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 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 49.70 CNY, maintaining the rating [4][8]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues for H1 2025 between 358-398 million CNY, representing a year-on-year increase of 67.42%-86.02% [1]. - The company is expanding its new business segments, including smart equipment for household paper, industrial robots, and drones, which are anticipated to drive future growth [2][3]. - The company is actively increasing production capacity and expanding into overseas markets, particularly in Southeast Asia and the Middle East, to support its growing order book [2]. Summary by Sections Financial Performance - For H1 2025, the company expects a net profit of 68-73 million CNY, a year-on-year increase of 51.24%-61.66%, and a non-recurring net profit of 62-67 million CNY, growing by 93.83%-108.47% [1]. - In Q2 2025, the anticipated revenue is between 159-199 million CNY, with a year-on-year growth of 79.46%-124.35% [1]. Business Expansion - The household paper equipment segment is experiencing rapid growth, with Q1 2025 orders reaching 310 million CNY, and the company plans to launch new products in the second half of the year [2]. - The establishment of a 1.5 billion CNY smart manufacturing fund in collaboration with local governments aims to invest in high-end equipment manufacturing, which is expected to create new revenue streams [3]. Future Projections - Revenue forecasts for 2025-2027 are 1.264 billion CNY, 1.585 billion CNY, and 1.906 billion CNY, reflecting year-on-year growth rates of 191.02%, 25.32%, and 20.28% respectively [4][9]. - The company is focusing on enhancing its core competencies in equipment and materials, leveraging its established manufacturing capabilities to respond quickly to emerging market demands [3].

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].

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]