斯迪克(300806) - 斯迪克调研活动信息

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]