天禄科技分析师会议-20260120

Group 1: Research Basic Information - The research object is Tianlu Technology, belonging to the optoelectronic industry. The reception time was January 20, 2026, and the listed company's reception staff was Li Yanru, the director of investor relations [17] Group 2: Detailed Research Institutions - The research institutions include Shenwan Lingxin (a fund management company), Huabao Fund (a fund management company), and Orient Securities Asset Management (an asset management company) [18] Group 3: Main Content TAC Film Manufacturers - The main suppliers of TFT - grade polarizer TAC film are Fuji Film and Konica Minolta in Japan, Hyosung Chemical in South Korea, Dah Huei in Taiwan (China), and Zeon in Japan. Fuji Film, Konica Minolta, and Zeon together account for about 80% of the global market [24] Market Space, Competition Pattern, and Project Impact - The demand for TAC film is expected to reach 1.229 billion square meters in 2025. Over 70% of the downstream panel production capacity is in mainland China, and after capacity integration, about 70% of the polarizer production capacity is also expected to be in mainland China. TAC film accounts for over 50% of the polarizer film material cost. In 2023, BOE, Sanlipu, and Tianlu Technology jointly established Anhui Jiguang to engage in the TAC film project. Under the current geopolitical situation, the necessity of this project is further strengthened [25][26] Raw Material Supply Pattern and Localization - The main raw material of TAC film is cellulose triacetate, and the global main suppliers are Sichuan Push (a subsidiary of Yibin Paper), Daicel in Japan, and Eastman in the United States. Tianlu Technology has established business relationships with these three suppliers [27] Financing Plan for Anhui Jiguang - With the capital investment from shareholders and government subsidies, Anhui Jiguang has sufficient funds and low liquidity pressure. Its financing work is in the final stage, and the company will promote it according to the situation [28]