Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company's main business in light guide plates is stable, with a market share of 16.70% in display light guide plates and 23.20% in notebook light guide plates for 2024, leading globally [4]. - The company is expanding into the TAC film market, which is essential for polarizers, with significant domestic replacement potential. The global TAC film market demand is expected to reach 1.229 billion square meters by 2025 [5]. - The company has introduced external strategic investment partners to strengthen ties with leading downstream clients such as BOE and Sanli [6]. Company Overview - Latest closing price: 47.41 yuan - Total shares: 1.10 billion, circulating shares: 0.64 billion - Total market value: 5.2 billion yuan, circulating market value: 3 billion yuan - 52-week high/low: 49.16/17.26 yuan - Debt-to-asset ratio: 20.4% - Price-to-earnings ratio: 189.64 [3]. Financial Projections - Expected revenues for 2025, 2026, and 2027 are 621 million, 638 million, and 869 million yuan respectively, with net profits of 28 million, 36 million, and 82 million yuan [7][10]. - The company anticipates a revenue growth rate of -5.05% in 2025, followed by 2.80% in 2026, and a significant increase of 36.09% in 2027 [10]. - Earnings per share (EPS) are projected to be 0.28 yuan in 2025, 0.36 yuan in 2026, and 0.82 yuan in 2027 [10].
天禄科技（301045）：战略布局TAC膜，深度绑定下游客户