斯迪克：三季度业绩环比改善，销售业绩进入爬坡期

Investment Rating - The report maintains an "Add-B" investment rating for the company [1][3]. Core Views - The company has shown improvement in its third-quarter performance, with sales entering a growth phase. The revenue for the first three quarters of 2024 reached 2.007 billion yuan, a year-on-year increase of 33.13%. However, the net profit attributable to shareholders decreased by 36.24% to 53.77 million yuan [1][2]. - In Q3 2024, the company achieved a revenue of 670 million yuan, a year-on-year increase of 26.69%, but a slight quarter-on-quarter decline of 0.37%. The net profit for the same quarter was 21.08 million yuan, reflecting a year-on-year growth of 6.48% and a quarter-on-quarter increase of 49.92% [1][2]. - The gross margin for Q3 2024 was 26.28%, up 3.82 percentage points from Q2, while the net margin improved to 3.14%, an increase of 1.05 percentage points from the previous quarter [1]. Financial Performance and Forecast - The company is expected to achieve revenues of 2.734 billion yuan, 3.642 billion yuan, and 4.528 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38.9%, 33.2%, and 24.3% [3][5]. - The net profit attributable to the parent company is projected to be 91 million yuan, 174 million yuan, and 290 million yuan for the same years, with significant growth rates of 62.6%, 91.0%, and 66.6% [3][5]. - The report indicates that the company’s earnings per share (EPS) will be 0.20 yuan, 0.38 yuan, and 0.64 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 65.6, 34.4, and 20.6 [3][5]. Market Dynamics - The OCA market is estimated to be around 28 billion yuan, with new technologies like foldable devices expected to drive demand for OCA optical adhesives. The global demand for OCA optical adhesives is projected to reach 353 million square meters in 2023 [3][6]. - The company has already achieved stable mass production of its products with several major domestic terminal customers, positioning it to benefit from the rapid growth in global foldable smartphone demand [3][6].