伟星股份（002003.SZ） 买入 2023 年净利润增长 14%，业绩增长逐季提速 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-------|-------|-------|----------------------------------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 3,628 | 3,907 | 4,505 | 5,177 | 5,656 | | (+/-%) | 8.1% | 7.7% | 15.3% | 14.9% | 9.3% | | 净利润(百万元) | 489 | 558 | 652 | 752 | 830 | | (+/-%) | 9.0% | 14.2% | 16.9% | 15.2% | 10.5% | | 每股收益（元） | 0.47 | 0.48 | 0.56 | 0.64 | 0.71 | | EBIT Margin | 14.9% | 16 ...

证券研究报告：纺织服饰 | 公司点评报告 总股本/流通股本（亿股）11.69 / 8.71 52 周内最高/最低价 11.16 / 8.66 市盈率 21.02 股票投资评级 公司基本情况 总市值/流通市值（亿元）130 / 97 资产负债率(%) 27.3% 第一大股东 伟星集团有限公司 买入|维持 个股表现 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 2023-04 2023-06 2023-09 2023-11 2024-02 2024-04 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） 11.14 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 伟星股份(002003) 2024 年 4 月 18 日 23 年拉链纽扣量价齐升，净利率优化 ⚫ 事件回顾 公司公布 2023 年年报，报告期实现收入 39.1 亿元，同增 7.67%， 实现归母净利润 5.6 亿元，同增 14.21%，实现扣非归母净利润 5.3 亿 元，同增 12.47%，其中 23Q4 实现收入 1 ...

请务必阅读正文之后的信息披露和免责申明 1 公司报告 | 年报点评报告 公司报告 | 年报点评报告 越南工业园的建设正按照既定计划稳步推进，预计将于二季度正常投产。 根据公司规划，越南工业园一期投产后预计会形成年产各类拉链 12,400 万条、金属扣 39,800 万套的生产能力。待越南工业园正式建成运营后， 公司海外产能将有所提升。伴随越南基地投运，伟星将启动成长第二曲 线，更加全面满足品牌客户要求，充分放大竞争力优势。 公司始终坚持可持续发展，紧扣"转型升级"和"投入产出"两条主线， 持续聚焦全球布局及数智制造两大核心，以市场需求与客户需求为导向， 研产销有效协同，常态攻坚，深化转型，不断强化核心竞争优势，逆势实 现公司经营业绩的稳健增长。根据公司业绩及公告中收入预测，我们调整 盈利预测，预计公司 24-26 年收入分别为 45.01/51.49/59.94 亿元（24-25 年前值分别为 47.32/54.13 亿元），归母净利分别为 6.39/7.13/8.63 亿元 （24-25 年值分别为 6.57/7.50 亿元），EPS 分别为 0.55/0.61/0.74 元/股， 对应 PE 分别为 22 ...

[盈利预测与财务指标 Table_Forcast] 推荐 维持评级 当前价格： 11.79 元 1.伟星股份（002003.SZ）2023 年三季报点 评：Q3 营收稳健恢复，产能扩张值得期待-2 023/10/27 2.伟星股份（002003.SZ）2022 年三季报点 评：短期因素无碍长期优势，新兴需求或将萌 发-2022/10/29 营业总收入 3,907 4,531 5,229 5,883 成长能力（%） 管理费用 407 472 544 611 盈利能力（%） 资产减值损失 -2 -2 -2 -2 净资产收益率 ROE 12.83 13.20 13.30 13.19 利润总额 666 785 912 1,042 现金比率 1.00 1.19 1.38 1.68 EBITDA 906 1,004 1,155 1,293 存货周转天数 91.09 90.91 90.97 90.95 | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------| | 资产负债表（百万元） | 2023A | ...

公司研究 伟星股份（002003.SZ） | --- | --- | --- | --- | --- | --- | |-----------------------------------|--------|--------|--------|--------|--------| | 指标 2022 2023 2024E 2025E 2026E | | | | | | | 营业收入（百万元） | 3,628 | 3,907 | 4,524 | 5,097 | 5,620 | | 营业收入增长率 | 8.12% | 7.67% | 15.81% | 12.65% | 10.26% | | 归母净利润（百万元） | 489 | 558 | 671 | 769 | 864 | | 归母净利润增长率 | 8.97% | 14.16% | 20.20% | 14.70% | 12.32% | | EPS （元） | 0.42 | 0.48 | 0.57 | 0.66 | 0.74 | | ROE （归属母公司 ) （摊薄） | 16.89% | 12.83% | 14.93% | 16.62% | 18.12% | ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-013 浙江伟星实业发展股份有限公司 因本次回购注销前述限制性股票将导致公司注册资本减少，根据《中华人民共和国公司 法》（以下简称"《公司法》"）等相关法律、法规的规定，公司特此通知债权人，自本公 告披露之日起45日内均有权要求公司清偿债务或者提供相应担保。债权人如果提出要求公司 清偿债务或提供相应担保，应根据《公司法》等法律、法规的相关规定向公司提出书面要求， 并随附有关证明文件。债权人未在规定期限内行使上述权利的，不影响其债权的有效性，相 关债务将由公司继续履行，本次回购注销将按法定程序继续实施。 特此公告。 浙江伟星实业发展股份有限公司 董事会 2024 年 4 月 18 日 关于回购注销部分限制性股票减少注册资本 暨通知债权人的公告 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。 2024年4月17日，公司第八届董事会第十五次会议审议通过了《关于回购注销第四期和 第五期股权激励计划部分限制性股票的议案》《关于减少注册资本并修改<公司章程>部分条 款 ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-012 浙江伟星实业发展股份有限公司 关于召开 2023 年度股东大会的通知 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。 根据《中华人民共和国公司法》《深圳证券交易所股票上市规则》和《公司章程》等有 关规定，董事会定于2024年5月8日下午在浙江省临海市崇和路238号远洲国际大酒店二楼会 议厅召开公司2023年度股东大会。会议具体安排如下： 一、召开会议的基本情况 1、股东大会届次：2023年度股东大会。 2、会议召集人：公司第八届董事会。经公司第八届董事会第十五次会议审议，同意召 开2023年度股东大会。 3、会议召开的合法、合规性：本次股东大会会议的召集、召开符合有关法律法规、深 圳证券交易所（以下简称"深交所"）业务规则和《公司章程》等规定。 4、会议召开的日期、时间： （1）现场会议时间：2024年5月8日（星期三）14:30开始； （2）网络投票时间：2024年5月8日。其中，通过深交所交易系统进行网络投票的具体 时间为：2024年5月8日9 ...

浙江伟星实业发展股份有限公司董事会审计委员会 对会计师事务所履行监督职责情况报告 根据《国有企业、上市公司选聘会计师事务所管理办法》《公司董事会审计委员会议事 规则》等有关规定，浙江伟星实业发展股份有限公司（以下简称"公司"）董事会审计委员 会 2023 年度对天健会计师事务所（特殊普通合伙）（以下简称"天健会计师事务所"）履行 监督职责情况报告如下： 1、2023 年 3 月 10 日，董事会审计委员会 2022 年度会议审议通过了《关于天健会计师 事务所 2022 年度审计工作的总结报告》《关于聘任 2023 年度审计机构的议案》，认真审查了 天健会计师事务所关于专业胜任能力、独立性、诚信状况等相关情况，并结合天健会计师事 务所 2022 年度从事公司审计工作的表现，认为其能够满足继续为公司提供审计服务的要求， 因此同意并向董事会建议公司续聘天健会计师事务所担任公司 2023 年度的审计机构。 2、2023 年 3 月 20 日，公司第八届董事会第七次会议和第八届监事会第七次会议审议 通过了《关于聘任 2023 年度审计机构的议案》，同意续聘天健会计师事务所担任公司 2023 年度的审计机构，该事项已于 ...

Financial Performance - Revenue for 2023 reached 3,906,516,069.15 yuan, a 7.67% increase compared to 2022[19] - Net profit attributable to shareholders in 2023 was 558,105,046.28 yuan, up 14.21% year-over-year[19] - Revenue for 2023 reached 3.907 billion yuan, a year-on-year increase of 7.67%[56] - Net profit attributable to shareholders was 558 million yuan, up 14.21% year-on-year[56] - Non-GAAP net profit was 533 million yuan, a year-on-year increase of 12.74%[56] - Revenue for the reporting period was RMB 1,131,535,919.33, with net profit attributable to shareholders of RMB 248,223,173.55[69] - The company's total revenue for 2023 reached 3,906,516,069.15 yuan, a year-on-year increase of 7.67%[88] - Revenue from the button product line accounted for 40.95% of total revenue, with a year-on-year growth of 8.95%[88] - Revenue from the zipper product line accounted for 54.85% of total revenue, with a year-on-year growth of 6.82%[88] - Domestic revenue accounted for 69.02% of total revenue, with a year-on-year growth of 7.23%[88] - International revenue accounted for 30.98% of total revenue, with a year-on-year growth of 8.67%[88] - The company's direct sales revenue in 2023 was 3.907 billion yuan, with a gross profit margin of 40.92%, an increase of 1.91 percentage points compared to the previous year[124] - Revenue from buttons reached RMB 1,599.722 million, with a cost of RMB 924.539 million, achieving a gross profit margin of 42.21%, up 1.02% year-over-year[190] - Revenue from zippers was RMB 2,142.583 million, with a cost of RMB 1,263.860 million, resulting in a gross profit margin of 41.01%, an increase of 2.95% year-over-year[190] - Domestic revenue was RMB 2,696.424 million, with a cost of RMB 1,626.946 million, achieving a gross profit margin of 39.66%, up 1.77% year-over-year[190] - International revenue reached RMB 1,210.093 million, with a cost of RMB 680.993 million, resulting in a gross profit margin of 43.72%, an increase of 2.17% year-over-year[190] Assets and Liabilities - Total assets at the end of 2023 were 6,029,679,625.58 yuan, a 26.12% increase from the previous year[19] - The company's total equity attributable to shareholders at the end of 2023 was 4,349,140,948.63 yuan, a 50.23% increase from 2022[19] - The company's monetary funds increased by 72.26% to 1,415,149,148.19 yuan, accounting for 23.47% of total assets, primarily due to the receipt of funds from the issuance of stocks to specific investors[156] - Accounts receivable increased by 22.07% to 465,200,913.29 yuan, but its proportion of total assets decreased by 0.25% to 7.72%[156] - Inventory increased by 7.31% to 604,532,920.22 yuan, but its proportion of total assets decreased by 1.75% to 10.03%[156] - Fixed assets increased by 11.55% to 1,873,216,833.01 yuan, but its proportion of total assets decreased by 4.06% to 31.07%[156] - Construction in progress increased by 30.13% to 643,824,345.23 yuan, accounting for 10.68% of total assets, mainly due to increased investment in Vietnam Industrial Park and Linhai Jiangnan Waiyang Industrial Park[156] - The company's total financial assets increased to 177,095,577.22 yuan, with a gain of 360,000.00 yuan from fair value changes[150] Cash Flow - The company's net cash flow from operating activities in 2023 was 687,641,862.72 yuan, a 13.48% decrease from 2022[19] - The company's operating cash flow for the period was RMB 253,306,228.44, indicating strong cash generation[69] - The company's operating cash flow in Q4 was RMB 204,714,606.99, maintaining a healthy cash position[69] - Net cash flow from financing activities increased by 769.50% to 541,442,856.11 yuan, primarily due to the impact of financing activities[173] - The net increase in cash and cash equivalents was 583,802,489.38 yuan, a 211.29% increase compared to the previous year, mainly due to the impact of financing activities[173] Industry and Market Conditions - The company's apparel accessories industry is influenced by economic conditions and the development of the textile and apparel industry[25] - In 2023, China's apparel industry saw a 7.6% year-on-year decline in industrial added value, with garment production dropping by 8.69% to 19.39 billion pieces[73] - Apparel and clothing accessories exports fell by 7.8% to USD 159.14 billion, with export volume declining by 6.9% to 30.4 billion pieces[73] - The apparel accessories industry faces intense competition, particularly in the low-to-mid range products, with many small enterprises exiting the market[73] - The company faces risks from macroeconomic downturns and weak consumer demand, particularly affecting the textile and apparel industry[94] - Rising raw material prices, labor costs, and stricter environmental policies are increasing production costs[95] Production and Capacity - The company has an annual production capacity of 11.6 billion buttons and 850 million meters of zippers[49] - The company's annual production capacity for high-end zipper supporting webbing relocation and apparel accessories technical renovation project (Phase I) is 970 million meters, with a total investment of 4.2 billion yuan, and the cumulative investment as of the reporting period is 1.47 billion yuan, achieving 35.03% of the planned investment[104] - The annual production capacity for the high-end zipper expansion project is 220 million meters, with a total investment of 3.276 billion yuan, and the cumulative investment as of the reporting period is 125.785 million yuan, achieving 3.84% of the planned investment[104] - The Vietnam apparel accessories production project has a total investment of 3.024 billion yuan, and the cumulative investment as of the reporting period is 1.798 billion yuan, achieving 59.47% of the planned investment[104] - The company's total investment in committed projects is 11.818 billion yuan, with a cumulative investment of 4.713 billion yuan as of the reporting period[104] - Capacity utilization rate for buttons and zippers increased to 66.81% from 63.30% in the previous year[134] - Sales volume of buttons increased by 4.63% to 891,061,130 units, while sales volume of zippers increased by 5.67% to 50,101,570 meters[172] Research and Development - The company focuses on digital transformation and intelligent manufacturing, with a leading global position in smart manufacturing capabilities[51] - The company's R&D projects include the development of marine recyclable zippers and intelligent sorting machines, aimed at enhancing efficiency and sustainability[144] - R&D expenses grew by 4.48% to 158,162,557.36 yuan in 2023[133] - R&D personnel accounted for 8.02% of total employees, with a slight decrease of 0.14% compared to 2022[143] - R&D investment in 2023 was 158,162,557.36 yuan, representing 4.05% of total revenue, a decrease of 0.12% from 2022[145] Strategic Initiatives and Expansion - The company plans to achieve revenue of 4.5 billion yuan in 2024, with total operating costs controlled at around 3.83 billion yuan[4] - The company successfully raised 1.195 billion yuan through a private placement, providing strong financial support for global expansion and industrial upgrading[85] - The company has established a global marketing and service system covering more than 50 countries and regions[77] - The company is accelerating the upgrade and layout of overseas industrial parks, including the upgrade of the Bangladesh Industrial Park and the high-efficiency construction of the Vietnam Industrial Park Phase I[84] - The company plans to focus on sustainable development and technological innovation in 2024, aiming to enhance product competitiveness and customer experience[86][89] - The company is actively expanding into new markets and enhancing R&D, smart manufacturing, and internal control capabilities to mitigate risks[95] - The company completed a high-quality refinancing project in 2023 to support medium- and long-term development[188] Costs and Expenses - The company's raw material costs in 2023 were 1.244 billion yuan, accounting for 53.90% of the total operating costs, a slight increase of 0.28% compared to the previous year[117] - Sales expenses increased by 13.39% to 354,793,627.80 yuan in 2023 compared to 2022[133] - Financial expenses surged by 176.32% to 16,588,755.07 yuan due to reduced foreign exchange gains[133] - The company used RMB 4,713.459 million in raised funds in 2023, with a net interest income of RMB 1.9712 million after deducting bank fees, and a foreign exchange loss of RMB -1.7553 million[182] - As of December 31, 2023, the company's cumulative raised funds used amounted to RMB 4,713.459 million, with a cumulative net interest income of RMB 1.9712 million and a cumulative foreign exchange loss of RMB -1.7553 million, leaving a balance of RMB 7,106.651 million[182] Brand and Market Position - The company's "SAB" brand is a leading brand in the apparel accessories industry and a strategic partner for many global fashion brands[49] - The company has been recognized with awards from major clients such as Anta, Bosideng, and Toread for its innovation and quality[57] - The company's core competitiveness lies in its strong manufacturing scale, digital capabilities, and a well-established management team[51][52] Investor Relations and Corporate Governance - The company has conducted multiple investor relations activities, discussing topics such as overseas production, new product development, and order status[98] - The company is focusing on talent development and organizational restructuring to support sustainable growth[102] - The company implemented the "Accounting Standards Interpretation No. 16" issued by the Ministry of Finance starting from January 1, 2023, adjusting for deferred taxes related to single transactions[183] Subsidiaries and Investments - The company's main subsidiary, Zhejiang Weixing Import & Export Co., Ltd., achieved a net profit of 125.032 million yuan in the reporting period[112] - The company's top five customers contributed 335.326 million yuan in sales, accounting for 8.58% of the total annual sales[118] - The company's top five suppliers accounted for 315.889 million yuan in procurement, representing 22.57% of the total annual procurement[131] - Total procurement amount from the top 5 suppliers is 315,889,162.55 yuan, accounting for 22.57% of the annual procurement total[133] Fundraising and Capital Allocation - The company used 271,038,100 yuan of raised funds to replace pre-invested funds and pay issuance fees[2] - The company raised 1,195,400,000 yuan through a private placement of stocks in 2023, with a net amount of 1,181,795,100 yuan after deducting issuance costs[162]

关于举办投资者接待日活动及 2023 年度业绩网上说明会的通知 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。 为便于广大投资者深入了解公司情况，公司将举办现场投资者接待日活动以及 2023 年 度业绩网上说明会。具体情况如下： 一、现场投资者接待日活动安排 1、活动时间：2024 年 4 月 29 日（星期一）14:00-16:00 2、活动地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅 证券代码：002003 证券简称：伟星股份 公告编号：2024-014 浙江伟星实业发展股份有限公司 3、活动方式：现场交流 4、出席人员：公司董事长蔡礼永先生，董事、董秘兼副总经理谢瑾琨先生，董事兼财 务总监沈利勇先生（如有特殊情况，参与人员会作调整）。 5、预约登记：请参加本次活动的投资者提前与公司证券部进行预约登记（节假日除外）， 以便做好活动接待安排。 （1）登记方式：以现场、电话、传真或邮件的方式进行登记 （2）预约时间：2024 年 4 月 25 日前（8:30-11:30， 13:30-16:00） （3 ...