作为国产彩色胶卷开拓者，乐凯曾与柯达、富士齐名，承载着几代国人的记忆。7月17日，停产13年的 乐凯彩色胶卷在第26届上海国际摄影器材和数码影像展览会上正式发售，经典产品重返市场，受到消费 者特别是摄影爱好者的关注。其测试装日前已在位于河北保定的乐凯胶片股份有限公司生产车间复产下 线。 "此次发售的乐凯C200彩色胶卷包装延续了经典的红盒白标设计，与10多年前的超金版本仅有细微差 异。"乐凯副总经理陈焱介绍。 乐凯此次重返胶卷市场，绝非简单的复产复销，而是基于对新兴消费趋势的深刻洞察与科技实力的厚积 薄发。2012年停产时，乐凯彩色胶卷尚有10余种关键原料依赖进口。陈焱表示，C200彩色胶卷是公司 联合高校经过18个月集中攻关的全新成果。"我们在纳米涂层、环保显影等技术领域取得突破，显著优 化了产品的色彩表现与宽容度，性能达到国际水平。"陈焱说。 国货胶卷的回归，不仅是情怀寄托，更体现出乐凯的发展韧劲与坚守。1958年7月1日，新中国第一座电 影胶片厂在河北保定奠基，并于1965年成功投产，结束了我国不能生产电影胶片的历史。改革开放初 期，面对电影胶片市场萎缩和外国品牌垄断的局面，乐凯再次进行创新。1982年 ...

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 - The core project focuses on high-end optical materials with a total investment of 740 million yuan and a construction period of 3 years, aiming to increase production capacity for polarizer protective films, OLED process protective films, and OCA optical adhesive films, which is expected to generate annual revenue of 1.392 billion yuan upon reaching full production [3] - The company has achieved import substitution in the optoelectronic display module materials sector, with clients including major enterprises like Samsung and BOE, indicating a strategic move to further penetrate the high-end market [3] - The company plans to enhance its core competitiveness through an innovation center project located in Shanghai, focusing on technology research and talent acquisition [3] Group 2 - In 2024, the company reported a 55% year-on-year revenue growth, reaching 795 million yuan, with a net profit of 280 million yuan, marking a 44% increase [4] - The high-performance optical materials segment saw a remarkable revenue increase of over 400%, totaling 218 million yuan, while functional electronic materials maintained a steady growth of 22% [4] - The growth trend continued into 2025, with Q1 revenue and net profit increasing by 92% and 111% year-on-year, respectively, validating the effectiveness of the company's strategic initiatives [4] Group 3 - The project faces certain risks and challenges, particularly with OLED process protective films and OCA optical adhesive films still in the customer certification phase, leading to uncertainties [5] - Upon reaching full production, the project will incur an additional annual depreciation expense of 42.39 million yuan, which could impact net profit if orders fall short of expectations [5] - To mitigate these risks, the company is increasing R&D investment, with R&D expenses accounting for 6.32% of total revenue in 2024, and plans to utilize 880 million yuan of idle funds for cash management to optimize financial efficiency [5] Group 4 - The company aims to leverage new projects and the Shanghai innovation center to deepen collaborations with universities and industry partners, striving to overcome technological barriers set by companies from the US, Japan, and South Korea in the high-end materials sector [6] - Future plans include actively expanding into upstream areas such as functional adhesives, creating material solutions that cover various scenarios including consumer electronics and new energy vehicles, thereby building a comprehensive material ecosystem [6] Group 5 - The Chinese optical film industry is steadily developing, supported by favorable policies, with companies like Yuxing Co. reporting a 71.27% year-on-year revenue growth in electronic optical polyester film business [7] - The demand for high-end composite optical films remains strong, with companies like Jizhi Technology reporting a 42.78% increase in sales for high-end display optical film products [7] - Despite domestic companies enhancing production capacity through technological upgrades, the overall supply-demand gap in the industry remains significant, highlighting ongoing reliance on imports for high-end optical films [7] Group 6 - The domestic optical film market is characterized by intense competition between local and foreign companies, with local firms holding a share in the mid-to-low-end market but facing challenges in the high-end sector due to technological barriers from foreign companies [8] - Companies like Changyang Technology have made significant breakthroughs in reflective film performance, challenging the long-standing monopolies of foreign manufacturers and driving industry technological advancement [8] - The high-end optical film and core raw materials still require substantial imports, while domestic exports are primarily concentrated in the mid-to-low-end segment, indicating a need for improvement in the competitive landscape of high-end optical films [8]