证券代码：002632 证券简称：道明光学 道明光学股份有限公司 投资者关系活动记录表 编号：2020-5-6 | --- | --- | --- | |-----------------------------|-------------------------|------------------------------------------------------------------| | | □ | 特定对象调研 £分析师会议 | | 投资者关系 | □ | 媒体采访 □业绩说明会 | | 活动类别 | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | R 其他 | | | | 中信证券股份有限公司 首席化工分析师 王喆； | | 参与单位名称及 | | 中信资管 黄哲、王卫；平安银行 刘飞；万丰有方 李鸿江；安中 | | 人员姓名 | | 投资 沙正江；民生银行 尹邦仁；华宝基金 徐程惠；中信自营 | | | | 赵芳芳；淡水泉 罗怡达；光大银行 刘奎；社保基金 林建宁、陈 | | | | 恩俊；华商基金 杨志栋、崔智鹏；融通基金 戴福宏 | | 时 间 | 2020 年 4 月 ...

Financial Performance - In 2019, the company achieved total revenue of 1.39 billion yuan, a year-on-year increase of 16.23% [3] - The total profit was 231 million yuan, a decrease of 8.27% year-on-year [3] - Net profit attributable to shareholders was 198 million yuan, down 3.50% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 142 million yuan, a decline of 17.97% year-on-year [3] Key Growth Drivers for 2020 - The sales revenue from license plate film and semi-finished products reached 255 million yuan in 2019, growing by 30.10% and capturing nearly 30% market share [4] - Reflective fabric sales generated 149 million yuan, a 15.95% increase, while reflective clothing sales were 81 million yuan, down 14.40% [4] - The prism reflective film achieved sales of 267 million yuan, a growth of 46.79% [4] - Aluminum-plastic film sales reached 51.09 million yuan, up 19.65% year-on-year [5] Market Impact and Challenges - The overseas market generated sales of 314 million yuan in 2019, accounting for 22.6% of total revenue [6] - The pandemic has negatively impacted overseas operations and demand for road safety materials [6] - The company faces challenges in the LCD TV and display panel industry due to increased competition and declining prices [5] Future Market Potential - The total market for license plates in China is estimated at 7.5-8 billion yuan, with a potential market size of 45-50 billion yuan for new energy vehicle plates [6] - The company aims to expand its market share in both domestic and international markets, particularly in reflective materials and safety products [6] Financial Strategies for 2020 - The company plans to enhance cash flow through the pre-sale of properties in the small and micro park project [6] - Increased focus on sales collection and operational cash flow is expected to improve financial stability [6]

Group 1: Micro Prism Reflective Film - The micro prism reflective film generated revenue of 56 million in 2017, with sales reaching 124 million in 2016 and approximately 50 million in Q1 2018 [1] - The average price per square meter of the micro prism film reached 69 yuan (excluding tax) by the end of 2017, with a cost reduction of 40-50 yuan per square meter compared to glass beads [1] - The company aims to capture 70% of the domestic market currently dominated by foreign products, particularly 3M, leveraging a price advantage of 15%-20% [2] Group 2: Aluminum-Plastic Film - The aluminum-plastic film began production in Q4 2016 and achieved stable mass production by Q2 2017, with sales volume reaching 1.0314 million square meters and revenue of 20.4997 million yuan in 2017 [2] - The average selling price for aluminum-plastic film was 19.88 yuan per square meter (excluding tax), with monthly sales approaching 200,000 square meters by August 2017 [2] - The company is working on increasing the domestic sourcing of raw materials to reduce costs and improve profit margins [2] Group 3: Quantum Dot Film - The quantum dot film project has completed installation and debugging, with trial production expected to start in the second half of 2018 [3] - Currently, the market for quantum dot films is dominated by imported products, with 3M selling at prices as high as 50 USD per square meter [3] - The company plans to reduce the price of domestically produced quantum dot films to around 30 USD per square meter, significantly expanding market potential [3]

Financial Performance - The company's reflective film revenue for the first half of 2018 reached 186 million CNY, a year-on-year increase of 20.70%, with gross margin rising from 35%-45% to 51.45% due to sales of micro-prism films and license plate films [1] - Reflective fabric revenue for the first half of 2018 was 68,153,105.16 CNY, an increase of 11.24%, while reflective clothing revenue was 43,870,609.98 CNY, growing by 37.47% [3] Market Expansion - The company secured a joint bid for 100 million CNY worth of semi-finished license plates in Guangdong province and over 10 million CNY for new energy vehicle license plates, with a market share of approximately 20% in the domestic license plate film market [2] - The company anticipates an annual increase of 30 million vehicles, requiring 6 million square meters of license plate film, indicating a significant market growth opportunity [2] Product Development - The average sales price of prism reflective films decreased from 68 CNY/square meter in 2017 to 57 CNY/square meter in the first half of 2018, driven by increased production and sales of micro-prism films [2] - The company is focusing on enhancing the performance of reflective fabrics used in vehicle safety vests, aiming for product upgrades to increase added value [3] Strategic Investments - The investment in Black Diamond Technology aims to leverage its established customer base in Nigeria to expand the company's reflective materials business in Africa [4] - The company plans to explore emerging markets along the "Belt and Road" initiative, enhancing its international presence and market share [4]

Group 1: Prism Film Analysis - The utilization rate of prism reflective film increased in the first half of 2018, with an average sales price dropping from £68/sqm in 2017 to £57/sqm in 2018 [2] - Sales volume of prism reflective film reached 136,450 sqm, generating revenue of £77.2853 million [2] - The company's products are approximately 15%-20% cheaper than those of 3M, providing a competitive advantage [2] Group 2: License Plate Film Overview - The company secured contracts for 100 million semi-finished license plates in Guangdong and over £15 million in Shandong for 2018 [2] - License plate film holds a market share of about 20% in China, with expectations for significant growth due to increasing market demand [2] - An estimated 30 million new vehicles will require 6 million sqm of license plate film annually, indicating a substantial market opportunity [2] Group 3: Reflective Fabric Performance - Reflective fabric revenue reached £68.15 million in the first half of 2018, a year-on-year increase of 11.24% [3] - Reflective clothing revenue was £43.87 million, growing by 37.47% compared to the previous year [3] - The growth was hindered by a downturn in commercial vehicle demand and expansion efforts in surrounding cities [3] Group 4: Huawai Performance Analysis - Huawai New Materials reported total revenue of £141.63 million, with a net profit of £15.07 million, showing growth from the previous year [3] - The main product, light-enhancing film, generated £10.23 million, a 26.44% increase year-on-year [3] Group 5: Investment in Black Diamond Technology - The investment aims to leverage Black Diamond's established customer base in Nigeria to expand the company's reflective materials business in Africa [4] - The company plans to enhance its software systems and payment solutions through this investment [4] Group 6: Q3 Performance Forecast - The company expects a year-on-year growth of 90%-140% for the first nine months of 2018, driven by market expansion in license plate films and reflective materials [4] - The integration of Huawai New Materials into the company’s financials is anticipated to contribute positively to overall performance [4]

证券代码：002632 证券简称：道明光学 道明光学股份有限公司 投资者关系活动记录表 编号：2018-11-06 | --- | --- | --- | |-----------------------|------------------------------|-----------------------------------------------------------------| | | ■ | 特定对象调研 □分析师会议 | | 投资者关系 | □ 媒体采访 □业绩说明会 | | | 活动类别 | □ 新闻发布会 □路演活动 | | | | □ 现场参观 □其他 | | | 参与单位名称及 | | 长城证券股份有限公司 研究员 黄寅斌 | | 人员姓名 | | | | 时 间 | 2018 年 11 月 5 | 日 | | 地 点 | 杭州 | | | 上市公司接待 人员姓名 | 董事会秘书：尤敏卫 | | | | | | | 投资者关系活动 | 一、公司微棱镜型反光膜的介绍 | 答：棱镜型反光膜一直处于稳步增长，为了加快微棱镜反光膜的销 | | 主要内容介绍 | 售推进，公司 2018 ...

证券代码：002632 证券简称：道明光学 道明光学股份有限公司 投资者关系活动记录表 编号：2018-10-25 | --- | --- | --- | |----------------|------------------------------------------|-------------------------------------------------------------------------------------------------------------------| | | ■ | 特定对象调研 □分析师会议 | | 投资者关系 | □ 媒体采访 □业绩说明会 | | | 活动类别 | □ 新闻发布会 □路演活动 | | | | □ 现场参观 □其他 | | | | | 雪松控股集团上海资产管理有限公司 行业研究员 林锦彬； | | | | 光大证券资产管理有限公司 研究员 应超； | | 参与单位名称及 | | 上海拓璞投资管理有限公司 研究员 张钧； | | 人员姓名 | | 海通证券股份有限公司 研究员 陈佳彬； | | | | 中泰证券股份有限公司 投资经理助理 ...

Company Overview - Daoming Optics is the first company in China and the fourth globally to break through the technical barriers of micro-prism reflective film technology [2] - The company has a gross margin of approximately 60% for micro-prism products, with a competitive pricing advantage of 15%-20% over its main competitor, 3M [2] Financial Performance - In 2018, the net profit attributable to shareholders of the listed company increased by approximately 90% to 140% [1] - Major product sales, including micro-prism reflective film and license plate film, have seen significant growth, contributing to stable and continuous performance [1] Market Share and Growth Potential - The company holds about 30% of the domestic market share for license plate film and semi-finished products, with a target to capture more market share domestically and internationally [2] - The domestic market for license plates is projected to require approximately 30 million plates annually, with potential market capacity exceeding 600 million yuan [2] - The company aims to transition from a license plate film supplier to a semi-finished product supplier, enhancing its competitive advantage [2] New Projects and Innovations - Daoming Optics is expanding its product line with a new production line for optical-grade PC/PMMA co-extruded films, targeting the mobile phone and automotive display markets [3] - The new project is expected to enhance the company's product structure and provide new profit growth points [4] Industry Trends and Regulatory Impact - The company's reflective materials business is closely linked to national policies, with upcoming regulations expected to enhance safety requirements for reflective films and license plates [2] - The growth of infrastructure in developing countries, driven by initiatives like the Belt and Road, presents additional opportunities for overseas sales [2]

Group 1: Financial Performance - In 2018, the company achieved a revenue of 1.2 billion, with a net profit of 239 million attributed to shareholders [1] - The company's market share for license plate films and semi-finished products increased, enhancing product value and leading to significant growth in the performance of glass bead reflective materials [1] Group 2: Market Opportunities - The annual demand for new and used vehicles is approximately 30 million, requiring 30 million license plates, which translates to an estimated market of 6 million square meters of license plate film annually [2] - The overall market sales for license plate films and semi-finished products are expected to double due to environmental regulations and the upgrade of national standards [2] Group 3: Product Development and Competitive Advantage - The company is the first in China and the fourth globally to break through the micro-prism reflective film technology barrier, with significant demand for these products in highways and urban road signage [2] - The company offers a price advantage of 15%-20% compared to its main competitor, 3M, which may help capture a larger market share [3] Group 4: International Expansion - The company plans to expand its overseas sales channels and establish subsidiaries abroad, particularly in developing countries with significant infrastructure needs [3] - The company has received orders from over 50 3C lithium battery enterprises, indicating a growing recognition of its aluminum-plastic film products in the lithium battery industry [3]

Group 1: Company Overview and Business Segments - Daoming Optics operates five main business segments: traditional glass bead security materials, micro-nano prism reflective materials, new energy materials, micro-nano optical display materials, and consumer electronics materials [2][3] - The security materials segment remains the primary driver of internal performance, while high-end film materials are expected to be the new growth driver for sustainable stability [2][3] Group 2: Aluminum-Plastic Film Project - The domestic aluminum-plastic film market has seen many new entrants, leading to price instability; however, most manufacturers have exited the market, allowing prices to stabilize [3] - Daoming's aluminum-plastic film, launched in 2017, has achieved quality and technical performance comparable to leading Japanese companies [3] - The company plans to expand production capacity by adding two high-precision coating lines, increasing annual production capacity by 35 million square meters for lithium-ion battery packaging [3] Group 3: Micro-Prism Film Technology - Daoming is the first domestic company and the fourth globally to break through the micro-prism reflective film technology, overcoming the monopoly of foreign companies like 3M [4] - The micro-prism reflective film offers higher retro-reflectivity and longer service life compared to traditional glass bead reflective films, with significant technical barriers to entry [4] - The company aims to increase market share by enhancing product performance and expanding applications in personal security [4] Group 4: License Plate Film Market - Daoming holds a 30% market share in the license plate film and semi-finished product processing industry [4] - The total market capacity for license plates is estimated at approximately 750-800 million yuan, based on the demand for new and replacement plates [4] - New regulations for electric bicycles and larger license plate sizes are expected to drive demand for license plate films, further enhancing the company's market position [4]