格隆汇12月23日丨大东南(002263.SZ)在互动平台表示，公司目前尚未生产固态电池材料（隔膜及铝塑 膜）等产品，公司目前主要产品包括CPP薄膜、BOPET薄膜、BOPP电容膜及光学膜四大类产品。 ...

证券日报网12月12日讯中仑新材（301565）在12月12日回答调研者提问时表示，公司首条BOPP新能源 膜材生产线已于2025年11月正式投产，第二条生产线预计于2026年下半年实现投产。首条生产线投产 后，已成功实现不同厚度BOPP电容膜产品的平稳量产，其中薄型膜产品已完成下游客户验证并进入量 产交付阶段；超薄型膜产品已实现成功生产，目前正处于下游客户验证流程中。公司BOPP生产线聚焦 薄型膜与超薄型膜产品领域，单条生产线预计年产能约2400吨(视产品厚度而定)。项目整体规划建设九 条生产线，首期工程将投产两条，后续将结合市场需求变化分阶段推进后续生产线的投资建设工作。 ...

Core Viewpoint - The company has successfully launched its first BOPP film production line and is progressing with its second line, focusing on thin and ultra-thin film products [1] Production Progress - The first BOPP film production line commenced operations in November 2025, with the second line expected to start in the second half of 2026 [1] - The first line has achieved stable mass production of BOPP capacitor film products in various thicknesses, with thin film products having completed customer validation and entered mass delivery [1] - Ultra-thin film products have been successfully produced and are currently undergoing customer validation [1] Production Capacity - Each production line is projected to have an annual capacity of approximately 2,400 tons, depending on the product thickness [1] - The overall project plans to construct nine production lines, with the initial phase involving the launch of two lines, and subsequent lines to be developed based on market demand [1]

Core Viewpoint - The company has successfully launched its first BOPP (Biaxially Oriented Polypropylene) new energy film production line in November 2025, with a second line expected to commence production in the second half of 2026 [2] Production Capacity and Product Focus - The first production line has achieved stable mass production of BOPP capacitor film products of varying thicknesses, with thin film products having completed downstream customer verification and entered the mass delivery phase [2] - The ultra-thin film products have been successfully produced and are currently undergoing downstream customer verification [2] - The BOPP production lines focus on the thin and ultra-thin film product segments, with an estimated annual production capacity of approximately 24 million tons per line, depending on product thickness [2] Future Expansion Plans - The overall project plans to construct nine production lines, with the first phase involving the launch of two lines, and subsequent lines to be developed based on market demand changes [2]

Core Insights - Zhejiang Dazhongnan Co., Ltd. reported a revenue of 637 million yuan for the first half of 2025, representing a year-on-year decrease of 1.46% [1] - The BOPP capacitor film products generated revenue of 215 million yuan, accounting for 33.84% of total revenue, continuing to be one of the company's core product segments [1] - The gross margin for capacitor films improved by 2.20 percentage points year-on-year, reaching 37.26%, indicating significant results in product structure optimization and cost control [1] - The company is actively expanding the application of capacitor films in emerging fields such as new energy and special electrical equipment [1] - The subsidiary Ningbo Wanxiang Capacitor Testing Center has officially commenced operations and is receiving orders, with plans for further production scale expansion in the future [1]

Core Viewpoint - The company Dazhong Southeast (002263) reported a high capacity utilization rate of 96.67% for its subsidiary Ningbo Wanshang BOPP capacitor film in the 2024 annual report [1] Group 1 - The capacity utilization rate of Ningbo Wanshang BOPP capacitor film is 96.67% [1] - The downstream customer base is relatively stable [1] - The company is involved in the military sector, which involves confidentiality and cannot disclose further details [1]

Core Viewpoint - The company has a presence in the military sector through its high-end BOPP capacitor film products [1] Group 1 - The company responded to an investor inquiry regarding its military sector involvement [1] - The BOPP capacitor film products are specifically mentioned as applicable in military uses [1]

Group 1 - The company Dazhongnan (002263.SZ) has indicated that its BOPP capacitor film products can be utilized in the military sector [1]

Overview - The BOPP capacitor film market in China is experiencing significant growth, with production expected to reach 193,900 tons in 2024, a year-on-year increase of 7.60% [1][11] - Demand for BOPP capacitor film is projected to be 181,800 tons in 2024, reflecting a growth of 7.83% [1][11] - The market size is anticipated to reach 7.994 billion yuan in 2024, marking a 15.67% increase compared to the previous year [1][11] Development Background - Recent government policies have supported the development of the electronic industry, creating a favorable environment for the BOPP capacitor film sector [5] - The rapid growth of industries such as new energy vehicles, photovoltaics, and wind power has led to an increasing demand for capacitor films [5] - Rising household income levels are boosting consumer demand for various electronic products, further driving the growth of the BOPP capacitor film market [5] Industry Chain - The upstream of the BOPP capacitor film industry includes suppliers of polypropylene and additives, while the midstream involves the production of BOPP capacitor films [7] - The downstream market primarily consists of film capacitor manufacturing, with increasing applications in emerging fields like 5G communication and the Internet of Things [7] Current Market Status - The BOPP capacitor film market is closely tied to the film capacitor market, which is projected to reach a market size of 25.1 billion yuan in 2024, growing by 15.67% [9][11] - BOPP capacitor films are essential materials for film capacitors, which are widely used in various sectors including new energy vehicles and household appliances [9] Competitive Landscape - The BOPP capacitor film industry is characterized by high technical and equipment barriers, with a limited number of international equipment manufacturers [13] - Domestic companies have developed significant production scales and R&D capabilities, with key players including Hebei Haiwei Electronic New Materials, Zhejiang Dadongnan, and Aerospace Rainbow [13][16] - Hebei Haiwei is recognized as a leading company in the BOPP capacitor film sector, having developed ultra-thin capacitor films with advanced properties [14][16] Future Trends - The demand for high-end BOPP capacitor films, such as ultra-thin and high-temperature resistant types, is expected to grow as industries evolve [20] - Companies will increase R&D investments to enhance technology and develop products that meet high-end application requirements [20] - There will be a greater emphasis on green production practices and recycling of used capacitor films to promote sustainable development in the industry [20]

Group 1: Financial Performance and Projections - The company aims for revenue growth in 2025, with a focus on maintaining production and sales of high-margin products like the Ningbo Wanshang high-voltage capacitor film [2][3] - The net profit for 2024 and Q1 2025 has been positive, indicating a profitable period [3][4] - The company reported a 12.04% increase in R&D investment for 2024, amounting to 44.54 million yuan [8] Group 2: Market and Product Development - Ningbo Wanshang has achieved scale production of capacitor films, with a favorable market situation where some products are in short supply [9][10] - The company is actively developing new products, including a new energy metalized film and capacitor testing center, to enhance product quality and profitability [8][19] - The company is not currently developing PEEK materials but is focusing on core business areas and digital transformation [4][18] Group 3: Shareholder Concerns and Stock Performance - The company has not distributed dividends due to negative distributable profits, despite having unallocated profits on the books [20] - The stock price has remained low, influenced by various factors including macroeconomic conditions and market sentiment [3][11] - The company is considering market value management strategies but has not implemented a formal plan yet [9][18] Group 4: Corporate Governance and Strategic Decisions - The major shareholder's equity transfer process is ongoing, with updates to be provided as they become available [6][14] - The company is not currently considering divesting or restructuring its business segments, focusing instead on improving product quality and reducing production costs [4][8] - The company acknowledges the competitive pressure in the film market and is working to enhance its differentiation strategy [9][10]