长阳科技调研纪要

Key Points Company Overview 1. Reflective Film Stability: The company's reflective film business is stable with an annual growth rate of 5-10%. It has entered the supply chain of A Company and is expected to switch entirely to the company's products within three years. The market share exceeds 60%, with a gross margin of 36% and an expected annual net profit of 200 million yuan [1]. 2. Optical Base Film: The market is currently oversupplied, with domestic capacity concentrated in low-end products. The company has a capacity of 200 million tons with revenue of 2 billion yuan. The company intends to shift towards OCA release film and brightening film. Profits are expected to turn positive by the end of the fourth quarter, although there may still be losses for the full year. The new high-end base film production line in Hefei is expected to start production in the first quarter of next year, leading to a structural upgrade. The company plans to control production to two lines and will not expand further [2]. 3. Battery Dry Separator: The company began supplying to BYD in March and will start mass production in July. It secured a 5.6 billion square meter order in the first half of the year, with monthly production of 10 million square meters from the third quarter and 15 million square meters from the fourth quarter. Due to the need for re-validation at BYD's new production base, the company experienced significant losses in the first half of the year, but is expected to reach full production in the fourth quarter. The company's capacity is maintained at around 650 million square meters and will not expand further. The company has the lowest cost in the industry and can achieve profitability, but faces intense competition [3]. 4. Photovoltaic: The company invested 200 million yuan in photovoltaic film equipment, resulting in several million yuan in losses this year. Production will be abandoned next year [4]. 5. Semi-solid and Solid Separator: The company's semi-solid and solid separators meet downstream requirements for compressibility, pore size, and porosity, offering significant advantages over competitors. The company has self-developed equipment and separate production lines, creating a clear barrier to entry. Most battery companies, including CATL, Panasonic, BYD, and GEMFAM, have validated the company's products, with some providing small-scale supply. CATL and Xingyuan have not yet passed validation. Production is expected to increase significantly in the second half of next year, with a projected 160 million square meters of demand due to the 60 billion yuan national subsidy project for battery projects in 2027. The company currently has a production line in Hefei with a capacity of 4-5 million square meters, priced at 4-5 yuan per square meter, with a gross margin of over 60%. The company plans to expand production next year, with an expansion cycle of 8-9 months [5]. 6. CPI Film: Currently, only one company in South Korea, Kolon, can produce CPI film. The company's products have been certified by Hui Xing (a Kolon downstream company located next to Changyang) and BOE. The company aims to obtain Huawei's certification by the end of the year. A 500,000 square meter production line is expected to be completed in the second quarter of next year, corresponding to approximately 20-30 million phones. The company plans to build another line in the second half of next year. The current terminal price of Kolon's CPI film is approximately 150 USD per square meter, with a revenue of about 1 billion yuan for 100 million square meters. The company expects demand from domestic foldable screen manufacturers to increase significantly next year, pending the completion of the new production line [6]. Industry Trends 1. Reflective Film Market: The reflective film market is stable with a moderate growth rate, and the company holds a significant market share [1]. 2. Optical Base Film Market: The market is currently oversupplied, with domestic capacity concentrated in low-end products. The company plans to shift towards higher-value products and expects to turn profitable in the near future [2]. 3. Battery Separator Market: The battery separator market is highly competitive, with the company achieving cost advantages and securing significant orders from leading battery manufacturers [3]. 4. Photovoltaic Market: The company plans to abandon its photovoltaic film business due to losses [4]. 5. Semi-solid and Solid Separator Market: The market for semi-solid and solid separators is expected to grow significantly in the near future, driven by increasing demand from battery manufacturers and government subsidies [5]. 6. CPI Film Market: The CPI film market is currently dominated by Kolon, but the company is expected to gain a significant share of the market due to its competitive products and certifications from leading manufacturers [6].