Investment Rating - The report assigns a "Buy" rating to the company, maintaining the same rating as the previous report [1]. Core Views - The company reported better-than-expected performance in H1 2024, with revenue and net profit growth of 25.57% and 37.79% respectively, driven by improved operational efficiency and a decrease in expense ratios [1][2]. - The company plans to increase its mid-term cash dividend to 2 yuan per 10 shares, resulting in a dividend payout ratio of 56.22% and an annualized dividend yield of 3.3% [1]. - The company is actively enhancing its operational efficiency by consolidating production processes to a new industrial park, which is expected to support future growth [1]. Financial Performance Summary - In H1 2024, the company's revenue, net profit attributable to the parent company, and net profit excluding non-recurring items were 2.296 billion, 416 million, and 401 million yuan respectively, with significant year-on-year growth [1]. - The company achieved a gross margin of 41.80% in H1 2024, a slight increase from the previous year, while the net profit margin improved to 18.11% [2]. - The company’s inventory increased by 29% year-on-year to 778 million yuan, reflecting a rise in orders, while accounts receivable also grew by 33.54% [2]. Market Position and Growth Potential - The company is positioned as a leading domestic supplier of apparel accessories, benefiting from high valuation premiums due to its advanced automation and information technology capabilities [4]. - The report anticipates continued growth in the second half of 2024, driven by the end of destocking in downstream markets and an increase in order volumes [4]. - The company is expanding its overseas production capacity, particularly in Vietnam and Bangladesh, which is expected to enhance its market share and operational scale [4]. Earnings Forecast - The revenue forecast for 2024-2026 has been adjusted upwards to 47.02 billion, 52.55 billion, and 58.52 billion yuan respectively, reflecting strong order growth [4]. - The net profit forecast for the same period has also been revised to 7.1 billion, 8.1 billion, and 9.1 billion yuan, with corresponding EPS estimates of 0.60, 0.69, and 0.78 yuan [4].

证券研究报告 | 半年报点评 2024 年 08 月 14 日 伟星股份（002003.SZ） 2024H1 业绩增速优异，期待长期持续亮眼增长 公司 2024H1 营收增长 26%，业绩增长 38%，表现亮眼。公司发布 2024H1 中 报，营收同比增长 25.6%至 22.96 亿元，毛利率同比提升 0.6pcts 至 41.8%，销 售费用率同比提升 0.1pcts 至 8%，管理费用率同比降低 0.7pcts 至 9.1%，综上 归母净利率同比提升 1.6pcts 至 18.1%，归母净利润同比大幅增长 37.8%至 4.2 亿元，整体表现亮眼。单 Q2：公司单 Q2 营收同比增长 32.2%至 14.96 亿元，毛 利率同比略提升 0.5pcts 至 43.9%，归母净利润同比增长 36.17%至 3.38 亿元， 受益于客户订单需求的改善，公司二季度经营表现优异。 分品类看，2024H1 年纽扣营收增速略快于拉链，其他服饰辅料贡献优异表现。 1）纽扣&拉链业务：2024H1 公司纽扣/拉链营收增长 27.13%/24.02%至 9.3/12.6 亿元，我们判断短期以金属纽扣为代表客户需求或表现较好 ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-034 浙江伟星实业发展股份有限公司 关于举办投资者接待日活动的通知 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。 为便于广大投资者深入了解公司情况，公司定于 2024 年 8 月 22 日下午举办投资者接待 日活动。具体情况如下： 1、活动时间：2024 年 8 月 22 日（星期四）14:00-16:00 2、活动地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅 3、活动方式：现场交流 4、出席人员：公司副董事长、总经理郑阳先生，董事、董秘兼副总经理谢瑾琨先生， 董事兼财务总监沈利勇先生（如有特殊情况，参会人员将作调整）。 5、预约登记：请参加本次活动的投资者提前与公司证券部进行预约登记（节假日除外）， 以便做好活动接待安排。 （1）登记方式：以现场、电话、传真或邮件的方式进行登记 （2）预约时间：2024 年 8 月 19 日前（8:30-11:30，13:30-16:00） （3）联系人：黄志强、郑婷燕 （4）电话：0576-8512 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥2,296,377,512.08, representing a 25.57% increase compared to ¥1,828,694,774.80 in the same period last year[8]. - Net profit attributable to shareholders was ¥415,935,194.42, up 37.79% from ¥301,871,864.80 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥400,588,264.73, reflecting a 33.65% increase from ¥299,725,538.71 in the previous year[8]. - The net cash flow from operating activities was ¥389,453,452.82, a significant increase of 59.91% compared to ¥243,549,408.46 in the same period last year[8]. - Basic earnings per share rose to ¥0.35, a 20.69% increase from ¥0.29 in the previous year[8]. - The company's international business generated operating revenue of 760 million yuan, an increase of 27.15% compared to the previous year[14]. - The company reported a total comprehensive income of CNY 411,516,966.36 for the first half of 2024, compared to CNY 307,935,624.54 in the same period of 2023[105]. - The company reported a net profit for the first half of 2024 of CNY 464,922,246.66, a significant increase of 133.4% compared to CNY 199,224,732.41 in the same period of 2023[107]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,768,207,512.33, marking a 12.25% increase from ¥6,029,679,625.58 at the end of the previous year[8]. - The total liabilities increased to ¥2,452,686,440.14 from ¥1,647,245,988.47, marking a significant rise of about 48.88%[96]. - Current liabilities rose significantly to ¥2,229,354,984.35, compared to ¥1,414,739,052.18, marking an increase of about 57.55%[96]. - Short-term borrowings surged to ¥1,239,946,555.71 from ¥540,507,763.97, reflecting an increase of approximately 129.00%[95]. - The company's cash and cash equivalents at the end of the period amounted to ¥1,614,486,006.41, an increase from ¥1,415,149,148.19 at the beginning of the period, representing a growth of approximately 14.1%[193]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥2.00 per 10 shares, totaling approximately ¥233,828,571.06 based on the total share capital of 1,169,141,853 shares[1]. - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling 233,828,370.60 CNY, which represents 100% of the total profit distribution[50]. - The company reported a profit distribution of ¥526,171,748.85 to shareholders during the period[121]. Risks and Challenges - The company faces risks from macroeconomic downturns, increased uncertainty in international trade, and rising production costs, which are detailed in the risk management section of the report[1]. - The company faces risks from a declining macroeconomic environment, which could impact consumer demand for apparel and accessories[48]. - The company is also exposed to increased production costs due to rising raw material prices and labor costs, which may affect operational burdens[48]. Research and Development - The company's R&D investment increased by 17.33% to ¥82,848,878.81, up from ¥70,612,137.77 in the previous year[21]. - Research and development expenses rose to CNY 82,848,878.81, an increase of 17.3% from CNY 70,612,137.77 in the previous year[103]. - The company aims to enhance its R&D capabilities and smart manufacturing levels to strengthen its core competitiveness and risk resistance[48]. Environmental Compliance - The company is classified as a key pollutant discharge unit according to environmental protection regulations[56]. - The company adheres to multiple environmental protection laws, including the Environmental Protection Law and the Air Pollution Prevention and Control Law, among others[56]. - The company has implemented various environmental protection standards and regulations, including the Hazardous Waste Transfer Management Measures and the Pollutant Discharge Permit Management Regulations[57]. - The company has established emergency response plans for environmental incidents across several subsidiaries, enhancing their emergency handling capabilities[64]. Shareholder Information - The largest shareholder, Weixing Group Co., Ltd., holds 25.87% of the shares, totaling 302,406,675 shares, with 57,111,860 shares pledged[85]. - The company had a total of 14,574 ordinary shareholders at the end of the reporting period[85]. - The total number of shares for the cash dividend distribution is based on 1,169,141,853 shares[50]. Financial Management - The company has entrusted financial management with a total amount of 36.27 million yuan, all from self-owned funds[76]. - The company has no overdue or unrecovered amounts from entrusted financial management[76]. - The company has not provided guarantees or financial assistance to distributors[76]. Corporate Governance - There were no changes in the company's board of directors, supervisors, or senior management during the reporting period[49]. - The company held its annual general meeting on May 8, 2024, with a participation rate of 57.43%[49]. - The company completed the release of 6.94 million restricted shares for the fourth phase of the equity incentive plan, reducing the number of incentive participants from 147 to 146[53]. Accounting Policies - The financial statements are prepared based on the principle of continuous operation[127]. - The company adheres to the accounting standards for enterprises, ensuring the financial statements reflect true and complete information[129]. - The company has established specific accounting policies for financial instruments, fixed asset depreciation, and revenue recognition[128].

| | 杭州伟星实业发展有限 | 同一母公司 | 其他应收 | | 0.75 | | 0.75 | | 租赁费 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司 | | 款 | | | | | | | | | | 广东伟星丰利织带有限 | | 其他应收 | 7,085.91 | 805.92 | 117.71 | 488.21 | 7,521.33 | 拆借款 | 非经营性往来 | | | 公司 | 子公司 | 款 | | | | | | | | | | 杭州伟星服饰有限公司 | 子公司 | 其他应收 | | 47.67 | | 47.67 | | 往来款 | 非经营性往来 | | | | | 款 | | | | | | | | | | 临海市伟星化学科技有 限公司 | 子公司 | 其他应收 款 | 28,323.29 | 20,348.80 | | 16,918.82 | 31,753.27 | 往来款 | 非经营性往来 | | | 临海市星瑞服饰科技有 | 子公司 | 其他应收 | 1, ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-032 浙江伟星实业发展股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 根据《中华人民共和国公司法》《深圳证券交易所股票上市规则》和《公司章程》等有 关规定，董事会定于2024年9月5日下午在浙江省临海市崇和路238号远洲国际大酒店二楼会 议厅召开公司2024年第一次临时股东大会。会议具体安排如下： 一、召开会议的基本情况 1、股东大会届次：2024年第一次临时股东大会。 2、会议召集人：公司第八届董事会。经公司第八届董事会第十八次会议审议，同意召 开2024年第一次临时股东大会。 3、会议召开的合法、合规性：本次股东大会会议的召集、召开符合有关法律法规、深 圳证券交易所（以下简称"深交所"）业务规则和《公司章程》等规定。 4、会议召开的日期、时间： 6、会议的股权登记日：2024年8月29日。 7、出席对象： （1）在股权登记日持有公司股份的普通股股东或其代理人： 于股权登记日下午收市时在中国 ...

浙江天册律师事务所 关于浙江伟星实业发展股份有限公司 第五期股权激励计划回购注销部分限制性股票相关事项 的法律意见书 法律意见书 浙江天册律师事务所 二〇二四年八月 法律意见书 浙江天册律师事务所 关于浙江伟星实业发展股份有限公司 第五期股权激励计划回购注销部分限制性股票相关事项 的法律意见书 编号：TCYJS2024H1273 致：浙江伟星实业发展股份有限公司 浙江天册律师事务所接受浙江伟星实业发展股份有限公司（以下简称"伟星 股份"或"公司"）的委托，为伟星股份实施第五期股权激励计划相关事宜出具 法律意见书。本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股权激励管理办 法》（以下简称"《管理办法》"）等有关法律、行政法规、规范性文件、《浙江伟 星实业发展股份有限公司章程》（以下简称"《公司章程》"）及《浙江伟星实业发 展股份有限公司第五期股权激励计划》（以下简称"公司第五期股权激励计划"） 的有关规定，就公司第五期股权激励计划回购注销部分限制性股票出具本法律意 见书。 对本所出具的本法律意见书，本所律师声明如下： 1、本所律师承 ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-033 2024年8月12日，公司第八届董事会第十八次会议审议通过了《关于回购注销第五期股 权激励计划部分限制性股票的议案》《关于变更注册资本并修改<公司章程>相应条款的议案》 等议案，决定回购注销第五期股权激励计划3名激励对象所持有的合计25.22万股已获授但不 符合解除限售条件的限制性股票；待回购注销登记手续完成后，公司总股本将由 1,169,141,853股减少为1,168,889,653股，注册资本将相应变更为1,168,889,653元，并修 改《公司章程》相应条款。具体内容详见公司于2024年8月14日刊载在《证券时报》《上海 证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）的《公司第八届董事 会第十八次会议决议公告》《公司关于回购注销第五期股权激励计划部分限制性股票的公告》 等公告。 因本次回购注销股权激励限制性股票将导致公司注册资本减少，根据《中华人民共和国 公司法》（以下简称"《公司法》"）等相关法律、法规的规定，公司特此通知债权人，自 本公告披露之日起45日内均有权要求公司清偿债务或者提供 ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-031 浙江伟星实业发展股份有限公司 关于回购注销第五期股权激励计划部分限制性股票的公告 3、2022年5月6日，公司2021年度股东大会审议通过了《公司2021年度利润分配预案》： 1 公司以总股本797,850,428股为基数，向全体股东每10股派发现金红利5.00元(含税)，并以 资本公积金向全体股东每10股转增3股。该利润分配方案已于2022年5月27日实施完毕，鉴此， 公司第五期股权激励计划限制性股票数量调整为2,860万股。 4、根据股东大会的授权，经公司第八届董事会第五次（临时）会议同意，深圳证券交 易所（以下简称"深交所"）、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"）核准登记，公司于2023年2月9日完成了161名激励对象第五期股权激励计划第一个限 售期合计286万股限制性股票的解除限售及上市流通事宜，剩余未解除限售股票为2,574万 股。 5、根据股东大会的授权，经公司第八届董事会第十四次（临时）会议同意，深交所、 中登公司核准登记，公司于2024年1月4日完成了161名激励对象第五期股权激励计划第二个 限 ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-030 浙江伟星实业发展股份有限公司 关于部分募集资金投资项目新增实施地点的公告 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。 2024年8月12日，公司第八届董事会第十八次会议和第八届监事会第十六次会议审议通 过了《关于部分募集资金投资项目新增实施地点的议案》，同意公司部分募集资金投资项目 新增实施地点。具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《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），公司以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（以下简称"本次发行"），募集资金总额 119,540.00万元，扣除与发行有关的费用（不含税）1,360.49万元，实际募集资金净额为 118,179.51万元。上述募集资金于2023年9月26日全部汇入公司指定账户，已经天健会计师 事务所（特殊普通合伙）审验，并出具了[天健验〔2023〕5 ...