璞泰来：公司正在研发5m以下超薄基膜产品

Core Viewpoint - The company is experiencing a supply-demand imbalance in the base film industry, with increasing downstream demand and limited capacity expansion due to past poor profitability [2] Industry Summary - The base film industry has faced challenging profitability over the past few years, leading to a lack of motivation and funding for capacity expansion [2] - Current downstream demand is growing rapidly, but capacity construction and ramp-up require a certain period, resulting in an overall tight supply situation [2] Company Summary - The company's base film products are currently in a state of supply shortage, prompting accelerated capacity expansion efforts [2] - The next generation of high-end base film products requires thinner specifications (e.g., 5μm), higher strength, porosity, and better consistency, necessitating systematic improvements in technology, mass production stability, and quality control [2] - Although the industry has a large capacity for base films, the ability to stably produce next-generation products (like 5μm) is limited, with few suppliers meeting the downstream customers' demands [2] - The company is one of the few suppliers capable of fulfilling the next-generation product requirements and is also developing ultra-thin base film products below 5μm to strengthen its core competitiveness in this area [2]