2024 年 04 月 28 日 2024Q1 业绩优异，经营状况持续向好 2024Q1 各产品线销售表现预计均呈现向好趋势，长期毛利率稳中有 升。2023 年公司纽扣/拉链营收同比增长 8.95%/6.82%，从量上来看 2023 年纽扣/拉链销量同比增长 4.63%/5.67%，进入 2024Q1 我们判断 各产品线仍然保持稳健的增长趋势，长期来看拉链业务营收仍有望保持 相对较快的增长速度。毛利率方面，2023 年纽扣毛利率同比提升 1.02pcts 至 42.21%，拉链毛利率同比提升 2.95pcts 至 41.01%，公司 作为服装辅料供应商，在保证自身盈利能力的基础上，同时注重客户关 系维护，因此长期来看我们判断公司各产品线毛利率或保持稳中有升的 趋势。 展望 2024 年，我们预计公司业绩同比增长 18%。年初以来我们预计 公司整体接单表现稳步改善，全年来看我们判断目前下游品牌商库存去 化顺利，公司整体经营情况对比 2023 年将有明显优化，当前我们预计 公司 2024 年营收以及业绩表现可期。 风险提示：原材料价格波动风险，产能释放不及预期，需求波动风险， 产能释放节奏存在不确定性。 | -- ...

Financial Performance - The net profit attributable to the parent company increased by 45.25% compared to the same period last year, primarily due to an increase in total profit[13]. - Operating profit increased by 68.38% year-on-year, mainly driven by higher operating income and other income[6]. - Total profit increased by 67.83% compared to the same period last year, primarily due to higher operating profits[31]. - The company reported a total profit of ¥103,142,949.06, which is an increase from ¥61,458,431.76 in the same period last year[37]. - The total comprehensive income amounted to 76,749,334.48, up from 50,532,137.03, demonstrating improved overall financial performance[52]. Cash Flow - The net cash flow from operating activities surged by 1,066.57% compared to the previous year, attributed to a significant increase in cash received from sales of goods and services[14]. - The net cash flow from operating activities surged to ¥94,306,687.79, a remarkable increase of 1,066.57% compared to a negative cash flow of -¥9,756,819.98 in the same period last year[34]. - The net cash flow from investing activities was -187,925,966.32, slightly improved from -212,964,725.10, suggesting a reduction in cash outflow for investments[48]. - The net increase in cash and cash equivalents for the current period was ¥92,061,542.01, compared to a decrease of -¥256,256,540.38 in the previous year[39]. Assets and Liabilities - Total liabilities increased to approximately 1.79 billion, up from 1.65 billion, reflecting a growth of about 8.73%[5]. - The total equity attributable to the parent company reached approximately 4.44 billion, an increase from 4.35 billion, marking a growth of about 2.73%[5]. - Total assets at the end of the current period were ¥6,265,848,470.02, reflecting a 3.92% increase from ¥6,029,679,625.58 at the end of the previous year[35]. - The equity attributable to shareholders of the listed company increased by 2.08% to ¥4,439,773,166.30 from ¥4,349,140,948.63 at the end of the previous year[35]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,390, indicating a stable shareholder base[15]. - The company issued 132,088,397 shares at ¥9.05 each to specific investors, enhancing its capital base[21]. - The company completed the release of 2.86 million restricted shares under its equity incentive plan, improving employee motivation[20]. Tax and Expenses - The company reported a 186.28% increase in income tax expenses, primarily due to the increase in total profit and deferred tax expenses[12]. - Tax expenses increased by 85.05% year-on-year, mainly due to higher property and land use taxes[30]. - The cash paid for taxes rose to 62,549,466.09 from 54,295,773.35, indicating an increase in tax obligations[48]. Operational Efficiency - Accounts receivable decreased by 16.1% from ¥465,200,913.29 to ¥389,996,843.77, indicating improved collection efficiency[23]. - Inventory rose significantly by 21.5% from ¥604,532,920.22 to ¥734,402,540.76, suggesting potential stockpiling or increased production[23]. - Short-term borrowings increased by 36.87% from ¥540,507,763.97 to ¥739,801,905.74, driven by expanded sales and operational funding needs[29]. - Contract liabilities surged by 83.66%, increasing from ¥40,403,059.59 to ¥74,202,702.43, indicating higher customer prepayments[29]. Research and Development - Research and development expenses for the current period amounted to ¥36,295,833.15, up from ¥28,659,417.69 in the previous year, indicating a focus on innovation[45]. Earnings Per Share - Basic earnings per share improved to ¥0.07, up 40.00% from ¥0.05 in the previous year[34]. - Basic earnings per share rose to 0.07, compared to 0.05 in the previous period, indicating better profitability on a per-share basis[52].

2023 net profit attributable to shareholders reached RMB 558 million, surpassing the profit alert. Revenue grew by 7.67% YoY to RMB 3.91 billion, with net profit attributable to shareholders increasing by 14.21% YoY, exceeding the profit alert by RMB 4 million. Recurring NPAtS was RMB 533 million, up 12.74% YoY, outperforming the profit alert by RMB 12 million. GPM rose to 40.92%, and NPAtS margin increased to 14.26%, with recurring NPAtS margin at 13.65%. Expense ratios for sales, management, R&D, and fina ...

丨证券研究报告丨 | --- | --- | --- | |------------------------------------------------------------------------------------------|------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 公司发布 2023 年年报。 2023 年实现收入 39.1 亿元，同比 +7.7% | 亿元，同比 | | | +14.2% 。每 10 股派发现金红利 4.50 元，分红比例达 94% （ | 2024 | | | 年收入同比 +15% 。 | | | | | | | [Table_Author] 于旭辉 陈佳 柯睿 请阅读最后评级说明和重要声明 相关研究 [Table_Summary2] 事件描述 事件评论 拉链&纽扣收入提速，拉链毛利率改善显著。分品类，H2 拉链/纽扣收入分别同比 +17%/+14%至 11.3/8.7 亿元，订单持续改善，二者相较于 H1 均有显著提速（H1 拉链/ 纽扣收入分别同比-2.8%/+3.2%）。H2 拉链/纽扣 ...

| --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3628 | 3907 | 4365 | 4959 | 5813 | | (+/-)YoY(%) | 8.1% | 7.7% | 11.7% | 13.6% | 17.2% | | 净利润（百万元） | 489 | 558 | 611 | 679 | 803 | | (+/-)YoY(%) | 8.9% | 14.2% | 9.4% | 11.3% | 18.3% | | 全面摊薄 EPS( 元 ) | 0.42 | 0.48 | 0.52 | 0.58 | 0.69 | | 毛利率 (%) | 39.0% | 40.9% | 40.8% | 41.1% | 41.3% | | 净资产收益率 (%) | 16.9% | 12.8% | 13.5% | 14. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.75 CNY, reflecting confidence in its long-term growth potential [2][21]. Core Insights - The company reported a revenue of 3.91 billion CNY in 2023, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 558 million CNY, up 14.2% year-on-year. The fourth quarter saw a significant revenue growth of 23.8% to 1 billion CNY, with a net profit of 26 million CNY, marking a turnaround from losses [7][8]. - The company plans to distribute a dividend of 530 million CNY, resulting in a dividend payout ratio of approximately 94%, exceeding market expectations [7]. - The company aims for a revenue target of 4.5 billion CNY in 2024, representing a year-on-year growth of 15.2% [7]. Financial Performance - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 4.52 billion CNY (2024E), 5.20 billion CNY (2025E), 5.93 billion CNY (2026E) - Net profit: 655 million CNY (2024E), 762 million CNY (2025E), 890 million CNY (2026E) - Earnings per share: 0.56 CNY (2024E), 0.65 CNY (2025E), 0.76 CNY (2026E) [9][21]. - The gross margin is expected to improve slightly, with projections of 41.2% in 2024, maintaining a stable outlook for subsequent years [9]. Business Segments - The company’s zipper and button businesses showed strong recovery, with revenue growth of 6.8% and 9% respectively in 2023. In the second half of 2023, these segments grew by 17.3% and 14.3% respectively [7]. - Domestic and international revenues were 2.696 billion CNY and 1.21 billion CNY respectively, with year-on-year growth of 7.2% and 8.7% [7]. Strategic Initiatives - The company is advancing its capacity planning, including upgrades to its Bangladesh industrial park and the efficient development of its Vietnam facility, enhancing its global supply chain capabilities [7]. - The company has received multiple awards from major clients, indicating strong customer satisfaction and recognition in the industry [7].

Investment Rating - The report assigns a "Buy" rating, expecting the stock price to outperform the market by more than 10% over the next 12 months [7][10]. Core Insights - The company reported a revenue of 3.907 billion yuan for 2023, representing a year-on-year growth of 7.67%, and a net profit attributable to the parent company of 558 million yuan, up 14.21% year-on-year [17][18]. - The company anticipates a revenue target of 4.5 billion yuan for 2024, driven by the expected production release from its Vietnam industrial park [18]. - The company has proposed a cash dividend of 530 million yuan for 2023, which accounts for 94% of the net profit attributable to the parent company, exceeding expectations [18]. Financial Summary - Revenue growth rates are projected at 15.3% for 2024, 14.8% for 2025, and 14.8% for 2026 [9][14]. - The company's net profit margin improved to 14.3% in 2023, driven by better customer structure and an increase in gross margin for the zipper business [18]. - Earnings per share (EPS) are forecasted to be 0.54 yuan in 2024, 0.62 yuan in 2025, and 0.70 yuan in 2026 [18]. Market Performance - The company's stock has shown a relative performance against the market, with a decline of 22% from April 2023 to April 2024, compared to the CSI 300 index [3][8].

1、本次解除限售的股份为公司向特定对象发行的股票，拟解除限售股份的数量为 132,088,397股，占公司总股本的11.30%。 证券代码：002003 证券简称：伟星股份 公告编号：2024-015 浙江伟星实业发展股份有限公司 关于向特定对象发行股票限售股份解除限售 上市流通的提示性公告 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"）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： 2、本次解除限售股份的上市流通日期为2024年4月23日（星期二）。 一、本次解除限售股份取得的基本情况 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"），并于2023年10月23日在深圳证券交易所上市， 该部分股票自上市之日起6个月内不得转让。发行完成后，公司总股本由1,037,182,156股增 至1,169,270,553股。 本次发行后至本公告披露日，公司未发生因利润分配、资本 ...

向特定对象发行股票限售股份解除限售上市流通的核查意见 东亚前海证券有限责任公司（以下简称"保荐机构"）作为浙江伟星实业发 展股份有限公司（以下简称"伟星股份"或"公司"）2022 年度向特定对象发行 股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所股票 上市规则》和《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求（2022 年修订）》等有关法律法规和规范性文件，对伟星股份向特定对象 发行股票限售股份解除限售上市流通事项进行了核查，核查具体情况及核查意见 如下： 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 一、本次解除限售股份取得的基本情况 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"），并于 2023 年 10 月 23 日在深圳证券交易所上市，该部分股票自上市之日起 6 个月内不得转 让。发行完 ...

证 券 研 究 报 告 纺织服饰 2024 年 04 月 19 日 伟星股份 (002003) ——23 年净利逆势增长 14%，24 年国际化将再进一步 一年内股价与大盘对比走势： 04-2005-2006-2007-2008-2009-2010-2011-2012-2001-2002-2003-20 -40% -20% 0% 20% 40% 伟星股份 沪深300指数（收益率） 《伟星股份（002003）点评：毛利上行、 控费优异，23Q3 单季净利增长略超预期》 2023/10/27 《伟星股份（002003）点评：定增项目完 成发行认购，三大战略驱动未来高成长》 2023/10/09 证券分析师 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司发布 2023 年报，利润端符合预期。1）23 年营收 39.1 亿元（同比+7.7%），归母净 利润 5.58 亿元（同比+14.2%），扣非归母净利润 5.33 亿元（同比+12.7%）。其中，23Q4 营收 10.0 亿元（同比+23.8%），归母净利润 0.26 亿元（扭亏为盈），扣非归母净利润 0.30 亿元（扭亏为盈）。可见，随着下游去库 ...