Core Viewpoint - Tianlu Technology (301045) demonstrated strong profitability and operational resilience in Q3 2025, achieving a net profit of 10.099 million yuan, a significant year-on-year increase of 106% despite industry cyclical adjustments and external challenges [1][2]. Financial Performance - In Q3 2025, the company reported an operating income of 151 million yuan, with a notable increase in net profit and a 125.87% growth in non-recurring net profit, indicating substantial improvement in core business profitability [2]. - The net cash flow from operating activities surged to 90.6104 million yuan, reflecting a year-on-year increase of 468.16%, showcasing effective capital turnover and cost control [2]. - As of September 30, 2025, total assets reached 1.486 billion yuan, a 9.28% increase from the previous year, while equity attributable to shareholders grew by 3.07% to 1.025 billion yuan [2]. Strategic Initiatives - The company has extended its focus beyond light guide plates to adjacent segments in the display industry, establishing Anhui Jiguang New Materials Co., Ltd. to specialize in the research, production, and sales of TAC film [3]. - TAC film is a critical raw material for display panels, playing a vital role in protecting polarizers and adjusting optical properties, positioning the company for a "second growth curve" [3]. R&D and Capacity Expansion - Tianlu Technology has maintained steady R&D investment, with expenses reaching 26.7604 million yuan, reflecting a commitment to technological innovation [4]. - The ongoing construction projects have increased by 45.09% since the beginning of the year, primarily due to the continuous advancement of optical plate and TAC film projects, indicating future capacity release and product structure optimization [4]. - Analysts note that the company has achieved counter-cyclical growth in a complex market environment, with improved cash flow and asset structure, making its future performance in high-end display materials promising [4].
天禄科技2025年三季报：净利润逆势增长106%，战略布局TAC膜开启第二增长曲线