Group 1 - The company has evolved from an insulation materials provider to a platform-based materials company focusing on new energy materials, optical film materials, environmental functional materials, and advanced electronic materials [1] - AI is driving the growth of high-end resin production, with the CCL upgraded to M9 materials, positioning the company strategically in hydrocarbon resins. The latest M9 grade CCL resin materials are centered around hydrocarbons, with the company leading domestic progress and planning a production capacity of 3,500 tons expected to be launched next year [1] - The company is also constructing additional capacities including 5,000 tons of PPO resin, 3,500 tons of dual horse resin, 4,000 tons of active ester, and 4,000 tons of phosphorus-containing flame-retardant resin, which are expected to be operational in the coming years. High-end resins are projected to contribute revenues of 600 million and 1.09 billion yuan in 2025 and 2026 respectively [1] Group 2 - The company's optical base film business is transitioning towards mid-to-high-end products, with significant potential for profit margin improvement. Since entering the optical film sector in 2012, the company has become a leading domestic player, producing polyester base films for MLCCs and optical-grade polyester base films for polarizers [1] - The company has invested heavily in optical film capacity in recent years, and while the production ramp-up for mid-to-high-end products requires time, it is expected that the gross profit margin will gradually improve as yield rates increase and the proportion of mid-to-high-end products rises [1] - The company's traditional insulation materials are primarily used in downstream industries such as photovoltaics, ultra-high voltage, and new energy vehicles. The recent supply-demand imbalance in the photovoltaic and wind power sectors has negatively impacted the profitability of the insulation materials [2] - The company plans to expand its production of ultra-thin BOPP films by 3,000 tons, with one line of 1,500 tons already operational in 2024 and a second line expected to launch in February 2026. This new capacity is projected to add 150 million yuan in revenue based on a price of 50,000 yuan per ton [2] - The company is expected to achieve net profits of 410 million, 690 million, and 950 million yuan in 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 33, 20, and 14 times, reflecting its leading position in the high-end electronics sector and rapid production expansion [2]