Core Viewpoint - Tianlu Technology (301045) is strategically positioning itself to break Japan's monopoly on TAC film, which is crucial for the profitability of polarizer manufacturers in the display panel industry [1] Group 1: Market Demand and Production - The demand for TAC film is projected to reach 1.229 billion square meters by 2025 according to market institution data [1] - Over 70% of the production capacity for the panel segment is located in mainland China, with a similar expectation for the polarizer segment after capacity consolidation [1] Group 2: Cost Structure and Dependency - TAC film accounts for over 50% of the cost of polarizer materials, making it a key factor influencing the profitability of polarizer companies [1] - The TFT-grade TAC film used in mainland China is primarily imported, with Japanese manufacturers Fujifilm and Konica Minolta holding approximately 75% of the global market share [1] Group 3: Strategic Initiatives - In 2023, BOE, a leader in the panel industry, partnered with domestic polarizer company Sanli Pu (002876) to establish a subsidiary, Anhui Jiguang, focused on the TAC film project [1] - This initiative aims to collaboratively break Japan's monopoly on TAC film, enhancing the self-sufficiency of China's panel industry [1] - The necessity of this project has been further emphasized by current geopolitical relations, with strong support from various industry stakeholders ensuring decisive project advancement [1]
天禄科技：TAC膜的需求量2025年达到12.29亿平方米