证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 26 日 [Table_Title] 越南业务投产，毛利率受产能爬坡影响 [Table_Title2] 恒辉安防(300952) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 300952 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 35.41/15.58 | | 目标价格： | | 总市值(亿) | 51.40 | | 最新收盘价： | 29.78 | 自由流通市值(亿) | 21.53 | | | | 自由流通股数(百万) | 172.59 | [Table_Summary] 事件概述 公司 2025H1 收入/归母净利/扣非归母净利/经营性现金流分别为 5.93/0.55/0.48/0.69 亿元、同比增长 15.43%/11.82%/10.66%/274.18%。非经主要来自政府补助 0.10 亿元（同比增加 64.51%）；经营性现金流高于 归母净利主要由于折旧增加以及应收减少。25Q2 公司收入/归母净利/扣非归母净利分 ...

Financial Performance - In 2024, the company achieved total revenue of 126,959.84 million yuan, a year-on-year increase of 29.95% [2] - Net profit attributable to shareholders was 11,654.09 million yuan, up 10.13% year-on-year [2] - In Q1 2025, revenue reached 28,155.21 million yuan, a growth of 18.46% compared to the previous year [2] - Net profit for Q1 2025 was approximately 2,714.16 million yuan, reflecting a 21.51% increase year-on-year [2] Project Updates - The company’s 7,200 million pairs functional safety gloves project has officially commenced production, currently in the capacity ramp-up phase [3] - The subsidiary Hengyue Anfang achieved revenue of 10,910.54 million yuan in 2024, with a production volume of 335.62 million pairs [3] - The 1,600 million pairs project in Vietnam is progressing well, with trial production expected to start by the end of June 2025 [4][14] Market Strategy - Approximately 35% of the company's functional safety gloves are exported to the U.S., with pricing based on FOB terms [4][17] - The company is diversifying its market strategy to reduce reliance on the U.S. market, actively exploring opportunities in the EU, South America, Africa, and Australia [4][17] - The company is enhancing its global production capacity to mitigate trade barriers, with a focus on establishing a factory in Vietnam [4] Product Development - The company is advancing its biodegradable polyester rubber project, with a planned annual production capacity of 110,000 tons, expected to stabilize by the end of 2025 [6] - The 3,000 tons ultra-high molecular weight polyethylene (UHMWPE) fiber capacity is fully operational, with an additional 4,800 tons expansion project set to launch in September 2025 [9] - The company is exploring applications of UHMWPE in robotics, with ongoing tests and collaborations with various robotics companies [18] Investor Relations - The company emphasizes the importance of investor relations, utilizing both online and offline channels to engage with investors [13] - As of May 9, 2025, the total number of shareholders is 13,831 [21] - The management is committed to transparent communication regarding business performance and market strategies [20]