编号：2025-007 | | ☑特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | | | | 别 | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 （请文字说明其他活动内容） 华福证券 李琦 浩期资产 肖滨 兴全基金 | | 沈安妮 | | | | 蜂巢基金 孙可 耀川私募 刘天文 远信投资 农银汇理 王皓非、繆凌 天治基金 林轩毅 | | 袁迦昌 | | | | 长江证券研究所 申浩树 财通证券 黄梦龙 | | | | | 活动参与人员 | 东方财富证券 刘冠、姜倩慧 西南证券 | | | 徐一丹 | | | 华福证券 罗通 中航证券 刘牧野 远桥资产 | 汪睿 | | | | | 宁波宝隽资管 董一平 深圳市路演时代 潘芳琴 | | | | | | 北京金百镕投资管理 陈勇汾 长江资管 姚远 | | | | | | 中海基金 姚晨曦 凯石基金 林之 同泰基金 | 程洲 | | | | 时间 | 2025 年 8 月 14 日星期四 14:0 ...

Group 1: Technology Overview - The main technologies for dimming films are PDLC (Polymer Dispersed Liquid Crystal), SPD (Suspended Particle Device), and EC (Electrochromic) [2] - PDLC offers only two states (transparent and semi-transparent), has high energy consumption, and is less effective in heat insulation and UV protection, but is cost-effective and privacy-friendly [2] - EC technology allows reversible changes in optical properties under an electric field, providing better energy efficiency and safety, making it suitable for automotive applications [2] - SPD has good heat insulation and UV protection but suffers from high power consumption and requires safety measures due to high driving voltage [2] Group 2: Market Insights - In 2024, the penetration rate of panoramic roofs in new energy vehicles reached 14.4%, an increase of 7.7 percentage points year-on-year, with a standard installation rate of 28.6%, up by 11.6 percentage points [2] - The company's dimming films primarily utilize EC technology, which dominates the market due to its superior heat insulation and safety features [2] Group 3: Business Performance - The overall order volume and pricing for traditional ITO conductive films remain stable, with a shift towards more customizable "external" solutions for high-demand projects [3] - The low-resistance ITO conductive films are expected to see growth in the gaming industry, although this is not sufficient to offset declines in the mobile phone sector [3] Group 4: Product Development - The company is actively supporting clients in the development of smart wearable products, including AI glasses, but has not yet achieved sales in this area [3] - The AR optical film, which enhances display transparency and contrast, is primarily dominated by Japanese and Korean manufacturers, although domestic companies are making technological advancements [3] Group 5: Client Relationships - The company supplies dimming conductive films to downstream electrochromic manufacturers, who then provide the finished products to glass manufacturers [3]