证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|----------| | | 2024-029 | | | | | 投资者关系活动 | | | 类别 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 参与单位名称及 | | | 人员姓名 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 招商基金：张大印 | --- | |--------------------------------------| | 长盛基金：吕睿竞 | | 长江养老保险：曾知 | | 长城基金：杨建华、柴程森 | | 圆信永丰基金：李明阳、许一欣 | | 元兹投资：黄颖峰 | | 永赢基金：安慧丽 | | 银叶投资：李悦 | | 银华基金：张梦龙、韩 ...

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 22.96 亿，同比增长 25.6%，实现归母净利润 4.16 亿，同比增长 37.8%，超市场预期，其中 24Q2 收入和归母净利润分别同比增 长 32.2%和 36.2%。2024H1 拟 10 派 2 元，现金分红金额 2.3 亿，派息率为 56%。 ⚫ 分产品来看，24H1 拉链、纽扣和其他服装辅料收入分别同比增长 24%、27.1%和 23.2%。分地区来看，24H1 国内和海外收入分别同比增长 24.8%和 27.2%。 ⚫ 公司产能利用率明显提升。24H1 综合产能利用率为 70.7%，去年同期为 57.1%； 拆分来看，国内和海外产能利用率分别为 75.5%和 49.6%，去年同期分别为 58.9% 和 44.7%。 ⚫ 毛利率+其他收益增长，带动盈利能力明显改善。24H1 综合毛利率同比提升 0.6pct，拆分来看，拉链和纽扣的毛利率分别同比增长 0.3pct 和 0.3pct，我们判断 主要源于产 ...

F原证券 纺织服饰/纺织制造 伟星股份（002003.SZ） 2024 年 08 月 15 日 2024H1 业绩超预期，看好长期成长逻辑持续兑现 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------------|------------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/8/14 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编 ...

伟星股份（002003.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 产能利用率提升明显，24Q2 收入与利润增长亮眼 2024 年 08 月 15 日 ➢ 事件概述。伟星股份发布 2024 年半年度报告。24H1，实现营收 22.96 亿 元，同比+25.57%，归母净利润为 4.16 亿元，同比+37.79%，扣非归母净利润 为 4.01 亿元，同比+33.65%。24Q2，营收为 14.96 亿元，同比+32.20%，归 母净利为 3.38 亿元，同比+36.17%，扣非归母净利为 3.25 亿元，同比+31.06%。 因 24H1 存在 1449 万政府补助，而 23H1 为 762 万，归母净利增速快于扣非。 ➢ 钮扣与拉链产品收入增速较快，产能利用率同比提升。1）收入拆分：钮扣 产品收入增速领先，国际地区收入增速快。分产品看，24H1，钮扣收入 9.27 亿 元，同比+27.13%，占收入比重为 40.39%，同比+0.50 pct；拉链收入 12.59 亿 元，同比+24.02%，占收入比重为 54.82%；其他服饰辅料收入 0.76 亿元，同比 +23.23 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.3 billion yuan, a year-on-year increase of 25.6%, and net profit of 416 million yuan, up 37.8% [4][6]. - The second quarter of 2024 saw a record high in both revenue and net profit, with quarterly revenue of 1.5 billion yuan, a 32.2% increase year-on-year, and net profit of 338 million yuan, up 36.2% [4][5]. - The company is experiencing strong order growth and improved production efficiency, leading to enhanced profitability, with a gross margin of 41.8% for the first half of 2024 [5][6]. Summary by Sections Financial Performance - The company achieved a net profit margin of 18.1% in the first half of 2024, an increase of 1.6 percentage points year-on-year, with a second-quarter net profit margin of 22.6% [5][6]. - The operating cash flow for the first half of 2024 was 390 million yuan, a 60% increase year-on-year, supporting a cash dividend of 0.2 yuan per share [4][5]. Market and Product Analysis - The company reported strong growth across all product categories, with zipper revenue of 1.26 billion yuan (up 24%), button revenue of 930 million yuan (up 27%), and other apparel accessories revenue of 76 million yuan (up 23%) [5][6]. - Domestic revenue accounted for 67% of total revenue, while international revenue made up 33%, with both segments showing robust growth [5][6]. Strategic Outlook - The company is advancing its internationalization strategy, with the opening of a new industrial park in Vietnam, which is expected to enhance its market share in Southeast Asia [5][6]. - The report projects an upward revision in revenue growth rates and profit forecasts, estimating net profits of 700 million yuan, 808 million yuan, and 931 million yuan for 2024, 2025, and 2026 respectively [6][7].

伟星股份 20240814 会议要点 1. 半年度业绩表现 伟星股份 2022 年上半年营业收入增长了 25%以上，税后净利润扣 非前为 37，扣非后为 33。这一增速符合纺织服装业辅料行业的基 本特征。公司在过去的几个季度中表现出持续改善的趋势，尤其是 在国内品牌去库存的背景下，下游客户的增速表现良好。 上半年， 伟星股份的营收和业绩表现超出预期，尤其是在经济低迷的环境 下，国内品牌对下半年消费品市场的预期变得谨慎。这种谨慎态度 源于 2022 年的库存压力和经济环境的叠加影响。 2. 国际市场拓展 伟星股份在国际市场的拓展上取得了一定成效，尤其是在国际品牌 | --- | --- | |-------------------------------------------------------------|-------| | | | | 客户的开拓上表现良好。公司在服饰辅料行业深耕多年，产品包括 | | | 纽扣、拉链及其他箱包配件等 8 个品类，主要为日用消费品行业提 | | | 供配套服务。公司近年来推进国际化、智能制造及数字化转型升 | | | 级，成为浙江省 20 家未来工厂之一。通过提升工艺 ...

Investment Rating - The report maintains a "Buy" rating for Weixing Stock (002003) [6] Core Views - Weixing Stock's 24H1 results show strong performance with revenue and net profit growth of 25.6% and 37.8% respectively, reaching 2.3 billion and 420 million [1] - The company's button and zipper businesses are thriving, with button revenue increasing by 27.1% to 930 million and zipper revenue up 24.0% to 1.26 billion [2] - International growth outperforms domestic growth, with international revenue increasing by 27.2% compared to domestic growth of 24.8% [3] - The company's Vietnam Industrial Park, operational since March 2024, is expected to drive future international growth despite initial challenges [3] - Weixing Stock maintains a high dividend payout ratio of 56.2%, consistent with its historical dividend policy [4] Financial Performance - 24H1 revenue reached 2.3 billion, with Q2 revenue at 1.5 billion, showing a 32.2% year-over-year increase [1] - Net profit for 24H1 was 420 million, with Q2 net profit at 340 million, a 36.2% year-over-year increase [1] - Gross margins for button and zipper businesses improved to 42.1% and 42.9% respectively [2] - Capacity utilization increased from 57.1% to 70.7%, with button production capacity reaching 5.9 billion units and zipper capacity at 440 million meters [2] Future Projections - Revenue is projected to grow by 17%, 14%, and 13% in 2024, 2025, and 2026 respectively, reaching 4.59 billion, 5.21 billion, and 5.90 billion [4] - Net profit is expected to grow by 25%, 14%, and 14% in the same period, reaching 700 million, 800 million, and 910 million [4] - The company's PE ratio is projected at 21X, 18X, and 16X for 2024, 2025, and 2026 respectively [4] Industry Position - Weixing Stock is recognized as one of the largest and most comprehensive apparel accessory manufacturers globally [4] - The company has over 30 years of experience in accessory production and is positioned to challenge industry leader YKK [4] International Expansion - The Vietnam Industrial Park, operational since March 2024, is a key component of the company's international strategy [3] - While facing initial challenges with capacity utilization and depreciation, the Vietnam facility is expected to contribute significantly to future growth [3] Dividend Policy - The company has a strong track record of dividend payments, with 21 cumulative dividends since its 2004 IPO [4] - Historical dividend payout ratios have been consistently high, with 88.9%, 74.3%, and 94.3% in 2021, 2022, and 2023 respectively [4]

2024 年 8 月 14 日 公司研究 上半年业绩超预期，辅料龙头积极海外扩产、全球化迈进 ——伟星股份（002003.SZ）2024 年中报点评 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][45]. Core Views - The company achieved a revenue growth of 25.6% year-on-year in the first half of 2024, reaching 2.3 billion yuan, with a net profit growth of 37.8% to 420 million yuan. The gross margin improved by 0.6 percentage points to 41.8% [1][5]. - The second quarter saw an acceleration in revenue growth, with a year-on-year increase of 32.2% to 1.5 billion yuan, and a net profit growth of 36.2% to 340 million yuan. The gross margin reached a historical high of 43.9% [1][7]. - The company has expanded its overseas production capacity, with new factories in Vietnam contributing to a significant increase in production efficiency and utilization rates [1][44]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 4.505 billion yuan, with a year-on-year growth of 15.3%. Net profit is expected to reach 670 million yuan, reflecting a growth of 20.1% [2][46]. - The company plans to distribute a cash dividend of 0.2 yuan per share for the first half of 2024 [1][5]. Operational Highlights - The company has seen a notable increase in production capacity utilization, with overall utilization rates improving by 13.6% year-on-year. Domestic utilization rates increased by 16.6% [1][5]. - The revenue from zippers, buttons, and other apparel accessories grew by 24.0%, 27.1%, and 23.2% respectively in the first half of 2024 [1][44]. Market Outlook - The company is expected to maintain a steady growth rate and high profit margins despite anticipated slowdowns in the second half of 2024 due to weak terminal consumption and cautious expectations from downstream brand clients [1][45]. - The target price for the company's stock is maintained at 12.7 to 13.3 yuan, corresponding to a price-to-earnings ratio of 22-23x for 2024 [1][45].

证券研究报告：纺织服饰 | 公司点评报告 公司基本情况 总股本/流通股本（亿股）11.69 / 10.10 总市值/流通市值（亿元）141 / 122 52 周内最高/最低价 13.39 / 9.62 资产负债率(%) 27.3% 市盈率 22.79 第一大股东 伟星集团有限公司 股票投资评级 买入|维持 个股表现 -26% -19% -12% -5% 2% 9% 16% 23% 30% 37% 2023-08 2023-10 2024-01 2024-03 2024-06 2024-08 伟星股份 纺织服饰 资料来源：聚源，中邮证券研究所 最新收盘价（元） 12.08 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 伟星股份(002003) Q2 收入业绩超预期，拉链纽扣齐发力 ⚫ 事件描述 公司公布 24 年中报，24H1 实现收入 22.96 亿元，同比+25.6%， 实现归母净利润 4.16 亿元，同比+37.8%，扣非归母净利润 4.00 亿 元，同比+33.7%；其中 24Q2 实现收入 15.0 亿元，同比+32.2 ...