Core Viewpoint - Heshun Technology is actively advancing its carbon fiber project and high-end film materials, showcasing its strategic determination and innovative vitality in the high-end materials sector [1][2]. Carbon Fiber Project Progress - The carbon fiber project is progressing steadily, focusing on the carbonization phase, with trial operations for carbonization equipment underway [2]. - The annual production capacity of the M-grade carbon fiber project is set at 350 tons, with a total investment of approximately 1 billion yuan, located in Hangzhou Qiantang New District [2]. - The project has accelerated since receiving environmental approval at the end of 2024, with successful power debugging and the initiation of trial operations for carbonization equipment [2]. Market Demand and Capacity Strategy - The company emphasizes a compact capacity planning for carbon fiber, aligning with the focus on high-performance carbon fibers (M-grade, T800, and above) for aerospace and high-end equipment sectors [3]. - The demand for carbon fiber in China is projected to reach 84,000 tons in 2024, with a growth rate of 21.7%, and a domestic production rate expected to exceed 80% by 2026 [3]. - The company adopts a "small but refined" production line model to enhance flexibility and meet customized, high-specification demands, focusing on performance premium rather than scale effects [3]. High-End Film Materials - Heshun Technology has been dedicated to the research, production, and sales of differentiated, functional biaxially oriented polyester films since its establishment in 2003, covering various applications in consumer electronics and automotive sectors [5]. - The annual import volume of high-end films in China is approximately 350,000 tons, primarily in optical films and high-end electrical insulation films, indicating a significant supply-demand gap in the domestic market [5]. - The company is shifting its production focus from low-margin transparent films to high-value optical films and films for new energy vehicles, aiming to avoid homogenized competition [5][7]. Strategic Focus and Future Growth - The company aims to leverage its advantages in high-end equipment and professional technical teams to capture opportunities in the carbon fiber market, particularly in high-end applications [4]. - With the new safety standards for power batteries set to be implemented in July 2026, the company possesses a first-mover advantage in high-end battery flame-retardant and insulation films, having completed customer validation [6]. - The management emphasizes a dual-driven growth strategy focusing on high-end optical film production and breakthroughs in domestic carbon fiber, supported by technological innovation and digital transformation [7].
和顺科技布局差异化高端材料 多元驱动打开新增长空间