证券研究报告 | 公司点评 | 电池 锂电池隔膜迎拐点，龙头业绩有望爆发 ——恩捷股份点评报告 投资要点 q 事件 1：公司 2026-01-30 发布 2025 年度业绩预告 2025 年：业绩扭亏为盈，预计归母净利润 1.1~1.6 亿元，中值 1.4 亿元，同比增 加 6.9 亿元。扣非后净利润 0.8~1.3 亿元，中值 1.1 亿元，同比增加 7.2 亿元。 2025Q4 单季度：预计归母净利润 2.0~2.5 亿元，中值 2.2 亿元，同比增加 12.2 亿 元，环比增加 2.2 亿元。扣非后净利润 1.7~2.1 亿元，中值 1.9 亿元。 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 10164 | 13230 | 17610 | 20760 | | (+/-) (%) | -16% | 30% | 33% | 18% | | 归母净利润 | -556 | 137 | 2130 | 3572 | | (+/-) (%) | - | - | 14 ...

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]

格隆汇1月30日｜和顺科技公告，预计2025年度归属于上市公司股东的净利润为-1.9亿元至-1.5亿元，扣 除非经常性损益后的净利润为-1.95亿元至-1.6亿元。业绩变动主要由于BOPET薄膜行业市场销售价格持 续下滑，公司厚膜产线开工率不足，产品成本偏高，以及预计计提固定资产减值准备约1.2亿元。 ...

南财智讯1月30日电，和顺科技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-15,000万元—-19,000万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润 为-16,000万元—-19,500万元。（一）公司所处BOPET薄膜行业受市场供需矛盾，竞争激烈等影响，市 场销售价格持续下滑，同时公司厚膜产线开工率不足，产品成本偏高，虽然公司营业收入增长，但产品 结构尚在调整，主营业务毛利尚未明显改善。（二）根据《企业会计准则第1号一存货》《企业会计准 则第8号一资产减值》等相关规定，公司于报告期期末对存货、合同资产及固定资产等进行了减值测 试，经公司初步测算，预计计提固定资产减值准备约1.2亿元。公司资产减值实际计提金额需根据评估 机构的评估报告及会计师事务所审计数据确定。 ...

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]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司的膜下游是否可用在HJT光伏发电板上？或者太阳 翼上面？ 大东南（002263.SZ）12月24日在投资者互动平台表示，公司的BOPET薄膜属于基膜产品，具体应用领 域及客户情况视下游企业而定。 ...

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]

格隆汇12月23日丨大东南(002263.SZ)在互动平台表示，公司目前尚未生产固态电池材料（隔膜及铝塑 膜）等产品，公司目前主要产品包括CPP薄膜、BOPET薄膜、BOPP电容膜及光学膜四大类产品。 ...