2023 net profit attributable to shareholders reached RMB 558 million, surpassing the profit alert. Revenue grew by 7.67% YoY to RMB 3.91 billion, with net profit attributable to shareholders increasing by 14.21% YoY, exceeding the profit alert by RMB 4 million. Recurring NPAtS was RMB 533 million, up 12.74% YoY, outperforming the profit alert by RMB 12 million. GPM rose to 40.92%, and NPAtS margin increased to 14.26%, with recurring NPAtS margin at 13.65%. Expense ratios for sales, management, R&D, and fina ...

丨证券研究报告丨 | --- | --- | --- | |------------------------------------------------------------------------------------------|------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 公司发布 2023 年年报。 2023 年实现收入 39.1 亿元，同比 +7.7% | 亿元，同比 | | | +14.2% 。每 10 股派发现金红利 4.50 元，分红比例达 94% （ | 2024 | | | 年收入同比 +15% 。 | | | | | | | [Table_Author] 于旭辉 陈佳 柯睿 请阅读最后评级说明和重要声明 相关研究 [Table_Summary2] 事件描述 事件评论 拉链&纽扣收入提速，拉链毛利率改善显著。分品类，H2 拉链/纽扣收入分别同比 +17%/+14%至 11.3/8.7 亿元，订单持续改善，二者相较于 H1 均有显著提速（H1 拉链/ 纽扣收入分别同比-2.8%/+3.2%）。H2 拉链/纽扣 ...

| --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3628 | 3907 | 4365 | 4959 | 5813 | | (+/-)YoY(%) | 8.1% | 7.7% | 11.7% | 13.6% | 17.2% | | 净利润（百万元） | 489 | 558 | 611 | 679 | 803 | | (+/-)YoY(%) | 8.9% | 14.2% | 9.4% | 11.3% | 18.3% | | 全面摊薄 EPS( 元 ) | 0.42 | 0.48 | 0.52 | 0.58 | 0.69 | | 毛利率 (%) | 39.0% | 40.9% | 40.8% | 41.1% | 41.3% | | 净资产收益率 (%) | 16.9% | 12.8% | 13.5% | 14. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.75 CNY, reflecting confidence in its long-term growth potential [2][21]. Core Insights - The company reported a revenue of 3.91 billion CNY in 2023, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 558 million CNY, up 14.2% year-on-year. The fourth quarter saw a significant revenue growth of 23.8% to 1 billion CNY, with a net profit of 26 million CNY, marking a turnaround from losses [7][8]. - The company plans to distribute a dividend of 530 million CNY, resulting in a dividend payout ratio of approximately 94%, exceeding market expectations [7]. - The company aims for a revenue target of 4.5 billion CNY in 2024, representing a year-on-year growth of 15.2% [7]. Financial Performance - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 4.52 billion CNY (2024E), 5.20 billion CNY (2025E), 5.93 billion CNY (2026E) - Net profit: 655 million CNY (2024E), 762 million CNY (2025E), 890 million CNY (2026E) - Earnings per share: 0.56 CNY (2024E), 0.65 CNY (2025E), 0.76 CNY (2026E) [9][21]. - The gross margin is expected to improve slightly, with projections of 41.2% in 2024, maintaining a stable outlook for subsequent years [9]. Business Segments - The company’s zipper and button businesses showed strong recovery, with revenue growth of 6.8% and 9% respectively in 2023. In the second half of 2023, these segments grew by 17.3% and 14.3% respectively [7]. - Domestic and international revenues were 2.696 billion CNY and 1.21 billion CNY respectively, with year-on-year growth of 7.2% and 8.7% [7]. Strategic Initiatives - The company is advancing its capacity planning, including upgrades to its Bangladesh industrial park and the efficient development of its Vietnam facility, enhancing its global supply chain capabilities [7]. - The company has received multiple awards from major clients, indicating strong customer satisfaction and recognition in the industry [7].

股息率 3.8%；同时公司制定了 2024 年中期现金分红方案。 [Table_PicQuote] 相对市场表现 -22% -11% 0% 10% 21% 32% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 伟星股份 沪深300 [分析师： Table_Author]糜韩杰 021-38003650 分析师： 李咏红 021-38003542 显 证券研究报告 | --- | --- | --- | --- | --- | --- | |------------------|-------|------------------------------------|-------|--------|--------| | 利润表 | | | | 单位： | 百万元 | | 至 12 月 31 日 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | | 3,628 3,907 4,506 5,173 5,938 | | | | | 营业成本 | | 2,213 2,308 2,658 3,050 3,501 ROIC | | ...

1、本次解除限售的股份为公司向特定对象发行的股票，拟解除限售股份的数量为 132,088,397股，占公司总股本的11.30%。 证券代码：002003 证券简称：伟星股份 公告编号：2024-015 浙江伟星实业发展股份有限公司 关于向特定对象发行股票限售股份解除限售 上市流通的提示性公告 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"）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。 特别提示： 2、本次解除限售股份的上市流通日期为2024年4月23日（星期二）。 一、本次解除限售股份取得的基本情况 根据中国证券监督管理委员会出具的《关于同意浙江伟星实业发展股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2023〕1279号），公司向12名特定对象发行人民币普 通股132,088,397股（以下简称"本次发行"），并于2023年10月23日在深圳证券交易所上市， 该部分股票自上市之日起6个月内不得转让。发行完成后，公司总股本由1,037,182,156股增 至1,169,270,553股。 本次发行后至本公告披露日，公司未发生因利润分配、资本 ...

向特定对象发行股票限售股份解除限售上市流通的核查意见 东亚前海证券有限责任公司（以下简称"保荐机构"）作为浙江伟星实业发 展股份有限公司（以下简称"伟星股份"或"公司"）2022 年度向特定对象发行 股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所股票 上市规则》和《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求（2022 年修订）》等有关法律法规和规范性文件，对伟星股份向特定对象 发行股票限售股份解除限售上市流通事项进行了核查，核查具体情况及核查意见 如下： 东亚前海证券有限责任公司 关于浙江伟星实业发展股份有限公司 一、本次解除限售股份取得的基本情况 根据中国证券监督管理委员会出具的《关于同意浙江伟星实业发展股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕1279 号），公司向 12 名特定对象发行人民币普通股 132,088,397 股（以下简称"本次发行"），并于 2023 年 10 月 23 日在深圳证券交易所上市，该部分股票自上市之日起 6 个月内不得转 让。发行完 ...

证 券 研 究 报 告 纺织服饰 2024 年 04 月 19 日 伟星股份 (002003) ——23 年净利逆势增长 14%，24 年国际化将再进一步 一年内股价与大盘对比走势： 04-2005-2006-2007-2008-2009-2010-2011-2012-2001-2002-2003-20 -40% -20% 0% 20% 40% 伟星股份 沪深300指数（收益率） 《伟星股份（002003）点评：毛利上行、 控费优异，23Q3 单季净利增长略超预期》 2023/10/27 《伟星股份（002003）点评：定增项目完 成发行认购，三大战略驱动未来高成长》 2023/10/09 证券分析师 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司发布 2023 年报，利润端符合预期。1）23 年营收 39.1 亿元（同比+7.7%），归母净 利润 5.58 亿元（同比+14.2%），扣非归母净利润 5.33 亿元（同比+12.7%）。其中，23Q4 营收 10.0 亿元（同比+23.8%），归母净利润 0.26 亿元（扭亏为盈），扣非归母净利润 0.30 亿元（扭亏为盈）。可见，随着下游去库 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][59]. Core Views - The company's performance is improving quarter by quarter, with a positive outlook on the orderly establishment of production capacity in Vietnam, leading to a maintained "Buy" rating [2][35]. - The company achieved a revenue of 39.07 billion yuan in 2023, representing a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 5.58 billion yuan, up 14.16% year-on-year [10][42]. - The company is expected to continue expanding its international market share and enhance its core competitiveness through product diversification and overseas capacity layout [35][36]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 39.07 billion yuan, with a year-on-year growth of 7.67%, and a net profit of 5.58 billion yuan, reflecting a 14.16% increase [10][42]. - The company’s gross profit margin for 2023 was 40.92%, an increase of 1.9 percentage points year-on-year, driven by changes in order structure and declining commodity prices [50][51]. - The company plans to distribute a cash dividend of 0.45 yuan per share for 2023, with a cash dividend payout ratio of 94.3% [17]. Product and Regional Performance - The zipper business generated revenue of 21.43 billion yuan in 2023, up 6.8% year-on-year, while the button business achieved 16.00 billion yuan, a 9.0% increase [16][26]. - Domestic revenue reached 26.96 billion yuan, growing by 7.23%, while international revenue was 12.10 billion yuan, up 8.67%, with the international revenue share increasing to 30.98% [28][48]. Future Outlook - The company is expected to see steady growth in net profit, with forecasts of 6.57 billion yuan for 2024, 7.48 billion yuan for 2025, and 8.48 billion yuan for 2026, corresponding to EPS of 0.56, 0.64, and 0.73 yuan respectively [35][36]. - The current stock price corresponds to a PE ratio of 21.1 for 2024, 18.6 for 2025, and 16.4 for 2026, indicating a favorable valuation [35].

公 司 点 评 报 告 | --- | --- | |--------------------|-----------| | | | | 日期 | 2024/4/18 | | 收盘价（元） | 11.79 | | 总股本（百万股） | 1,169 | | 流通股本（百万股） | 874 | | 净资产（百万元） | 4,349 | | 总资产（百万元） | 6,030 | | 每股净资产（元） | 3.72 | 【兴证纺服】伟星股份 2022 年 报点评：四季度业绩受内外需求 不足拖累，2023 年期待新篇章 ＃分析师： emailAuthor＃ 赵树理 zhaoshuli@xyzq.com.cn S0190518020001 【兴证纺服】伟星股份 2023 半 年报点评：二季度纽扣业务带领 收入增长，国际市场收入优于国 内 【兴证纺服】伟星股份 2023 年 一季报点评：订单承压，23Q1 收 入利润同比下滑 韩欣 hanxin@xyzq.com.cn S0190523100002 【兴证纺服】伟星股份 2022 年 三季报点评：逆势成长，辅料龙 头 alpha 展现 | --- | --- | --- | ...