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 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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].