Investment Rating - The report assigns a "Buy" rating to the company, indicating an upward adjustment in the investment outlook [6]. Core Insights - The company is expected to turn a profit in 2025, with a projected net profit attributable to shareholders of between 110 to 160 million yuan, marking a year-on-year increase of 690 million yuan [1]. - The lithium battery separator industry is at a cyclical turning point, with the company benefiting significantly as demand continues to grow and production capacity utilization improves [1]. - The company plans to expand its market presence through cost reduction, efficiency improvements, new product development, and refined management practices [1]. Financial Forecasts - The company’s projected revenues for 2025, 2026, and 2027 are 132 billion, 176 billion, and 208 billion yuan, respectively, reflecting year-on-year growth rates of 30%, 33%, and 18% [4]. - The net profit attributable to shareholders is forecasted to be 1.4 billion, 2.1 billion, and 3.6 billion yuan for the years 2025, 2026, and 2027, with a significant increase of 1454% in 2026 [4]. - The price-to-earnings (P/E) ratios are expected to be 475, 31, and 18 for the years 2025, 2026, and 2027, respectively [4]. Acquisition Plans - The company plans to acquire 100% of Qingdao Zhongke Hualian through a share issuance, with the share price set at 34.38 yuan per share [2]. - The target company specializes in the research, production, and sales of film equipment and lithium battery separator products, aiming to break the technological monopoly of foreign competitors [2]. Technical Developments - The company is focusing on wet-process separators with a thickness range of 5 to 20 microns, which offer high tensile strength and puncture resistance [3]. - A new production line with a width of 9 meters is expected to be operational by 2027, which will enhance production capacity by 50% compared to existing lines [3].

Core Viewpoint - The company, Heshun Technology (301237.SZ), indicates that its BOPET film business performance is gradually improving, with several high-value-added new products developed and ready for sampling, although the improvement in performance will require some time [1] Group 1 - The BOPET film business is showing signs of performance improvement [1] - Multiple high-value-added new products have been developed and are set to be sampled soon [1] - The company aims to optimize its profit structure through these new products, but performance enhancement will take a certain period [1]

Group 1 - The company expects a net profit attributable to shareholders for the year 2025 to be between -190 million and -150 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between -195 million and -160 million yuan [1] - The performance fluctuation is primarily due to the continuous decline in market sales prices in the BOPET film industry, insufficient operating rates of the thick film production line, high product costs, and an anticipated fixed asset impairment provision of approximately 120 million yuan [1]

Group 1 - The company, Heshun Technology, forecasts a net profit attributable to shareholders for 2025 to be between -150 million and -190 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -160 million and -195 million yuan [1] - The BOPET film industry, in which the company operates, is facing challenges such as market supply-demand imbalances and intense competition, leading to a continuous decline in market sales prices [1] Group 2 - Despite an increase in operating revenue, the company's product structure is still undergoing adjustments, and the gross margin of its main business has not shown significant improvement [1] - The company has conducted impairment tests on inventories, contract assets, and fixed assets, estimating a provision for fixed asset impairment of approximately 120 million yuan [1] - The actual amount of asset impairment to be recognized will depend on the evaluation report from the assessment agency and the audit data from the accounting firm [1]

Report Overview - Reported Company: Heshun Technology [17] - Industry: Plastics Products [2] - Research Date: January 26, 2026 [17] Core Viewpoints - The company adheres to the positioning of "differentiation and functionality", with short - term performance supported by high - end mass production of optical films and long - term growth driven by breakthroughs in domestic high - performance carbon fiber. It aims to build a dual - wheel drive development pattern of "steady growth of film materials and innovative breakthroughs in carbon materials" [24]. Summary by Section 1. Basic Research Information - Research Object: Heshun Technology [17] - Industry: Plastics Products [17] - Reception Time: 2026 - 01 - 26 [17] - Company Reception Staff: Board Secretary, Chief Financial Officer Wu Xueyou; Securities Affairs Representative Yu Xiaolu [17] 2. Detailed Research Institutions - Reception Object Type: Securities Company [20] - Institution: Founder Securities [20] - Representative: Lu Shujian [20] 3. Main Content Company Overview - Founded in 2003, it is a high - tech enterprise integrating R & D, production, and sales of differentiated and functional biaxially oriented polyester film materials. Main products include colored photoelectric base films, other functional films, and transparent films, which can be widely used in consumer electronics manufacturing, automotive, and other fields [22]. - In the future, it will continue to adhere to the core business philosophy of "differentiation and functionality", expand product lines and application fields, and explore new materials, such as high - performance carbon fiber projects [22]. Key Questions and Answers - **BOPET Film Business**: The performance of the BOPET film business is gradually improving. Multiple high - value - added new products have been developed and are about to be sent for samples. However, performance improvement requires time, and the impairment provisions after the capitalization of the raised investment projects affect current profits [22]. - **Purpose of Carbon Fiber Project**: Carbon fiber is a key material in the aerospace field, with the global market monopolized by a few US and Japanese companies. The company aims to enter this field, form strategic synergy with existing BOPET film business, and move towards becoming a leading new material enterprise [22][23]. - **Strategic Plan**: In the short term, focus on high - end optical film production, strengthen technology barriers, and expand the mid - to - high - end market. In the long term, use high - performance carbon fiber business as the second growth curve, gradually promote large - scale production, and expand into high - end application fields [24]. - **Intended Customers of Carbon Fiber Products**: Potential customers are high - end enterprises in aerospace, high - end equipment manufacturing, and high - end industrial applications. The company will actively promote cooperation [25]. - **Equity Incentive Plan**: The company will comprehensively consider various factors such as market conditions, development strategies, and shareholder interests. It will disclose relevant information in a timely manner if there are any decisions [25].

Company Overview - Hangzhou Heshun Technology Co., Ltd. was established in 2003, focusing on the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [2] - The company produces various specifications and models of polyester film products, including color optical base films, functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future plans include expanding product series and application fields while exploring new materials, particularly in high-performance carbon fiber projects for sustainable development [2] BOPET Film Business - The BOPET film business is gradually improving, with several high-value-added new products developed and ready for sampling [3] - Performance improvement requires time, and impairment provisions from fundraising projects may impact current profits [3] Carbon Fiber Project - The carbon fiber project aims to enter a market dominated by a few companies, with high prices and concentrated supply [4] - The strategic goal is to develop and industrialize high-performance carbon fiber, creating synergy with existing BOPET film operations to enhance R&D and manufacturing capabilities [4] Strategic Planning - The company maintains a "differentiated, functional" positioning, focusing on high-end optical film production for short-term performance and high-performance carbon fiber for long-term growth [4] - Key applications include consumer electronics, new energy vehicles, and high-end equipment, establishing a dual-driven development model [4] - Short-term strategies involve deepening optical film business and optimizing product quality, while long-term strategies focus on scaling carbon fiber production and expanding into high-end applications [4] Target Customers for Carbon Fiber - Future customers for carbon fiber products are high-end enterprises in aerospace, high-end equipment manufacturing, and industrial applications [5] - The company will actively engage with potential clients and advance product sampling and performance validation [5] Equity Incentive Plans - The company will consider market conditions, development strategies, and shareholder interests when evaluating equity incentive plans [6]

Core Viewpoint - The company is actively adjusting its product pricing in the BOPET film industry, following the lead of industry leaders in initiating price increases, with the adjustment process currently ongoing [1] Group 1: Pricing Strategy - The company is steadily advancing its product price adjustment efforts in response to market trends [1] - The company focuses on differentiated and functional film products to enhance product value as a core competitive advantage [1] - The company aims to avoid competition in the low-end film product segment [1]

Core Viewpoint - The company, Dazhongnan (002263.SZ), has indicated that its BOPET film is a base film product, and its specific application areas and customer situations depend on downstream enterprises [2]. Group 1 - Investors inquired whether the company's downstream film can be used in HJT photovoltaic panels or on solar wings [2]. - The company responded on the investor interaction platform regarding the applicability of its products [2].

Core Viewpoint - The company, Dazhongnan (002263.SZ), has not yet produced solid-state battery materials, including separators and aluminum-plastic films, and currently focuses on four main product categories: CPP films, BOPET films, BOPP capacitor films, and optical films [1] Group 1 - The company has not started production of solid-state battery materials [1] - Current main products include CPP films, BOPET films, BOPP capacitor films, and optical films [1]

Core Viewpoint - The company, Dazhongnan (002263.SZ), has not yet produced solid-state battery materials, including separators and aluminum-plastic films, and currently focuses on four main product categories: CPP films, BOPET films, BOPP capacitor films, and optical films [1] Group 1 - The company has not started production of solid-state battery materials [1] - Current main products include CPP films, BOPET films, BOPP capacitor films, and optical films [1]