行 业 及 产 业 2025 年 05 月 11 日 行 业 研 究 / 行 业 看好 ——纺织服装行业周报 20250511 相关研究 《业绩收官表现分化，运动及户外产业链 景 气 占 优 — — 纺 织 服 装 行 业 周 报 20250505》 2025/05/06 《国货家纺彰显红利本色，优质制造迎来 超 跌 反 弹 — — 纺 织 服 装 行 业 周 报 20250427》 2025/04/27 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 求佳峰 (8621)23297818× qiujf@swsresearch.com ⚫ 本周纺织服饰板块表现强于市场。5 月 6-9 日，SW 纺织服饰指数上涨 3.5%，跑赢 SW 全 A 指数 1.2pct。其中，SW 服装家纺指数上涨 2.7%，跑赢 SW 全 A 指数 0.4pct；SW 纺织制造指数上涨 5.4%，跑赢 SW 全 A ...

分地区和业务模式来看： 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 纺织服饰 周专题：Puma 发布 2025Q1 季报，表现符合公司预期 【本周专题】 Puma 2025Q1 业绩发布，整体表现符合预期。Puma 披露 2025Q1 季报，货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元，毛利率同比略下降 0.6pcts 至 47%，经营利润同比下降 63.7%至 0.6 亿欧元，经营利润率同比下降 4.8pcts 至 2.8%，净利润同比下降 99.5%至 50 万欧元，根据公司披露期内由于全球经 济环境的波动（尤其是美国与中国市场），公司营收表现同比持平，与此同时随 着公司推动 DTC 业务的增长，公司期内费用率提升。从营运层面来看，截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元，主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期，当前公司预计 2025 年营收同比增长低 到中单位数。 ➢ 2025Q1 美国/中国销售低迷，公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...

周专题：Puma 发布 2025Q1 季报，表现符合公司预期 【本周专题】 纺织服饰 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 Puma 2025Q1 业绩发布，整体表现符合预期。Puma 披露 2025Q1 季报，货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元，毛利率同比略下降 0.6pcts 至 47%，经营利润同比下降 63.7%至 0.6 亿欧元，经营利润率同比下降 4.8pcts 至 2.8%，净利润同比下降 99.5%至 50 万欧元，根据公司披露期内由于全球经 济环境的波动（尤其是美国与中国市场），公司营收表现同比持平，与此同时随 着公司推动 DTC 业务的增长，公司期内费用率提升。从营运层面来看，截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元，主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期，当前公司预计 2025 年营收同比增长低 到中单位数。 分地区和业务模式来看： ➢ 2025Q1 美国/中国销售低迷，公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...

Core Viewpoint - Zhejiang Weixing Industrial Development Co., Ltd. has successfully completed a specific stock issuance to 12 designated investors, raising a total of 1.1817951 billion RMB at a price of 9.05 RMB per share, with the listing occurring on October 23, 2023 [1][2]. Group 1: Issuance Details - The company issued 132,088,397 shares to specific investors, raising a total of 1.1817951 billion RMB [1]. - The stock was listed on the Shenzhen Stock Exchange on October 23, 2023 [1][3]. - The issuance was approved by the China Securities Regulatory Commission under the document number 2023〔1279〕 [1]. Group 2: Sponsorship and Oversight - East Asia Qianhai Securities acted as the sponsor for the stock issuance and will provide continuous supervision until December 31, 2024 [1][2]. - The sponsor is responsible for ensuring compliance with regulations, including the management of related party transactions and the proper use of raised funds [2][3]. - The company has cooperated effectively with the sponsor, providing necessary documents and information for the issuance process [2][3]. Group 3: Compliance and Cooperation - During the continuous supervision period, the company has adhered to legal and regulatory requirements, ensuring timely and accurate information disclosure [3]. - The company has maintained communication with the sponsor regarding significant matters and has facilitated on-site inspections [3]. - The company has engaged professional service institutions, including Tianjian Accounting Firm and Zhejiang Tiance Law Firm, to assist in compliance and provide professional opinions [3].

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 | | ...

| 保荐人名称：东亚前海证券有限责任公司 | 被保荐公司简称：伟星股份（002003） | | --- | --- | | 保荐代表人姓名：方伟 | 联系电话：010-8524-1166 | | 保荐代表人姓名：刘侃巍 | 联系电话：010-8524-1100 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资 | 是 | | 金管理制度、内控制度、内部审计制度、关联 | | | 交易制度） | | | | 是，根据公司 2024 年度内部控制自我评价报 | | （2）公司是否有效执行相关规章制度 | 告、会计师出具的 年度内部控制审计报 2024 | | | 告，发行人有效执行了相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 现场查询 ...

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 ...

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]