恒辉安防：功能手套为基，高分子新材料为翼

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1][22]. Core Views - The company reported a revenue of 238 million yuan in Q1 2024, representing a year-on-year increase of 27.7%, with a net profit attributable to the parent company of 22 million yuan, up 76.3% year-on-year, driven by increased orders for safety gloves and optimized product sales structure [1]. - The company aims to become a global leader in functional safety gloves, leveraging digital manufacturing capabilities and focusing on low production costs, high operational efficiency, and continuous product innovation [9][38]. - The company is expanding its sales network both domestically and internationally, enhancing its marketing strategies and optimizing its brand marketing plans [6][4]. Financial Performance - In 2023, the company achieved a total revenue of 977 million yuan, a year-on-year increase of 9.4%, with a net profit of 106 million yuan, down 13.1% [10]. - The gross margin for 2023 was 25.1%, an increase of 0.1 percentage points, while the net margin was 11.4%, a decrease of 2.7 percentage points [11]. - The company plans to distribute cash dividends of 36.39 million yuan, with a dividend payout ratio of 34.4% [12]. Product Segmentation - In 2023, the revenue from functional safety gloves was 940 million yuan, up 6.4%, with a gross margin of 25.6% [2]. - The revenue from ultra-high molecular weight polyethylene fibers and composite materials was 29 million yuan, with a gross margin of 1.7% [2]. Market Strategy - The company is focusing on building a dual-market sales system, enhancing its presence in both domestic and international markets [4]. - The company is actively expanding into emerging markets while maintaining its market share in North America and Europe [6]. Production Capacity - The company has achieved full capacity of 2400 tons for ultra-high molecular weight polyethylene fibers and is advancing the construction of its new materials project with an annual production capacity of 12,000 tons [5][21]. - The company has sufficient orders to meet current production capacity, with ongoing efforts to enhance the production of safety gloves [20].