Group 1: Business Performance - The company's zipper business achieved a revenue growth of 16% year-on-year, accounting for 53% of total revenue [4] - The button business saw a year-on-year growth of 22%, making up 42% of total revenue [4] - Domestic business revenue reached CNY 30.94 billion, a year-on-year increase of 14.74% [7] - International business revenue was CNY 15.81 billion, reflecting a year-on-year growth of 30.62% [7] Group 2: Future Outlook - The company aims to achieve a revenue target of CNY 5 billion by 2025 [4] - The Vietnam industrial park is expected to significantly increase revenue in 2025 as it enters a ramp-up phase [6] - The company is focused on becoming a "global, innovative fashion accessory leader" over the next five to ten years [4] Group 3: Capacity and Utilization - The overall capacity utilization rate for 2024 was 68.82%, an increase of 2.01 percentage points year-on-year [8] - The company is facing short-term pressure on order intake due to cautious market conditions [4] Group 4: Competitive Landscape - The apparel accessory industry is characterized by high competition, with many small-scale enterprises exiting the market due to stricter regulations [10] - The company believes that its comprehensive competitive strength will allow it to thrive in a market with increasing demand for mid-to-high-end apparel [10] Group 5: Strategic Initiatives - The company plans to implement appropriate measures to incentivize its core team in the future [11] - Capital expenditure will be cautiously managed to ensure it does not adversely affect dividend policies [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a strong performance in 2024, with revenue projected at 4.67 billion yuan, a year-on-year increase of 19.7%, and a net profit of 700 million yuan, up 25.5% [4][5] - The company is positioned as a leading domestic supplier, with production capacities for buttons and zippers expected to enhance international competitiveness as production ramps up in Vietnam [4][5] - The company aims to continue expanding its product categories and enhancing its marketing and service systems while pushing forward with its internationalization strategy [4][5] Financial Summary - Revenue for 2023 was 3.907 billion yuan, with a projected increase to 4.674 billion yuan in 2024, and further growth expected to 5.018 billion yuan in 2025 [6][8] - The net profit for 2023 was 558 million yuan, with projections of 700 million yuan in 2024 and 753 million yuan in 2025 [6][8] - The gross margin is expected to improve from 41.7% in 2024 to 41.9% in 2025, driven by an increase in the gross margin of buttons [5][6] - The company maintains a high dividend payout ratio, with a cash dividend ratio of 83.5% in 2024 [5] Production and Sales Insights - The company’s button business is expected to generate revenue of 1.64 billion yuan in 2024, reflecting a year-on-year increase of 41.9% [4][5] - The zipper business is projected to achieve revenue of 2.48 billion yuan in 2024, with a gross margin of 42.1% [4][5] - International business is expected to grow significantly, with revenue from international markets projected to increase by 30.6% year-on-year [4][5] Valuation Metrics - The projected P/E ratios for the company are 18.6 for 2025, 16.1 for 2026, and 14.0 for 2027 [4][6] - The company’s return on equity (ROE) is expected to rise from 16.1% in 2024 to 18.6% in 2027 [6][8]

公司报告 | 年报点评报告 伟星股份（002003） 证券研究报告 持续深化竞争相对优势 公司发布 2024 年财报 24Q4 公司收入 11 亿同增 9%，归母净利 0.8 亿同增 197%，扣非后归母净 利 0.8 亿同增 161%。24 年公司收入 47 亿同增 20%，归母净利 7 亿同增 25%， 扣非后归母净利 6.9 亿同增 29%。 24 年分业务看，公司纽扣收入 20 亿占总 42%，同增 22%。拉链收入 25 亿 占总 53%，同增 16%；其他辅料收入 1.6 亿占总 4%同增 42%，系公司织带 及其他产品收入增加较快所致。 分地区看，国内收入 31 亿占总 66%，同增 15%；国际 16 亿占总 34%，同 增 31%。 截止 24 年，公司总产能纽扣 120 亿粒，拉链 9.1 亿米，产能利用率 69%（23 年为纽扣 116 亿粒及拉链 8.5 亿米，产能利用率 67%）。 以客户为中心，统筹资源，多措并举实现份额稳健增长 调整盈利预测，维持"买入"评级 基于 2024 年经营业绩表现，我们调整盈利预测，预计公司 25-27 年收入分 别为 53 亿、59 亿、68 亿（25 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][18]. Core Views - The company reported a revenue of 11 billion with a year-on-year growth of 9% in Q4 2024, and a net profit attributable to shareholders of 0.8 billion, reflecting a significant increase of 197% [1]. - For the full year 2024, the company achieved a revenue of 47 billion, up 20% year-on-year, and a net profit of 7 billion, which is a 25% increase [1]. - The company is focusing on enhancing its competitive advantages through innovation, customer satisfaction, and expanding its international presence, with international business revenue growing by over 30% [2][3]. Financial Performance - In 2024, the company's revenue breakdown shows that button sales accounted for 20 billion (42% of total revenue), zipper sales for 25 billion (53%), and other accessory sales for 1.6 billion (4%) [1]. - The company plans to achieve a revenue target of 50 billion in 2025, with total operating costs controlled at 42.5 billion [5]. - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 53 billion, 59 billion, and 68 billion respectively, with net profits of 8 billion, 9 billion, and 11 billion [6]. Production Capacity and Utilization - As of 2024, the company has a total production capacity of 12 billion buttons and 9.1 billion meters of zippers, with a capacity utilization rate of 69% [1]. Strategic Initiatives - The company is advancing its digital manufacturing strategy, focusing on building smart factories and enhancing its global supply chain capabilities [4]. - The company holds 1,372 valid patents as of the end of 2024, indicating a strong emphasis on innovation and design [3].

Core Insights - The company achieved a revenue growth of 19.7% year-on-year, reaching 4.674 billion yuan, with a net profit increase of 25.5% to 700 million yuan [1] - The gross profit margin improved by 0.81 percentage points to 41.73%, driven by a higher proportion of high-margin products and enhanced capacity utilization [1] - The company plans to distribute a dividend of 3 yuan for every 10 shares, resulting in an annual dividend payout ratio of 83.46% [1] Financial Performance - The fourth quarter saw a revenue increase of 9.2% year-on-year to 1.094 billion yuan, with net profit soaring by 197.5% to 77 million yuan, primarily due to changes in performance bonus accrual timing [1] - The gross margin for the fourth quarter decreased by 0.4 percentage points to 38.6%, while the net profit margin increased by 4.4 percentage points to 7.0% [1] Market Segmentation - Revenue from buttons and zippers grew by 22.2% and 15.9% respectively, reaching 1.954 billion yuan and 2.484 billion yuan, with gross margins improving [2] - Domestic market revenue rose by 14.7% to 3.094 billion yuan, while international market revenue increased by 30.62% to 1.581 billion yuan [2] - The company’s total production capacity for buttons increased to 12 billion pieces and for zippers to 910 million meters, with overall capacity utilization rising by 2 percentage points to 68.82% [2]

全年收入增长 20%，盈利能力持续提升。2024 年收入同比增长 19.7%至 46.74 亿元；归母净利润同比增长 25.5%至 7.00 亿元；扣非归母净利润 同比增长 29.1%至 6.88 亿元。基于高毛利产品占比提升、产能利用率提 升、以及智能制造、数字化转型升级效果显现，综合毛利率同比提升 0.81 个百分点至 41.73%。销售、研发费用率分别同比下降 0.2/0.4 百分点， 管理费用率同比+0.5 百分点，主要受绩效奖金计提增加影响。经营利润 率、归母净利率分别同比提升 1.0/0.9 个百分点至 18.2%/15.1%。存货/ 应收账款周转天数同比缩短 5/1 天至 86/38 天。公司期末拟每 10 股派 息 3 元，叠加中期股息，全年分红率达 83.46%。 四季度收入稳健增长，由于奖金计提节奏变化净利润大幅提升。第四季度 收入同比+9.2%至 10.94 亿元，归母净利润同比+197.5%至 0.77 亿元， 大幅增长主要受益于绩效奖金计提时间从以往四季度计提变为分摊至 全年。毛利率同比-0.4 个百分点至 38.6%；销售/管理/财务费用率分别 -2.7/+0.4/-1.7 百分点 ...

面向全球的中国服饰辅料行业民族企业，伟星股份（002003.SZ）以国际化打开成长空间。 得益于全球化战略的深入推进，产品结构的优化以及国际市场竞争力的提升，2024年，伟星股份交出了 一份亮眼的成绩单。3月29日，伟星股份披露2024年年报显示，全年实现营业总收入46.74亿元，同比增 长19.66%；归属于上市公司股东的净利润7.00亿元，同比增长25.48%；扣非净利润6.88亿元，同比增长 29.09%。 分业务来看，国际业务表现尤为突出，海外市场的渗透力持续增强，实现营业收入15.81亿元，同比增 长30.62%。此外，其他服饰辅料产品（如织带等）收入同比增长41.92%，成为新的增长点，体现了公 司多元化布局的成效。 伟星股份一直坚持"可持续发展"和"和谐共赢"的理念，公司2024年度利润分配预案显示，公司2024年度 将累计现金分红总额为5.84亿元，占本年度归属于上市公司股东净利润的83.46%。保持连续多年保持稳 定高分红政策，彰显了管理层对公司未来发展的信心。 伟星股份坚持创新驱动，聚焦绿色环保领域，在可回收、可降解辅料研发上取得突破。截至2024年底， 公司拥有国内外专利1,372项，主 ...

证券研究报告 | 2025年04月01日 伟星股份（002003.SZ） 优于大市 2024 年收入增长 20%，盈利能力持续提升 全年收入增长 20%，盈利能力持续提升。2024 年收入同比增长 19.7%至 46.74 亿元；归母净利润同比增长 25.5%至 7.00 亿元；扣非归母净利润 同比增长 29.1%至 6.88 亿元。基于高毛利产品占比提升、产能利用率提 升、以及智能制造、数字化转型升级效果显现，综合毛利率同比提升 0.81 个百分点至 41.73%。销售、研发费用率分别同比下降 0.2/0.4 百分点， 管理费用率同比+0.5 百分点，主要受绩效奖金计提增加影响。经营利润 率、归母净利率分别同比提升 1.0/0.9 个百分点至 18.2%/15.1%。存货/ 应收账款周转天数同比缩短 5/1 天至 86/38 天。公司期末拟每 10 股派 息 3 元，叠加中期股息，全年分红率达 83.46%。 四季度收入稳健增长，由于奖金计提节奏变化净利润大幅提升。第四季度 收入同比+9.2%至 10.94 亿元，归母净利润同比+197.5%至 0.77 亿元， 大幅增长主要受益于绩效奖金计提时间从以往四季 ...

2025 年 3 月 31 日 公司研究 24 年业绩靓丽，25 年展望稳健增长 ——伟星股份（002003.SZ）2024 年年报点评 买入（维持） 当前价：12.00 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 11.69 | | 总市值(亿元)： | 140.27 | | 一年最低/最高(元)： | 9.85/15.28 | | 近 3 月换手率： | 49.98% | 股价相对走势 -10% 5% 19% 34% 49% 03/24 07/24 09/24 12/24 伟星股份 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1 ...

Investment Rating - The report maintains a strong buy rating for the company [1][3] Core Views - The company is expected to achieve a revenue growth of 20% and a net profit growth of 25% in 2024, driven by comprehensive growth in its zipper, button, and other accessory businesses, with international growth outpacing domestic growth [1][7] - The profitability is steadily improving, with the successful launch of the Vietnam factory expected to accelerate market share capture from YKK [1][8] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 770 million, 890 million, and 1.04 billion respectively, with corresponding P/E ratios of 19X and 17X for 2025 and 2026 [1][9] Revenue and Profitability - In 2024, the company achieved a revenue of 4.674 billion, a year-on-year increase of 19.66%, and a net profit of 700 million, up 25.48% year-on-year [7][11] - The revenue breakdown shows a 15.94% increase in zipper revenue to 2.484 billion and a 22.18% increase in button revenue to 1.954 billion [2][9] - The gross margin for 2024 is reported at 41.73%, with net margin at 15.12% [2][12] Cash Flow and Efficiency - Operating cash flow improved significantly, with a net cash flow of 1.09 billion in 2024, representing a 58.5% increase [8][10] - Inventory turnover days decreased to 86 days, and accounts receivable turnover days improved to 38 days [8][10] Production Capacity and Global Strategy - The company is advancing its smart manufacturing strategy and expanding overseas production capacity, with the Vietnam industrial park successfully launched [8][9] - The production capacity for buttons and zippers reached 12 billion and 910 million meters respectively, with overseas capacity accounting for 19.05% [8][9] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 5.119 billion, 5.902 billion, and 6.796 billion respectively, with expected growth rates of 10%, 15%, and 15% [9][11] - The projected net profit for the same years is 771 million, 894 million, and 1.037 billion, with growth rates of 10% and 16% [9][11]