Hui Cheng Technology(SZ:300779) Sou Hu Cai Jing·2025-10-23 03:08Core Viewpoint - 惠城环保 is actively expanding its operations in the waste plastic recycling sector, with a focus on enhancing product quality and increasing production capacity through strategic investments and partnerships [1][4]. Group 1: Sales and Production Progress - The company has successfully commenced normal sales of liquefied plastic cracking gas and plastic cracking light oil from its 200,000 tons/year mixed waste plastic resource utilization project, with customers including 茂化实华 and 福建联合石化 [2]. - The company is constructing hydrogenation facilities to improve product quality, with plans for commissioning in early 2026 [5]. Group 2: Future Expansion Plans - The company aims to complete verification experiments for different catalyst formulations by the second half of 2025, targeting full production capacity by early 2026 [3]. - Future expansion plans include scaling up to 200,000 tons and 600,000 tons based on local waste collection volumes and project approvals [3][4]. Group 3: Financial Performance - In the first half of 2025, the company reported a main revenue of 564 million yuan, a year-on-year decrease of 5.09%, and a net profit of 5.02 million yuan, down 85.63% [7]. - The company has a debt ratio of 73.94% and has seen a net inflow of 826 million yuan in financing over the past three months [7][8]. Group 4: Market Opportunities - The company is exploring both domestic and international markets for waste plastic recycling projects, with interest from local governments and foreign enterprises [4]. - The market capacity for chemical recycling is expected to be comparable to that of physical recycling, with a focus on producing essential chemical raw materials like ethylene and propylene [6].