Core Viewpoint - The commercial aerospace sector is experiencing significant growth driven by policy, technology, and market factors, with Heshun Technology actively expanding its applications in high-end manufacturing and aerospace [1] Group 1: Company Overview - Heshun Technology, established in 2003, is a leading player in the domestic non-ferrous optoelectronic base film sector, with a strong market position in consumer electronics, automotive, and new energy [1] - The company is focusing on the domestic production of M-level high-performance carbon fiber, which is critical for commercial aerospace, aiming to create a second growth curve [1] Group 2: Investment and Expansion Plans - In 2023, the company invested 1 billion yuan to establish a 350-ton M-level carbon fiber production project in Hangzhou, which is expected to commence operations in June 2024 and achieve carbonization testing by December 2025 [1] - The project aims to produce T800-grade carbon fiber products that meet international advanced standards, with ongoing preparations for trial production of remaining processes [1] Group 3: Strategic Acquisitions - On January 14, 2026, the company announced plans to acquire a 51% stake in Yixing Xinli Weaving Co., which specializes in high-performance fiber fabrics, to enhance its supply chain from carbon fiber raw materials to composite material applications [2] - This acquisition is expected to positively impact the supply channels, capacity digestion, and industrial layout of the newly established 350-ton M-level carbon fiber capacity [2] Group 4: Market Demand and Future Growth - The demand for M-level high-end carbon fiber is projected to increase significantly, particularly with the reference to Musk's next-generation space computing satellites, which utilize M55-grade carbon fiber [3] - The company’s 350-ton M-level carbon fiber production is anticipated to meet the needs of the aerospace sector, leading to a balanced supply-demand scenario [2][3] Group 5: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 452 million yuan, reflecting a year-on-year growth of 23.53%, indicating strong core business expansion [4] - Although net profit faced pressure, the company showed a narrowing trend in losses, with Q3 losses reduced by 48.55% year-on-year, highlighting improvements in cost control and operational efficiency [4] - The company reported a significant positive cash flow of 13 million yuan in the first three quarters of 2025, a year-on-year increase of 129.89%, indicating enhanced cash flow quality [4]
研发加码 和顺科技战略扩张高性能碳纤维产业链