Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is a global leader in high polymer functional films, particularly in optical reflective films, with a market share of 62% in 2023 [17][24]. - The company has successfully entered higher technical barrier markets such as optical base films and lithium battery separators, indicating a strong growth trajectory [3][24]. - Continuous investment in R&D and the development of new products are expected to drive long-term benefits, especially with the rising demand for domestic alternatives [24]. Summary by Sections 1. Company Overview - The company has been a pioneer in the reflective film market since 2012 and has achieved a leading position in the global market by breaking the technological monopoly of Japanese and Korean firms [17][24]. - The main products include reflective films, optical base films, separators, and other special functional films, with core technologies reaching international standards [18][24]. 2. Reflective Film Market - The reflective film market for liquid crystal displays is projected to grow from approximately 1.95 billion yuan in 2023 to about 2.48 billion yuan by 2027, with a CAGR of around 6.2% [2]. - The company has achieved a reflective rate exceeding 97% through innovative multi-phase bubble structures, maintaining a high gross margin of 36.56% in the first half of 2024 [2][4]. 3. Optical Base Film - The optical base film market in China is expected to grow at a rate of 6.2%, reaching nearly 60 billion yuan by 2028 [2]. - The company has seen a steady increase in the proportion of high-end products in its optical base film segment, with gross margins improving by 8.5 percentage points year-on-year [2]. 4. Lithium Battery Separators and CPI Films - The company has received small batch orders for its lithium battery separators, which are designed for various technological applications [3]. - The CPI film project is expected to enter mass production by 2025, indicating a new growth curve for the company [3]. 5. Financial Forecast and Valuation - The company is projected to achieve net profits of 0.23 billion yuan, 1.01 billion yuan, and 1.92 billion yuan for the years 2024 to 2026, with corresponding EPS of 0.08 yuan, 0.35 yuan, and 0.66 yuan [4]. - The PE ratios for 2024, 2025, and 2026 are estimated to be 215.79x, 49.71x, and 26.25x respectively, reflecting the company's growth potential [4].

长阳科技(688299) 公司研究/公司深度 反射膜全球领先，固态膜取得突破 ——深耕宁波系列之长阳科技深度报告 ◼ 核心观点 长阳科技是全球领先高分子功能膜高新技术企业。公司于 2012 年进 入反射膜市场，2023 年全球市场占有率第一，全球光学反射膜细分行 业龙头地位稳固。2018 年底，公司进军技术壁垒更高的光学基膜领域。 2021 年进军动力电池隔膜，布局包括动力电池等成长性确定的领域。 在新型显示领域，公司加大透明聚酰亚胺薄膜的开发，该产品主要应 用于折叠手机。我们认为，长阳科技通过持续加大研发投入，依托储 备的核心技术不断进行技术迭代，不断衍生新产品、拓展新领域，致 力于打造关键基础工业新材料平台，伴随国产替代需求逐步攀升，公 司有望长期受益。 反射膜市占率全球第一，液晶显示全尺寸覆盖。我们测算，液晶显示 用反射膜 2023 年市场规模约 19.5 亿元，2027 年或达约 24.8 亿元， 2023-2027 年 CAGR 将达到约 6.2%。长阳科技成功研发出多相泡孔结 构，反射率进一步提升到 97%以上，达到了国际领先水平；产品种类 方面，实现了液晶显示全尺寸应用领域的覆盖。2024 年上 ...

Financial Performance - Total revenue for 2024 reached RMB 1,332.95 million, an increase of 6.35% compared to RMB 1,253.34 million in the previous year[3] - Operating profit decreased significantly by 56.56% to RMB 38.05 million from RMB 87.58 million year-on-year[3] - Net profit attributable to shareholders of the parent company fell by 78.46% to RMB 20.55 million, down from RMB 95.42 million in the previous year[3] - Basic earnings per share dropped by 79.41% to RMB 0.07, compared to RMB 0.34 in the same period last year[3] - The net profit after deducting non-recurring gains and losses plummeted by 98.07% to RMB 1.10 million from RMB 56.85 million in the previous year[3] Assets and Equity - Total assets increased by 2.97% to RMB 3,436.11 million from RMB 3,336.97 million at the beginning of the period[3] - The return on equity decreased by 3.57 percentage points to 0.96% from 4.53% year-on-year[3] Expenses and Losses - The company's management and financial expenses increased due to higher costs at the Hefei subsidiary, impacting overall profitability[7] - The company experienced significant losses in projects such as separators, which are still in the capacity ramp-up and construction phase[6] - The company received fewer subsidies compared to the previous year, contributing to the decline in net profit[7]

证券代码：688299 证券简称：长阳科技 公告编号：2025-002 宁波长阳科技股份有限公司 2024 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2024 年年度实现归属于母公司所有者的净利 润约 2,004.85 万元到 2,394.05 万元，与上年同期（法定披露数据）相比，将减 少 7,147.98 万元到 7,537.18 万元，同比减少 74.91%到 78.99%。 2、预计 2024 年年度实现归属于母公司所有者的扣除非经常性损益的净利润 108.45 万元到 397.65 万元，与上年同期（法定披露数据）相比，将减少 5,287.53 万元到 5,576.73 万元，同比减少 93.01%到 98.09%。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 上年同期营业收入 125,334.36 万元；归属于母公 ...

财联社1月17日电，长阳科技发布2024年年度业绩预告，预计2024年年度实现归属于母公司所有者的净 利润约2004.85万元到2394.05万元，同比减少74.91%到78.99%。 报告期内，公司主要产品反射膜的基本盘稳定，但隔膜等项目因处于产能爬升及建设期间，产能尚待释 放，存在较大亏损。 同时，公司管理费用及财务费用较上年同期增加，主要系合肥子公司管理费用及利息费用增加。 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 Grandall Law Firm (Shanghai) 中国 上海 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼，200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China, 200085 电话/TEL: (8621) 5234-1668 传真/FAX: (8621) 5234-1670 关于宁波长阳科技股份有限公司 2025年第一次临时股东大会的法律意见书 致：宁波长阳科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受宁波长阳科技股份有限公 司（以下简称"公司"）委托，指派本所律师出席公司 2025 年第一次临时股东大 会（以下简称"本次股东大会"）。本所律师根据《中华人民共和国证券法》（以 下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、法规、部 门规章和规范性文件以及《宁波长阳科技股份有限公司章程》（以下简称"《 ...

宁波长阳科技股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688299 证券简称：长阳科技 宁波长阳科技股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 1 月 宁波长阳科技股份有限公司 2025 年第一次临时股东大会会议资料 宁波长阳科技股份有限公司 2025 年第一次临时股东大会会议资料目录 | 2025 年第一次临时股东大会会议须知 | 宁波长阳科技股份有限公司 | 3 | | --- | --- | --- | | 2025 年第一次临时股东大会会议议程 | 宁波长阳科技股份有限公司 | 5 | | 议案一：关于部分募投项目结项并将节余募集资金永久补充流动资金的议案 | | 7 | | 8 万吨光学级聚酯基膜项目"的议案 | 议案二：关于变更"年产 | 12 | | 议案三：关于为全资子公司向银行申请综合授信额度提供担保的议案 | | 16 | 宁波长阳科技股份有限公司 2025 年第一次临时股东大会会议资料 宁波长阳科技股份有限公司 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中 ...

Core Viewpoint - The solid-state battery industry is experiencing significant advancements, with companies like Changyang Technology making strides in production and technology development, positioning themselves for future growth opportunities in the market [1][4][12]. Group 1: Company Developments - Changyang Technology has launched its first mass production line for solid-state lithium batteries, marking a significant milestone in the commercialization of solid-state battery technology [1][2]. - The company has developed a new type of solid electrolyte membrane that enhances battery performance and safety, with initial orders from leading power battery clients [4][5]. - The factory in Hefei, covering 165 acres with an investment of 1.5 billion yuan, aims to achieve an annual production capacity of 560 million square meters of lithium battery separator materials and 20,000 tons of optical-grade polyester film [5][6]. Group 2: Industry Trends - The solid-state battery technology is recognized for its potential to improve energy density and safety, with the manufacturing process focusing on the membrane formation as a critical step [3][8]. - The industry anticipates rapid commercialization of solid-state batteries by 2025, with significant applications expected in electric vehicles and other emerging technologies [6][12]. - The demand for functional membranes in lithium batteries is projected to surge, with estimates suggesting that 1.5 to 2 billion square meters of new functional membranes will be required as the solid-state battery market expands [13]. Group 3: Future Outlook - Changyang Technology aims to become a leading domestic supplier of functional membranes, with a ten-year goal of developing ten types of membranes to enhance its market position [1][15]. - The company is also focusing on the growing market for foldable smartphones, with expectations of significant sales growth in this segment, which will drive demand for CPI films [9][10]. - The ongoing investment in R&D, with expenditures increasing from 51.96 million yuan in 2022 to 68.72 million yuan in 2023, reflects the company's commitment to innovation and market leadership [14].

证券代码：688299 证券简称：长阳科技 公告编号：2024-054 宁波长阳科技股份有限公司 关于变更"年产 8 万吨光学级聚酯基膜项目"的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司拟将"年产 8 万吨光学级聚酯基膜项目"变更为"年产 2 万吨光 学级聚酯基膜项目"，并将建设期延长至 2025 年 6 月 30 日。 2024 年 12 月 18 日，宁波长阳科技股份有限公司（以下简称"公司"）召 开第三届董事会第二十七次会议、第三届监事会第二十三次会议，审议通过了《关 于变更"年产 8 万吨光学级聚酯基膜项目"的议案》，同意公司将"年产 8 万吨 光学级聚酯基膜项目"变更为"年产 2 万吨光学级聚酯基膜项目"，并将建设期 延长至 2025 年 6 月 30 日。保荐机构华安证券股份有限公司对本事项出具了明确 同意的核查意见，上述议案需提交公司股东大会审议。现将具体情况公告如下： 一、募集资金基本情况 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意宁波长阳科技股份有限公司首次 ...

证券代码：688299 证券简称：长阳科技 公告编号：2024-052 宁波长阳科技股份有限公司 第三届监事会第二十三次会议决议公告 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关 于部分募投项目结项并将节余募集资金永久补充流动资金的公告》。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 2024年12月18日，宁波长阳科技股份有限公司（以下简称"公司"）以现场 方式在公司会议室召开第三届监事会第二十三次会议（以下简称"本次会议"）， 本次会议由监事会主席王云女士主持，会议应到监事3名，实到监事3名，本次会 议的召集、召开符合《公司法》等法律、法规、规范性文件和《宁波长阳科技股 份有限公司章程》、《宁波长阳科技股份有限公司监事会议事规则》的有关规定。 二、 监事会会议审议情况 经与会监事审议，做出以下决议： （一）审议通过《关于部分募投项目结项并将节余募集资金永久补充流动资 金的议案》 公司本次将募投项目"研发中心项目"结项并将节余募集资金永久补充流动 资金有 ...