丨证券研究报告丨 分析师及联系人 [Table_Author] 公司研究丨点评报告丨斯迪克（300806.SZ） [Table_Title] 公司高比例研发、资产投入，等待收获期 报告要点 [Table_Summary] 公司发布 2025 年中报，上半年实现收入 14.0 亿元（同比+4.5%），实现归属净利润 0.3 亿元 （同比-22.8%），实现归属扣非净利润 0.1 亿元（同比-48.6%）。2025Q2 实现收入 7.3 亿元（同 比+7.8%，环比+8.1%），实现归属净利润 0.16 亿元（同比+10.9%，环比+61.7%），实现归属 扣非净利润 0.10 亿元（同比-40.1%，环比+857.3%）。 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 斯迪克（300806.SZ） cjzqdt11111 [Table_Title2] 公司高比例研发、资产投入，等待收获期 [Table_Summary2] 事件描述 ...

Business Overview - The company reported a total operating revenue of 947 million yuan for the first half of 2025, an increase of 10.53% year-on-year [1][3] - The net profit attributable to shareholders decreased by 7.3% year-on-year to 37.67 million yuan, while the net profit after deducting non-recurring items increased by 18.87% to 38.49 million yuan [1][3] - In Q2 2025, the operating revenue was 509 million yuan, up 8.75% year-on-year, with a net profit attributable to shareholders of 18.88 million yuan, down 0.94% year-on-year [1] Financial Indicators - The gross profit margin was 16.6%, a decrease of 2.52 percentage points year-on-year [5] - The net profit margin was 4.15%, a decrease of 14.75 percentage points year-on-year [5] - Operating costs increased by 11.1% in line with sales revenue growth [5] - Total operating expenses (selling, administrative, and financial expenses) amounted to 81.52 million yuan, accounting for 8.61% of revenue, a decrease of 3.8 percentage points year-on-year [5] - Selling expenses increased by 62.19% due to higher sales personnel compensation and share-based payment amortization [5] - Administrative expenses decreased by 4.01% due to reduced employee compensation and consulting service fees [5] - Financial expenses decreased by 31.1% due to lower loan interest expenses and reduced foreign exchange losses [5] Cash Flow and Debt Situation - Operating cash flow per share was 0.09 yuan, a decrease of 67.48% year-on-year [5] - Cash and cash equivalents amounted to 310 million yuan, an increase of 23.13% year-on-year, primarily due to funds received from shareholders through a simplified share issuance process [5] - Accounts receivable reached 343 million yuan, an increase of 8.65% year-on-year, representing 512.21% of the latest annual net profit attributable to shareholders [5][6] - Interest-bearing liabilities increased by 25.27% year-on-year to 819 million yuan [5][6] - The ratio of cash and cash equivalents to current liabilities was only 42.33%, indicating a need to monitor cash flow [6] - The interest-bearing asset-liability ratio reached 26.56%, necessitating attention to the company's debt situation [6]

Summary of Jinghua New Materials Conference Call Company Overview - Jinghua New Materials operates in the adhesive materials industry, covering industrial-grade (54% share), electronic-grade (26% share), and optical-grade adhesives, as well as specialty paper, with applications in construction, automotive, and consumer electronics [2][5][6] Core Business Insights - The company established Beijing Jingzhigan New Materials Co., Ltd. in June 2025, focusing on electronic skin sensors for humanoid robots and medical applications [2] - The revenue targets set in the 2024-2026 equity incentive plan are at least 1.6 billion, 1.9 billion, and 2.3 billion yuan, with net profit growth targets of at least 25%, 65%, and 100% respectively [2][6] - The company has accumulated expertise in material processes and precision coating technology, supporting tactile substrates for low-cost mass production [2][7] Market Dynamics - The global adhesive materials market has seen a compound annual growth rate (CAGR) of approximately 7% over the past five years, with significant growth potential [2][8] - The Chinese market is projected to reach a sales volume of 43.9 billion square meters by 2025, with an annual CAGR of 8% from 2021 to 2025 [2][9] Competitive Advantages - Jinghua New Materials has a competitive edge due to its wide application range, high-margin product mix, and technological synergies [7] - The company is actively transitioning towards high-value products in electronic and optical grades, aiming to replace imports in the new energy sector [3][11] Financial Performance and Projections - The industrial-grade adhesive segment is expected to generate 1 billion yuan in revenue in 2024, accounting for 54% of total revenue, with a gross margin of 15% [3][13] - The electronic-grade adhesive segment is projected to achieve approximately 500 million yuan in revenue in 2024, representing 26% of total revenue, with a gross margin of 27.5% [3][15] - Future revenue projections for 2025 to 2027 are 2.23 billion, 2.64 billion, and 3.16 billion yuan, with corresponding net profits of 80 million, 120 million, and 160 million yuan [18] Production Capacity and Expansion - The company has production bases in Jiangsu, Anhui, Zhejiang, Sichuan, and Guangdong, with new projects entering the performance release phase [16] - New production lines are expected to be launched in 2025, adding 150 million square meters of capacity in electronic and optical grades [16] Emerging Trends - The trend of domestic substitution in the consumer electronics sector is becoming more pronounced, particularly in new display materials [12] - Jinghua New Materials has made breakthroughs in OCA (Optically Clear Adhesive) products, which are critical for mobile touch screens [12] Role in Robotics - Jingzhigan focuses on full-palm tactile solutions for humanoid robots, providing high sensitivity and low-temperature drift advantages [17] Conclusion - Jinghua New Materials is well-positioned to capitalize on the growing adhesive materials market, with a strong focus on high-value products and innovative applications in robotics and medical fields, supported by ambitious growth targets and a solid production capacity expansion plan [2][8][18]

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [3][5]. Core Insights - The company focuses on adhesive materials, aiming for market share growth in both indoor and outdoor home decoration sectors in 2024, while also expanding into new products in the automotive aftermarket and packaging markets [1]. - The company has successfully entered the supply chain of CATL, the world's largest power battery manufacturer, providing various adhesive tapes for battery assembly [1]. - The optical adhesive film product line covers high-end applications in mobile displays, including foldable screens and curved screens [1]. Financial Performance - In 2024, the company is projected to achieve revenue of 1.88 billion yuan, a year-on-year increase of 20.94%, with electronic-grade adhesive materials revenue expected to reach 494 million yuan, up 48.75% year-on-year [2]. - The gross margin for electronic-grade adhesive materials is forecasted at 27.45%, an increase of 3.35 percentage points year-on-year [2]. - The company maintains a leading position in adhesive material production capacity, with plans for significant production lines across multiple provinces [2]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are 82 million yuan, 103 million yuan, and 123 million yuan, respectively, with corresponding P/E ratios of 57.47, 46.18, and 38.63 [3].

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].

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].

Company Overview - Sdik is a leading supplier of functional coating composite materials, focusing on R&D, production, and sales of membrane materials, comparable to global benchmarks like 3M and Nitto [2][3] - The product range includes functional film materials, electronic-grade adhesives, thermal management composites, film packaging materials, and high polymer materials, with applications in consumer electronics [2][3] Technological Advantages - Sdik has achieved breakthroughs in flexible optical materials for foldable screens, addressing industry challenges such as visible creases and adhesive detachment [3] - The company has developed unique mass production solutions for optical impact-resistant materials, combining high strength, elasticity, and adhesion [3] New Energy Vehicle Materials - Sdik's self-developed materials, including ear glue tape and aerogel packaging films, enhance battery safety by preventing thermal runaway and providing flame resistance [4] - The product line supports various applications in electric cells, battery packs, and modules, validated by leading industry partners [4] AR/VR/MR Applications - Sdik has made significant advancements in optical materials for AR/VR/MR devices, transitioning from single-layer to multi-layer delivery systems [5] - Collaborations with North American clients have led to the mass production of core materials for optical path control, driving continuous innovation [5] Equity Incentive Plan - The performance assessment targets for the 2024 equity incentive plan are set for 2025-2027, with revenue growth rates of at least 40%, 75%, and 120% respectively [6] - The company’s allocation ratio is contingent on achieving these targets, with a maximum of 100% for meeting or exceeding the goals [6]