STHC(SZ:000045)2022-12-08 09:45Group 1: Company Overview - The company is Shenzhen Textile (Group) Co., Ltd., with stock codes 000045 and 200045 for A and B shares respectively [1]. Group 2: Investor Relations Activity - The investor relations activity took place on December 4, 2014, with 37 participants from various securities firms [2]. - The meeting was led by the company's Vice General Manager and other key executives [2]. Group 3: Business Strategy and Reform - The company has not received any reform plans from its controlling shareholder, focusing instead on its main business and the development of its polarized film projects [3]. - The company is transitioning its main business towards polarized film production, which is a set direction [3]. Group 4: Project Updates - The first phase of the polarized film project faced challenges, including reduced orders due to stock adjustments by panel manufacturers, but orders have since recovered and slightly increased compared to last year [3]. - The production yield for TV products is currently over 80%, indicating room for improvement compared to industry standards [3]. Group 5: Collaboration and Challenges - The collaboration with Nitto Denko for the second phase of the polarized film project is currently stalled due to disagreements on cooperation terms [4]. - The company is facing difficulties in the polarized film business, including intense competition from foreign companies and limited scale preventing economies of scale [5]. Group 6: Market Conditions - The average gross margin for polarized films is around 20%, with prices having decreased by approximately 25% since 2012, and a further decline of 3%-5% expected this year [7][8]. - The company is positioned to meet the growing demand for thinner polarized films, particularly for high-end smartphones [6]. Group 7: Competitive Advantages - The company offers personalized services and has local advantages, such as lower transportation costs and higher communication efficiency with clients [7]. - National policies support the flat panel display industry, providing benefits like reduced tariffs on raw materials [7].