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. The company offers a diverse range of light guide plate products, with sizes from 8 inches to 86 inches and thicknesses from 0.3 mm to 3 mm, continuously innovating to meet the trends of thinner, brighter, and more energy-efficient displays [4]. - The strategic layout of TAC film presents significant domestic substitution opportunities, creating a second growth curve for the company. TAC film is a core component of polarizers, accounting for nearly 60% of the cost structure. The global demand for TAC film is expected to reach 1.229 billion square meters by 2025, with a strong push for domestic production in China due to the shift of panel production capacity to the mainland [5]. - The company has introduced external strategic investment partners, deeply binding with leading downstream customers such as BOE and Sanli Film. The subsidiary Anhui Jiguang has attracted several industry and investment partners to break the foreign monopoly on TAC film, enhancing the feasibility of domestic production [6]. Financial Projections - The company is projected to achieve revenues of 621 million yuan, 638 million yuan, and 869 million yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 28 million yuan, 36 million yuan, and 82 million yuan for the same years [7][10]. - The earnings per share (EPS) is forecasted to be 0.28 yuan, 0.36 yuan, and 0.82 yuan for 2025, 2026, and 2027, respectively, with a significant increase in net profit growth rates projected [10][13].
天禄科技：战略布局TAC膜，深度绑定下游客户-20260311