丨证券研究报告丨 公司研究丨点评报告丨伟星股份（002003.SZ） [Table_Title] 业绩符合预期，订单表现强劲 报告要点 [Table_Summary] 伟星股份发布 2024 年度业绩快报，2024 年实现营收 46.7 亿元，同比+19.6%，归母净利润 7.1 亿元，同比+26.4%。其中 Q4 实现营收 10.9 亿元，同比+9%，归母净利润 0.8 亿元，同比 +218%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 伟星股份（002003.SZ） cjzqdt11111 [Table_Title2] 业绩符合预期，订单表现强劲 [Table_Summary2] 事件描述 伟星股份发布 2024 年度业绩快报，2024 年实现营收 46.7 亿元，同比+19.6%，归母净利润 7.1 亿元，同比+26.4%。其中 Q4 实现营收 10.9 亿元，同比+9%，归母净利润 0.8 亿 ...

纺织服饰/纺织制造 伟星股份（002003.SZ） 业绩快报符合预期，费用计提改变导致 Q4 利润高增 2025 年 03 月 2 日 | 日期 | 2025/2/28 | | --- | --- | | 当前股价(元) | 12.97 | | 一年最高最低(元) | 15.28/10.09 | | 总市值(亿元) | 151.60 | | 流通市值(亿元) | 132.07 | | 总股本(亿股) | 11.69 | | 流通股本(亿股) | 10.18 | | 近 3 个月换手率(%) | 68.88 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-02 2024-06 2024-10 2025-02 伟星股份 沪深300 相关研究报告 《费用计提阶段性影响业绩，国际化 成长逻辑持续演绎—公司信息更新报 告》-2024.10.30 《2024H1 业绩超预期，看好长期成长 逻辑持续兑现—公司信息更新报告》 -2024.8.15 《2023 年业绩逐季向好，看好越南产 能有序落地—公司信息更新报告》 -2024.4.19 ——公司信息更新报告 | 吕明（分析师） | 周嘉乐 ...

纺织服饰/纺织制造 伟星股份（002003.SZ） 业绩快报符合预期，费用计提改变导致 Q4 利润高增 2025 年 03 月 2 日 投资评级：买入（维持） 数据来源：聚源 -16% 0% 16% 32% 48% 2024-02 2024-06 2024-10 2025-02 伟星股份 沪深300 相关研究报告 《费用计提阶段性影响业绩，国际化 成长逻辑持续演绎—公司信息更新报 告》-2024.10.30 《2024H1 业绩超预期，看好长期成长 逻辑持续兑现—公司信息更新报告》 -2024.8.15 《2023 年业绩逐季向好，看好越南产 能有序落地—公司信息更新报告》 -2024.4.19 ——公司信息更新报告 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | --- | --- | | lvming@kysec.cn | zhoujiale@kysec.cn | zhangshuangning@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790522030002 | 证书编号：S0790524070006 | 业绩快报符合预期， ...

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 [6][16]. Core Views - The company has reported a revenue of 1.09 billion yuan for Q4 2024, representing a year-on-year increase of 9%, and a net profit attributable to the parent company of 80 million yuan, up 215% year-on-year [1]. - For the full year 2024, the company expects a revenue of 4.67 billion yuan, a growth of 19.6%, and a net profit of 710 million yuan, reflecting a 26.4% increase year-on-year [1]. - The company is focusing on sustainable development, transformation, and upgrading, while accelerating its global strategy and enhancing its comprehensive service capabilities and core competitiveness [1][2]. - The company has strong competitive advantages in product diversity, innovation, and market responsiveness, which align with current industry trends and customer demands [2]. Financial Performance Summary - The company’s revenue for 2022 was 3.63 billion yuan, with a growth rate of 8.12%, and is projected to reach 6.73 billion yuan by 2026, with a growth rate of 20.20% [5][11]. - The net profit attributable to the parent company was 488.89 million yuan in 2022, with an expected increase to 1.06 billion yuan by 2026, reflecting a growth rate of 22.35% [5][11]. - The earnings per share (EPS) are projected to increase from 0.42 yuan in 2022 to 0.91 yuan in 2026 [5][11]. Strategic Developments - The company plans to purchase the land and buildings of the Shaojia Du Industrial Park from its controlling shareholder, which will enhance its production capabilities [3]. - The company has increased capital expenditures to improve its production capacity through expansion, technological upgrades, and process optimization [3].

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 [6][16]. Core Views - The company has reported a revenue of 1.09 billion yuan for Q4 2024, representing a year-on-year increase of 9%, and a net profit attributable to shareholders of 80 million yuan, up 215% year-on-year [1]. - For the full year 2024, the company expects a revenue of 4.67 billion yuan, a growth of 19.6%, and a net profit of 710 million yuan, reflecting a 26.4% increase [1]. - The company is focusing on sustainable development, transformation, and upgrading, while accelerating its global strategy and enhancing its comprehensive service capabilities [1]. - The company has established strong competitive advantages in product diversity, innovation, and market responsiveness, which align with current industry trends and customer demands [2]. Financial Performance Summary - The company’s revenue for 2022 was 3.63 billion yuan, with a growth rate of 8.12%. The projected revenue for 2024 is 4.67 billion yuan, with a growth rate of 19.59% [5]. - The net profit attributable to shareholders for 2022 was 488.89 million yuan, with a growth rate of 8.97%. The projected net profit for 2024 is 705.66 million yuan, reflecting a growth rate of 26.44% [5]. - The earnings per share (EPS) for 2024 is projected to be 0.60 yuan, with further increases expected in subsequent years [4][5]. Strategic Developments - The company plans to purchase the land and buildings of the Shaojia Du Industrial Park from its controlling shareholder, which will enhance its production capabilities [3]. - The company has been increasing capital expenditures to improve its production capacity through expansion and technological upgrades [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue growth of 19.59% and a net profit growth of 26.44% in 2024, aligning with expectations. The revenue reached 4.672 billion yuan, while the net profit was 706 million yuan [1]. - For 2025, the company is expected to focus on product development and innovation, leading to a projected revenue growth of around 15% and stable profit margins [3]. - The establishment of the Vietnam factory is anticipated to meet overseas capacity demands and enhance customer engagement, although initial operations may incur losses [2][3]. Financial Performance Summary - **2024 Financials**: Revenue of 4.671 billion yuan, net profit of 706 million yuan, and a non-recurring net profit of 690 million yuan, reflecting a 29.47% increase [1]. - **2025 Projections**: Expected revenue of 5.384 billion yuan and net profit of 816 million yuan, with a P/E ratio of 18 times [3][5]. - **Growth Rates**: The company forecasts a 15.3% revenue growth in 2025 and a 15.5% increase in net profit [5]. Product Line and Market Strategy - The company anticipates strong sales growth in its main products, including buttons and zippers, while also expanding into new categories like webbing and ropes [2]. - The focus on raw material cost control, product structure optimization, and scale effects is expected to enhance gross margins across product lines in 2024 [2]. Operational Developments - The Vietnam industrial park commenced operations in March 2024, primarily focusing on customer inspections, with limited orders expected initially [2]. - The Bangladesh industrial park is undergoing upgrades, which are expected to improve production efficiency over time [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Insights - The company reported a 19.59% year-on-year increase in revenue for 2024, reaching 4.672 billion yuan, and a 26.44% increase in net profit attributable to shareholders, amounting to 706 million yuan, which aligns with expectations [1]. - The fourth quarter of 2024 showed a significant increase in revenue and net profit, with year-on-year growth of 9%, 218.2%, and 167.6% respectively, despite fluctuations in the consumer environment [1][2]. - The company is expected to focus on product development and innovation in 2025, with anticipated revenue growth of around 15% and stable profit margins [3]. Financial Performance Summary - The company’s revenue and net profit projections for 2024-2026 are as follows: - 2024: Revenue of 4.671 billion yuan, net profit of 706 million yuan - 2025: Revenue of 5.384 billion yuan, net profit of 816 million yuan - 2026: Revenue of 6.182 billion yuan, net profit of 948 million yuan - The projected growth rates for revenue and net profit are 15.3% and 15.5% respectively for 2025, with a consistent increase in earnings per share (EPS) from 0.60 yuan in 2024 to 0.70 yuan in 2025 [5][3]. Product Line and Market Outlook - The company anticipates strong growth in its main product lines, including buttons and zippers, while also expanding into new categories such as webbing and ropes [2]. - The establishment of the Vietnam factory is expected to meet overseas capacity demands and enhance customer engagement, although initial operations may incur losses [2]. - The company is also upgrading its facilities in Bangladesh and domestically, which is expected to improve production efficiency over time [2]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 18 times for 2025, indicating a favorable valuation compared to historical performance [3][5]. - The report highlights a consistent improvement in gross margin across product lines due to effective cost control and product structure optimization [2].

证券代码：002003 证券简称：伟星股份 公告编号：2025-007 浙江伟星实业发展股份有限公司 关于购买控股股东所持邵家渡工业园的土地厂房 暨关联交易的公告 浙江伟星实业发展股份有限公司（以下简称"公司"或"伟星股份"）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。 一、关联交易概述 基于公司战略规划以及业务发展需要，公司拟购买过去几年一直租赁的控股股东伟星集 团有限公司（以下简称"伟星集团"）位于临海市邵家渡街道山下坦村铁路大道南侧厂房， 用于提升公司主业的生产智造保障能力。该宗土地面积为86,788.00平方米，厂房、甲类仓 库等建筑面积合计106,375.32平方米，与公司邵家渡工业园毗邻。 因伟星集团系公司控股股东，本次购买资产构成关联交易。 2025年2月25日，公司第八届董事会第二十一次（临时）会议以3票同意、0票反对、0 票 弃权的表决结果审议通过了《关于拟购买控股股东所持邵家渡工业园的土地厂房暨关联交易 的议案》，因董事蔡礼永先生担任伟星集团董事职务、董事郑阳先生及沈利勇先生担任伟星 集团监事职务、董事章卡鹏先生担任伟星集团董事长兼总裁职务、董 ...

证券代码：002003 证券简称：伟星股份 公告编号：2025-006 浙江伟星实业发展股份有限公司 第八届董事会第二十一次（临时）会议决议公告 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。 一、董事会会议召开情况 公司第八届董事会第二十一次（临时）会议通知于 2025 年 2 月 22 日以专人或电子邮 件送达等方式发出，并于 2025 年 2 月 25 日以通讯表决的方式召开。会议应出席董事九名， 实际出席的董事九名。会议在保证所有董事充分表达意见的前提下，以专人或传真送达等 方式审议表决。本次会议的召集、召开和表决程序符合有关法律法规和《公司章程》的规 定。 二、董事会会议审议情况 2、会议以 9 票同意、0 票反对、0 票弃权的表决结果审议通过了《关于修改<关联交易 1 管理制度>的议案》。 《关联交易管理制度》登载于巨潮资讯网（http://www.cninfo.com.cn）。 本议案需提交公司股东大会审议。 3、会议以 9 票同意、0 票反对、0 票弃权的表决结果审议通过了《关于修改<对外担保 管理制度 ...

Financial Performance - In 2024, the company achieved total operating revenue of ¥4,671,905,458.65, an increase of 19.59% compared to the previous year[4] - Operating profit for 2024 was ¥859,137,929.79, reflecting a growth of 27.69% year-over-year[4] - The total profit amounted to ¥858,943,812.16, which is a 28.93% increase from the previous year[4] - Net profit attributable to shareholders was ¥705,662,239.04, up 26.44% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥690,489,396.08, representing a 29.47% increase year-over-year[4] - Basic earnings per share for 2024 were ¥0.60, an increase of 13.21% from the previous year[4] Assets and Equity - As of December 31, 2024, total assets reached ¥6,224,795,651.21, a growth of 3.24% from the beginning of the period[6] - Shareholders' equity attributable to the company was ¥4,355,662,417.88, showing a slight increase of 0.15%[6] Return on Equity - The weighted average return on equity was 16.14%, a decrease of 0.76 percentage points compared to the previous year[4] Strategic Focus - The company continues to focus on sustainable development and global strategic layout to enhance its core competitiveness[5]