STHC(SZ:000045) 经济观察报·2025-10-17 14:15Core Viewpoint - The article discusses the strategic decision of Shenzhen Textile (Group) Co., Ltd. to invest in a new production line for polarizing films, despite a challenging market environment, and raises questions about the purchase of second-hand equipment from Hengmei Optoelectronics [2][6][12]. Group 1: Investment in New Production Line - Shenzhen Textile's subsidiary, Shengbo Optoelectronics, plans to build a new production line with a width of 1.49 meters and an estimated capacity of 18 million square meters per year for LCD and OLED polarizing films, with a total investment of approximately 1.334 billion yuan [2][8]. - The decision to invest in the new line comes despite a reported decline in the performance of polarizing film companies, with Shengbo Optoelectronics experiencing a 19.73% drop in revenue [6][8]. - The new production line is specifically targeted at the OLED market, which is expected to have higher profit margins compared to LCD products, indicating a strategic shift towards high-end applications [6][8]. Group 2: Equipment Purchase Concerns - Shengbo Optoelectronics intends to purchase second-hand front-end equipment from Hengmei Optoelectronics for approximately 179 million yuan, raising questions about the quality and necessity of buying used equipment that has been idle for four years [2][10][11]. - The equipment in question was previously owned by Jiangsu Haiwei Optoelectronics and has not been used since its purchase in 2021, leading to skepticism about its condition and the rationale behind the purchase [9][10]. - The decision to buy only part of the equipment, specifically the front-end machines, rather than the entire set, has also been questioned, as the new production line will require additional machinery [10][11]. Group 3: Relationship Between Companies - Hengmei Optoelectronics, which holds a 40% stake in Shengbo Optoelectronics, is both a competitor and a partner, complicating the dynamics between the two companies [12][13]. - The relationship has evolved over time, with both companies collaborating on technology and production line projects, although there have been failed attempts at mergers [13][14]. - The ongoing collaboration and competition between the two firms may influence future strategic decisions, including potential restructuring efforts [14].