苏大维格20241217

Summary of Su Da Wei Ge's Conference Call Company Overview - Su Da Wei Ge is a micro-nano optical manufacturing platform company with core technologies including 3D lithography, large-format production, and strong data processing capabilities, applied in semiconductor, new display, and optoelectronic materials sectors. The company has developed the world's first panoramic 3D lithography machine [2][3] Core Business Segments - 3D Printing and Anti-Counterfeiting: The business covers tobacco and alcohol packaging, card production, and anti-counterfeiting technology. Collaborations with brands like Zhonghua and Furongwang have led to a tenfold increase in card production year-on-year, with anti-counterfeiting contributing 40-50% of total revenue, approximately 800-1,000 million yuan [2][5] - Automotive Business: Through its subsidiary Maika, the company provides smart surface nano-texture materials for BMW and develops HUD diffraction optical solutions and hidden display films, expecting significant growth next year [2][6] - Consumer Electronics: Managed by subsidiary Wei Wang, this segment includes light guide fluorescent and strong light materials, generating annual revenue of 400-600 million yuan. Capacitive touch technology, handled by subsidiary Wei Ye Da, generates about 200 million yuan annually [2][8][9] Future Development Directions - The company plans to expand its card and badge product lines, increase the proportion of high-margin anti-counterfeiting products, and continue developing automotive-related businesses. It aims to enhance the market share of high-margin products like national tickets and anti-counterfeiting property certificates [2][7][12] Competitive Advantages - Su Da Wei Ge's core competitive advantage lies in its full industry chain layout, from equipment manufacturing to product development, allowing for rapid response to customer demands and quick industrialization of new technologies [2][14][26] Innovations and R&D - The company is developing virtual-real fusion transparent displays and new photovoltaic reflective films, aiming to improve component efficiency by 0.3-0.5% [2][11] - In the AR glasses sector, the company has established early layouts and is collaborating with North American clients, with mass production expected around 2026 [2][15][24] Market Trends and Outlook - The company is optimistic about the growth prospects for 2024 and beyond, driven by steady market demand and continuous innovation [2][17] - The growth of index products is fueled by the popularity of new IPs and the expansion of customer categories [2][18] Financial Performance - The company has seen significant revenue growth in its card and badge business, with expectations of reaching 200-300 million yuan in revenue next year [2][12] - The profitability of card and badge products is strong, with gross margins exceeding 30% [2][16] Conclusion - Su Da Wei Ge is well-positioned to capitalize on the opportunities presented by the AI era and various terminal forms, supported by its technological capabilities and industrialization potential [2][27]