恒星科技 20250721 摘要 恒星科技金属制品板块稳定增长，2024 年销量达 68.5 万吨，同比增长 超 20%，主要受益于电网建设和陆上风塔需求，其中预应力钢绞线销量 显著提升近 40%，贡献主要业绩增长，镀锌钢丝钢绞线自 1995 年开始 生产，市场表现良好，对公司贡献显著。 预应力钢绞线在基建领域应用广泛，如高速公路、高铁、桥梁、大坝等， 并成功拓展至风塔建设新领域。2024 年，该产品开发了新的应用领域， 在风塔中使用取得成功，其客户包括中铁、中建四局等大型央企项目部。 有机硅业务板块受行业盈利不佳影响，2023、2024 年亏损，但 2024 年技改后四季度扭亏为盈，2025 年一季度保持盈利。二季度受价格下 跌影响表现欠佳，但价格已回升，且东岳硅材火灾事件对市场形成短期 支撑，利好恒星科技。 恒星科技有机硅产能超过 20 万吨，通过技改降低成本，提升竞争力。 未来计划逐步增加高附加值产品，环体预计可达 15 万吨，单体超 25 万 吨。若 15 万吨环体满负荷运行，按当前价格估算，年营收可达十几亿 元。 Q&A 钢连线和胶管钢丝主要用于橡胶软管生产，如加油站输油管、石油钻探输送石 油管以及 ...

Core Viewpoint - The company, 恒星科技, is focusing on enhancing its competitive edge through technological upgrades and cost optimization in both its metal products and chemical sectors, particularly in organic silicon production [2][3][4]. Group 1: Financial Performance - In 2024, the company reported a revenue of 5.085 billion yuan and a net profit attributable to shareholders of 13.6075 million yuan [2]. - For Q1 2025, the company achieved a revenue of 1.117 billion yuan, with a net profit of 5.67 million yuan, representing a year-on-year growth of 390.5% [2][4]. - The Q1 2025 financial report indicated a revenue decline of 0.83% compared to the previous year, while the net profit increased by 390.5% [4]. - The company reported a debt ratio of 56.05% and a gross margin of 8.27% [4]. Group 2: Business Segments - The company operates in two main business segments: metal products and chemicals. The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strands, and diamond wire, among others [3]. - The chemical segment primarily focuses on the production and sales of organic silicon and related products [3]. Group 3: Strategic Initiatives - The company is committed to continuous technological upgrades and market management to reduce costs and enhance efficiency [2]. - The company has successfully acquired mining rights for the Longtoushan gold mine and is working on further exploration to verify gold resource reserves [3]. - The company is exploring the tungsten wire market and has developed cold-drawing technology for tungsten wire, indicating a potential shift towards high-margin materials [2].

Core Viewpoint - The company has shown significant growth in production and sales across its metal products and chemical segments, driven by increased infrastructure investment and improved profitability in the first quarter of 2025 [2][3][4]. Group 1: Company Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking a year-on-year increase of 20.78% and 21.55% respectively [2]. - The company’s organic silicon and related products saw production of 90,500 tons and sales of 86,400 tons, with year-on-year growth of 60.41% and 46.80% respectively, alongside an improvement in gross margin [2]. - For Q1 2025, the company reported a net profit of 5.67 million yuan, a 390.50% increase year-on-year, and a net profit excluding non-recurring gains of 2.32 million yuan, up 50.79% [3]. Group 2: Product Applications - The company’s pre-stressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, dams, urban overpasses, and wind turbine towers [2]. - Galvanized steel wire and strands serve as structural materials for power cables, mainly applied in power cable and ultra-high voltage projects [2]. Group 3: Financial Metrics - The company’s main revenue for Q1 2025 was 1.117 billion yuan, a slight decrease of 0.83% year-on-year, with a debt ratio of 56.05% and financial expenses amounting to 20.75 million yuan [4]. - The company experienced a net inflow of 61.64 million yuan in financing over the past three months, indicating increased investor interest [4].

Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, operating in two main sectors: metal products and chemical products [2]. - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strand, steel cord, prestressed steel strand, and diamond wire, primarily used in power cables, high-voltage projects, automotive tires, and solar energy applications [2]. - The chemical products segment focuses on the production and sales of silicone and related products, serving industries such as construction, electronics, textiles, and pharmaceuticals [2]. 2024 Operational Performance - In 2024, the company produced 660,600 tons and sold 685,100 tons of galvanized steel wire and related products, marking increases of 20.78% and 21.55% year-on-year, respectively [2]. - The production of silicone and related products reached 90,500 tons, with sales of 86,400 tons, reflecting growth rates of 60.41% and 46.80% year-on-year [2]. - Both product revenue and gross margin improved compared to the previous year [2]. Infrastructure Applications - Prestressed steel strand products are primarily used in infrastructure projects such as highways, high-speed railways, bridges, and dams [3]. - Galvanized steel wire and strand serve as essential materials for power cables and high-voltage engineering [3]. Financial Highlights - In Q1 2025, the company achieved a net profit of 5.67 million yuan, a 390.50% increase year-on-year, with a net profit of 2.32 million yuan after deducting non-recurring gains, up by 50.79% [3]. - The improved profitability is attributed to reduced donations and enhanced performance in the chemical segment [3]. Mining Developments - In March 2025, the company's subsidiary, Chifeng Yongjin Mining Co., Ltd., successfully obtained mining rights for the Longtoushan gold mine [3]. - An agreement was signed in early April 2025 for detailed exploration work to assess gold resource reserves [3].

Group 1: Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, focusing on two main sectors: metal products and chemical products [2] - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strands, and other related products, primarily used in various industries such as power cables and high-speed rail [2] - The chemical products segment specializes in the production and sales of organic silicon and related products, applicable in construction, electronics, automotive, and other sectors [2] Group 2: Business Performance - In 2024, both the metal products and chemical products segments experienced steady growth, with year-on-year increases in overall production and revenue [2] - The organic silicon segment successfully turned a profit in Q4 2024 after previous losses, indicating a positive turnaround [2] - The company aims for high-quality development through internal innovation and external market expansion, with specific results to be disclosed in regular reports [2] Group 3: Competitive Advantages and Future Plans - The company possesses independent intellectual property rights for its organic silicon projects, located in a resource-rich area, which provides cost advantages for raw materials [3] - Hengxing Technology's future strategy includes deepening its focus on both metal and chemical product sectors, enhancing brand value, and pursuing internationalization [3] - The company plans to improve efficiency and output in its existing projects while considering feasible applications for future projects, with announcements to be made as necessary [3]