Hanvo Safety(SZ:300952) Tianfeng Securities·2025-02-16 02:35Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6][5]. Core Insights - The company is expanding its operational scale and diversifying its business scope, which includes a name change to reflect its group structure and enhance market communication [1]. - The company has a robust order reserve for its safety gloves business, with significant progress on the "72 million pairs of functional safety gloves" project, which is expected to contribute to profitability in the short term [2]. - The application scenarios for ultra-high molecular weight polyethylene (UHMWPE) fibers are broadening, with full capacity operation at the subsidiary and ongoing projects aimed at increasing production capacity [3]. - The company is focusing on technological research and collaboration to explore new applications in high-end bulletproof materials, wind turbine blades, aerospace, and artificial intelligence [4]. Financial Projections - The company is projected to achieve a net profit of 120 million yuan, 160 million yuan, and 210 million yuan for the years 2024 to 2026, with corresponding EPS of 0.8 yuan, 1.1 yuan, and 1.5 yuan, leading to PE ratios of 34x, 25x, and 19x respectively [5][12]. - Revenue is expected to grow from 976.96 million yuan in 2023 to 2,021.06 million yuan by 2026, reflecting a compound annual growth rate of approximately 30.10% [12][15]. Basic Data - The total share capital is 145.38 million shares, with a total market capitalization of approximately 3.98 billion yuan [7]. - The company has a debt-to-asset ratio of 49.27%, indicating a moderate level of leverage [7]. Market Context - The company operates within the textile and apparel industry, specifically focusing on safety and protective gear, which is experiencing growth due to increasing demand for safety products [6].