See the last page for disclaimer

See the last page for disclaimer最新动态➢TAC 膜项目稳步推进，产业链协同助力国产替代。2023-2026 年，公司、三利谱光电科技、天津显智链对安徽吉光子公司先后出资2.4、0.5、0.4 亿元，分别占比56.5%、11.5%和9.2%。安徽吉光作为天禄科技TAC 膜项目的实施平台，公司前瞻性联合京东方及三利谱发展高端膜材料，助力面板产业链自主可控。安徽吉光已于2025 年6 月取得建筑工程施工许可证，主要设备将于2026 年上半年陆续进场调试，实验室阶段TAC 膜已送往下游偏光片厂和面板厂进行检测。动向解读➢公司立足于显示面板行业，发展第二成长曲线高端膜材料。公司成立于2010 年，公司产品为导光板，是液晶显示设备用背光模组的核心部件之一，终端应用于液晶电视、平板电脑等领域。2023 年公司成立子公司安徽吉光新材料公司，用于研发、生产TAC 膜，TAC 膜是显示面板中偏光片的重要原材料。2025H1 公司实现营业收入 2.97 亿元 同比下降 8.40%，主要产品除笔记本电脑类导光板业务收入略有增长外，台式显示器类、液晶电视类导光板业务收入有所下降，与细分品类下游出货量趋势基本一致。毛利率方面，公司导光板业务的毛利率为19.86%，同比上升 1.35 个百分点，主要是由于原材料MS、PMMA 板材和粒子市场价格处于下行周期。➢TAC 膜国产化需求迫切，公司有望受益于进口替代。TAC 膜供应商主要有日本富士胶片和柯尼卡美能达、韩国晓星化学、中国台湾达辉和日本瑞翁，富士胶片、柯尼卡美能达、瑞翁合计约占全球市场的80%，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%。下游需求方面，根据公司投资者关系活动记录公告，2025 年TAC 膜需求量达12.29 亿平方米，超过70%面板产能在中国大陆，偏光片预计整合后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，我们认为TAC 膜国产化需求迫切，公司有望优先受益于进口替代。风险提示行业竞争格局变化风险；下游需求不及预期风险；原材料价格波动风险。Charles Zhuang 庄怀超SFC CE: BTE209微信: zhuangcharles; 电话: (852) 9748 7114;环球富盛理财有限公司
9 Mar 2026
天禄科技Talant Optronics (Suzhou) (301045.CH)公司立足于显示面板行业，发展第二成长曲线TAC 膜材料Based in the display panel industry & Developing TAC film materials for the second growth curveSee the last page for disclaimer分析师介绍分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。该分析师2022-2024 年曾任职于海通国际研究部，团队2022 年获得过亚洲货币第一名，该分析师2025 年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014 年。该分析师曾在wind 发布报告超过600 篇，主要覆盖标的包括：1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技；2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、北京燃气蓝天 ；3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。微信：zhuangcharles电话：(852) 9748 7114; (86) 188 01353 3537COMPANY RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingDefinitionBuyRelative Performance>15%;or the fundamental outlook of the Company or sector is favorable.Accumulate收集Relative Performance is 5% to 15%;or the fundamental outlook of the Company or sector is favorable.NeutralRelative Performance is -5% to 5%;or the fundamental outlook of the Company or sector is neutral.Reduce减持Relative Performance is -5% to -15%;or the fundamental outlook of the Company or sector is unfavorable.Sell卖出Relative Performance < -15%;or the fundamental outlook of the Company or sector is unfavorable.SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingDefinitionOutperform跑赢大市Relative Performance>5%;or the fundamental outlook of the sector is favorable.NeutralRelative Performance is -5% to 5%;or the fundamental outlook of the sector is neutral.Underperform跑输大市Relative Performance<-5%;Or the fundamental outlook of the sector is unfavorable.DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report.(4) Global Prosperity Financial Company Limited and/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months.(5) Global Prosperity Financial Company Limited and/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report.(6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officer of the issuermentioned in this Research Report. 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