恒辉安防（300952）：双翼驱动优势明确

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][17]. Core Views - The company reported a revenue of 400 million RMB in Q4 2024, representing a year-on-year increase of 41%, and a net profit attributable to shareholders of 20 million RMB, up 79% year-on-year [1]. - For the full year 2024, the company achieved a revenue of 1.3 billion RMB, a 30% increase year-on-year, with a net profit of 100 million RMB, reflecting a 10% growth [1]. - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares, totaling 23.56 million RMB, with a payout ratio of 20% [1]. Product Performance - The functional safety gloves segment generated 1.2 billion RMB in revenue, a 30% increase year-on-year, with sales volume up 25% and prices up 3% [2]. - The ultra-high molecular weight polyethylene fiber and its composite materials contributed 40 million RMB in revenue, a 49% increase year-on-year, with sales volume up 58% but prices down 6% [2]. - The company produced 2,124.71 tons of ultra-high molecular weight polyethylene fiber, with 544.09 tons sold externally, primarily used in military, safety protection, and high-end home textiles [2]. Production Capacity and Projects - The domestic project for producing 72 million pairs of functional safety gloves is fully completed, with production ramp-up progressing steadily [3]. - The Vietnam project for producing 16 million pairs of functional safety gloves is expected to begin trial production by June 2025 [3]. - The company plans to increase its ultra-high molecular weight polyethylene fiber capacity by 12,000 tons, with the first phase of 4,800 tons already under construction and expected to release capacity by September 2025 [3][4]. Financial Projections - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 156 million RMB, 199 million RMB, and 270 million RMB respectively [5]. - Revenue is projected to grow from 1.27 billion RMB in 2024 to 2.87 billion RMB by 2027, with a compound annual growth rate of approximately 30% [10]. - The company’s net profit margin is expected to stabilize around 9.43% by 2027, with an estimated EPS of 1.70 RMB [10][12].