证券代码：301045 证券简称：天禄科技 苏州天禄光科技股份有限公司 投资者关系活动记录表 根据市场机构数据，TAC膜的需求量 2025 年达到 12.29 亿 平方米。其下游的面板环节超过 70%产能在中国大陆，偏光片 环节在产能整合后预计也将有 70%产能在中国大陆。TAC膜占 偏光片膜材成本的比例超过 50%，是影响偏光片企业盈利能力 的关键材料。 中国大陆使用的TFT级TAC膜基本依赖进口，其中日本厂商 富士胶片和柯尼卡美能达约占全球市场的 75%。2023 年，京东 方作为面板产业链的领导者，联合偏光片环节的优秀本土企业 三利谱，与本公司共同设立子公司安徽吉光从事TAC膜项目， 前瞻性地联合产业各方合力打破日本对TAC膜的垄断，助力我 国面板产业链的自主可控。在当前的地缘关系下，该项目的必 要性得到进一步加强，安徽吉光在产业各方的支持下，项目推 进将更为坚决。 3、TAC膜项目近期的进展如何？ （1）厂房建设方面：安徽吉光已于 2025 年 6 月取得建筑 工程施工许可证，目前厂房建设稳步推进；（2）设备采购方面： 主要设备将于今年上半年陆续进场调试；（3）研发方面：实验 室状态的试制膜已送往下游 ...

天禄科技分析师会议 调研日期：2026年02月26日 调研行业：光学光电子 参与调研的机构：富国基金等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 ...

证券日报网2月26日讯，天禄科技（301045）在接受调研者提问时表示，根据市场机构数据，TAC膜的 需求量2025年达到12.29亿平方米。其下游的面板环节超过70%产能在中国大陆，偏光片环节在产能整 合后预计也将有70%产能在中国大陆。TAC膜占偏光片膜材成本的比例超过50%，是影响偏光片企业盈 利能力的关键材料。中国大陆使用的TFT级TAC膜基本依赖进口，其中日本厂商富士胶片和柯尼卡美能 达约占全球市场的75%。2023年，京东方作为面板产业链的领导者，联合偏光片环节的优秀本土企业三 利谱（002876），与本公司共同设立子公司安徽吉光从事TAC膜项目，前瞻性地联合产业各方合力打破 日本对TAC膜的垄断，助力我国面板产业链的自主可控。在当前的地缘关系下，该项目的必要性得到进 一步加强，安徽吉光在产业各方的支持下，项目推进将更为坚决。 ...

证券代码：301045 证券简称：天禄科技 苏州天禄光科技股份有限公司 投资者关系活动记录表 编号：2026-013 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 ☑ 其他： （券商策略会） 参与单位名称 富国基金 时间 2026 年 2 月 26 日 地点 上海 公司接待人员 姓名 投资者关系总监：李艳茹女士 投资者关系活 动主要内容介 绍 投资者提出的问题及公司回复情况 1、TAC膜主要依赖从日本进口，请介绍目前全球主要厂 商。 目前，TFT级偏光片用TAC膜供应商主要有五家：日本的富 士胶片、日本的柯尼卡美能达、韩国的晓星化学、中国台湾的 达辉和日本的瑞翁。其中富士胶片、柯尼卡美能达、瑞翁合计 约占全球市场的 80%，由此可以看出TFT级偏光片用TAC膜是一 款基本由日本厂商垄断的产品。 中国大陆使用的TFT级TAC膜基本依赖进口，其中日本厂商 富士胶片和柯尼卡美能达约占全球市场的 75%。2023 年，京东 方作为面板产业链的领导者，联合偏光片环节的优秀本土企业 三利谱，与本公司共同设立子公司安徽吉光从事TAC膜项目， ...

Core Viewpoint - Tianlu Technology indicates that the demand for TAC film is expected to reach 1.229 billion square meters by 2025, highlighting the growing importance of this material in the display panel industry [1] Industry Summary - Over 70% of the production capacity for the panel segment is located in mainland China, with a similar expectation for the polarizer segment after capacity consolidation [1] - TAC film accounts for over 50% of the cost of polarizer film materials, making it a critical component affecting the profitability of polarizer manufacturers [1] - The TFT-grade TAC film used in mainland China is primarily imported, with Japanese companies Fujifilm and Konica Minolta holding approximately 75% of the global market share [1] Company Summary - In 2023, BOE Technology Group, as a leader in the panel industry chain, has partnered with local polarizer company Sanli Pu to establish a subsidiary, Anhui Jiguang, to engage in the TAC film project [1] - This collaboration aims to break Japan's monopoly on TAC film and enhance the self-sufficiency of China's panel industry chain [1] - The necessity of this project has been further emphasized by current geopolitical relations, with strong support from various industry stakeholders to ensure the project's advancement [1]

Group 1: Research Basic Information - The research object is Tianlu Technology, belonging to the optoelectronic industry. The reception time was January 20, 2026, and the listed company's reception staff was Li Yanru, the director of investor relations [17] Group 2: Detailed Research Institutions - The research institutions include Shenwan Lingxin (a fund management company), Huabao Fund (a fund management company), and Orient Securities Asset Management (an asset management company) [18] Group 3: Main Content TAC Film Manufacturers - The main suppliers of TFT - grade polarizer TAC film are Fuji Film and Konica Minolta in Japan, Hyosung Chemical in South Korea, Dah Huei in Taiwan (China), and Zeon in Japan. Fuji Film, Konica Minolta, and Zeon together account for about 80% of the global market [24] Market Space, Competition Pattern, and Project Impact - The demand for TAC film is expected to reach 1.229 billion square meters in 2025. Over 70% of the downstream panel production capacity is in mainland China, and after capacity integration, about 70% of the polarizer production capacity is also expected to be in mainland China. TAC film accounts for over 50% of the polarizer film material cost. In 2023, BOE, Sanlipu, and Tianlu Technology jointly established Anhui Jiguang to engage in the TAC film project. Under the current geopolitical situation, the necessity of this project is further strengthened [25][26] Raw Material Supply Pattern and Localization - The main raw material of TAC film is cellulose triacetate, and the global main suppliers are Sichuan Push (a subsidiary of Yibin Paper), Daicel in Japan, and Eastman in the United States. Tianlu Technology has established business relationships with these three suppliers [27] Financing Plan for Anhui Jiguang - With the capital investment from shareholders and government subsidies, Anhui Jiguang has sufficient funds and low liquidity pressure. Its financing work is in the final stage, and the company will promote it according to the situation [28]

Core Viewpoint - Tianlu Technology emphasizes the dominance of Japanese and Korean companies in the supply of TAC film for TFT polarizers, with Japanese firms holding approximately 80% market share, indicating a heavy reliance on imports for TFT-grade TAC film in mainland China [1] Group 1 - The company established a subsidiary, Anhui Jiguang, in 2023 to address the reliance on imported TAC film [1] - The subsidiary has attracted shareholders from downstream companies in the TAC film industry chain, including Sanlipu, Xianzhi Chain, Beijing Electric Control Investment, Yiming, and Yisi [1] - The initiative aims to break the monopoly of Japanese and Korean firms on TAC film and support the self-sufficiency of China's panel industry chain [1]

格隆汇11月18日丨天禄科技(301045.SZ)在投资者互动平台表示，TFT型偏光片用TAC膜供应商以日韩企 业为主，尤其日本厂商的份额约80%，目前中国大陆TFT级TAC膜基本依赖进口。公司于2023年设立了 子公司安徽吉光，已引入位于TAC膜产业链下游的三利谱、显智链、北京电控产投以及毅鸣、毅司等股 东，联合产业各方合力打破日韩对TAC膜的垄断，助力我国面板产业链的自主可控。目前TAC膜项目已 完成主要生产设备的订购工作，重点推进厂房建设及跟进设备交货进度等工作。 ...

Core Viewpoint - Tianlu Technology (301045.SZ) is addressing the reliance on imported TAC film for TFT polarizers, with Japanese companies holding approximately 80% market share, by establishing a subsidiary to enhance domestic production capabilities [1] Group 1: Company Developments - The company has established a subsidiary, Anhui Jiguang, to collaborate with various stakeholders in the TAC film industry chain to break the monopoly held by Japanese and Korean firms [1] - The TAC film project has completed the procurement of major production equipment and is focusing on factory construction and monitoring equipment delivery progress [1] Group 2: Industry Context - The current supply of TFT-grade TAC film in mainland China is heavily dependent on imports, highlighting a significant opportunity for domestic production [1] - The involvement of downstream partners such as Sanlipu, Xianzhi Chain, Beijing Electric Control Investment, and others indicates a collaborative effort to strengthen the domestic supply chain [1]

Core Viewpoint - Tianlu Technology reported significant growth in 2024, driven by the recovery in the global display panel industry, with a notable increase in demand for its core product, light guide plates [1][2]. Financial Performance - The company's revenue reached 654 million yuan, a year-on-year increase of 9.67% [1]. - Net profit attributable to shareholders surged by 206.84% to 27.116 million yuan, while the net profit after deducting non-recurring gains and losses increased by 375.78% to 24.658 million yuan [1]. - The gross profit margin improved by 1.71 percentage points to 19.21% compared to 2023 [1]. Business Growth - The light guide plate business showed strong growth, with revenue increases of approximately 4 million yuan for desktop monitors, 12 million yuan for laptops, and 48 million yuan for LCD TVs compared to 2023 [3]. - The newly developed prism-type dot technology product generated approximately 41 million yuan in revenue in 2024, achieving a gross margin of about 40% [3]. Industry Trends - The overall recovery in the panel industry has positively impacted the light guide plate business, with increased shipments driven by upcoming international sports events and promotional activities [2]. - The domestic demand for TAC film is expected to rise significantly, with the localization rate of polarizer production projected to increase from around 30% in 2020 to 50% by 2025 [4]. R&D and Future Plans - The company increased its R&D expenditure to 35.0816 million yuan in 2024, a growth of approximately 20% year-on-year, to support the development of high-end optical materials [5]. - The company aims to cultivate new growth drivers by expanding its product offerings and enhancing its R&D capabilities [5]. Governance Changes - The actual controller of the company, Chen Ling, will terminate a share transfer agreement and resign from the board, which is seen as a stabilizing move for investor confidence [6]. - The governance structure is being optimized to facilitate the strategic advancement of the company, particularly in the TAC film project [6].