Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance is impacted by expense provisions, but the logic of international growth continues to unfold. The net profit attributable to the parent company is 624 million yuan, representing a year-on-year increase of 17.2% [1][2] - Revenue for the first three quarters of 2024 is reported at 3.58 billion yuan, a year-on-year increase of 23.3% [2] - The company is expected to maintain double-digit growth in Q4, driven by the continuous ramp-up of overseas production capacity and upgrades in smart manufacturing, enhancing its international influence and market share [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of approximately 609 million yuan, a year-on-year increase of 21.1% [2] - The gross profit margin for Q1-Q3 2024 is reported at 42.7%, with a year-on-year increase of 1.1 percentage points [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 711 million, 816 million, and 941 million yuan respectively, with corresponding EPS of 0.61, 0.70, and 0.80 yuan [1][2] Operational Capability - As of the end of Q3 2024, inventory stood at 710 million yuan, a year-on-year increase of 12.9%, with inventory turnover days reduced by 8 days to 86 days [4] - The net operating cash flow for Q1-Q3 2024 is reported at 740 million yuan, a year-on-year increase of 53.4% [4]

四位嘉会人员本次会议观点和信息仅限于此次受邀的 各位投资者早上好我是海通商量司 昨天晚上,伪经股份发布了三次报的结局2024年乘3季度的收入增速达到23%后飞的规模均利润有21% 首先请谢总就公司三居住的情况给我们做一下介绍谢总 谢谢梁老师我是微信股份的总编辑谢景坤那么微信股份的升级报呢已经全报了营业收入报告期的话增长19.7%有关的数据刚才梁老师也跟大家说了个介绍那么这里面的话可能大家 最为关心的一个核心的话就是我们维新股份过去年度的奖金都是在四季度提的那么在四季度提的话也就是把四季度的数据往往出现征收不征利有个别年份甚至四季度是亏损的 那么为了改变这种现象能够更好地宣示表现每个集团的经营业绩所以我们今年的话对于销售的奖金以及管理人员的年终奖金我们在237组组了个集体 那么我们在这个年度报告的这个有关利润表项目的说明里面啊这个三期报里面啊这个三期报里面这个年度三期报里面的这个利润表的这个项目说明里面啊第二第三项大家看得出来呢就是销售的费用这一块啊这个以往在实际度 那么这个其中的话呢将近几体的原因呢跟去年同比呢是增加4989.10万那么管理费用这一块的话呢由这个今年开始啊改变集体的一个方式由以往在实际独立实行 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 3.58 billion yuan in 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]. - In Q3 2024, the revenue was 1.284 billion yuan, a year-on-year increase of 19.34%, while the net profit decreased by 9.87% to 208 million yuan due to changes in bonus accrual methods [2]. - The gross margin for the first three quarters of 2024 was 42.70%, up 1.12 percentage points year-on-year, indicating a positive trend in product mix with higher value-added products [2]. - The company is recognized as a leading enterprise in the domestic apparel accessories industry, with strong competitive advantages in R&D, technology, manufacturing scale, marketing, and service [2]. Financial Summary - Revenue projections for 2024-2026 are 4.703 billion, 5.358 billion, and 6.001 billion yuan, with year-on-year growth rates of 20.4%, 13.9%, and 12.0% respectively [3][5]. - Net profit attributable to shareholders is expected to be 710 million, 821 million, and 927 million yuan for the same period, with growth rates of 27.2%, 15.7%, and 12.9% respectively [3][5]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 23, 20, and 18 respectively [3][5].

伟星股份（002003.SZ） 优于大市 第三季度收入增长 19%，费用提前计提导致净利率下降 第三季度收入增长 19%，毛利率同环比提升。2024 年第三季度公司收入同 比增长 19.3%至 12.8 亿元，在去年三季度基数已有所上升的基础上，公 司收入仍保持较快的高双位数增长；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，毛利率同比提升 2.1 百分点、环比提升 0.5 百分点至 44.3%，达到历史较高水平；受销 售及管理费用率提升影响，扣非归母净利润增速低于收入增速，同比增 长 2.6%至 2.1 亿元；主要由于资产处置收益较去年同期减少，占收入比 例同比-2.1 百分点，归母净利润同比-9.9%至 2.1 亿元。 由于绩效奖金提前计提致扣非净利率承压。第三季度销售和管理费用分别 同比增长 50.6%和 66.6%，销售费用率同比+1.8 百分点至 8.6%，管理费 用率同比+3.2 百分点至 11.3%，扣非归母净利率同比-2.7 百分点至 16.2%。销售及管理费用率大幅增长主要因公司 2024 年起改变奖金计提 方式，由以往的在第四季度一次性计提改为根据经营绩效 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - The company reported a revenue of 3.58 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.3%, with a net profit attributable to shareholders of 620 million yuan, up 17.2% year-on-year [2][3] - In Q3 2024, the company achieved a revenue of 1.28 billion yuan, a year-on-year growth of 19.3, while the net profit attributable to shareholders was 210 million yuan, down 9.9% year-on-year, affected by changes in bonus accrual methods [2][3] - The company's international strategy has led to strong revenue growth, particularly from overseas clients, while domestic growth has slowed due to a decline in consumer sentiment [3] Financial Performance Summary - The gross margin for the first three quarters of 2024 was 42.7%, 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] - For Q3 2024, the gross margin was 44.3%, up 2.1 percentage points year-on-year, and the net profit margin was 16.2%, down 5.2 percentage points year-on-year [4] - The company expects net profits for 2024, 2025, and 2026 to be 697 million yuan, 805 million yuan, and 916 million yuan, respectively, with corresponding P/E ratios of 22.5, 19.5, and 17.1 [5][6] Revenue and Profit Forecast - The projected revenue for 2024 is 4.58 billion yuan, with a growth rate of 17.15%, and for 2025, it is expected to reach 5.26 billion yuan, with a growth rate of 14.89% [6][7] - The earnings per share (EPS) are forecasted to be 0.60 yuan for 2024, 0.69 yuan for 2025, and 0.78 yuan for 2026 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue and net profit showed strong growth in the first three quarters of 2024, with revenue increasing by 23.3% year-on-year to 3.58 billion yuan and net profit rising by 17.2% to 620 million yuan [1]. - The decline in net profit in Q3 was primarily due to a change in expense accrual methods, which is expected to ease in Q4, leading to a smoother annual impact [2]. - The company is expected to maintain double-digit revenue growth and improve its gross margin, supported by capacity expansion in Vietnam and enhanced operational efficiency domestically [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 42.7%, up 1.1 percentage points year-on-year [1]. - The expense ratio increased by 1.4 percentage points to 21.8%, mainly due to a change in the bonus accrual method, which added approximately 89.32 million yuan to expenses [1]. - Cash flow from operating activities for the first three quarters was 74,000 yuan, a 53.4% increase year-on-year [1]. Future Projections - The company is projected to have earnings per share (EPS) of 0.61, 0.70, and 0.79 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 22 and 19 for 2024 and 2025 [2]. - Revenue is expected to grow at rates of 18.3% in 2024, 13.1% in 2025, and 10.1% in 2026 [3]. Market Position - The company is recognized as a leader in the auxiliary materials sector, with ongoing international expansion and a focus on enhancing its competitive advantage [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][5]. Core Insights - The company reported a 19.3% year-on-year revenue growth in Q3 2024, reaching 1.284 billion yuan, despite a slowdown in order growth compared to Q2 [1]. - The adjusted expense recognition method led to fluctuations in profit margins, with the net profit attributable to shareholders declining by 9.9% year-on-year to 208 million yuan [1]. - The company is expected to achieve a 27% growth in overall performance for 2024, driven by improved order intake and operational efficiency [4]. Revenue and Profitability Analysis - For the first three quarters of 2024, the company achieved a 23% year-on-year revenue increase to 3.58 billion yuan, with pre-tax profit and net profit growing by 21% and 17% respectively [2]. - The increase in sales and management expenses by 35% and 33% respectively was primarily due to changes in the bonus expense recognition method, which contributed an additional 50 million yuan in sales expenses [2]. Product Line Performance - All product lines are expected to show positive trends, with button and zipper revenues growing by 27% and 24% year-on-year in H1 2024 [3]. - The company has successfully expanded its production capacity, with button capacity reaching 5.9 billion pieces and zipper capacity at 440 million meters by the end of H1 2024 [3]. Future Outlook - The company anticipates a significant improvement in operational conditions compared to 2023, with a favorable inventory reduction among downstream brand customers [4]. - The adjusted net profit forecasts for 2024-2026 are set at 711 million, 821 million, and 955 million yuan respectively, with a corresponding PE ratio of 22 times for 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong growth outlook and expected performance exceeding the market benchmark by over 20% [5][7]. Core Insights - The company's Q3 2024 comparable net profit growth exceeded expectations, showcasing robust growth potential. Revenue for the first three quarters of 2024 reached 3.58 billion yuan, a year-on-year increase of 23.3%, while net profit attributable to shareholders was 624 million yuan, up 17.2% year-on-year [5][6]. - The gross margin for the first three quarters of 2024 was 42.7%, reflecting a 1.1 percentage point increase year-on-year, with Q3 gross margin at 44.3%, up 2.1 percentage points year-on-year [6][12]. - The company is expanding its domestic and international production capacity, which is expected to enhance its competitive advantage and long-term growth. The completion of several industrial parks, including in Vietnam, is anticipated to accelerate business growth in Southeast Asia [7][8]. Financial Summary - For 2024, the company forecasts total revenue of 4.637 billion yuan, representing an 18.7% year-on-year growth, with net profit projected at 701 million yuan, a 25.6% increase [9][15]. - The report highlights a significant improvement in operating cash flow, which reached 740 million yuan, a 53% increase year-on-year, indicating strong profitability quality [6][9]. - The company’s return on equity (ROE) is expected to rise from 14.6% in 2024 to 19.0% by 2026, reflecting improved operational efficiency and profitability [9][15].

Financial Performance - The company's operating revenue for the third quarter reached ¥1,283,754,848.97, representing a year-on-year increase of 19.34%[2] - The net profit attributable to shareholders was ¥207,692,287.68, showing a decrease of 9.87% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥208,299,620.45, an increase of 2.56% year-on-year[2] - Total operating revenue for the current period reached ¥3,580,132,361.05, an increase of approximately 23.3% compared to ¥2,904,448,388.83 in the previous period[21] - Operating profit for the current period was ¥754,268,558.10, up from ¥629,665,702.86, reflecting a growth of about 19.8%[22] - Net profit attributable to shareholders of the parent company was ¥623,627,482.10, compared to ¥532,320,518.82 in the previous period, indicating an increase of approximately 17.2%[22] - The total comprehensive income for the period was CNY 623,141,025.17, compared to CNY 534,318,449.41 in the previous period, reflecting an increase of approximately 16.6%[23] - Basic and diluted earnings per share were both CNY 0.53, up from CNY 0.52 in the previous period, indicating a growth of 1.9%[23] Assets and Liabilities - The total assets of the company increased by 9.20% to ¥6,584,371,741.26 compared to the beginning of the year[3] - Total assets increased to ¥6,584,371,741.26 from ¥6,029,679,625.58, marking a growth of about 9.1%[20] - Current liabilities rose to ¥2,048,691,268.10, up from ¥1,414,739,052.18, representing an increase of approximately 44.7%[19] - Non-current liabilities totaled ¥225,703,232.86, a slight decrease from ¥232,506,936.29, showing a decline of about 3.7%[20] - The company's total equity attributable to shareholders decreased by 1.90% to ¥4,266,451,941.42 compared to the end of the previous year[3] - The total equity attributable to shareholders of the parent company was ¥4,266,451,941.42, down from ¥4,349,140,948.63, a decrease of about 1.9%[20] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥740,710,188.71, reflecting a significant increase of 53.38% year-on-year[2] - The company's cash flow from operating activities showed a positive trend, contributing to overall financial stability and growth prospects[21] - Cash inflows from operating activities totaled CNY 3,813,496,729.83, an increase of 28.4% from CNY 2,971,421,685.12 in the prior period[24] - Net cash generated from operating activities was CNY 740,710,188.71, compared to CNY 482,927,255.73 in the previous period, representing a growth of 53.4%[25] - Cash outflows from investing activities amounted to CNY 550,849,387.93, up from CNY 498,092,766.71, indicating an increase of 10.6%[25] - Net cash used in financing activities was CNY -172,537,286.13, a decrease from CNY 1,042,831,120.97 in the previous period, showing a significant change in financing strategy[26] - The ending cash and cash equivalents balance was CNY 1,464,104,312.30, down from CNY 1,887,792,933.77, reflecting a decrease of 22.4%[26] - The company received CNY 1,258,700,000.00 in cash from borrowings, compared to CNY 1,529,000,000.00 in the previous period, indicating a decrease of 17.7%[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,201, with the largest shareholder, Weixing Group Co., Ltd., holding 25.87% of shares[13] - The company's cash dividend plan for the 2024 interim period involves distributing a total of 233,828,370.60 RMB, at a rate of 2.00 RMB per 10 shares, based on a total share capital of 1,169,141,853 shares[16] - The top ten shareholders hold a combined total of 25.87% of the shares, with no significant changes reported in their holdings[15] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[14] - The company has not identified any related party relationships among other shareholders beyond those disclosed[14] Operational Metrics - Sales expenses increased by 35.31% year-on-year, primarily due to changes in the bonus accrual method leading to higher personnel costs[8] - The company's short-term borrowings increased by 108.03% due to expanded sales scale and increased funding needs for daily operations[6] - Accounts receivable rose to 566,843,693.55 RMB, compared to 465,200,913.29 RMB at the start of the period, indicating a growth of approximately 21.8%[17] - Inventory levels increased to 706,467,179.84 RMB from 604,532,920.22 RMB, reflecting a growth of about 16.8%[17] - Research and development expenses for the current period were ¥132,160,098.07, compared to ¥111,376,683.99, reflecting an increase of approximately 18.6%[21] - The company reported a decrease in credit impairment losses to -¥5,728,273.49 from -¥8,764,072.95, indicating improved asset quality[22] - The company has approved the expansion of its high-end zipper production project, increasing its capacity to 220 million meters annually[16]

证券代码：002003 证券简称：伟星股份 编号：2024-043 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 □路演活动 \n√现场参观 √其他：电话会议 | | 参与单位名称及 人员姓名 | FIDELITY ：孙熙杰、Ben、 Alex、Sunny Yang | | 时间 2024 | 年 9 月 27 日 | | 地点 | 临海大洋工业园 | | 上市公司接待人 员姓名 | 谢瑾琨等 | | | 互动环节 | | | 1 、近几年公司业绩表现较为亮眼，其主要原因是什么？ | | | 答：近几年公司业绩较好的主要原因是过去几年持续推进智能制造战略、国 | | | 际化战略及提升制造水平、 ...