Hui Cheng Technology(SZ:300779) Quan Jing Wang·2026-01-15 15:43Core Viewpoint - Huicheng Environmental Protection (惠城环保) is expected to significantly increase its profitability in 2025, with projected net profit ranging from 55 million to 70 million yuan, representing a year-on-year growth of 29.11% to 64.32% [1] Group 1: Financial Performance - The company anticipates a non-net profit of 42 million to 57 million yuan, indicating a year-on-year increase of 40.35% to 90.47% [1] - The expected growth in 2025 is attributed to the synergistic advancement of various business segments, including market expansion, technological innovation, and the implementation of new projects for chemical recycling of waste plastics [1] Group 2: Business Operations - The catalyst segment has strengthened its market presence, enhancing both domestic market share and overseas business, leading to increased sales and revenue [1] - The high-sulfur petroleum coke hydrogen ash comprehensive utilization project is operating efficiently, contributing stable economic benefits [1] - The 20,000 tons/year mixed waste plastic resource utilization demonstration project has successfully completed trial production, achieving initial benefits [1] Group 3: Technological Innovation - Huicheng Environmental Protection is one of the few companies in China that offers customized catalyst products and waste catalyst treatment services, recognized by industry leaders such as Sinopec and PetroChina [2] - The company is the sole technology solution provider for the treatment of petroleum coke hydrogen ash in Guangdong, producing valuable by-products such as steam, crude vanadium, and crude nickel hydroxide [2] - The CPDCC (Catalytic Pyrolysis of Mixed Waste Plastics) technology is a globally pioneering innovation, with a demonstration project in Guangdong achieving over 92% yield of oil and gas products from waste plastics [3] Group 4: Market Position and Future Plans - The company has received ISCC PLUS certification, which will provide a green premium advantage for its products [3] - There are ongoing discussions with local governments for regional waste plastic recycling projects, and interest from foreign enterprises for collaboration [3] - The company plans to adjust raw material feeding methods to gradually achieve design capacity by the end of January [3] - Huicheng Environmental Protection is aligning its innovative recycling technology with national carbon neutrality goals and green development plans, aiming to lead the industry towards high-value, large-scale, and green development [4]