【私募调研记录】东方马拉松调研恒辉安防

Group 1 - The core viewpoint is that Dongfang Marathon recently conducted research on Henghui Security, indicating a stable and positive operational status with expected orders in hand [1] - Henghui Security is actively advancing the construction of its factory in Vietnam, planning to start trial production by the end of June and deliver the first batch of orders in July [1] - The company has developed multiple robotic dexterous hand tendon testing samples, achieving expected key technical indicators and obtaining invention patent authorization [1] Group 2 - The first phase of the annual production project for 110,000 tons of biodegradable polyester rubber has commenced construction with a capacity of 10,000 tons, expected to reach mass production by the end of 2025 [1] - Henghui Security has established a global sales network with nearly 30 overseas sales team members covering multiple international markets [1] - Dongfang Marathon Investment Management Company, established in 2004, is one of the early explorers in China's value investment field, with a mature value investment system and a deep understanding of the industry [2]