| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | √其他：电话会议 | | | 中泰资管：张蕾 | | | | 大家资产：钱怡 | | | | 招商证券：刘丽 | | | | 中信证券：冯重光、郑一鸣、张政、杨奕成、姚正阳 | | | | Cyber Atlas Capital：戴雯雯 | | | | regents capital：吴昱洁 | | | | 高信百诺：秦雨清 | | | | 关呈基金：范潇文 | | | | 金百镕资管：刘晓爽、马学进 | | | | 容光私募基金：韩飞 | | | | 止于至善投资：邓祖铭 | | | | 渤海资管：李文 | | | | 创金合信基金：李晗 | | | | 大成基金：黄涛 | | | | 东方财富证券：韩欣 | | | 参与单位名称及 | 东方资管：唐亮 | | | 人员姓名 | 东吴证券：赵艺原 | | | | 敦和资产：陈文敏、金佳炜 | | | | 方正证券：周小锋 | | | | 光大证券 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company reported Q1 2025 revenue of 980 million yuan, a year-on-year increase of 22.3%, and a net profit attributable to shareholders of 100 million yuan, up 28.8% year-on-year, exceeding expectations [4][5]. - International business growth is a key driver, with significant contributions from zipper and button segments, particularly from overseas brands, while domestic growth is hindered by retail market conditions [5]. - The gross margin improved by 0.9 percentage points to 38.8%, attributed to product mix changes and scale effects, although increased R&D and management expenses slightly impacted profitability [5]. Financial Summary - Revenue projections for 2024 to 2027 are 4.674 billion yuan, 5.029 billion yuan, 5.643 billion yuan, and 6.335 billion yuan, respectively, with growth rates of 19.66%, 7.59%, 12.19%, and 12.28% [10]. - Net profit attributable to shareholders is forecasted to be 700 million yuan, 767 million yuan, 861 million yuan, and 960 million yuan for the same period, with growth rates of 25.48%, 9.58%, 12.19%, and 11.55% [10]. - The company’s PE ratio is projected to decrease from 18.79 in 2024 to 13.70 in 2027, indicating improving valuation over time [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion, particularly in Vietnam, which will enhance its market share [1][2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The operating efficiency has also shown significant improvement, with inventory turnover days decreasing by 11 days to 111 days and accounts receivable turnover days down by 2 days to 46 days [3][4]. - The Vietnam production facility, which began operations in March 2024, is expected to ramp up capacity steadily, contributing to a quick release of net profits. The second phase of the Vietnam project is scheduled for completion in 2026, which will further aid in expanding the customer base in Europe and Southeast Asia [2][3]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 980 million RMB, a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% growth [1]. - The gross margin for Q1 2025 was 38.8%, an increase of 0.91 percentage points year-on-year, while the net profit margin rose by 0.5 percentage points to 10.3% [3]. Capacity Expansion - The Vietnam facility's production capacity is expected to ramp up, with a positive order flow anticipated for Q1 2025. The second phase of the Vietnam project is projected to be completed by 2026, enhancing the company's global footprint [2][3]. Profitability and Efficiency - The company has seen a reduction in management expenses, with the management expense ratio decreasing by 1.6 percentage points to 11.4%. The overall operational efficiency has improved, as indicated by the reduced inventory and accounts receivable turnover days [3][4]. Earnings Forecast - The report maintains the earnings forecast for 2025-2027, projecting net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, reflecting its expected outperformance in market share [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion and market share growth [1][2]. - The acceleration of capacity release in Vietnam is anticipated to enhance the company's global footprint and customer base, particularly in the European and Southeast Asian markets. The company is also advancing its "smart manufacturing" strategy, which is expected to further boost profitability [2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The management expense ratio decreased by 1.6 percentage points to 11.4%, contributing to enhanced profitability [3]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 980 million RMB, representing a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% increase year-on-year. The company is positioned as an industry leader with significant advantages in one-stop design services and rapid response supply chains [1]. Capacity Expansion and Global Strategy - The Vietnam industrial park began production at the end of March 2024, with steady capacity ramp-up expected. The second phase of the project is projected to be completed by 2026, which will facilitate market expansion into Europe and Southeast Asia [2]. Profitability and Efficiency - The company's gross margin rose to 38.8%, and the net profit margin increased to 10.3%. The improvement in operational efficiency is evidenced by a reduction in inventory turnover days by 11 days to 111 days and accounts receivable turnover days by 2 days to 46 days [3]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, with a target price of 15.84 RMB [4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1]. - The company is expected to achieve a revenue growth of 7.7% in 2025, reaching 5 billion yuan, with a net profit growth of 8.5% to 760 million yuan [3]. - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2]. Financial Performance - In Q1 2025, the gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1]. - The company’s net profit margin increased by 0.5 percentage points to 10.2% in Q1 2025 [1]. - The projected net profit for 2025-2027 is estimated at 760 million, 853 million, and 954 million yuan respectively [3]. Business Expansion - The company’s zipper business showed strong sales, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2]. - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2]. Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the long term [3]. - The company is actively seeking to expand its customer base in Europe and Japan, adapting its production capacity to meet customer demands [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1] - The company is expected to achieve a net profit growth of 8.5% in 2025, with projected revenue growth of 7.7% to 5 billion yuan [3] - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2] Financial Performance - In Q1 2025, the company's gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1] - The company’s revenue for 2025 is projected to be 5,033 million yuan, with a year-on-year growth rate of 7.7% [5] - The expected net profit for 2025 is 760 million yuan, reflecting a year-on-year growth rate of 8.5% [5] Business Expansion - The company’s zipper business showed strong sales performance, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2] - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2] Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the medium to long term [3] - The company is actively exploring opportunities to adapt its production capacity based on customer needs, particularly in response to tariff challenges [3]

证券代码：002003 证券简称：伟星股份 公告编号：2025-020 浙江伟星实业发展股份有限公司 第八届董事会第二十三次（临时）会议决议公告 浙江伟星实业发展股份有限公司（以下简称"公司"）及董事会全体成员保证信息披露 的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1 经全体董事逐项认真审议，会议以记名投票表决的方式通过了如下议案： 1、会议以9票同意、0票反对、0票弃权的表决结果审议通过了《公司2025年第一季度报 告》。 《公司2025年第一季度报告》刊载于2025年4月29日的《证券时报》《上海证券报》《中 国证券报》和巨潮资讯网（http://www.cninfo.com.cn）。 2、会议以9票同意、0票反对、0票弃权的表决结果审议通过了《关于变更审计部负责人 的议案》。 经公司董事会审计委员会提名，董事会同意聘任周晨先生担任公司审计部负责人，任期 自本次董事会审议通过之日起；其简历见附件。 三、备查文件 1、公司第八届董事会第二十三次（临时）会议决议； 2、公司董事会审计委员会2025年第一次临时会议决议。 特此公告。 公司第八届董事会第二十三次（临时） ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 979,168,591.77, representing a 22.32% increase compared to CNY 800,526,871.44 in the same period last year[4] - Net profit attributable to shareholders for the same period was CNY 100,336,872.80, up 28.76% from CNY 77,924,672.78 year-on-year[4] - The total profit for the period increased by 32.51%, driven by higher operating profit[13] - Total operating revenue for the current period reached ¥979,168,591.77, an increase of 22.3% compared to ¥800,526,871.44 in the previous period[27] - Net profit for the current period was ¥101,504,833.51, representing a 28.6% increase from ¥78,878,397.25 in the previous period[28] - Basic and diluted earnings per share were both ¥0.09, compared to ¥0.07 in the prior period[29] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 65.58%, amounting to CNY 32,463,165.49, compared to CNY 94,306,687.79 in the previous year[4] - The net increase in cash and cash equivalents decreased by 60.29%, reflecting impacts from operating, investing, and financing activities[16] - Cash generated from operating activities was ¥1,107,737,391.70, an increase from ¥938,068,389.96 in the previous period[30] - Net cash flow from operating activities was $32,463,165.49, a decrease of 65.5% compared to $94,306,687.79 in the previous period[31] - The ending balance of cash and cash equivalents was $1,127,902,617.01, down from $1,486,370,052.01 in the previous period[32] Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,344,419,296.32, a 0.86% increase from CNY 6,290,303,928.28 at the end of the previous year[5] - Total liabilities decreased to ¥1,829,291,287.68 from ¥1,890,607,253.95, a reduction of 3.2%[25] - Non-current liabilities totaled ¥143,320,408.17, up from ¥135,739,533.28, indicating a rise of 5.8%[25] - The company's retained earnings increased to ¥1,083,272,390.60 from ¥982,935,517.80, a growth of 10.2%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period was 21,170[18] - The largest shareholder, Wei Xing Group Co., Ltd., holds 25.87% of the shares, totaling 302,406,675 shares[19] - The total number of shares held by the top 10 unrestricted shareholders includes 302,406,675 shares held by Wei Xing Group, representing a significant portion of the company's equity[19] - The company completed the third phase of its equity incentive plan, releasing 5.6394 million restricted shares for trading[20] - The company has not engaged in any share lending activities among the top 10 shareholders[20] Inventory and Investments - Inventory at the end of the period was CNY 767.12 million, up from CNY 703.89 million, indicating an increase of approximately 8.99%[23] - The total non-current assets include long-term equity investments valued at CNY 118.23 million, slightly up from CNY 117.13 million[23] - The company plans to acquire land and buildings from Wei Xing Group for CNY 316.59 million to enhance production capabilities[21] Financial Expenses and Income - Financial expenses increased by 182.91% compared to the same period last year, primarily due to a decrease in interest income[13] - Other comprehensive income after tax for the current period was ¥2,311,518.01, compared to a loss of ¥2,129,062.77 in the previous period[29] Audit and Accounting Standards - The company did not undergo an audit for the first quarter report[33] - The new accounting standards will not be applicable for the company starting from 2025[33] - The report was released by the board of directors on April 28, 2025[34]

浙江伟星实业发展股份有限公司 2024 年度股东大会决议公告 浙江伟星实业发展股份有限公司（以下简称"公司"）及董事会全体成员保证信息披露 的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002003 证券简称：伟星股份 公告编号：2025-019 特别提示： 1、本次股东大会无新增、变更及否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： 现场会议时间：2025 年 4 月 18 日（星期五）14:30 开始。 网络投票时间：2025 年 4 月 18 日。其中，通过深圳证券交易所（以下简称"深交所"） 交易系统进行网络投票的具体时间为:2025 年 4 月 18 日 9:15-9:25，9:30-11:30， 13:00-15:00；通过深交所互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的 具体时间为：2025 年 4 月 18 日 9:15-15:00。 （2）会议召开地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅。 2、会议出席情况 出席本次 ...

法律意见书 法律意见书 浙江天册律师事务所 关于 浙江伟星实业发展股份有限公司 2024 年度股东大会的 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江伟星实业发展股份有限公司 2024 年度股东大会的 法律意见书 编号：TCYJS2025H0514 号 致：浙江伟星实业发展股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江伟星实业发展股份有限 公司（以下简称"伟星股份"或"公司"）的委托，指派本所律师姚毅琳、赵锦 辉参加公司 2024 年度股东大会，并根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上市 公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规 范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议 所审议的议案内容和该等议案中所表述的事实或数据的真实性和准 ...