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。 ...

证券日报网2月26日讯 ，天禄科技在接受调研者提问时表示，春节前夕，调液罐体和部分碳纤维滚轴已 进场。TAC膜的生产工艺分为调液、流延、拉伸、干燥、收卷等段落，本次率先进场的是位于工艺前端 的调液罐体。该工艺段是使用溶剂对三醋酸纤维素进行改性，为保证溶液纯度、稳定性，提高溶解效率 和均匀性，对罐体的要求较高。 （文章来源：证券日报） ...

Core Insights - The article highlights the accelerated pace of institutional research on A-share listed companies as they release their 2025 performance forecasts, indicating a proactive approach to investment strategies for the new year [1] Group 1: Institutional Research Trends - Over 700 A-share listed companies have received institutional research since the beginning of the year, with over 20 companies attracting more than 100 institutions each [1] - Key sectors attracting attention include electronics, machinery, and pharmaceuticals, with power equipment and non-ferrous metals also being closely monitored [1] Group 2: New Product Launches - Several companies have announced accelerated timelines for new product mass production, showcasing confidence in growth for the new year [2] - Nepean Mining revealed plans to globally promote its innovative composite liner product in 2026, supported by the gradual production ramp-up of overseas facilities [2] - Huqin Technology's robotics division is set to deliver mass-produced robots in 2026, following significant advancements in R&D and project execution [2] - Jiemai Technology is investing in a production line for critical products, with mass production expected by mid-2026 [2] Group 3: Brain-Computer Interface Developments - Companies like Xiangyu Medical and Aipeng Medical are focusing on brain-computer interface technologies, with Xiangyu Medical planning to launch nearly 100 products by the end of 2026 [3] - The integration of software with rehabilitation equipment is expected to enhance product offerings and market competitiveness [3] Group 4: Industry Expansion and Growth - The demand for AI and computing power is driving growth in sectors like optical communication and liquid cooling, prompting companies to accelerate production capacity [4] - Daikin Heavy Industries reported a tight production schedule for overseas projects, anticipating significant growth in offshore wind energy markets [4] - Zhongji Xuchuang noted a strong order backlog extending into Q4 2026, indicating sustained high demand in the industry [4] Group 5: Storage and Liquid Cooling Innovations - Dike Technology plans to increase its storage chip output target to between 30 million and 50 million units in 2026, aiming to enhance revenue and net profit [5] - Dingtong Technology is expanding its liquid cooling production capabilities to meet rising customer demand [5] - Haitai Ruisheng is building a second overseas delivery base in Southeast Asia, expected to support significant orders from major tech clients [5] Group 6: Mergers and Acquisitions - Companies are increasingly pursuing mergers and acquisitions to enter new markets and drive growth [6] - Yingtang Zhikong plans to acquire Guanglong Integration and Aojian Microelectronics to enter the optical communication sector [6] - Dinglong Co. is acquiring Haofei New Materials to tap into the lithium battery functional materials market, with expected sales growth in 2026 [6] Group 7: Strategic Investments - Tianlu Technology is reallocating funds to projects aimed at enhancing its product offerings in the display industry, with equipment for the TAC film project expected to be operational by mid-2026 [7]

Group 1 - In January 2026, over 600 A-share listed companies were surveyed by institutions, indicating a high level of interest in investment opportunities in the A-share market [1][3] - The sectors that attracted the most attention included electronics, machinery, pharmaceuticals, power equipment, and computers, with a notable increase in the banking sector's activity [1][8] - Jiemai Technology was the most frequently surveyed company, with over 10 surveys conducted in January, highlighting the interest from various types of institutions including public funds, private funds, and foreign capital [3][4] Group 2 - Ice Wheel Environment and Taihe New Materials also received significant attention, each with over 10 surveys, discussing their product developments and market strategies [4][5] - The banking sector saw a marked increase in survey activity, with institutions like Hu Nong Commercial Bank and Suzhou Bank outlining their credit strategies and growth plans for 2026 [7][9] - Hu Nong Commercial Bank emphasized a balanced approach to risk while setting aggressive credit targets, focusing on major projects and green transformation initiatives [9][10]

投资者关系活动记录表 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 编号：2026-012 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： （请文字说明其他活动内容） 参与单位名称 财通基金、国金证券、浦银安盛基金、和谐汇一、固禾基金 时间 2026 年 2 月 3 日 地点 天禄科技公司五楼会议室 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、近期公司公告了变更募集资金的公告，请介绍该公告的 具体情况。 结合公司内外部环境变化以及战略发展需求，为进一步提 高募集资金的使用效率，经审慎决定，公司拟终止原募投项目 "扩建中大尺寸导光板项目"，并将该项目终止后剩余的部分募 集资金投入子公司安徽吉光的TAC膜项目和苏州屹甲的反射式 偏光增亮膜项目。 公司业务以原主业导光板为依托，先通过TAC膜产业布局 向显示行业相邻细分领域的横向延伸，后以此为基础开展反射 式偏光增亮膜项目，以实现公司未来发展的第二增长曲线。两 个光学膜均属于解 ...

Group 1: Fundraising and Project Changes - The company announced the termination of the original fundraising project "Expansion of Large-Sized Light Guide Plate Project" to improve the efficiency of fund usage, reallocating the remaining funds to the TAC film project and the reflective polarizing film project [1] - The TAC film and reflective polarizing film projects are aimed at addressing domestic supply chain issues, with both being critical for the future growth of the company [1] Group 2: Market Analysis and Competitive Landscape - The demand for TAC film is projected to reach 1.229 billion square meters by 2025, with over 70% of the panel production capacity located in mainland China [2] - TAC film accounts for over 50% of the cost of polarizing film materials, making it a key component affecting the profitability of polarizing film manufacturers [2] - Currently, 75% of the global market for TFT-grade TAC film is dominated by Japanese suppliers, highlighting the need for domestic production capabilities [2] Group 3: Project Progress and Development - As of June 2025, the construction of the factory for the TAC film project has commenced, with steady progress reported [2] - Major equipment for the project is expected to be delivered and tested in the first half of the current year [2] - Initial test results from the experimental film produced in the laboratory align with the company's own testing, indicating no significant discrepancies [2]

Core Viewpoint - Tianlu Technology announced a strategic partnership with local company Sanlipu to establish a subsidiary, Anhui Jiguang, focusing on the TAC film project, aiming to break Japan's monopoly in this sector amid current geopolitical tensions [1] Group 1 - The collaboration with Sanlipu and the establishment of Anhui Jiguang is a proactive measure to enhance domestic capabilities in the TAC film market [1] - The necessity of the TAC film project has been further emphasized due to the evolving geopolitical landscape, indicating a strategic shift towards local production [1] - The project is expected to advance more decisively with support from various industry stakeholders, highlighting a collective effort to strengthen the domestic supply chain [1]

Group 1: Fundraising and Project Adjustments - The company announced a change in fundraising strategy, terminating the "Expansion of Large-Sized Light Guide Plate Project" to enhance the efficiency of fund usage [1] - Remaining funds will be redirected to the TAC film project at Anhui Jiguang and the reflective polarizing film project at Suzhou Yijia [1] - The company aims to extend its business from light guide plates to adjacent fields, establishing a second growth curve through these optical films [1] Group 2: Market Analysis and Competitive Landscape - The demand for TAC film is projected to reach 1.229 billion square meters by 2025, with over 70% of panel production capacity located in mainland China [2] - TAC film constitutes over 50% of the cost of polarizing film materials, significantly impacting the profitability of polarizing film manufacturers [2] - Currently, the TFT-grade TAC film used in mainland China is heavily reliant on imports, with Japanese suppliers holding approximately 75% of the global market share [2] Group 3: Project Progress and Development - Anhui Jiguang obtained the construction permit for its factory in June 2025, with steady progress in construction [2] - Major equipment for the TAC film project is expected to be delivered and tested in the first half of this year [2] - Initial test results of trial films sent to downstream polarizing film and panel manufacturers show no significant discrepancies from internal testing results [2]

Group 1: General Information - Research object: Tianlu Technology [17] - Industry: Optics and optoelectronics [17] - Reception time: January 26, 2026 [17] - Company receptionist: Investor Relations Director Li Yanru [17] Group 2: Research Institutions - Institutions participating in the research: Xitai Asset Management, Zhongyou Securities [2][18] Group 3: Core Views and Business Strategies - The company plans to terminate the original fundraising project "Expansion of Medium and Large-sized Light Guide Plate Project" and invest the remaining funds in the TAC film project of its subsidiary Anhui Jiguang and the reflective polarizing brightness enhancement film project of Suzhou Yijia to achieve the second growth curve [22] - The two optical film projects are domestic substitution projects to solve the "choke point" problem, with TAC film mainly monopolized by Japanese suppliers and reflective polarizing brightness enhancement film mainly supplied by US and Japanese companies [22] Group 4: TAC Film Market and Competition - The demand for TAC film is expected to reach 1.229 billion square meters in 2025 [23] - Over 70% of the downstream panel capacity and about 70% of the polarizer capacity after integration are in mainland China [23] - TAC film accounts for over 50% of the polarizer film material cost and is a key material affecting polarizer companies' profitability [23] - Mainland China's TFT - grade TAC film is basically imported, with Japanese manufacturers Fuji Film and Konica Minolta accounting for about 75% of the global market [24] Group 5: TAC Film Project Progress - In terms of factory building construction, Anhui Jiguang obtained the construction permit in June 2025 and the construction is progressing steadily [26] - Main equipment will be delivered and commissioned in the first half of this year [26] - The trial - produced film has been sent to downstream polarizer and panel factories for testing, and the results are consistent with Anhui Jiguang's self - testing [26] Group 6: TAC Film Equipment Procurement - TAC film production lines are customized, requiring the company to have in - depth knowledge of product characteristics [27] - There have been no new TAC film production lines overseas in nearly 10 years, and the company had to purchase equipment in segments globally [27] - Some overseas suppliers' unreasonable demands led to delays, but the company replaced them and will use more domestic equipment in the second phase [27] - Equipment procurement difficulties have been gradually overcome since last下半年, and the first batch of equipment will arrive after the Spring Festival for installation [27]