恒辉安防分析师会议-20250912

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the in - depth analysis of Henghui Safety Protection's business situation through a performance briefing and Q&A session. The company shows a positive development trend in various projects, with a clear strategic layout and strong potential for growth [23]. 3. Summary by Related Catalogs 3.1. Research Basic Situation - The research object is Henghui Safety Protection, belonging to the textile and apparel industry. The reception time was on September 12, 2025. The listed company's reception personnel included the chairman, general manager, deputy general manager, board secretary, financial director, independent director, and continuous supervision sponsor representative [16]. 3.2. Detailed Research Institutions - The reception object was all investors participating in the company's 2025 semi - annual performance briefing online, and the reception object type was "other" [19]. 3.3. Research Institution Proportion No relevant content provided. 3.4. Main Content Data 3.4.1. Business Performance and Dividends - In the first half of 2025, the company achieved an operating income of 593.0299 million yuan, a year - on - year increase of 15.43%; the net profit attributable to shareholders of the listed company was 54.9774 million yuan, a year - on - year increase of 11.82%. As of June 30, 2025, the company's total assets were 2.584816 billion yuan, a year - on - year increase of 3.10%; the owner's equity attributable to shareholders of the listed company was 1.4620966 billion yuan, a year - on - year increase of 20.29%. - The company's 2025 interim profit distribution plan is to distribute a cash dividend of 0.8 yuan per 10 shares (tax - inclusive) to all shareholders based on the total share capital of 170,885,078 shares after deducting the shares held in the repurchase special account, with a total cash dividend of 13.67080624 million yuan, accounting for 29.65% of the parent company's distributable profit for the year [23]. 3.4.2. Project Progress - The "Annual Production of 72 million dozen Functional Safety Gloves" project of the subsidiary Hengyue Factory contributed about 4.5 million dozen of production capacity in the first half of the year, and the company aims to achieve a breakthrough of 10 million dozen in both production capacity and sales volume for the whole year. The project is expected to take 3 - 5 years to fully release production capacity and adapt to the market after full operation [25]. - The "Annual Production of 1.6 million dozen Functional Safety Gloves" project of the Vietnam factory has made key progress. The first PU glove production line has been commissioned and put into mass production, and other product lines are in the process of accelerated installation, commissioning, and trial production. The first batch of products has been successfully delivered recently. It is expected that in the next 3 - 6 months, the production capacity will be gradually released, and the capacity utilization rate will increase steadily [26]. - The company's planned "Annual Production of 110,000 tons of Biodegradable Polyester Rubber" project is being advanced in a "one - time planning, three - phase construction" mode. The first - phase 10,000 - ton project started in August 2024 and is progressing steadily [28]. - The "Annual Production of 4,800 tons of Ultra - high - molecular - weight Polyethylene Fiber" project funded by convertible bonds is advancing as planned. The indoor and outdoor pipe networks and public auxiliary projects are under accelerated construction, and key production equipment has been installed. The company aims to achieve trial production by the end of September [29]. 3.4.3. Market and Orders - The company's functional safety glove business is mainly for export. In the first half of 2025, North American sales revenue accounted for 37.85% of total revenue (31.24% from the US). To deal with tariffs, the company is promoting the construction of the Vietnam factory and implementing a diversified market strategy [25]. - Since the second quarter, the company's safety glove orders have shown regional differentiation. In the US market, orders have slowed down, but are expected to recover as inventory is digested. Outside the US, orders are in line with expectations [27]. 3.4.4. Product Application and R & D - The company is developing ultra - high - molecular - weight polyethylene fiber for use in robots, such as in flexible joint protection parts and dexterous hand tendon ropes. Some products have been delivered, and the company is in communication with several robot companies [30]. - The company's ultra - high - molecular - weight polyethylene fiber has obtained small - batch orders in the aerospace and marine fields and is continuing to deepen technology - market integration [36]. 3.4.5. Company Strategy - The company adheres to its main business and focuses on transforming the production capacity of existing and under - construction projects into effective orders. It also tracks industry trends and expands its product portfolio through innovation [32]. - The company is using its Hong Kong subsidiary as a pivot to promote the Vietnam project. Other overseas investment plans will be evaluated based on market demand, trade environment, and production capacity planning [32].