天禄科技分析师会议：调研日期-20260226

1. Reported Industry Investment Rating - No information provided 2. Core Views of the Report - The TFT - level TAC film for polarizers is basically monopolized by Japanese manufacturers, with Fuji Film, Konica Minolta, and Rayon accounting for about 80% of the global market, and Fuji Film and Konica Minolta accounting for about 75% [23][24]. - The demand for TAC film reached 1.229 billion square meters in 2025. Over 70% of the downstream panel production capacity and about 70% of the polarizer production capacity after integration are in mainland China. TAC film accounts for over 50% of the polarizer film material cost [23]. - In 2023, BOE, Sanlipu, and Tianlu Technology jointly established Anhui Jiguang to engage in the TAC film project to break the Japanese monopoly and promote the self - controllability of the panel industry chain. The project's necessity is further strengthened under the current geopolitical situation [24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Tianlu Technology [17] - Industry: Optoelectronics [17] - Reception time: 2026 - 02 - 26 [17] - Listed company receptionist: Investor Relations Director Li Yanru [17] 3.2 Detailed Research Institutions - Institution: Fund management company - Fuguo Fund [20] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data - Global TAC film manufacturers: The main suppliers of TFT - level TAC film for polarizers are Fuji Film and Konica Minolta from Japan, Hyosung Chemical from South Korea, Dahui from Taiwan, China, and Rayon from Japan. Fuji Film, Konica Minolta, and Rayon together account for about 80% of the global market [23]. - Market space and competition pattern of TAC film: The demand for TAC film reached 1.229 billion square meters in 2025. Over 70% of the downstream panel production capacity and about 70% of the polarizer production capacity after integration are in mainland China. TAC film accounts for over 50% of the polarizer film material cost. Mainland China's TFT - level TAC film is basically imported, with Fuji Film and Konica Minolta accounting for about 75% of the global market [23][24]. - Project progress: Anhui Jiguang obtained the construction permit in June 2025, and the plant construction is progressing steadily. The main equipment will be installed and debugged in the first half of this year. The trial - produced film in the laboratory has been sent to downstream polarizer and panel manufacturers for testing, and the test results are consistent with Anhui Jiguang's own detection [25]. - Equipment arrival situation: Before the Spring Festival, the liquid - mixing tank and some carbon fiber rollers have arrived. The liquid - mixing tank is at the front end of the TAC film production process [25].