出席人员 | 董事、财务总监、董事会秘书：吴江先生 独立董事：杨森先生 | | | | | 1.电子级胶粘材料营收增长的主要动力是什么？未来该产品的市 ...

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].

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 17.99 yuan for the next six months [4][6]. Core Views - The company achieved a revenue of 671 million yuan in Q1 2025, representing a year-on-year growth of 1.09%, while the net profit attributable to shareholders decreased by 48.27% to 10 million yuan [1][2]. - The short-term profit is under pressure due to increased depreciation expenses from major construction projects transitioning to fixed assets, along with rising financial costs [2][3]. - The company is focusing on enhancing innovation and R&D investments, particularly in high-value-added products like OCA optical adhesives, which are gaining market share and breaking the monopoly of international giants [3]. Financial Performance Summary - For 2024, the company reported a revenue of 2.69 billion yuan, a year-on-year increase of 36.68%, with a net profit of 54.88 million yuan, down 2.11% [2][10]. - Projected revenues for 2025 to 2027 are 3.71 billion yuan, 4.90 billion yuan, and 6.52 billion yuan, respectively, with net profits expected to be 163 million yuan, 269 million yuan, and 407 million yuan [4][10]. - The company’s net profit margin is projected to improve from 2.0% in 2024 to 6.2% by 2027 [10][11]. Market Position and Strategy - The company’s main products, functional film materials and electronic-grade adhesives, are primarily used in the consumer electronics and new energy vehicle sectors, which are critical for its profitability [3][10]. - The report highlights the ongoing upgrade and optimization of the product structure, with a focus on increasing the proportion of high-value-added products [3][4].