Investment Rating - The report maintains a rating of "Accumulate" for Tianlu Technology [5] Core Views - The company is expected to see significant revenue growth driven by the upcoming TAC optical film project, which is anticipated to break the foreign monopoly in the market [7] - The company has a stable position in the main business of light guide plates, with a projected increase in net profit from 27 million yuan in 2024 to 134 million yuan in 2027 [5][7] - The report highlights the potential of the reflective polarizing enhancement film project, which aims to meet domestic demand and reduce reliance on imports [7] Financial Summary - The total share capital is 110.32 million shares, with a market price of 38.34 yuan, resulting in a market capitalization of approximately 4,229.61 million yuan [5] - Revenue projections show a growth from 596 million yuan in 2023 to 1,343 million yuan in 2027, with a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [5][8] - The net profit is expected to grow from 9 million yuan in 2023 to 134 million yuan in 2027, reflecting a significant increase in profitability [5][8]

Core Viewpoint - Tianlu Technology's subsidiary, Anhui Jiguang, is engaged in the research and production of TAC optical films, receiving broad support from the industry chain [1] Group 1: Company Developments - The project has garnered support from stakeholders including polarizer manufacturer Sanlipu and panel manufacturer BOE, contributing to technology pathways, equipment selection, product validation, and sales channels [1] - The construction of the factory is progressing steadily, with major equipment expected to be installed and tested in the first half of 2026 [1] - The laboratory-produced films have been sent to downstream customers for testing, with results meeting expectations [1] Group 2: Production Capacity - The first phase of the project plans to establish one production line with an annual capacity of approximately 60 million square meters [1] - Future expansion plans for the second phase will be determined based on the progress of the initial phase [1]

Core Viewpoint - Tianlu Technology is making steady progress on the Anhui Jiguang TAC film project, with the construction of the factory advancing as planned and expected to obtain the construction permit by June 2025 [1] Group 1: Project Development - The construction of the factory for the Anhui Jiguang TAC film project is progressing steadily [1] - The project is expected to receive the construction engineering permit by June 2025 [1] - Major equipment is anticipated to be installed and tested in the first half of 2026 [1] Group 2: Production Capacity - The first phase of the project plans to build one TAC optical film production line with an annual capacity of approximately 60 million square meters [1] - Future expansion plans for the second phase will depend on the progress of the first phase [1] Group 3: Funding Sources - The funding for the project comes from shareholder contributions, government subsidies, and future financing arrangements [1] - Overall funding for the project is considered to be sufficient [1]

Core Viewpoint - Tianlu Technology has decided to terminate the "Expansion of Large-Sized Light Guide Plate Project" due to a decline in demand in the LCD panel industry, reallocating remaining funds to two new optical film projects and postponing the "New Optical Board Project" to August 13, 2026 [3][4]. Group 1: Project Adjustments - The company has approved the termination of the "Expansion of Large-Sized Light Guide Plate Project" primarily due to the industry's cyclical downturn, which has led to reduced demand for light guide plates since 2022 [4]. - Remaining funds of 11,333 million yuan will be invested in two new projects: 4,333 million yuan for the TAC Optical Film Project in Anhui Jiguang and 7,000 million yuan for the New Optical Film Production Project in Suzhou Yijia [4][5]. Group 2: Financial Details - The total investment for the TAC Optical Film Project is 620 million yuan, with a construction period from January 2024 to December 2026, aiming for an annual production capacity of 60 million square meters [6]. - The tax return period for the TAC project is approximately 7.97 years, with a post-tax internal rate of return of about 16.44% [6]. - The New Optical Film Production Project in Suzhou Yijia has a total investment of 300 million yuan, with a construction period from January 2026 to December 2028, targeting an annual production capacity of 24 million square meters [6]. - The tax return period for the Suzhou project is approximately 4.58 years, with a post-tax internal rate of return of about 40.03% [6]. Group 3: Shareholding and Project Timeline - Following the capital increase, Tianlu Technology's shareholding in Anhui Jiguang will rise to 56.4603%, with an additional investment of 30 million yuan from Chengdu Yuanhe Yuandian Venture Capital Partnership [6]. - The deadline for the "New Optical Board Project" has been extended from February 13, 2026, to August 13, 2026, based on macroeconomic conditions and construction progress [6].

Core Viewpoint - Tianlu Technology announced the termination of certain fundraising projects and the reallocation of remaining funds to new projects, indicating a strategic shift in investment focus [1] Group 1: Fundraising Project Adjustments - The company will terminate the "Expansion of Large-Sized Light Guide Plate Project" and reallocate the remaining fundraising amount of 113.33 million yuan to new projects [1] - Of the reallocated funds, 43.33 million yuan will be used to increase capital for its subsidiary Anhui Jiguang New Materials Co., Ltd. for the new "TAC Optical Film Project" [1] - The remaining 70 million yuan will be directed towards increasing capital for its subsidiary Suzhou Yijia New Materials Co., Ltd. for the new "New Production Optical Film Project" [1] Group 2: Project Timeline Adjustments - The company plans to extend the expected operational date for the "New Optical Board Project" to August 13, 2026, based on the current construction status of fundraising projects [1]

Core Viewpoint - Tianlu Technology (301045.SZ) plans to terminate the fundraising project "Expansion of Large-Sized Light Guide Plate Project" and redirect the remaining raised funds of 113.33 million yuan into new projects [1] Fund Allocation - 43.33 million yuan will be invested in its subsidiary Anhui Jiguang New Materials Co., Ltd. for the new fundraising project "TAC Optical Film Project" [1] - 70 million yuan will be allocated to its subsidiary Suzhou Yijia New Materials Co., Ltd. for the new fundraising project "New Production Optical Film Project" [1] Project Timeline Adjustment - The company intends to extend the expected operational date for the fundraising project "New Optical Board Project" to August 13, 2026, based on the current construction status of the fundraising projects [1]

Group 1: Company Overview and Investor Relations - The company is Suzhou Tianlu Technology Co., Ltd., with stock code 301045 and stock abbreviation Tianlu Technology [1] - The investor relations activity took place on December 2, 2025, via the "Investor Relations Interactive Platform" [2] Group 2: TAC Film Project Progress - The TAC film project has completed the procurement of major production equipment, with the factory construction nearing completion [3][5][8] - Major equipment is expected to arrive in the first half of 2026 [4][5][8] Group 3: Financial Performance and Challenges - The company's net profit for the first three quarters of 2025 was 25.27 million yuan, a year-on-year increase of 26.56% [10] - Revenue for the same period declined due to the downstream panel industry's performance and the company's strategy to optimize production [10] - The negative profit for minority shareholders is attributed to the construction phase of the subsidiary Anhui Jiguang, which has not yet generated revenue [6] Group 4: Research and Development Focus - R&D expenses have slightly increased, focusing on optical materials and TAC film technology [7] - Successful development of prism-type light guide plate technology has improved display panel brightness by 5%-12% without increasing energy consumption [7] Group 5: Market and Stock Performance - The company is aware of its stock price decline and is considering market management strategies [11][22] - As of November 28, 2025, the number of shareholders was 8,742 [13]