东亚前海证券有限责任公司 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 东亚前海证券有限责任公司 | 根据中国证券监督管理委员会《 关于同意浙江伟星实业发展股份有限公司向 特定对象发行股票注册的批复》（证监许可《 2023〕1279 号），浙江伟星实业发展 股份有限公司《（以下简称《 伟星股份"、《 公司"或《 发行人"）以 9.05 元/股的发 行价格向 12 名特定对象发行人民币普通股 132,088,397 股，共计募集资金 119,540.00 万元，扣除发行费用（不含税）1,360.49 万元后，实际募集资金净额 为 118,179.51 万元。本次发行证券已于 2023 年 10 月 23 日在深圳证券交易所上 市。东亚前海证券有限责任公司（以下简称 东亚前海证券"或 保荐机构"） 作为伟星股份 2022 年度向特定对象发行股票的保荐机构，持续督导期间为 2023 年 10 月 23 日至 2024 年 12 月 31 日。 关于浙江伟星实业发展股份有限公司 截至 2024 年 12 月 31 日，持续督导期已届满，东亚前海证券根据 证券发 行上市 ...

东亚前海证券有限责任公司 | 5.公司生产经营环境是否不存在重大变化或者风险 | √ | | | --- | --- | --- | | 6.前期监管机构和保荐人发现公司存在的问题是否已按相关 要求予以整改 | | √ | | 二、现场检查发现的问题及说明 | | | | 无。 | | | （本页无正文，为《东亚前海证券有限责任公司关于浙江伟星实业发展股份有 限公司2024年现场检查报告》之签章页） 保荐代表人： 关于浙江伟星实业发展股份有限公司 | 7.公司控股股东或者实际控制人如发生变化，是否履行了相 | | √ | | --- | --- | --- | | 应程序和信息披露义务 | | | | 8.公司人员、资产、财务、机构、业务等方面是否独立 | √ | | | 9.公司与控股股东及实际控制人是否不存在同业竞争 | √ | | | （二）内部控制 | | | | 现场检查手段（包括但不限于本指引第三十三条所列）： | | | | 察看公司的主要生产、经营场所；了解审计部门设置及人员构成、查阅内部审计 | | | | 制度、内部审计部门的会议资料、公司内部控制制度、内部控制评价报告等资料；访 | | ...

Group 1: Company Performance and Market Conditions - The company anticipates short-term pressure on order intake due to uncertainties from tariff policies and weak end-consumer demand in the apparel sector [2] - The apparel accessories industry is expected to face increased competition due to tariff changes, but companies with international capabilities will benefit [3] - The company is implementing cost control measures while enhancing communication with downstream clients to mitigate the impact of trade conflicts [4] Group 2: Pricing and Competitive Advantage - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by clients [5] - Compared to YKK, the company focuses on a "product + service" model, emphasizing quality products and comprehensive service [6] Group 3: International Expansion and Production Capacity - The establishment of the Vietnam industrial park enhances supply chain stability and aligns with international brand client needs, contributing to increased global market share [8] - The company expects significant performance improvements in 2025 as production capacity utilization in Vietnam increases [8] Group 4: Business Segmentation and Future Outlook - The company is optimistic about the future of its zipper business, which has a larger market potential compared to buttons [9] - The ribbon category, while currently facing losses due to high initial investments, is expected to improve in the future [10] Group 5: Sales and Compensation Structure - The company primarily utilizes direct sales through subsidiaries and offices to reach global apparel brands [11] - A comprehensive performance evaluation and compensation system is in place, including stock incentive plans to motivate employees [12]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [1] - International business performance outpaced domestic business due to the deepening global strategy [1] Group 2: Market Conditions and Challenges - The overall industry is cautious due to uncertainties from tariff policies and weak end-consumer demand [2] - The current tariff changes may intensify competition but favor companies with international capabilities [2] Group 3: Strategic Responses - The company is enhancing communication with downstream brand clients and garment processing enterprises to assess impacts [2] - It is committed to advancing its international strategy and controlling costs to improve financial efficiency [2] Group 4: Order and Production Insights - The production cycle for products typically ranges from 3 to 15 days, influenced by capacity and order volume [4] - The company is focusing on smart manufacturing to meet increasing customer demands for quick response times [4] Group 5: International Operations - The company is prioritizing the development of its Vietnam industrial park, which is seeing rapid improvement in capacity utilization [5] - The Bangladesh industrial park is undergoing technical upgrades to align with current manufacturing standards [5] Group 6: Pricing Strategy - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by clients [6][7] - Downstream clients increasingly value suppliers' product development capabilities, delivery times, and service quality alongside pricing [7]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [4][7] Core Views - The company is a leading player in the garment accessories sector, with solid capacity and product layout that strengthen its competitive advantage [4][7] - The Chinese garment accessories market is expected to maintain stable growth, with a projected CAGR of 5.03% from 2023 to 2030, reaching a market size of 129.16 billion yuan by 2030 [6][13] - The company has been focusing on overseas capacity expansion and product innovation to enhance operational efficiency and customer collaboration [9][31] Financial Performance and Forecast - Revenue and profit forecasts for the company are as follows: - 2023: Revenue of 3,907 million yuan, net profit of 558 million yuan - 2024: Revenue of 4,674 million yuan (up 19.66% YoY), net profit of 700 million yuan (up 25.48% YoY) - 2025: Revenue of 5,183 million yuan (up 10.89% YoY), net profit of 783 million yuan (up 11.80% YoY) - 2026: Revenue of 5,703 million yuan (up 10.02% YoY), net profit of 879 million yuan (up 12.33% YoY) - 2027: Revenue of 6,209 million yuan (up 8.88% YoY), net profit of 967 million yuan (up 9.95% YoY) [5][52] Market Dynamics - The company has established over 20 sales subsidiaries and more than 50 marketing outlets globally, enhancing its collaboration with leading apparel brands [30][31] - The company is committed to high-standard green smart factory construction, which has led to continuous improvements in operational efficiency [48][49] Research and Development - The company has invested significantly in R&D, with expenses reaching 181 million yuan in 2024, a 13.04% increase YoY, and holds 1,372 valid patents [44][50] - The company’s products have received multiple design awards, enhancing its competitive edge in the market [46][47] Competitive Positioning - The company is positioned as a top player in the garment accessories sector, benefiting from its operational efficiency, product innovation, and capacity growth [7][9] - Comparable companies in the same sector include Huayi Group and Anta Sports, which provide a benchmark for valuation [7][57]

Core Viewpoint - In Q1 2025, the company achieved revenue of 979 million yuan, a year-on-year increase of 22.32%, and a net profit attributable to shareholders of 100 million yuan, up 18.76%. The overall revenue trend continues from 2024, with international business growth outpacing domestic, and new product categories growing faster than traditional ones [1][2][4] Financial Performance - For Q1 2025, the company reported revenue of 979 million yuan (+22.32%) and a net profit of 100 million yuan (+18.76%). The net profit excluding non-recurring items was 98 million yuan (+29.64%). The operating cash flow was 32 million yuan (-65.58%) due to the impact of accounts payable from the previous year [2] - In 2024, the company achieved revenue of 4.674 billion yuan (+19.66%) and a net profit of 700 million yuan (+25.48%). The net profit excluding non-recurring items was 688 million yuan (+29.09%). The operating cash flow was 1.09 billion yuan (+58.50%) [2] - For Q4 2024, the company reported revenue of 1.094 billion yuan (+9.20%) and a net profit of 77 million yuan (+197.49%) [3] Product and Market Performance - The company is optimizing its product structure, with revenue from buttons in 2024 reaching 1.954 billion yuan (+22.18%) and a gross margin of 42.96%. Revenue from zippers was 2.484 billion yuan (+15.94%) with a gross margin of 42.12%. Other apparel accessories generated 164 million yuan (+41.92%) [5] - The company accelerated its overseas expansion, with international business revenue in 2024 growing by over 30%. Domestic revenue was 3.094 billion yuan (+14.74%), while international revenue was 1.581 billion yuan (+30.62%) [6] Strategic Developments - The company is advancing its new product layout and expanding overseas operations. The Vietnam base, which began production in early 2024, is currently in the customer inspection and capacity ramp-up phase, generating revenue of 32.1 million yuan with a loss of 58.32 million yuan. It is expected to contribute over 100 million yuan in revenue by 2025 and achieve breakeven by 2026 [1][9] - The company plans to achieve a revenue target of 5 billion yuan in 2025, representing a 7.0% increase year-on-year, while controlling total operating costs around 4.25 billion yuan [4] Profitability and Cost Management - The company's gross margin for 2024 was 41.73% (+0.81 percentage points), and the net margin was 15.12% (+0.86 percentage points). The effective tax rate was 16.53% (+0.15 percentage points) [7] - In Q4 2024, the gross margin was 38.57% (-0.43 percentage points), and the net margin was 7.17% (+4.69 percentage points), affected by changes in the timing of bonus provisions [8]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [2] - The company's gross profit margin in Q1 2025 was 38.84%, an increase of 0.91 percentage points compared to the previous year [4] - The company plans to achieve a revenue target of 5 billion in 2025 [3] Group 2: International Expansion and Capacity Utilization - As of 2024, the company's overseas capacity accounted for 19.05%, with a utilization rate of 47.98% [5] - The utilization rate of the Vietnam factory is expected to increase significantly due to a positive order trend [5] Group 3: Strategic Responses to Market Challenges - The company is adopting proactive measures to mitigate the impact of tariffs and international order shifts, including enhancing communication with downstream clients and expanding into new markets [6][7] - The company emphasizes cost control while balancing capacity planning between domestic and international operations [6] Group 4: Competitive Positioning - The company differentiates itself from YKK through its "product + service" model, focusing on quality products and comprehensive service [8] - The apparel accessories industry is expected to see increased competition due to tariffs, but companies with strong international capabilities will have an advantage [9] Group 5: Future Business Outlook - The company is optimistic about the future of its zipper business, which has a larger market potential compared to buttons [10] - The company maintains a commitment to sustainable development and plans to implement a reasonable profit distribution policy [11]

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 维持盈利预测，维持"买入"评级 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 销售费率 9%，同比持平；管理费率 11%，同比-2pct；研发费率 4%，同比 -1pct； 经营活动产生的现金流量净额同比-66%，主因购买商品、接受劳务支付的 现金增加； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略 ...

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略，持续做好与源头品牌的 对接与开发工作，努力提升市场份额，实现稳健发展。 在产能规划上，在贸易环境和国际客户需求明朗之前，公司能够对国内外 工业园产能进行合理的调配，有效发挥公司快速反应和产品运输半径大的 优势 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [4] - The gross profit margin for Q1 2025 was 38.84%, an increase of 0.91 percentage points compared to the previous year [4][5] - The net cash flow from operating activities decreased by 65.58% year-on-year due to increased cash payments for materials and employee bonuses [6] Group 2: Strategic Goals and Market Position - The company plans to achieve a revenue target of 5 billion in 2025, aiming to become a "global, innovative fashion accessory kingdom" over the next 5 to 10 years [8] - The company maintains a cautious outlook due to uncertainties from tariff policies and weak end-consumer demand [8] - The competitive landscape in the fashion accessory industry remains stable, with increased competition due to tariff changes favoring internationally capable companies [9] Group 3: Operational Adjustments and Future Outlook - The company is adjusting its production capacity in response to market conditions and international customer demand [10] - Direct and indirect exports to the U.S. are minimal, limiting the direct impact of tariff changes on the company's business [10] - The overseas production capacity utilization rate was 47.98% in 2024, with expectations for significant improvement in 2025 due to increased orders [11] Group 4: Product Development and Profitability - The ribbon category, a newly developed product line, is expected to improve profitability over time despite initial losses due to high fixed costs [12]