The high boom and high growth trend of the coming electronic screen film is inseparable.
In the field of optical film, in 2018, Doublestar began to participate in the commissioning and production of Samsung’s optical film project; in 2019, Doublestar’s optical film became the only global strategic cooperative supplier of Samsung VD optical film; in 2020, Doublestar will further develop The optical film segment, which is dominated by composite films and brightness enhancement films, is expected to increase its global market share to 18%.
In the photovoltaic field, the market share of photovoltaic back film products continues to increase. The domestic production capacity accounts for more than 25%, and the annual production capacity will be released next year. Downstream backplane manufacturers account for a relatively large market share. Major customers Including Saiwu, Foster, Zhongtian shares, etc., among them, Saiwu and Zhonglai together have a global market share of nearly 40%, and Foster is also one of the giants.
In the field of variable information materials, due to the spread of foreign epidemics, competitor France Dynamics stopped production. Its downstream customer France Almo also turned to Doublestar for variable information material films, increasing the production line from one to two.
Re-division of business segments: clear path to high-endization
Double Star updated the product classification basis in June 2020, from BOPET polyester film (in 2019 and before the annual report shows that the proportion is more than 95%), aluminized film, and PVC functional film have been changed to the current five categories. The revenue share from high to low is polyester functional film, optical material film, new energy material film, heat shrinkable material film and Change information material film.
Yuanqi Capital believes that in addition to business needs and compliance disclosure, Doublestar’s move will objectively promote its transformation to new materials and it will be more convenient to serve large customers.
According to data from CITIC Securities, Doublestar’s domestic market share in the optical materials sector reached 15% in the first half of the year, the global market share of the variable information materials sector exceeded 50%, and the global market share of the new energy materials sector exceeded25%, the global market share of energy-saving window film sector is nearly 40%.
Optical materials section
The optical material sector has been the focus of Doublestar’s development in recent years. The optical film project with an annual output of 100 million square meters has been put into production, and the equipment installation of the remaining part of the second phase of the 200 million square meter project is nearly complete.
Double Star’s products in this field include two types of optical substrates and optical films.
Optical film(sheet) is a brightness enhancement film produced by post-processing and composite production of optical base film(prism), reflective film, diffuser film, and more technically difficult polarizers and other composite films( DOP/POP/MOP/DPP/MPLD, etc.). Optical material films are widely used in markets such as ultra-high-definition televisions, monitors, touch screens, notebook computers, and smart phones.
Source: Essence Securities
Double Star has the core advantage of optical substrate