内容概要：铝箔胶带是一种以铝箔为基材，表面涂布高性能压敏胶粘剂（如丙烯酸胶或橡胶胶）的复合 型胶带。其核心特点是耐高温、耐腐蚀、导电性强，并具备优异的密封和屏蔽性能。从铝箔胶带产业链 来看，上游为制造所需原材料，主要包括铝箔、压敏胶粘剂、离型纸。中游为铝箔胶带生产制造，铝箔 胶带可分为无衬纸铝箔胶带（无离型纸）和有衬纸铝箔胶带（有离型纸）。下游为铝箔胶带应用领域， 铝箔胶带因其多功能性被广泛应用于如建筑、汽车工业、包装、消费电子、轨道交通、新能源等诸多领 域。铝箔胶带是胶粘带重要组成部分，近年来，铝箔胶带作用不断显现，随着下游市场不断发展，铝箔 胶带需求量持续增加，2023年中国铝箔胶带销售量突破4亿平方米，2024年销售量进一步扩大至4.2亿平 方米，占胶粘带总销量的0.97%，占比较小。伴随着销售量稳步增长，铝箔胶带销售额也呈现扩张态 势，2024年中国铝箔胶带销售额达30亿元，较2023年同比增长7.1%，占胶粘带总销售额的4.1%，高于 销量占比。2020-2024年期间，中国铝箔胶带销售均价较为稳定，维持在7.0元/平方米-7.5元/平方米之 间，其中2024年销售均价为7.14元/平方米，远高于胶 ...

Core Viewpoint - The company plans to distribute a cash dividend of 0.12 yuan per share for the fiscal year 2024, reflecting a commitment to shareholder returns amidst a cautious capital expenditure environment in the machinery industry [3]. Company Overview - The company operates in the reducer manufacturing sector, which is experiencing a gradual market growth due to China's rapid economic development and industrialization [4]. - The company is positioned as a leading player in the domestic general reducer market, leveraging reliable product quality, brand reputation, and continuous technological innovation [8]. Industry Situation - The reducer industry is witnessing a weak recovery in 2024, influenced by cautious capital expenditure from enterprises amid a macroeconomic environment showing signs of weak recovery [4]. - Government policies, such as the implementation of major technological equipment projects and the promotion of high-end manufacturing, are expected to invigorate the precision reducer market [5][6]. - The industry is characterized by accelerated integration and increasing concentration, with leading companies enhancing their competitive edge through brand effects and technological advancements [7]. - Domestic manufacturers are narrowing the gap with international brands, with a significant trend towards domestic substitution in the reducer market [8]. Business Model - The company employs a procurement model based on annual forecasts and framework contracts with suppliers, primarily using cost-based pricing for procurement [12][13]. - The production model is characterized by a just-in-time approach, with a focus on self-production supplemented by outsourcing [12]. - The sales model includes both direct sales to end customers and sales through distributors, with all sales being on a buyout basis [12]. Financial Data - The company plans to distribute a total cash dividend of approximately 79.09 million yuan, which represents 53.89% of the net profit attributable to shareholders for the fiscal year 2024 [29].