F原证券 纺织服饰/纺织制造 伟星股份（002003.SZ） 2024 年 08 月 15 日 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 | --- | --- | --- | --- | --- | |-------------------------------|------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------------|------------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/8/14 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编 ...

伟星股份（002003.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 产能利用率提升明显，24Q2 收入与利润增长亮眼 2024 年 08 月 15 日 ➢ 事件概述。伟星股份发布 2024 年半年度报告。24H1，实现营收 22.96 亿 元，同比+25.57%，归母净利润为 4.16 亿元，同比+37.79%，扣非归母净利润 为 4.01 亿元，同比+33.65%。24Q2，营收为 14.96 亿元，同比+32.20%，归 母净利为 3.38 亿元，同比+36.17%，扣非归母净利为 3.25 亿元，同比+31.06%。 因 24H1 存在 1449 万政府补助，而 23H1 为 762 万，归母净利增速快于扣非。 ➢ 钮扣与拉链产品收入增速较快，产能利用率同比提升。1）收入拆分：钮扣 产品收入增速领先，国际地区收入增速快。分产品看，24H1，钮扣收入 9.27 亿 元，同比+27.13%，占收入比重为 40.39%，同比+0.50 pct；拉链收入 12.59 亿 元，同比+24.02%，占收入比重为 54.82%；其他服饰辅料收入 0.76 亿元，同比 +23.23 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.3 billion yuan, a year-on-year increase of 25.6%, and net profit of 416 million yuan, up 37.8% [4][6]. - The second quarter of 2024 saw a record high in both revenue and net profit, with quarterly revenue of 1.5 billion yuan, a 32.2% increase year-on-year, and net profit of 338 million yuan, up 36.2% [4][5]. - The company is experiencing strong order growth and improved production efficiency, leading to enhanced profitability, with a gross margin of 41.8% for the first half of 2024 [5][6]. Summary by Sections Financial Performance - The company achieved a net profit margin of 18.1% in the first half of 2024, an increase of 1.6 percentage points year-on-year, with a second-quarter net profit margin of 22.6% [5][6]. - The operating cash flow for the first half of 2024 was 390 million yuan, a 60% increase year-on-year, supporting a cash dividend of 0.2 yuan per share [4][5]. Market and Product Analysis - The company reported strong growth across all product categories, with zipper revenue of 1.26 billion yuan (up 24%), button revenue of 930 million yuan (up 27%), and other apparel accessories revenue of 76 million yuan (up 23%) [5][6]. - Domestic revenue accounted for 67% of total revenue, while international revenue made up 33%, with both segments showing robust growth [5][6]. Strategic Outlook - The company is advancing its internationalization strategy, with the opening of a new industrial park in Vietnam, which is expected to enhance its market share in Southeast Asia [5][6]. - The report projects an upward revision in revenue growth rates and profit forecasts, estimating net profits of 700 million yuan, 808 million yuan, and 931 million yuan for 2024, 2025, and 2026 respectively [6][7].

伟星股份 20240814 会议要点 1. 半年度业绩表现 伟星股份 2022 年上半年营业收入增长了 25%以上，税后净利润扣 非前为 37，扣非后为 33。这一增速符合纺织服装业辅料行业的基 本特征。公司在过去的几个季度中表现出持续改善的趋势，尤其是 在国内品牌去库存的背景下，下游客户的增速表现良好。 上半年， 伟星股份的营收和业绩表现超出预期，尤其是在经济低迷的环境 下，国内品牌对下半年消费品市场的预期变得谨慎。这种谨慎态度 源于 2022 年的库存压力和经济环境的叠加影响。 2. 国际市场拓展 伟星股份在国际市场的拓展上取得了一定成效，尤其是在国际品牌 | --- | --- | |-------------------------------------------------------------|-------| | | | | 客户的开拓上表现良好。公司在服饰辅料行业深耕多年，产品包括 | | | 纽扣、拉链及其他箱包配件等 8 个品类，主要为日用消费品行业提 | | | 供配套服务。公司近年来推进国际化、智能制造及数字化转型升 | | | 级，成为浙江省 20 家未来工厂之一。通过提升工艺 ...

Investment Rating - The report maintains a "Buy" rating for Weixing Stock (002003) [6] Core Views - Weixing Stock's 24H1 results show strong performance with revenue and net profit growth of 25.6% and 37.8% respectively, reaching 2.3 billion and 420 million [1] - The company's button and zipper businesses are thriving, with button revenue increasing by 27.1% to 930 million and zipper revenue up 24.0% to 1.26 billion [2] - International growth outperforms domestic growth, with international revenue increasing by 27.2% compared to domestic growth of 24.8% [3] - The company's Vietnam Industrial Park, operational since March 2024, is expected to drive future international growth despite initial challenges [3] - Weixing Stock maintains a high dividend payout ratio of 56.2%, consistent with its historical dividend policy [4] Financial Performance - 24H1 revenue reached 2.3 billion, with Q2 revenue at 1.5 billion, showing a 32.2% year-over-year increase [1] - Net profit for 24H1 was 420 million, with Q2 net profit at 340 million, a 36.2% year-over-year increase [1] - Gross margins for button and zipper businesses improved to 42.1% and 42.9% respectively [2] - Capacity utilization increased from 57.1% to 70.7%, with button production capacity reaching 5.9 billion units and zipper capacity at 440 million meters [2] Future Projections - Revenue is projected to grow by 17%, 14%, and 13% in 2024, 2025, and 2026 respectively, reaching 4.59 billion, 5.21 billion, and 5.90 billion [4] - Net profit is expected to grow by 25%, 14%, and 14% in the same period, reaching 700 million, 800 million, and 910 million [4] - The company's PE ratio is projected at 21X, 18X, and 16X for 2024, 2025, and 2026 respectively [4] Industry Position - Weixing Stock is recognized as one of the largest and most comprehensive apparel accessory manufacturers globally [4] - The company has over 30 years of experience in accessory production and is positioned to challenge industry leader YKK [4] International Expansion - The Vietnam Industrial Park, operational since March 2024, is a key component of the company's international strategy [3] - While facing initial challenges with capacity utilization and depreciation, the Vietnam facility is expected to contribute significantly to future growth [3] Dividend Policy - The company has a strong track record of dividend payments, with 21 cumulative dividends since its 2004 IPO [4] - Historical dividend payout ratios have been consistently high, with 88.9%, 74.3%, and 94.3% in 2021, 2022, and 2023 respectively [4]

2024 年 8 月 14 日 公司研究 上半年业绩超预期，辅料龙头积极海外扩产、全球化迈进 ——伟星股份（002003.SZ）2024 年中报点评 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][45]. Core Views - The company achieved a revenue growth of 25.6% year-on-year in the first half of 2024, reaching 2.3 billion yuan, with a net profit growth of 37.8% to 420 million yuan. The gross margin improved by 0.6 percentage points to 41.8% [1][5]. - The second quarter saw an acceleration in revenue growth, with a year-on-year increase of 32.2% to 1.5 billion yuan, and a net profit growth of 36.2% to 340 million yuan. The gross margin reached a historical high of 43.9% [1][7]. - The company has expanded its overseas production capacity, with new factories in Vietnam contributing to a significant increase in production efficiency and utilization rates [1][44]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 4.505 billion yuan, with a year-on-year growth of 15.3%. Net profit is expected to reach 670 million yuan, reflecting a growth of 20.1% [2][46]. - The company plans to distribute a cash dividend of 0.2 yuan per share for the first half of 2024 [1][5]. Operational Highlights - The company has seen a notable increase in production capacity utilization, with overall utilization rates improving by 13.6% year-on-year. Domestic utilization rates increased by 16.6% [1][5]. - The revenue from zippers, buttons, and other apparel accessories grew by 24.0%, 27.1%, and 23.2% respectively in the first half of 2024 [1][44]. Market Outlook - The company is expected to maintain a steady growth rate and high profit margins despite anticipated slowdowns in the second half of 2024 due to weak terminal consumption and cautious expectations from downstream brand clients [1][45]. - The target price for the company's stock is maintained at 12.7 to 13.3 yuan, corresponding to a price-to-earnings ratio of 22-23x for 2024 [1][45].

证券研究报告：纺织服饰 | 公司点评报告 公司基本情况 总股本/流通股本（亿股）11.69 / 10.10 总市值/流通市值（亿元）141 / 122 52 周内最高/最低价 13.39 / 9.62 资产负债率(%) 27.3% 市盈率 22.79 第一大股东 伟星集团有限公司 股票投资评级 买入|维持 个股表现 -26% -19% -12% -5% 2% 9% 16% 23% 30% 37% 2023-08 2023-10 2024-01 2024-03 2024-06 2024-08 伟星股份 纺织服饰 资料来源：聚源，中邮证券研究所 最新收盘价（元） 12.08 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 伟星股份(002003) Q2 收入业绩超预期，拉链纽扣齐发力 ⚫ 事件描述 公司公布 24 年中报，24H1 实现收入 22.96 亿元，同比+25.6%， 实现归母净利润 4.16 亿元，同比+37.8%，扣非归母净利润 4.00 亿 元，同比+33.7%；其中 24Q2 实现收入 15.0 亿元，同比+32.2 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1] Core Views - The company reported strong performance in its semi-annual report, leading to an upward revision of profit forecasts. The expected net profits for 2024-2026 are projected to be 700.69 million, 823.73 million, and 985.43 million respectively, with corresponding EPS of 0.60, 0.70, and 0.84 [1][2] - The textile and apparel manufacturing industry is currently in a "relatively prosperous" cycle, benefiting from the continuous recovery of the European and American economies, which has positively impacted export trade [1] - The company is focusing on enhancing its international marketing network and brand development, particularly in overseas markets, with international revenue growth of 27.2% in the first half of 2024 [1] Financial Performance - In Q2 2024, the company achieved revenue of 1.5 billion, a year-on-year increase of 32%, and a net profit attributable to the parent company of 340 million, up 36% year-on-year. For the first half of 2024, total revenue reached 2.3 billion, a 26% increase, with a net profit of 420 million, reflecting a 38% growth [1] - The company's gross profit margin for the first half of 2024 was 41.8%, an increase of 0.58 percentage points year-on-year, with specific margins for zippers and buttons at 42.89% and 42.09% respectively [1] - Domestic revenue accounted for 67% of total revenue, with a year-on-year growth of 25%, while international revenue made up 33% with a growth of 27% [1] Business Segmentation - In the first half of 2024, zipper revenue was 1.26 billion, representing 55% of total revenue and a 24% increase year-on-year. Button revenue was 930 million, accounting for 40% of total revenue with a 27% increase [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 230 million [1] Market Positioning - The company is enhancing its comprehensive marketing capabilities to meet the increasing demands from downstream apparel brands regarding production scale, fashion design, and flexible manufacturing [1] - The company is accelerating its transition to high-end intelligent manufacturing and improving production management levels, with the opening of its Vietnam industrial park providing strong support for overseas market expansion [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.48 CNY, up from the previous target of 13.54 CNY [4] - The current stock price is 12.08 CNY [4] Core Views - H1 revenue and profit exceeded expectations, leading to an upward revision of full-year profit forecasts [3][4] - The company's H1 revenue reached 2.23 billion CNY, a 25.6% YoY increase, with net profit attributable to shareholders at 420 million CNY, up 37.8% YoY [5] - Gross margin improved to 41.8%, up 0.6 percentage points, driven by economies of scale and intelligent manufacturing [5] - The company's international market growth outpaced domestic growth, with international revenue increasing by 27.2% YoY [5] - The Vietnam factory, operational since March, is expected to significantly enhance international order-taking capabilities by 2024-2025 [5] Financial Performance - H1 revenue breakdown: buttons contributed 930 million CNY (+27.1% YoY), while zippers contributed 1.26 billion CNY (+24.0% YoY) [5] - H1 gross margin for buttons was 42.1%, and for zippers, it was 42.9%, both showing slight improvements [5] - The company's net profit margin increased to 18.3%, up 1.8 percentage points, with Q2 showing strong expense control [5] - Mid-term dividends amounted to 234 million CNY, with a payout ratio of 56% [5] Market and Industry Analysis - The company is a leader in the domestic apparel accessories industry, with strong growth resilience compared to peers [5] - The report forecasts 2024-2026 EPS at 0.60/0.68/0.77 CNY, up from previous estimates of 0.56/0.65/0.76 CNY [5] - The company is valued at 24x PE for 2024, higher than the industry average, reflecting its robust growth prospects [5] Future Outlook - Orders in August continued to show steady growth, with double-digit growth expected for H2 [5] - The Vietnam industrial park is projected to contribute significantly to international revenue by 2024, with expected revenue in the tens of millions [5] - The company's strong order momentum and capacity expansion are expected to drive sustained growth in the coming years [5]