On September 25th, Guolonghui | Huachuang Securities research report pointed out that Hangzhou First Applied Material (603806.SH) is a global leader in photovoltaic film, specializing in the film industry for over twenty years. The company's platform-based development focuses on main products such as photovoltaic encapsulation materials, electronic materials, and functional film materials, with film business contributing significantly to the company's revenue, accounting for over 90% of the revenue in the first half of 2024. In 2024, the company plans to expand production simultaneously in bases in Vietnam, Hangzhou, Suzhou, with the annual film production capacity expected to exceed 3 billion square meters by the end of the year, further consolidating its leading position. In recent years, new technologies in photovoltaic batteries have been rapidly changing, requiring film companies to continuously upgrade and iterate film products. By leveraging a comprehensive product matrix and excellent research and development capabilities, Hangzhou First Applied Material can collaborate with component enterprises to upgrade and iterate products, better binding and solidifying customer resources, with the potential to continue leading the N-type era. Referring to comparable company valuations and historical valuation levels, a 20x PE ratio is given for 2025, corresponding to a target price of 18.48 yuan, maintaining a "recommended" rating.