Workflow
和顺科技分析师会议-20250826
Dong Jian Yan Bao·2025-08-26 15:29

Report Summary Report Industry Investment Rating - Not provided in the content Core Viewpoints - The company's revenue increased in H1 2025, but profit declined due to increased depreciation from new projects. However, quarterly performance improved sequentially as new project capacities were released and product structure was optimized. The company will continue strategies like R&D and product structure adjustment to improve operations [22]. - The revenue proportion change of other functional films is due to overall revenue growth and active business strategy optimization. The company shifted from solar backsheet films to window films, and the window film business will create a new growth curve [23][24]. - The carbon fiber project is progressing smoothly. High - performance carbon fiber applications are expanding, opening up an incremental market for the domestic carbon fiber industry [24]. - The company's competitiveness lies in technology R & D, equipment optimization, quality control, and a "differentiated, functional" business model [25]. Summary by Relevant Catalogs 01. Research Basic Situation - Research object: Heshun Technology; Industry: Plastics; Reception time: August 26, 2025; Company receptionists: Board secretary, CFO Wu Xueyou, Carbon fiber director Xiu Lei, Securities affairs representative Yu Xiaolu [16] 02. Detailed Research Institutions - Fund management companies: Boshi Fund, Baoying Fund, Western Lide Fund - Others: Gaoteng International, CSC Self - operation, Kuanxing Private Equity, GF Self - operation - Securities companies: Shanxi Securities, CITIC Securities [17] 03. Research Institution Proportion - Not provided in the content 04. Main Content Data - 2025 H1 Performance: Revenue was 296 million yuan, a year - on - year increase of 27.93%. Net profit attributable to the parent was - 14.3134 million yuan, a year - on - year decrease of 153.36%. Net profit after deducting non - recurring items was - 16.1263 million yuan, a year - on - year decrease of 67.79%. Quarterly performance improved sequentially [22]. - Product Revenue Proportion: Colored photoelectric base film accounted for 45.46%, transparent film for 42.62%, and other functional films for 10.84% [22]. - Carbon Fiber Project Progress: Since starting construction in Q3 2024, it is now in the key stages of engineering construction and equipment installation, progressing as planned [24]. - Carbon Fiber Process: Raw materials are made into spinning dope, then polyacrylonitrile precursor, followed by pre - oxidation, carbonization, post - treatment, and finally processed into various products [24]. - High - performance Carbon Fiber Applications: Penetrated into civil aviation, 3C digital products, low - altitude aircraft, racing cars and other fields, expanding the market for the domestic carbon fiber industry [24]. - Company Competitiveness: Driven by R & D, with core technologies, equipment optimization ability, a quality control system, and a "differentiated, functional" business model [25].