证券研究报告 建筑材料 | 装修建材 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 联系人 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | | 2025 | 年 | 04 | 月 日 | 25 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | 12.26 | | 年 内 低 | 最 | 高 | / | 最 | | | | | | 一 | | | （元） | | | | | | | | 18 ...

2025年04月27日，伟星新材2024年度业绩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 长兼总经理金红阳、董事、董事会秘书兼副总经理谭梅、财务总监陈安门、独立董事宋义虎、独立董事 郑丽君、独立董事祝卸和。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问70 个，公司嘉宾共回答问题70个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：长期应付款大幅度增加的原因是什么？ 回答：长期应付款较年初数增加32.08%，主要系账龄 1 年以上的其他应付款（股权收购款）转入所 致。谢谢！ 2、问：是个好公司【征集问题】 回答：谢谢您对公司的肯定和支持！我们会继续努力！ 3、问：作为公司的独立董事，宋教授您在2024年做了哪些现场工作？ 回答：2024年，本人积极按规定出席公司股东大会、董事会、专门委员会以及独立董事专门会议，同时 借现场参会的契机，认真听取公司管理层就生产经营、财务状况、信息披露、内控管理等方面的详细汇 报，并实地考察公司生产车间、立体仓库、虹吸排水展厅、党群服务中心、图片展等，深入了解公司的 生产 ...

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company reported a decline in revenue and profit in Q1 2025, with total revenue of 895 million yuan, down 10.2% year-on-year, and a net profit of 114 million yuan, down 26.0% year-on-year [6] - Despite the short-term challenges, the long-term value of the company remains intact, focusing on enhancing its brand and service capabilities [6] - The company is committed to building a comprehensive water system product line while maintaining a strong cash flow and increasing dividend payouts [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 6,983 million yuan, with a year-on-year growth rate of 11.4% [2] - The net profit for 2025 is forecasted to be 1,203 million yuan, reflecting a growth rate of 26.3% [2] - The earnings per share (EPS) for 2025 is expected to be 0.76 yuan [2] - The gross margin is projected to be 40.6% in 2025, with a return on equity (ROE) of 22.5% [2] Market Data - As of April 25, 2025, the closing price of the stock was 12.26 yuan, with a market capitalization of 18,033 million yuan [3] - The stock has a dividend yield of 7.34%, indicating a strong return for shareholders [3] - The company has a price-to-earnings (P/E) ratio of 20 for 2024, which is expected to decrease to 16 in 2025 [2][3]

Financial Performance - The company's revenue for Q1 2025 was ¥895,038,606.78, a decrease of 10.20% compared to ¥996,663,372.67 in the same period last year[4] - Net profit attributable to shareholders was ¥113,701,770.51, down 25.95% from ¥153,542,014.75 year-on-year[4] - Basic and diluted earnings per share decreased by 30.00% to ¥0.07 from ¥0.10 in the previous year[5] - Total operating revenue for Q1 2025 was CNY 895,038,606.78, a decrease of 10.2% from CNY 996,663,372.67 in the previous period[31] - Net profit for Q1 2025 was CNY 115,906,036.21, a decline of 26.2% compared to CNY 157,207,879.79 in the same period last year[32] - Earnings per share (EPS) for Q1 2025 was CNY 0.07, down from CNY 0.10 in the previous year[33] Cash Flow - The net cash flow from operating activities increased by 148.13% to ¥84,579,894.33, compared to a negative cash flow of ¥175,717,757.73 in the same period last year[4] - Cash flow from operating activities generated a net amount of CNY 84,579,894.33, recovering from a negative cash flow of CNY -175,717,757.73 in the previous period[35] - Cash flow from investment activities showed a net inflow of CNY 190,542,351.94, compared to a net outflow of CNY -148,325,465.08 in the previous year[37] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,649,539,579.57, a slight increase of 0.27% from ¥6,631,662,560.69 at the end of the previous year[5] - The company reported a total asset of CNY 6,649,539,579.57 as of March 31, 2025, compared to CNY 6,631,662,560.69 at the beginning of the period, reflecting a slight increase[25] - The company’s total liabilities amounted to CNY 1,274,037,170.36, down from CNY 1,397,050,177.87, reflecting a decrease of about 8.8%[29] - Total current liabilities decreased to CNY 1,182,795,510.60 from CNY 1,304,028,925.75, indicating a reduction of about 9.3%[29] - The company’s non-current assets totaled CNY 2,339,635,263.44, slightly down from CNY 2,342,879,040.31[28] Investments and Equity - The company has invested CNY 1,300,000,000 in financial products, with CNY 800,000,000 returned and a profit of CNY 5,214,100 realized[24] - The company’s long-term equity investments decreased to CNY 243,313,397.62 from CNY 252,760,450.68, a decline of approximately 3.1%[27] - The company’s equity attributable to owners remained stable at CNY 1,592,037,988.00[29] Expenses and Financial Metrics - Financial expenses increased by 84.16% year-on-year, mainly due to a decrease in interest income[15] - The company experienced a 295.63% decline in investment income, attributed to reduced fair value gains from financial assets held by a partnership[16] - The company reported a decrease in research and development expenses to CNY 30,934,702.76, down from CNY 34,286,511.47[32] - The company's weighted average return on equity was 2.21%, down from 2.72% in the same period last year[5] Other Information - The company established a wholly-owned subsidiary, Urumqi Weixing New Building Materials Co., Ltd., with a registered capital of CNY 50,000,000 on March 11, 2025[24] - Other comprehensive income after tax was CNY 683,990.18, recovering from a loss of CNY -2,426,792.00 in the previous year[32] - The first quarter report of Zhejiang Weixing New Building Materials Co., Ltd. was not audited[39] - The new accounting standards will be implemented starting from 2025, affecting the financial statements from the beginning of that year[38]

Core Viewpoint - The company experienced a decline in net profit due to increased market investment and reduced investment income, despite relatively resilient revenue performance [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 6.27 billion yuan, a year-on-year decrease of 1.8%, with a net profit attributable to shareholders of 0.95 billion yuan, down 33.5% year-on-year [1]. - The fourth quarter alone saw revenue of 2.49 billion yuan, a decline of 5.26% year-on-year, while the first three quarters showed mixed results with growth in Q1 and Q2 but a decline in Q3 [1]. Product Performance - The company sold 300,000 tons of pipeline products in 2024, marking a 2.3% increase year-on-year, although revenue from PPR, PE, and PVC products declined [2]. - The revenue breakdown for these products was 2.94 billion yuan for PPR, 1.42 billion yuan for PE, and 0.83 billion yuan for PVC, with respective year-on-year declines of 1.7%, 6.9%, and 8.1% [2]. - The gross margin for these products also decreased, reflecting the impact of weak demand and intensified competition [2]. Marketing and Cash Flow - The company increased its marketing efforts, leading to a rise in sales expenses by 14% year-on-year, contributing to a comprehensive gross margin of 41.7% in 2024, down 2.6 percentage points [3]. - Operating cash flow was reported at 1.15 billion yuan, a decrease of 16.5% year-on-year, but the cash collection ratio remained healthy, supporting a high dividend payout of 0.943 billion yuan, representing a 99% payout ratio [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][28]. Core Views - The company's retail fundamentals remain solid, with a steady increase in market share and a high dividend payout further enhancing investor returns. Despite a challenging demand environment, the company has managed to maintain a resilient revenue base [3][28]. - The company reported a revenue of 6.27 billion yuan in 2024, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 0.95 billion yuan, down 33.5% year-on-year. The decline in profit is primarily attributed to increased marketing expenses and reduced investment income [1][9]. - The company has successfully expanded its product offerings and market presence, particularly in the pipeline segment, which saw a volume increase of 2.3% year-on-year, despite revenue declines in specific product categories [2][15]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.27 billion yuan, with a net profit of 0.95 billion yuan and an EPS of 0.61 yuan per share. The fourth quarter revenue was 2.49 billion yuan, reflecting a year-on-year decline of 5.26% [1][9]. - The overall gross margin for 2024 was 41.7%, down 2.6 percentage points year-on-year, with a significant increase in sales expenses by 14% due to heightened marketing efforts [3][20]. Product and Market Development - The company reported a total pipeline sales volume of 300,000 tons in 2024, with revenues from PPR, PE, and PVC products showing declines of 1.7%, 6.9%, and 8.1% respectively. However, the company has successfully increased its market share in the pipeline segment [2][15]. - The overseas business showed promising growth, generating 0.36 billion yuan in revenue, a year-on-year increase of 26.7%, with Singapore operations turning profitable [2][15]. Cash Flow and Dividends - The company generated an operating cash flow of 1.15 billion yuan in 2024, despite a 16.5% decline year-on-year. The cash collection ratio remained healthy, supporting a high dividend payout of 0.943 billion yuan, resulting in a dividend payout ratio of 99% [3][20][28].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][28][33] Core Views - The company's revenue showed relative resilience with a slight decline of 1.8% year-on-year, reaching 6.27 billion yuan, while net profit decreased significantly by 33.5% to 0.95 billion yuan, primarily due to increased market investment and reduced investment income [1][9] - The retail foundation remains solid, with steady market share growth and orderly overseas expansion, particularly in pipeline sales which increased by 2.3% year-on-year [2][15] - The company maintains a high dividend payout ratio of 99%, reflecting its commitment to shareholder returns despite profit pressures [3][28] Revenue and Profitability - In 2024, the company achieved a total revenue of 6.27 billion yuan, with a net profit of 0.95 billion yuan and an EPS of 0.61 yuan per share [1][9] - The gross margin for 2024 was 41.7%, down 2.6 percentage points year-on-year, with a significant increase in sales expenses by 14% due to heightened marketing efforts [3][20] - Operating cash flow was 1.15 billion yuan, a decrease of 16.5% year-on-year, but the cash collection ratio remained healthy [3][20] Product Performance - The company reported pipeline sales of 300,000 tons, with revenue contributions from PPR, PE, and PVC segments showing declines of 1.7%, 6.9%, and 8.1% respectively [2][15] - Other product lines achieved a revenue of 1.03 billion yuan, marking a year-on-year increase of 12.9% [2][15] Future Outlook - The company has adjusted its earnings forecasts for 2025-2026, expecting EPS of 0.66, 0.73, and 0.80 yuan per share, with corresponding PE ratios of 18.7, 16.8, and 15.3 [3][28] - The focus remains on high-quality development and enhancing market share in the retail sector, alongside a commitment to generous dividends [3][28]

Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Views - The company has experienced a narrowing decline in revenue across its main business segments, with a proposed cash dividend of 7.86 billion yuan, resulting in a dividend payout ratio of 99%, the highest since its listing [5][9]. - The company aims for a revenue target of 65.8 billion yuan for 2025, reflecting a year-on-year growth of 5% [5]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 6.3 billion yuan, a decrease of 2% year-on-year, with net profit attributable to shareholders at 950 million yuan, down 33% [5][6]. - The fourth quarter of 2024 saw total revenue of 2.5 billion yuan, a decline of 5% year-on-year [5]. Main Business Segments - Revenue from PPR pipes, PE pipes, PVC pipes, and other products for 2024 was 2.94 billion, 1.42 billion, 830 million, and 1.03 billion yuan respectively, with year-on-year changes of -2%, -7%, -8%, and +13% [6]. - The retail business, primarily driven by PPR products, was less impacted compared to the engineering business, which saw a more significant decline [6]. Profitability and Costs - The company's gross margin for 2024 was 41.7%, down 2.6 percentage points year-on-year, with an increase in the expense ratio to 22.2% [7]. - The net profit margin attributable to shareholders was 15.2%, a decrease of 7.3 percentage points year-on-year, primarily due to lower gross margins and increased expense ratios [7]. Cash Flow and Financial Health - The net cash flow from operating activities for 2024 was 1.15 billion yuan, a decrease of 220 million yuan year-on-year [8]. - The company maintained a healthy financial status, with accounts receivable at 540 million yuan and contract liabilities at approximately 380 million yuan by the end of 2024 [8]. Dividend Policy and Valuation - The company has a strong dividend history, with a cumulative payout ratio close to 80% since its listing, and the 2024 dividend payout ratio reaching 99% [9]. - The current price corresponds to a dynamic P/E ratio of 19x for 2025, indicating potential for value reassessment [9].

Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Views - The company reported a total revenue of 6.3 billion yuan and a net profit attributable to shareholders of 0.95 billion yuan for 2024, reflecting a year-on-year decline of 2% and 33% respectively. The company plans to distribute a cash dividend of 7.86 billion yuan, resulting in a dividend payout ratio of 99%, which is an increase of 11 percentage points year-on-year [5][9]. - The company aims for a revenue target of 6.58 billion yuan for 2025, representing a 5% year-on-year growth [5][9]. Summary by Sections Business Performance - The company experienced a smaller decline in revenue across its three main business segments, with revenues for PPR pipes, PE pipes, PVC pipes, and other products reported at 2.94 billion, 1.42 billion, 0.83 billion, and 1.03 billion yuan respectively, showing year-on-year changes of -2%, -7%, -8%, and +13% [6]. - The overall decline in revenue is attributed to weak downstream demand, with retail business, primarily focused on PPR products, being less affected compared to engineering business [6]. Profitability Analysis - The company's gross margin for 2024 was 41.7%, down by 2.6 percentage points year-on-year, with all main business segments experiencing a decline in gross margin [7]. - The net profit margin attributable to shareholders was 15.2%, a decrease of 7.3 percentage points year-on-year, primarily due to lower gross margins and increased expense ratios [7]. Financial Health - The company reported a net cash flow from operating activities of 1.15 billion yuan for 2024, a decrease of 0.22 billion yuan year-on-year, mainly due to the significant drop in net profit [8]. - The accounts receivable at the end of 2024 stood at 0.54 billion yuan, showing a slight decrease, while contract liabilities were approximately 0.38 billion yuan, also reflecting a decline [8]. Dividend and Valuation - The company has maintained a strong dividend record since its listing, with a cumulative dividend payout ratio close to 80%. The 2024 dividend payout ratio reached a record high of 99%, corresponding to a dividend yield of approximately 4.7% [9]. - Based on the 2024 financial data and industry demand forecasts, the company’s net profit estimates for 2025 and 2026 have been adjusted to 1.05 billion yuan and 1.11 billion yuan respectively, with a new estimate for 2027 at 1.20 billion yuan [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company, Weixing New Materials (002372.SZ), reported a revenue of 6.267 billion yuan in 2024, a year-on-year decline of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year [3][5]. - Despite facing unprecedented challenges in the plastic pipeline industry due to complex international situations and insufficient domestic demand, the company has managed to steadily increase its retail market share [5]. - The company is focusing on its core pipeline business while promoting rapid growth in waterproof and water purification segments, aiming to enhance its market presence [5]. Financial Performance Summary - In 2024, the company experienced a revenue decline of 1.75% compared to 2023, with a total revenue of 6.267 billion yuan [6]. - The net profit for 2024 was 953 million yuan, reflecting a significant decrease of 33.49% from the previous year [6]. - The company anticipates revenue growth rates of 5.09%, 5.96%, and 6.13% for the years 2025, 2026, and 2027, respectively [5][6]. - The projected net profit for 2025 is 1.036 billion yuan, with an expected increase in subsequent years [6]. Valuation Metrics - The current price of the company's stock is 12.30 yuan, with a market capitalization of approximately 19.58 billion yuan [3]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.9, 16.6, and 14.9, respectively [5][6]. - The average P/E ratio for comparable companies in 2025 is estimated at 27.7 [5].