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1.1 Global market demandAccording to the data of Shangpu Consulting Group, the global film capacitor market size is about 16.40 billion yuan in 2020, an increase of about 8.1%. Among them, China's market size is about 10.0 billion yuan, accounting for about 61% of the global market share, and is still the world's largest film capacitor production and consumer. It is expected that the global film capacitor market size will reach 26.30 billion yuan in 2023, an increase of about 15.8%. Among them, the Chinese market is expected to reach 15.78 billion yuan, accounting for more than 60% of the global market share. The main drivers of global market demand growth are:Rapid growth of the new energy vehicle market: With the promotion of global policies on energy conservation, emission reduction and carbon neutrality and the improvement of consumer awareness, the new energy vehicle market has shown explosive growth. According to data from Shangpu Consulting Group, the global new energy vehicle market maintained strong growth in 2022, with sales reaching 10.824 million units, an increase of 61.6% year-on-year. The Chinese market accounted for 63.6 percent of global NEV sales, reaching 6.884 million units. New energy vehicles are the most important demand side of film capacitors, and the value of a bicycle is about 450 yuan.Steady growth of wind power and photovoltaic market: With the country's policy support for renewable energy and the growth of market demand, the wind power and photovoltaic market has maintained steady growth. According to the data of the consulting Group, in 2022, the new installed capacity of global wind power and photovoltaic reached 77.6GW and 240GW, respectively, an increase of about -17% and 69%. It is expected that in the whole year of 2023, the global wind and photovoltaic new installed capacity will reach 120GW and 268GW, respectively, an increase of about 54% and 12%. In 2022, the cumulative installed capacity of global wind power and photovoltaic is 923GW and 1185GW respectively, accounting for 6.2% and 8.7% of the total global power demand, respectively. Wind power and photovoltaic are the other two important demand ends of thin film capacitors, and the single-machine value is 27,000 yuan /MW and 45,000 yuan /MW, respectively.Stable demand in other areas: In addition to emerging industries such as new energy vehicles, wind power and photovoltaic, thin film capacitors are also widely used in traditional household appliances, lighting, industrial control, electric power, electrified railway and other fields. Demand in these areas is relatively stable and is expected to increase in 2023 as the economy recovers and technology advances.

1.2 Chinese market demandAccording to data from Shangpu Consulting Group, China's film capacitor market will reach 12.1 billion yuan in 2022. Among them, the market size of film capacitors for new energy vehicles reached 1.314 billion yuan, an increase of about 42.5%; The market size of film capacitors for wind power will reach 2.061 billion yuan, an increase of about 15%. The market size of photovoltaic film capacitors will reach 2.544 billion yuan, an increase of about 20%; The market size of film capacitors used in other fields will reach 6.181 billion yuan, an increase of about 5%.It is expected that the market size of China's film capacitor will reach 30 billion yuan in 2023. Among them, the market size of film capacitors for new energy vehicles will reach 9.2 billion yuan; The market size of film capacitors for wind power will reach 1.85 billion yuan; Photovoltaic film capacitor market size will reach 920 million yuan; The market size of film capacitors used in other fields will reach 18.03 billion yuan.The main drivers of demand growth in the Chinese market are:Rapid growth of new energy vehicle market: With the state's policy support for new energy vehicles and the improvement of consumer awareness, China's new energy vehicle market has shown explosive growth. According to the data of Shanpu Consulting Group, in 2022, China's new energy vehicle market maintained a momentum of rapid growth, with annual sales reaching 6.887 million units, an increase of 93.4%, accounting for 25.6% of the entire automobile market. It is expected that in the whole year of 2023, with the further implementation of new energy vehicle policies and the continuous expansion of the market, China's new energy vehicle sales are expected to exceed 10 million, an increase of about 45%. New energy vehicles are the main demand direction for film capacitors, and the value of a single bike is about 500 yuan.Steady growth of wind power and photovoltaic market: With the country's policy support for renewable energy and the growth of market demand, China's wind power and photovoltaic market has maintained steady growth. According to data from Shangpu Consulting Group, in 2022, China's newly installed wind power capacity will be about 60GW, an increase of about 11.2%. It is expected that the new installed capacity of wind power in China will reach 63GW in 2023, an increase of about 5%. In 2022, China's new PV installed capacity is about 60GW, an increase of about28.1%; It is expected that in the whole year of 2023, China's new PV installed capacity will reach 66GW, an increase of about 10%. Wind power and photovoltaic are the other two important demand end of thin capacitors, the single-unit value of 27,000 yuan /MW and 45,000 yuan /MW respectively.

Stable demand in other areas: In addition to emerging industries such as new energy vehicles, wind power and photovoltaic, thin film capacitors are also widely used in traditional household appliances, lighting, industrial control, electric power, electrified railway and other fields. Demand in these areas is relatively stable and is expected to increase in 2023 as the economy recovers and technology advances.