中银晨会聚焦-20260121

Core Insights - The report maintains a positive outlook on the company, highlighting its leadership in photovoltaic encapsulation technology and its exploration of new solutions for space photovoltaic applications, with a recommendation to "maintain buy" rating [2][4][6]. Company Overview - The company is a leading player in the photovoltaic encapsulation materials sector, holding a market share of approximately 50% in the photovoltaic film auxiliary materials field [4]. - It offers a diverse range of products including UVB films, light conversion films, high-reflective black films, ultra-high reflective white films, high barrier edge sealing adhesives, PIB films, and high-reflective back sheets, aimed at providing cost-effective encapsulation solutions for emerging technologies like TOPCon, HJT, thin-film batteries, and perovskite cells [4]. Technological Advancements - The company possesses advanced encapsulation technology that meets the requirements for space photovoltaic applications, particularly in terms of radiation resistance [5]. - It is actively developing new materials that combine various properties to meet the unique demands of space environments, leveraging its existing expertise in PI materials and PET materials [5]. Financial Projections - The report forecasts earnings per share of 0.39, 0.74, and 0.99 yuan for the years 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 38.8, 20.7, and 15.4 times [6].