恒星科技(002132) - 002132恒星科技调研活动信息

Company Overview - Henan Hengxing Technology Co., Ltd. was established in 1995, operating in two main sectors: metal products and chemical products, with manufacturing bases in Henan, Inner Mongolia, and Guangxi [2] - The metal products segment includes the production and sales of galvanized steel wire, galvanized steel strands, steel cord, prestressed steel strands, 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] Financial 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 [3] - The revenue and gross margin for these products also saw an increase compared to the previous year [3] - The company produced 90,500 tons and sold 86,400 tons of silicone products, with year-on-year growth of 60.41% and 46.80% respectively, alongside an improvement in gross margin [3] Product Applications - Steel cord is used in radial tires, while steel wire for hoses serves as reinforcement in various rubber hoses [3] - Prestressed steel strands are utilized in infrastructure projects such as highways, railways, and bridges [3] - Galvanized steel wire and strands are essential for power cables, especially in high-voltage and underwater cable applications [3] - Diamond wire is primarily used for cutting silicon wafers in solar energy production [3] Industry Outlook - The silicone industry is experiencing rapid growth, driven by technological advancements and increasing downstream demand, with production scales in China continuing to expand [3] - Market demand and product prices may fluctuate due to economic conditions and supply-demand dynamics, indicating a cyclical nature [3] - Despite short-term challenges, the silicone materials sector holds significant development potential, particularly under national "dual carbon" policies [3] Mining Operations - The company's subsidiary, Chifeng Yongjin Mining Co., Ltd., has obtained mining rights for the Longtoushan gold mine, with ongoing detailed investigations [3]