伟星股份：上半年收入增长26%，盈利水平提升

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].