公司2025上半年业绩回顾 8月26日，江苏恒辉安防股份有限公司通过电话会议形式，与广发证券等30家机构的券商分析师及机构 投资者进行交流。公司副总经理、董事会秘书张武芬，财务总监朱晓宁，证券事务代表林旭金参与接 待。本次交流不涉及应披露的重大信息。 2025年Q2业务表现 安防手套Q2实现营收31,147.78万元，环比增长10.63%；上半年超高纤维对外销售289.71吨，产业协同 自用683.82吨，分别比去年同期上涨90.30%、33.64%。Q2超高纤维产销量较Q1环比下降，因部分产线 技术升级改造以适应下游需求。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 2025年上半年，江苏恒辉安防在 ...

证券代码：300952 证券简称：恒辉安防 主要沟通内容如下： 1、越南工厂年产1,600万打功能性安防手套项目建设进展如何，实 现产品销售了吗？产能爬坡情况有什么预期？ 江苏恒辉安防股份有限公司 投资者关系活动记录表 编号：2025-009 投资者关系活动 类别 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 ☐ 路演活动 ☐ 现场参观 ☐ 其他（请文字说明其他活动内容） 形式 ☐ 现场 ☐ 网上 电话会议 参与单位名称及 人员姓名 详见附件 时间 2025年8月26日 15:00-17:30 地点 线上会议形式 上市公司接待人 员姓名 副总经理、董事会秘书：张武芬 财务总监：朱晓宁 证券事务代表：林旭金 投资者关系活动 主要内容介绍 公司于2025年8月26日，通过电话会议的形式与部分券商分析师、机 构投资者进行交流，会议不涉及应披露的重大信息。 公司董事会秘书参加了本次电话会议，首先介绍了公司基本情况， 2025年半年度营收及生产经营现状： 2025年上半年，公司在复杂多变的市场环境中砥砺前行，凭借其前 瞻性的战略布局、卓越的创新能力以及高效的执行力，在多个关键领域 取得了显 ...

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 ...

证券代码：300952 证券简称：恒辉安防 公告编号：2025-115 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以2025年8月25日的公司总股本172,586,789股扣除回购 专户持有股份1,701,711股后的总股本170,885,078股为基数，向全体股东每10股派发现金红利0.8元（含 税），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 3、公司股东数量及持股情况 单位：股 ■■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导 ...

异动分析 安防+机器人概念+体育产业+人民币贬值受益+石墨烯 1、公司的主营业务是手部安全防护用品的研发、生产及销售。公司主要产品为具有"纤维+涂层"双重防 护结构的功能性安全防护手套。 来源：新浪证券-红岸工作室 8月25日，恒辉安防涨1.64%，成交额2.29亿元，换手率7.29%，总市值52.52亿元。 2、根据2025年3月18日互动易，在机器人应用领域展现出巨大潜力。在机器人灵巧手腱绳材料领域，公 司研发团队通过特定编织工艺已经开发出多款基础腱绳测试样品，并通过纤维表面处理技术开发方案， 以进一步提升腱绳与驱动系统的摩擦力和耦合性能，通过开发复合结构腱绳，提升抗蠕变和抗疲劳性能 等等。经测试和反馈，公司样品在特定作业环境下抗拉伸力、破断强力、断裂伸长率、最小折弯半径、 摩擦系数、耐疲劳度等关键技术指标上均达到了预期效果。目前，公司已经与多家机器人领域具有领先 地位和创新实力的公司深度对接，旨在共同推进超高分子量聚乙烯纤维在机器人灵巧手腱绳材料方向的 落地应用。除腱绳材料之外，公司研发团队密切关注超高分子量聚乙烯纤维在机器人新材料领域的其他 方向应用，包括机器人外壳刚性材质、结构增强等方面的创新应用。 ...

Core Viewpoint - Jiangsu Henghui Security Co., Ltd. maintains a stable credit rating of AA- with a positive outlook, reflecting its competitive position in the functional safety glove market and ongoing expansion efforts [3][5][8]. Company Overview - Jiangsu Henghui Security Co., Ltd. is a publicly listed company in China specializing in the production of functional safety gloves, possessing certain technological and channel advantages in its niche market [8][10]. - The company has expanded its production capacity and is extending its industrial chain upstream, which enhances its competitiveness [8][10]. Financial Performance - As of March 2025, the total assets of the company reached 26.13 billion yuan, with total liabilities at 10.93 billion yuan and total equity at 15.20 billion yuan [7]. - The company reported a significant increase in operating revenue, with projections indicating a rise from 9.77 billion yuan in 2023 to 12.70 billion yuan in 2024 [7][26]. - The gross profit margin for the company was 22.03% in 2024, reflecting a decrease from previous years due to rising costs and competitive pricing pressures [26]. Market Position - The functional safety glove market is primarily dominated by developed countries such as Europe, the United States, and Japan, where safety awareness and labor protection systems are well established [10][11]. - The market for functional safety gloves in China is still developing, with significant growth potential as safety awareness increases [10][11]. Production Capacity and Strategy - The company has a production capacity of 1.44 billion pairs of gloves per year, with a focus on both special fiber and general fiber gloves [20][21]. - The company is actively investing in new projects, including a 7.2 million pairs per year safety glove project and a biodegradable polyester rubber project, to enhance its product offerings and market reach [24][25]. Risk Factors - The company faces risks related to geopolitical tensions, macroeconomic fluctuations, and raw material price volatility, which could impact its operational performance [3][4][10]. - The competitive landscape in the functional safety glove industry is intensifying, necessitating continuous innovation and market adaptation [10][11]. Future Outlook - The company is expected to maintain a stable credit level in the future, supported by its ongoing expansion and diversification efforts [5][6]. - The demand for high-performance polyethylene fibers is projected to grow, providing opportunities for the company to enhance its product offerings and market position [14][23].

Group 1 - The company has made significant progress in the development of tendon ropes for robotic dexterous hands, with multiple test samples achieving expected key technical indicators [1][2] - The company’s subsidiary, Hengshang Materials, is operating at full capacity with 3,000 tons of ultra-high molecular weight polyethylene fiber, which is crucial for the company's strategic layout in various industries [2][3] - The company has received an invention patent for a new type of ultra-high molecular weight polyethylene fiber that enhances material stability, strengthening its competitive edge in the high-end fiber sector [3] Group 2 - The company is actively engaging in technical exchanges and sample testing with multiple robotics enterprises, with positive feedback from some clients leading to further feasibility assessments for collaboration [2][3] - The company reported that its production and operational status for security gloves is stable, with current orders meeting expectations despite some negative impacts from U.S. tariffs [3][4] - To mitigate uncertainties from tariff policies, the company is accelerating the construction of its factory in Vietnam and diversifying its market strategy, achieving significant breakthroughs in emerging markets [4]

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]

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].

Group 1: Company Overview - Jiangsu Henghui Security Co., Ltd. has been focused on the security glove industry for 20 years, specializing in the R&D, production, and sales of hand safety protection products [1] - The company offers a range of functional safety gloves with features such as cut resistance, high abrasion resistance, and chemical resistance [1] - Henghui is expanding its product matrix by venturing into upstream materials like ultra-high molecular weight polyethylene fibers and biodegradable polyester rubber [1] Group 2: Production Capacity and Orders - The company has a robust order reserve for its security gloves, supported by a production capacity of 72 million functional safety gloves per year [2] - Current production of 3,000 tons of ultra-high molecular weight polyethylene fibers is running at full capacity, with plans to add 12,000 tons, including an initial phase of 4,800 tons funded by convertible bonds [3] - The Vietnam project for producing 16 million functional safety gloves annually is progressing well, expected to mitigate the impact of U.S. tariffs [3] Group 3: Market Demand and Growth Potential - The potential market demand for functional safety gloves in China is projected to exceed 30 billion RMB, indicating significant growth opportunities [5] - The demand for functional safety gloves is expected to rise due to increased industrialization, improved safety regulations, and heightened consumer awareness [4] - The company aims to leverage its established production system and management experience to capture a larger share of the expanding market [5] Group 4: Financial Performance and Future Outlook - For the first three quarters of 2024, the company reported a revenue of 872 million RMB, a year-on-year increase of 25.34% [8] - The third quarter alone saw a revenue of 358 million RMB, reflecting a 40.64% increase compared to the same period last year [8] - The company anticipates continued growth in 2025, driven by enhanced order capacity and the operational launch of its new production facilities [8]