Group 1: Company Overview and Business Model - The company primarily engages in the research, manufacturing, and sales of various mid-to-high-end apparel and bag accessory products, with a focus on direct delivery to clients or designated garment processing enterprises [2] - The company aims to achieve a revenue target of CNY 5 billion by 2025, aspiring to become a "global, innovative fashion accessory kingdom" over the next five to ten years [5] Group 2: Impact of Tariffs and International Trade - The company has a low volume of direct exports to the US, with most international business concentrated in countries like Bangladesh and Vietnam, making the direct impact of tariff changes limited [2] - The company anticipates that the recent tariff increases will likely raise prices in the US apparel market, as the entire supply chain struggles to absorb the costs [4] - The company plans to adopt proactive measures to mitigate adverse effects from tariffs, including enhancing communication with downstream brand clients and garment processing enterprises [2][3] Group 3: Competitive Landscape - The apparel accessory industry is expected to see increased competition due to tariff changes, but companies with international capabilities will benefit [6] - The company differentiates itself from competitors like YKK by focusing on a "product + service" model, emphasizing quality products and comprehensive service [7] Group 4: Team Development and Future Plans - The company is committed to strengthening its talent pipeline through various initiatives, including strategic planning and training programs [8] - There are no current substantial plans for a new equity incentive program, but the company intends to implement appropriate measures to motivate its core team in the future [8]

Financial Performance - The company plans to achieve a revenue of CNY 5 billion in 2025, with total operating costs controlled at around CNY 4.25 billion, indicating a growth target of approximately 7% [9][51]. - In 2024, the company reported a revenue of CNY 4.67 billion, representing a year-on-year growth of 19.66% due to improved market demand and the implementation of a globalization strategy [15][19]. - The company’s international business generated CNY 1.58 billion in revenue in 2024, accounting for 33.81% of total revenue, with a year-on-year growth of 30.62% [12][27]. Dividend and Profit Distribution - The proposed profit distribution plan for 2024 includes a cash dividend of CNY 3.00 per 10 shares, totaling CNY 350.67 million, which represents 83.46% of the net profit attributable to shareholders [3][50]. - The company has not conducted cash dividends in previous years due to reinvestment strategies, but it aims to enhance shareholder returns in the future [3][50]. Market and Customer Structure - The company’s product structure includes buttons (42% of revenue), zippers (53%), and other new product categories [7][30]. - The customer base is primarily focused on the domestic market, with international sales accounting for only one-third of total revenue [7][30]. - The company’s top five customers contributed CNY 422 million, representing 9.04% of total sales in 2024 [40]. Strategic Initiatives - The company is focusing on enhancing its service guarantee system and improving customer satisfaction to drive growth in 2025 [3][5]. - Plans to establish a subsidiary in the United States are aimed at better serving local customer needs [3][5]. - The company is actively expanding its production capacity in Southeast Asia, particularly in Vietnam and Bangladesh, to meet local demand [4][5]. Challenges and Risks - The company anticipates facing challenges such as macroeconomic downturns, rising production costs, and uncertainties in international trade [5][6]. - The market demand is identified as a key factor affecting the company's growth, with ongoing monitoring of customer credit status to mitigate risks [6][32]. Research and Development - The company invested CNY 180.64 million in R&D in 2024, accounting for 3.86% of total revenue, showing a commitment to innovation [15][28]. - The company’s R&D investment has been consistent over the past three years, with a slight decrease in the percentage of revenue allocated to R&D [15][28]. Operational Efficiency - The company’s liquidity ratios for 2024 were 1.49 (current ratio) and 1.09 (quick ratio), indicating a stable financial position [11]. - The average accounts receivable turnover days were 37.67 days in 2024, showing an improvement in receivables management [13][32]. Global Expansion - As of the end of 2024, overseas production capacity accounted for 19.05% of total capacity, with ongoing plans to expand based on market demand [16][35]. - The company’s Vietnam industrial park generated CNY 32.10 million in revenue in 2024, although it reported a net loss of CNY 58.32 million [39]. Conclusion - The company is positioned for growth with strategic initiatives in place, despite facing external challenges. The focus on customer satisfaction, market expansion, and operational efficiency will be crucial for achieving its financial targets in the coming years [5][9].

浙江伟星实业发展股份有限公司 投资者关系活动记录表（一） 编号：2025-010 | | √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： | | | 易方达基金：郭杰、许征、张璐婷、柳俊祥 | | 参与单位名称及 人员姓名 | 兴证全球基金：童兰、李君、王志强 | | | 国盛证券：杨莹 | | | 广发证券：李咏红 | | 时间 | 2025 年 4 月 9 日 | | 地点 | 临海 | | 上市公司接待人 员姓名 | 谢瑾琨等 | | | 互动环节 | | | 1、公司直接和间接出口到美国的占比有多少，加征关税预计对公司业务影响 | | | 有多少？ | | | 答：公司主要从事各类中高档服饰及箱包辅料产品的研发、制造与销售。从 | | | 产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付给客户自 | | | 有或其指定的成衣加工等企业，因而公司国际业务的出口区域基本集中在孟加拉、 | | | 越南等国际服装加工出口较多的国家或地区，直接出口到欧美源 ...

事件描述 伟星股份发布2024 年报，2024 年实现营收46.7 亿元，同比+19.7%，归母净利润7.0 亿元，同比 +25.5%。其中Q4 实现营收10.9 亿元，同比+9.2%，归母净利润0.8 亿元，同比+197.5%，业绩表现符合 预期。 事件评论 业绩符合预期，品类稳步增长。销售及管理费用奖金计提节奏差异，导致Q4 业绩大幅增长，业绩表现 符合预期。2024 年公司拉链/钮扣收入分别+15.9%/22.2%至24.8/19.5 亿元，毛利率分别+1.1/0.8pct 至 42.1%/43.0%，钮扣增速高于拉链，海外增速高于国内，拓客及客户份额提升趋势延续。 越南工厂2024 年实现收入约3 千万元，亏损近6 千万元（其中汇兑损失~2 千万元），预计2025 年收入 大幅增长&亏损收窄，当前核心海外品牌仍呈现出较优增长态势，公司中长期海外客户拓展&份额提升 趋势不改。 展望后续，短期维度，美国需求走弱以及国内需求未见改善，2024Q2 公司订单高基数下预计增长承 压。中长期维度，公司持续提升智能化、自动化水平，主要拓展海外市场，海外品牌拓新客&提升老客 份额趋势不改。预计公司2025-2027 ...

2025年04月09日，伟星股份2024年度业绩网上说明会在全景网顺利举行。出席本次业绩说明会的人员有 董事长蔡礼永、董事、董事会秘书兼副总经理谢瑾琨、财务总监沈利勇、独立董事周岳江、独立董事张 永炬、独立董事吴冬兰、保荐代表人方伟。 1、问：请问蔡总，公司2025年的经营目标是怎么样的？【征集问题】 回答：2025年，公司计划实现营业收入50.00亿元，营业总成本控制在42.50亿元左右。 2、问：公司2024年度的分红方案是怎样的？【征集问题】 回答：公司2024年度利润分配预案为：以公司总股本1,168,889,653股为基数，向全体股东每10股派发现 金红利3.00元（含税）。此预案尚需经公司2024年度股东大会审议通过方可实施。 3、问：请问公司2024年度越南工业园实现了多少收入和净利润？【征集问题】 回答：公司越南工业园2024年度实现营业收入3,209.97万元，净利润-5,831.81万元。 4、问：公司投资者交流中提到越南厂使用了最新进的智能化设备和技术，请问越南生产线是否达到了 国内产线的生产效率？还有多少差异？【征集问题】 回答：公司子公司SAB实业（越南）有限公司于2024年3月底投 ...

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 编号：2025-009 | | □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 | | 参与单位名称及 | Point 72：Ricky Tsang、Miriam Lu | | 人员姓名 | | | 时间 | 2025 年 4 月 3 日 | | 地点 | - | | 上市公司接待人 员姓名 | 谢瑾琨等 | | | 互动环节 | | | 1、公司直接出口到美国的占比有多少，加征关税预计对公司业务影响有多 | | | 少？ | | | 答：公司主要从事各类中高档服饰及箱包辅料产品的研发、制造与销售。从 | | | 产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付给客户自 | | | 有或其指定的成衣加工等企业，因而公司国际业务的出口区域基本集中在孟加拉、 | | | 越南等人力成本较低的国家或地区，直接出口到欧美源头国家的业务量非常低。 | | | 因此 ...

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 公司希望通过五至十年的努力，致力于成为"全球化、创新型的时尚辅料王 国"，成为全球众多知名服饰品牌的战略合作伙伴；当前，公司正处于从国内传 统工业企业转向国际化企业的历程中。 4、请问公司如何看待钮扣和拉链两大业务的未来发展趋势？ 答：公司将专注于服饰辅料主业，并看好其未来发展前景。但细分来说，钮 扣由于主要应用于服装，其市场空间相对受限；而拉链可以应用于服装、户外、 家纺、运动等领域，其市场空间更大。且根据行业有关数据推算，公司拉链业务 所占的市场份额仍然较小。因而公司更看好拉链业务的未来发展前景。 编号：2025-008 | | □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：投资者接待日活动 | | | 谦象资本：方芳、付瑜、彭俊斌 | | | | 浙商证券：周敏 | | | | 国盛证券：杨莹 | | | | 长江证券：柯睿 | | | | ...

证券研究报告·公司点评报告·纺织制造 伟星股份（002003） 2024 年报点评：24 年业绩如期亮丽，看好长 期可持续增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3907 | 4674 | 5011 | 5548 | 6146 | | 同比（%） | 7.67 | 19.66 | 7.20 | 10.71 | 10.79 | | 归母净利润（百万元） | 558.11 | 700.34 | 753.69 | 841.14 | 934.95 | | 同比（%） | 14.21 | 25.48 | 7.62 | 11.60 | 11.15 | | EPS-最新摊薄（元/股） | 0.48 | 0.60 | 0.64 | 0.72 | 0.80 | | P/E（现价&最新摊薄） | 25.59 | 20.40 | 18.95 | 16.98 | 15.28 | [Table_Tag] [Table_Sum ...

伟星股份（002003） 2024 年报点评：24 年业绩如期亮丽，看好长 期可持续增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3907 | 4674 | 5011 | 5548 | 6146 | | 同比（%） | 7.67 | 19.66 | 7.20 | 10.71 | 10.79 | | 归母净利润（百万元） | 558.11 | 700.34 | 753.69 | 841.14 | 934.95 | | 同比（%） | 14.21 | 25.48 | 7.62 | 11.60 | 11.15 | | EPS-最新摊薄（元/股） | 0.48 | 0.60 | 0.64 | 0.72 | 0.80 | | P/E（现价&最新摊薄） | 25.59 | 20.40 | 18.95 | 16.98 | 15.28 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：下 ...

浙江伟星实业发展股份有限公司 投资者关系活动记录表 证券代码：002003 证券简称：伟星股份 编号：2024-007 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | √其他：电话会议 | | | 嘉实基金：谭丽 | | | | 兴证全球基金：李君、伍修毅 | | | | 大家资产：钱怡 | | | | 长江证券：于旭辉、柯睿 | | | | 海通证券：梁希 | | | | HSBC：薛丹彬 | | | | IDG：闫树仁 | | | | Pinpoint Asset Management：张凤涛 | | | | Capital Research & Management：Jackson Hui | | | | 京管泰富基金：王欣伟 | | | | 颐和久富：米永峰 | | | | 博时基金：王佳敏 | | | | 东方阿尔法基金：钱文静 | | | | 东方证券：施红梅、朱炎、王树娟 | | | | 东证资管：唐亮 | | | 参与单位名称及 ...