璞泰来：公司正在研发5 m以下超薄基膜产品

Core Viewpoint - The company, Putailai (603659), is experiencing a supply-demand imbalance in the base film industry, with increasing downstream demand and limited production capacity due to past profitability issues and lack of investment [1] Industry Summary - The base film industry has faced poor profitability over the past few years, leading to a lack of motivation and funds for capacity expansion [1] - Current downstream demand is growing rapidly, but the construction and ramp-up of production capacity require a certain period, resulting in an overall tight supply situation [1] Company Summary - The company's base film products are currently in a state of supply shortage, prompting it to accelerate the expansion of base film production capacity [1] - For high-end base film products, the next generation requires thinner films (e.g., 5μm), higher strength, porosity, and better consistency, necessitating systematic improvements in technology, mass production stability, and quality control [1] - Although the industry has a large scale of base film production capacity, the number of suppliers capable of stably producing the next generation of base film products (e.g., 5μm) is limited, with the company being one of the few that can meet the downstream customers' demands [1] - The company is also developing ultra-thin base film products below 5μm, which will help to further strengthen its core competitiveness in base film products [1]