Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 14.85 for 2024, based on a 25X PE valuation [3][12]. Core Insights - The company reported a revenue growth of 19% in Q3, with a recurring net profit after tax (NPAtS) increase of 2.6%. For the first three quarters, revenue reached RMB 3.58 billion, up 23.3% YoY, and net profit attributable to shareholders was RMB 624 million, up 17.2% YoY [8][12]. - The gross profit margin (GPM) improved for six consecutive quarters, reaching 42.70% for the first three quarters and 44.32% in Q3, the highest since 2017. This improvement is attributed to the company's digital intelligence upgrades and cost reduction strategies [9][11]. - The company is focusing on globalization, with fixed assets increasing by 31% year-to-date, supporting its international strategy, particularly in Vietnam and Bangladesh [11]. Financial Performance Summary - For Q3, the company achieved revenue of RMB 1.28 billion, a 19.3% increase YoY, while NPAtS was RMB 208 million, down 9.9% YoY. The recurring NPAtS for Q3 was RMB 208 million, reflecting a 2.6% increase YoY [8][12]. - The first three quarters showed a gross margin of 42.70%, with total expenses increasing by 1.37 percentage points. The NPAtS margin was 17.4%, down 0.91 percentage points YoY [8][12]. - The company expects revenue for 2024-2026 to be RMB 4.69 billion, RMB 5.52 billion, and RMB 6.53 billion, respectively, with net profit projections of RMB 694 million, RMB 825 million, and RMB 993 million [4][12].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's revenue for the third quarter increased by 19%, while the net profit attributable to the parent company decreased by 9.9% [4] - The company has achieved a gross margin of 44.32% in the third quarter, which is an increase of 2.11 percentage points year-on-year, marking the highest gross margin for the third quarter since 2017 [5] - The company is focusing on global expansion, with significant investments in Vietnam and other international markets to enhance management efficiency and support international market development [6] - The earnings forecast for the company anticipates revenues of 46.9 billion, 55.2 billion, and 65.3 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 6.94 billion, 8.25 billion, and 9.93 billion yuan for the same years [6] Financial Performance Summary - For the first three quarters, the company reported total revenue of 35.8 billion yuan, a year-on-year increase of 23.3%, and a net profit of 6.24 billion yuan, up 17.2% year-on-year [4] - The company's gross margin for the first three quarters was 42.70%, an increase of 1.12 percentage points year-on-year, while the net profit margin was 17.4%, a decrease of 0.91 percentage points year-on-year [4] - The company has changed its expense accrual method, which is expected to provide a clearer reflection of operational performance in future financial statements [5] Valuation and Forecast - The report provides a valuation range for the company based on a price-to-earnings ratio (PE) of 20-25x for 2024, resulting in a reasonable value range of 11.88 to 14.85 yuan per share [6] - The projected earnings per share (EPS) for the company is expected to grow from 0.48 yuan in 2023 to 0.85 yuan in 2026 [9]

证券时报e公司讯，伟星股份11月1日在电话会议中表示，随着我国居民生活水平的提高，以及消费者对 品质生活、低碳环保等的追求，中高端品牌服装、服饰业的需求持续增长，推动着纺织服装、服饰业逐 渐朝着可持续发展、个性化定制方向发展；加之国内市场庞大的消费群体，公司有信心保持一个稳健增 长的态势。 ...

证券代码：002003 证券简称：伟星股份 编号：2024-045 浙江伟星实业发展股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 √其他：电话会议 | □路演活动 | | | | 中信保诚基金：陈超俊 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.23 yuan, reflecting an optimistic outlook based on adjusted earnings forecasts for 2024-2026 [3][7]. Core Insights - The company reported a revenue of 3.58 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 23.3%, while the net profit attributable to the parent company was 624 million yuan, up 17.15% year-on-year. However, the net profit for Q3 showed a decline of 9.9% due to changes in bonus accrual policies [2][3]. - Revenue growth was driven by strong performance in product segments, with zippers, buttons, and other apparel accessories showing year-on-year growth rates of 24%, 27.1%, and 23.2% respectively in the first half of 2024. The company anticipates continued growth of around 20% in the button and zipper businesses for Q3 [2]. - Geographically, domestic and overseas revenues grew by 24.8% and 27.2% respectively in the first half of 2024, with expectations that overseas markets will become the main growth driver in Q3 and beyond [2]. - The gross margin for Q3 improved by 2.1 percentage points to 44.3%, attributed to increased capacity utilization and internal efficiency, despite a rise in expense ratios due to the new bonus accrual method [2]. Financial Summary - The company adjusted its earnings forecasts, projecting earnings per share of 0.61, 0.73, and 0.84 yuan for 2024, 2025, and 2026 respectively, with a DCF valuation corresponding to a target price of 19.23 yuan [3][7]. - Key financial metrics include projected revenues of 4.679 billion yuan in 2024, with a year-on-year growth of 19.8%, and a net profit of 718 million yuan, reflecting a growth of 28.7% [5][10]. - The gross margin is expected to improve to 41.9% in 2024, with net profit margins projected to reach 15.3% [5][10].

Investment Rating - The investment rating for the company is "Buy" [3] - The target price is set at 16.43 CNY, up from the previous forecast of 14.25 CNY [3] Core Insights - The company reported Q3 revenue of 1.28 billion CNY, a year-on-year increase of 19.3%, exceeding expectations [3] - Gross margin improved significantly, reaching 44.3%, up 2.1 percentage points year-on-year, driven by scale effects and product structure optimization [3] - Excluding the impact of early expense accruals, the adjusted net profit increased by 25% year-on-year, indicating strong performance [3] Revenue and Profit Analysis - Q3 revenue breakdown shows that button and zipper revenues grew at similar rates, primarily driven by volume increases with slight price increases [3] - International brand revenue growth outpaced domestic brand growth in Q3 [3] - The company adjusted its bonus accrual policy, leading to a rise in sales and management expense ratios, but the adjusted net profit still showed strong growth [3] Future Outlook - Order intake has improved since October, suggesting a positive outlook for Q4 performance [3] - The company’s new industrial park in Vietnam began production in March, with expectations for significant order volume by the end of 2024 [3] - The company is expected to achieve a revenue target in the tens of millions for the full year, enhancing its international order capacity [3] Financial Forecast - The company maintains EPS forecasts for 2024, 2025, and 2026 at 0.60 CNY, 0.68 CNY, and 0.77 CNY respectively [8] - Revenue projections are set at 4.59 billion CNY for 2024, 5.24 billion CNY for 2025, and 5.99 billion CNY for 2026, reflecting growth rates of 17.6%, 14.1%, and 14.3% respectively [9][10] - Net profit forecasts are 700 million CNY for 2024, 800 million CNY for 2025, and 906 million CNY for 2026, with growth rates of 25.5%, 14.3%, and 13.2% respectively [9][10]

Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [7][15]. Core Views - The company's Q3 2024 revenue reached 1.3 billion, a year-on-year increase of 19%, while the net profit attributable to the parent company was 210 million, a decrease of 10%. However, the adjusted net profit after excluding non-recurring items increased by 3% [1]. - The company has shown strong growth in the first three quarters of 2024, with total revenue of 3.6 billion, up 23% year-on-year, and a net profit of 620 million, up 17% [1]. - The increase in sales expenses by 35.31% is attributed to a change in the bonus accrual method, which now accounts for performance on a quarterly basis rather than a lump sum in Q4 [1][5]. Financial Performance Summary - The company's gross margin for the first three quarters of 2024 was 42.7%, an increase of 1.1 percentage points, while the net margin was 17.6%, a decrease of 0.8 percentage points [5]. - The company expects EPS for 2024, 2025, and 2026 to be 0.6, 0.7, and 0.8 respectively, with corresponding P/E ratios of 23X, 20X, and 16X [4]. - The projected revenue growth rates for 2024, 2025, and 2026 are 22.23%, 19.55%, and 20.20% respectively [6][11]. Strategic Focus - The company is focusing on enhancing its international marketing capabilities, particularly through the launch of its industrial park in Vietnam, to expand its global presence [2]. - There is an emphasis on product development and customer engagement, including tailored services for key clients and the introduction of new products based on market trends [3].

证券代码：002003 证券简称：伟星股份 公告编号：2024-038 浙江伟星实业发展股份有限公司 关于第五期股权激励计划部分限制性股票 回购注销完成的公告 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。 特别提示： 1、本次以2.03元/股的价格合计511,966.00元（不含应支付的利息）的自有资金回购注 销了第五期股权激励计划的3名激励对象合计为252,200股的限制性股票，占注销前公司总股 本的0.0216%。 2、截至本公告日，上述限制性股票已在中国证券登记结算有限责任公司深圳分公司（以 下简称"中登公司"）完成回购注销手续。本次限制性股票回购注销符合有关法律法规、《公 司章程》《公司第五期股权激励计划》等相关规定。 3、本次回购注销完成后，公司总股本由1,169,141,853股减少为1,168,889,653股。 4、本次回购注销完成后，公司第五期股权激励计划激励对象人数由160人调整为157人， 剩余未解除限售股票为2,255.76万股。 根据公司2023年第一次临时股东大会的授权，公司第八届董事会第 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.58 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.26%, with a net profit attributable to shareholders of 624 million yuan, up 17.15% year-on-year [2] - The decline in net profit for Q3 is attributed to changes in expense accrual methods, but excluding this factor, the company is expected to see a 20%+ growth in net profit [2][4] - The company benefits from strong international brand orders, which are expected to grow by over 30% year-on-year, while domestic brand orders are projected to increase by over 10% [3] Financial Performance - For Q3 2024, the gross margin increased by 2.11 percentage points to 44.32%, driven by scale effects and changes in product mix [4] - The operating expense ratio rose by 5.47 percentage points to 25% due to the adjustment in bonus accrual methods, particularly affecting management expenses [4] - The net profit margin for Q3 decreased by 5.24 percentage points to 16.18% [4] Earnings Forecast and Valuation - The company is projected to achieve net profits of 695 million yuan, 803 million yuan, and 919 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 23.75, 20.53, and 17.96 [5] - The company is positioned as a leading player in the domestic apparel accessories market, with a strong internationalization strategy and continuous improvement in smart manufacturing [5]

编号：2024-044 证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...