Investment Rating - The report maintains a rating of "Accumulate" for Tianlu Technology [5] Core Views - The company is expected to see significant revenue growth driven by the upcoming TAC optical film project, which is anticipated to break the foreign monopoly in the market [7] - The company has a stable position in the main business of light guide plates, with a projected increase in net profit from 27 million yuan in 2024 to 134 million yuan in 2027 [5][7] - The report highlights the potential of the reflective polarizing enhancement film project, which aims to meet domestic demand and reduce reliance on imports [7] Financial Summary - The total share capital is 110.32 million shares, with a market price of 38.34 yuan, resulting in a market capitalization of approximately 4,229.61 million yuan [5] - Revenue projections show a growth from 596 million yuan in 2023 to 1,343 million yuan in 2027, with a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [5][8] - The net profit is expected to grow from 9 million yuan in 2023 to 134 million yuan in 2027, reflecting a significant increase in profitability [5][8]