[Table_MainInfo]

[Table_Industry]

2012 08 10

2012E 2013E

1.73

2.36

0.74

1.22

0.38

0.57

0.30

0.44

1.00

1.35

2012 5 30

2015

2-3

LCD
2011 LCD
270

021-38565792

2011 4

maowei@xyzq.com.cn

S0190511010003

5% 30%

021-38565927

50 3

zhengfb@xyzq.com.cn

10

S0190510120005

200

021-38565769

sunjiali@xyzq.com.cn

........................................................................................................................ - 4 1 .......................................................................................................... - 4 1.1 ..................................................................................................... - 4 1.2 ................................................................................................. - 4 1.3 ................................................................................. - 5 2................................................... - 6 3............................................... - 7 3.1 ..................................................................................................... - 7 3.2 ......................................................................... - 8 3.3 ............................................................... - 11 3.4 ................................................ - 13 3.5 ........................................................... - 15 4 ........................................................................ - 17 4.1 ........................................................ - 17 4.2 ................................................................................... - 17 4.3 ....................................................................................... - 19 4.4 ................................................................... - 21 5 .................................................................................... - 23 5.1 ....................................................................... - 23 5.2 ....................................................................................... - 24 5.3 ............................................................................... - 25 5.4 ........................................................................... - 26 6 ................................................................................ - 29 6.1 ............................................................... - 29 6.2 ........................................................ - 30 7. ............................................................................................................... - 32 -

12004-2014 10 .............................. - 5 2 ................................................................. - 5 3.................................................. - 6 4LCD ........................................................................ - 8 5 ..................................................................... - 9 6 ............................................................. - 9 7 ......................................................................................... - 9 8 ........................................................... - 10 9 ............................................................................................... - 10 10 ......................................................................................... - 11 11.................................................................. - 11 122009~2012 TFT-LCD ................................................ - 12 13LCD 42CCFL TV ............................................... - 12 1442/40 CCFL TV.................................................. - 12 15 ................................................................. - 13 16 ......................................................................... - 13 17 ..................................................................... - 13 18 ..................................................................... - 13 192008 ................................................................ - 15 202009 ........................................................................ - 15

-2-


21 ..................................................................................... - 17 22 ............................................................................. - 17 2310 ......................................... - 19 242010 ................................................................ - 20 25 .............................. - 28 -

1 ................................................................................. - 7 2........................................................ - 14 3 ........................................................................... - 15 4 ............................................................... - 16 5 ................................................................... - 19 6 ................................................................... - 20 72011 / .................. - 21 8............................................ - 22 9 ....................................................................................... - 24 10 ..................................................................................... - 25 11.......................................................................... - 26 12 ..................................................................................... - 27 13...................................................... - 28 14 ......................................................................... - 31 -

-3-

2012 5 30
2010 9 8

1
1.1

film
membrane
film

membrane

1.2

1.
2.
3.
4.
5.
PIRA 2009
50%2009-2014
6.4%

-4-


8%
12004-2014 10
35

30

25

20

15

10

0
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Pira International Ltd

MF
UFNFRO
EDDGSPVVP

1.3

PVDC

2
35

COC
PCTFE

30

25

LCP
EVoH
PVB

20
15

PVdC
PVC
BoPA, CPA

10
5
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

BoPET
BoPPCPP

Pira International Ltd

-5-

2
3

2012 5 30

2012 1 4
2015

50 / 20 /
PVF

-6-

2-3

3
3.1

/
////

LCD

LCD

LCD
LCD
LCD
LCD

ITO

LCD

3D

3D

LED

LCD
LCD
LCD

LCD

3D

(
)

-7-

3.2
LED
2011
270

TFT

4LCD

TFT

PVA TAC

PET
PET

-8-


100% 30%
5
LCD

70

2
LCD

PET

Displaysearch

UV

1
10~20um 3um23

-9-

8
PET

3
TFT-LCD

70

40-60%
2 90
9

40%-70%
50%

70

DBEF

800

- 10 -


1.6

UV
10
PETUV

UV

UV

3.3
LCD

11

BOPET
UV

2010
LCD 914 10 TFT-LCD

- 11 -


6.65 1.049 Display
serearch LCD 10% 2012
1.26
20-30% 15-17 20-25%
30 25%
30%
LED

122009~2012 TFT-LCD
1.4

1.2
1

1.26

1.049

1.13

0.805

0.8
0.6
0.4
0.2
0
2009

2010

2011E

2012E

DisplaySearch

13LCD 42CCFL TV
IC
5%

14%

7%

29%

6%

12%

12%

1442/40 CCFL TV

22%

5%

5%

18%

CCFL
19%

24%

16%

3%

3%

Witsview

Witsview

2010 3.958 38.73

2011 15% 44.58 270
display research
40 /

- 12 -


15

16
40

4500

35

4000
3500

3000

2500

2000

1500

1000

//m2

5000

30
25

20
15
10
5

500
0
2008

2009

2010

2011

2009

2012E 2013E 2014E

DisplaySearch

2010

DisplaySearch

3.4
2011
50%

2012 13% 1800

8000

3M

2011 1000

17

18

DisplaySearch

DisplaySearch

- 13 -


SKC

3M 50%
DBEF 3M
3M
LGMNTech Shihwa
4000

3M
SKC

3M
SKC

GE kimito
SKC shihwa

3M Mitsubishi Rayon, LG
ElectronicsMNTech, ShinwhaDNPLGS
SuntechSKC Haas
Samsung Cheil

3MShinwhaMNTechSamsung Cheil
LG Electronics

MNTechSKC HassShinwha
LG Chemical LG Micron
3M

TACPAV
TAC KONICAPVA
KUARARY

TAC

- 14 -


192008

202009

SKC
19%

9%

MNTech
13%

18%

14%

shihwa
13%

SBK
14%

3%

23%

MNTech
4%

LG
12%

3M
50%

8%

IEK

IEK

1500

4500

SKC

2000~3000

2200

SKC

1000

5500

6000 /

1200
1200

4000

3.5
BOPET

UV BOPET

- 15 -

90%
BOPET

4.5 /
16 /

2
2011

2012
3 1.5
2013

2.0

2008
2012~2013

2012 2

2013

0.66

2011

1.5

2012 9

2013

2013

2013

2014~2015

SKC

2013

- 16 -

4
4.1
2012

2015
50 150 / 30 /
1 / 1000 / 1 /
4000 /

20%-25%

21

29%

22

18%

29%

10%

20%

13%

9%

10%

IEK

8%

17%

12%

25%

IEK

4.2

PEPP
PP PE 3 PP/PE/PP 1040 m

- 17 -


50250 nm 35

300
PP

Polypore Celgard UBE

20 90

PP

Entek

PPPE

PE PP

- 18 -

PPPE

PP

Polypore

PE

Entek

4.3
IIT
2011 45 2000 5 11
9

2010
30%

2310
3000
2500

2000
1500

1000
500
0
2009

2010

2011

2012E 2013E

2014E

2015E

2016E 2017E

2018E

2019E

2020E

IIT

IIT 2011
4.66 10
polypore 60%

- 19 -


3% 2%,

2011

242010
Sumitimo

Chemical
2%
3%
1%
TDK
1%
1%
SK

Entek
12%
22%
6%

Polypore
Celgard

22%

20%
10%
IIT

2011

0.10
0.10
0.06
0.05
0.10
1

14.42
2.96
16.94
2.01
5.64

300600
3066
1004800
480

IIT

0.1

2015
4

- 20 -

4.4

863

863

polypore

72011 /

PolyPOre

UBE
Entek
SK

49.0

6.0

1.0
12.0

21.0
6.0

1.0

Maxell

SDI

LGC

3.0

16.0
0.1
42.0

8.0
9.0
12.0

0.5
6.0

1.0
3.0

3.0

TDK/Nitto Denko

ATL

BAK

E-One

A123

18.0
3.0

12.0

2.0

2.0

1.5
1.5

2.0

12.0
4.0

1.0
15.0

3.0

33.0

20.0
40.0
12.0
20.0
20.0
5.0

6.0
4.0

9.0

55.0

30.0

20.0

7.0

73.1

62.0

16.5

21.0

18.0

18.0

2.0

6.0

3.0
10.0
7.0
137.
0

103.5
102.6
92.5
45.0
27.0
56.0
6.0
4.0
12.0
10.0
7.0
465.6

IIT

2015 50 300
4 1.5

- 21 -

1.4
2000 70 /

(/)

9000

6000

6500

3000

3000

2000

4500
2012

7000 /
2011 6

(/)

2000

1500

1000

500

5 2

2000 /
2013

6000 2013

1500 2012
2

50
3 10
4

- 22 -

5
5.1
2009
450 80 2009
60 250

MFUF
NFROEDDGS
PVVP

ED RO

C3

H2SCO2
()
/
MTBE/ETBE/

85

- 23 -

5.2

0.11

UF
0.05um 1nm
1000300000

NF
10

2002000 NaCl
90

- 24 -


RO

10A
97%-98%

10

0.1-1 um

1000-300000

0.01-0.1um
UF

80-1000

<0.01 um

NF

NaCl 98%

RO

MF

5.3

5070

60%
MBR

- 25 -


400 10% 35

3
4

11

UF/MF
NIPS

TIPS
UF/MF
NIPS

TIPS

UF

PSPANPVDFPAPES
CA/CTA PEPTFE
SPS
ZrO2/

MF

PSPVDF
PTFEPVCPPPEPA6
PA66PETPCCTAPA

RO

APA APACACTA
PVA /

NF

APASPS

PVA

Veolia/US Filter/Memcor
ZenonNorit
Pall Corp
Koch

Filmtec.
30%
11% GE
Osmonics Koch/Fluid
Systems

GE
KochTrisep.

5.4
1/4 121 13

20112015

- 26 -


12

2011
2015

5998 3460
2015 2698 1907
1390 425 221 83

4300

2015 220 -260 / 50%

15% 70%

2015
2.7% 5%
2015 4200
80% 85%

30%

;
;

2015
4200 85% 280 30

2004
63 2007 83 2011 110

200

- 27 -


25
120

100
80
60
40
20

0
1998

2004

2005

2006

2007

2010

2011

5,000 /
2010 189.95 /
2015 4,200 2010
109.63 /2012 171.30
185.26 2010 74.82 /
510 5 8 /
2020
250 300 /8.3 9.9 /
20152020 230 250 / 280 300
/
13

510
5 8 / 2020
250 300 /8.3 9.9
/
20152020
230 250 / 280 300
/

100 RO
40 42.5 /
RO 90 /
10%

2015 2011
4,200
237.44 246.94

5578

2012
171.30 185.26

2009 234 2010

1250 250 377,558
129,624 2009 415,987
"" 821

2010
109.63 /

- 28 -


1.2.

3.

GE

6
6.1
A 10

1.
2.2

1.5
1.5 / 5.2

1.6 4800

2
3500

2.

- 29 -


6500 4500 500
2000 /
6000 1500

4000 3 2
2

3.

300 PVDF /
100
110 /
135 PVDF 20
180

6.2

- 30 -


14

3.7 /

2012 1.5

BOPP BOPET

4.4 /4000

3 2

1.6 /
4800 /

3500 /

2013 6 1 /
3,000 / 2000
/2013 3500
2000

PE
BOPA

PE 6.2 /BOPA
1.8 / 500
/

2012 10 5000 / BOPA

2013
2000 /

1.2 /
5500 /

2012 25000 /
1500 /
20000 5000
630

BOPPCPPBOPA
BOPP

2.4 / BOPP
4.3 /
CPP 8000 /
9 /

2012 8000 /
6000 /
1300 m2 12,000

12.8 /
3

/ 1.5 /
PVC
PVC 6000 /

5
12 18

POF POF 2.2

POF POF /

2012 12 2,000 /2013

12 3.4 4,500
/ 4,000 / 500 /
2014 7,500 /
1,500 /

MBR
MBR

300 PVDF /

5000 /
85 /

2012 100

2014 200 /3~5

400 /

110 /

135
PVDF 180

6500 /
PVC
5 /

180 /

2013 4500
/

2012 1500 /

- 31 -

7.

- 32 -

12 /,

12 /,

15%

5%15%

-5%5%

-5%

1199 1 21
200135
021-38565955

2 6
100140
010-66290200

4068 15 1502-1503
518048
0755-82562090

- 33 -

www.xyzq.com.cn

http://www.xyzq.com.cn

- 34 -