中邮证券研报指出，天禄科技战略布局TAC膜，深度绑定下游客户。主业导光板业务稳定，2024年显示器导光板市占率16.70%，笔记本导光板市占率23.20%，市占率全球领先。公司通过子公司安徽吉光积极拓展TAC膜业务，一期产能预计6000万平方米，产值预计4.5亿元。此外，公司引入外部战略投资伙伴，深度绑定下游客户面板龙头京东方和三利谱。预计公司2025/2026/2027年分别实现收入6.21/6.38/8.69亿元，分别实现归母净利润0.28/0.36/0.82亿元，首次覆盖，给予“买入”评级。
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