南财智讯1月20日电，天禄科技在投资者关系活动中表示，TAC膜的主要原材料三醋酸纤维素全球有三 大供应商，分别为四川普什、日本大赛璐和美国伊斯曼，其中四川普什为国内企业，表明上游材料具备 国产化条件。相较其他光学膜产品，TAC膜产业链更有可能实现全面国产化，这也是公司与京东方最终 选择研发TAC膜的重要原因之一。公司已与上述三家供应商建立业务关系，并对来料完成多次检测。 ...

Group 1: Company Overview - Shenzhen Textile (Group) Co., Ltd. (referred to as "Shenzhen Textile A") participated in the "2025 Shenzhen Listed Companies Investor Online Reception Day" on November 20, engaging with online investors through the investor relations interactive platform [1] Group 2: Raw Material Localization - The company addressed concerns regarding reliance on Japanese suppliers, stating that while raw material supply is primarily from imports, it has made progress in localizing key materials such as release films and protective films [2] Group 3: Mergers and Acquisitions - In response to inquiries about potential acquisitions or business optimization, the company indicated it will follow Shenzhen's "20+8" strategic emerging industries policy and explore opportunities in the polarizer sector, aiming for long-term development and value enhancement [3] Group 4: Business Transformation - The company clarified its transition from a textile background to focusing on high-tech products, specifically liquid crystal display polarizers, while phasing out traditional textile and apparel operations [4] Group 5: Investor Communication - The investor reception day is part of an initiative to enhance communication between the company and investors, with a commitment to using platforms to address market concerns and ensure investor rights to information [5]

Group 1: Raw Material Supply and Localization - The company primarily relies on imported suppliers for raw materials, but has made progress in localizing supplies for products like release films and protective films [1] - The company is actively exploring investment opportunities in the polarizer and related fields, particularly in light of the restructuring of state-owned enterprises in Shenzhen [1] Group 2: Business Strategy and Development - The company is aligning with Shenzhen's reform policies and aims to enhance its "14th Five-Year Plan" by expanding existing business and investing in new growth areas [2] - The company is exploring merger and acquisition opportunities in the polarizer sector to support long-term development and enhance corporate value [2] - The company has transitioned from a textile background to focus on high-tech products, specifically liquid crystal display polarizers, while phasing out traditional textile and apparel operations [2]

Group 1: Financial Impact and Market Performance - The depreciation of the Japanese yen against the RMB has a limited positive impact on the company's profits for Q4, as prior hedging measures may delay the benefits to 2026 [2][3] - The company's total revenue for the first three quarters of 2025 increased by 41.00% year-on-year, with record high production and sales of core products [5][6] Group 2: Supply Chain and Material Sourcing - The company has successfully diversified its raw material supply, ensuring safety by increasing domestic supplier partnerships while maintaining good relations with Japanese suppliers [3][4][6] - The company is actively promoting the localization of raw materials, with significant progress reported in the domestic supply of most materials [4][8] Group 3: Market Strategy and Future Plans - The company is focused on enhancing its market share in the polarized film sector and plans to ramp up production capacity and improve yield in the coming year [5][6] - The company is closely monitoring industry trends and customer needs, optimizing supply chain layouts, and increasing R&D investments to enhance product competitiveness [4][7] Group 4: Industry Relations and Collaborations - The company has established long-term cooperative relationships with leading display panel manufacturers, leveraging its technological and service advantages [8][9] - The company is currently involved in the acquisition of Sumitomo Chemical's polarized film business, which may further enhance its market share amid Sino-Japanese trade tensions [8][9]

Core Viewpoint - The company reported robust revenue growth in Q1 2025, with domestic revenue showing single-digit percentage growth year-on-year and international revenue growing over 50% year-on-year. The company expects high growth in overseas revenue to continue throughout the year. [1] Group 1: Financial Performance - Q1 2025 revenue increased by 17% year-on-year to RMB 100 million, with domestic business showing single-digit percentage growth and overseas revenue growing over 50% [1] - The company's gross profit margin remained stable at 60.6%, while net profit attributable to the parent company surged by 329% year-on-year to RMB 17.87 million, resulting in a net profit margin improvement of 12.5 percentage points to 17.2% [1] - The company aims to achieve revenue of RMB 510 million, RMB 660 million, and RMB 840 million for the years 2025-2027, respectively, with a target price of RMB 27.90 based on a 20x 2026E PS valuation multiple [4] Group 2: Market Dynamics - The company anticipates that the 27-province alliance for electrophysiology procurement will be renewed in the second half of 2025, with expectations of moderate price declines [3] - In Q1 2025, the company performed over 1,000 surgeries overseas (double-digit year-on-year growth), with approximately half using pressure catheters. The Latin American market showed the highest growth rate [2] - Domestic surgeries exceeded 5,000 in Q1 2025, reflecting single-digit growth year-on-year, with about 30% utilizing pressure catheters [2] Group 3: Product Development - The company is accelerating the localization of raw materials, reducing the import ratio from 40% in 2024 (down from 60% in 2022) and decreasing the proportion of raw materials imported from the U.S. to about 10% [3] - The R&D pipeline is progressing well, with the PFA product approved in April 2025 and expected to be listed soon, while self-developed catheters are anticipated to be approved in 2025 [3] - The 3D intracardiac ultrasound product has initiated clinical research and is expected to be approved by 2026, offering innovative features to reduce X-ray exposure [3]