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]

Core Viewpoint - In Q1 2025, the company achieved revenue of 979 million yuan, a year-on-year increase of 22.32%, and a net profit attributable to shareholders of 100 million yuan, up 18.76%. The overall revenue trend continues from 2024, with international business growth outpacing domestic, and new product categories growing faster than traditional ones [1][2][4] Financial Performance - For Q1 2025, the company reported revenue of 979 million yuan (+22.32%) and a net profit of 100 million yuan (+18.76%). The net profit excluding non-recurring items was 98 million yuan (+29.64%). The operating cash flow was 32 million yuan (-65.58%) due to the impact of accounts payable from the previous year [2] - In 2024, the company achieved revenue of 4.674 billion yuan (+19.66%) and a net profit of 700 million yuan (+25.48%). The net profit excluding non-recurring items was 688 million yuan (+29.09%). The operating cash flow was 1.09 billion yuan (+58.50%) [2] - For Q4 2024, the company reported revenue of 1.094 billion yuan (+9.20%) and a net profit of 77 million yuan (+197.49%) [3] Product and Market Performance - The company is optimizing its product structure, with revenue from buttons in 2024 reaching 1.954 billion yuan (+22.18%) and a gross margin of 42.96%. Revenue from zippers was 2.484 billion yuan (+15.94%) with a gross margin of 42.12%. Other apparel accessories generated 164 million yuan (+41.92%) [5] - The company accelerated its overseas expansion, with international business revenue in 2024 growing by over 30%. Domestic revenue was 3.094 billion yuan (+14.74%), while international revenue was 1.581 billion yuan (+30.62%) [6] Strategic Developments - The company is advancing its new product layout and expanding overseas operations. The Vietnam base, which began production in early 2024, is currently in the customer inspection and capacity ramp-up phase, generating revenue of 32.1 million yuan with a loss of 58.32 million yuan. It is expected to contribute over 100 million yuan in revenue by 2025 and achieve breakeven by 2026 [1][9] - The company plans to achieve a revenue target of 5 billion yuan in 2025, representing a 7.0% increase year-on-year, while controlling total operating costs around 4.25 billion yuan [4] Profitability and Cost Management - The company's gross margin for 2024 was 41.73% (+0.81 percentage points), and the net margin was 15.12% (+0.86 percentage points). The effective tax rate was 16.53% (+0.15 percentage points) [7] - In Q4 2024, the gross margin was 38.57% (-0.43 percentage points), and the net margin was 7.17% (+4.69 percentage points), affected by changes in the timing of bonus provisions [8]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [2] - The company's gross profit margin in Q1 2025 was 38.84%, an increase of 0.91 percentage points compared to the previous year [4] - The company plans to achieve a revenue target of 5 billion in 2025 [3] Group 2: International Expansion and Capacity Utilization - As of 2024, the company's overseas capacity accounted for 19.05%, with a utilization rate of 47.98% [5] - The utilization rate of the Vietnam factory is expected to increase significantly due to a positive order trend [5] Group 3: Strategic Responses to Market Challenges - The company is adopting proactive measures to mitigate the impact of tariffs and international order shifts, including enhancing communication with downstream clients and expanding into new markets [6][7] - The company emphasizes cost control while balancing capacity planning between domestic and international operations [6] Group 4: Competitive Positioning - The company differentiates itself from YKK through its "product + service" model, focusing on quality products and comprehensive service [8] - The apparel accessories industry is expected to see increased competition due to tariffs, but companies with strong international capabilities will have an advantage [9] Group 5: Future Business Outlook - The company is optimistic about the future of its zipper business, which has a larger market potential compared to buttons [10] - The company maintains a commitment to sustainable development and plans to implement a reasonable profit distribution policy [11]

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 维持盈利预测，维持"买入"评级 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 销售费率 9%，同比持平；管理费率 11%，同比-2pct；研发费率 4%，同比 -1pct； 经营活动产生的现金流量净额同比-66%，主因购买商品、接受劳务支付的 现金增加； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略 ...

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略，持续做好与源头品牌的 对接与开发工作，努力提升市场份额，实现稳健发展。 在产能规划上，在贸易环境和国际客户需求明朗之前，公司能够对国内外 工业园产能进行合理的调配，有效发挥公司快速反应和产品运输半径大的 优势 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [4] - The gross profit margin for Q1 2025 was 38.84%, an increase of 0.91 percentage points compared to the previous year [4][5] - The net cash flow from operating activities decreased by 65.58% year-on-year due to increased cash payments for materials and employee bonuses [6] Group 2: Strategic Goals and Market Position - The company plans to achieve a revenue target of 5 billion in 2025, aiming to become a "global, innovative fashion accessory kingdom" over the next 5 to 10 years [8] - The company maintains a cautious outlook due to uncertainties from tariff policies and weak end-consumer demand [8] - The competitive landscape in the fashion accessory industry remains stable, with increased competition due to tariff changes favoring internationally capable companies [9] Group 3: Operational Adjustments and Future Outlook - The company is adjusting its production capacity in response to market conditions and international customer demand [10] - Direct and indirect exports to the U.S. are minimal, limiting the direct impact of tariff changes on the company's business [10] - The overseas production capacity utilization rate was 47.98% in 2024, with expectations for significant improvement in 2025 due to increased orders [11] Group 4: Product Development and Profitability - The ribbon category, a newly developed product line, is expected to improve profitability over time despite initial losses due to high fixed costs [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company reported Q1 2025 revenue of 980 million yuan, a year-on-year increase of 22.3%, and a net profit attributable to shareholders of 100 million yuan, up 28.8% year-on-year, exceeding expectations [4][5]. - International business growth is a key driver, with significant contributions from zipper and button segments, particularly from overseas brands, while domestic growth is hindered by retail market conditions [5]. - The gross margin improved by 0.9 percentage points to 38.8%, attributed to product mix changes and scale effects, although increased R&D and management expenses slightly impacted profitability [5]. Financial Summary - Revenue projections for 2024 to 2027 are 4.674 billion yuan, 5.029 billion yuan, 5.643 billion yuan, and 6.335 billion yuan, respectively, with growth rates of 19.66%, 7.59%, 12.19%, and 12.28% [10]. - Net profit attributable to shareholders is forecasted to be 700 million yuan, 767 million yuan, 861 million yuan, and 960 million yuan for the same period, with growth rates of 25.48%, 9.58%, 12.19%, and 11.55% [10]. - The company’s PE ratio is projected to decrease from 18.79 in 2024 to 13.70 in 2027, indicating improving valuation over time [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion, particularly in Vietnam, which will enhance its market share [1][2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The operating efficiency has also shown significant improvement, with inventory turnover days decreasing by 11 days to 111 days and accounts receivable turnover days down by 2 days to 46 days [3][4]. - The Vietnam production facility, which began operations in March 2024, is expected to ramp up capacity steadily, contributing to a quick release of net profits. The second phase of the Vietnam project is scheduled for completion in 2026, which will further aid in expanding the customer base in Europe and Southeast Asia [2][3]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 980 million RMB, a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% growth [1]. - The gross margin for Q1 2025 was 38.8%, an increase of 0.91 percentage points year-on-year, while the net profit margin rose by 0.5 percentage points to 10.3% [3]. Capacity Expansion - The Vietnam facility's production capacity is expected to ramp up, with a positive order flow anticipated for Q1 2025. The second phase of the Vietnam project is projected to be completed by 2026, enhancing the company's global footprint [2][3]. Profitability and Efficiency - The company has seen a reduction in management expenses, with the management expense ratio decreasing by 1.6 percentage points to 11.4%. The overall operational efficiency has improved, as indicated by the reduced inventory and accounts receivable turnover days [3][4]. Earnings Forecast - The report maintains the earnings forecast for 2025-2027, projecting net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, reflecting its expected outperformance in market share [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion and market share growth [1][2]. - The acceleration of capacity release in Vietnam is anticipated to enhance the company's global footprint and customer base, particularly in the European and Southeast Asian markets. The company is also advancing its "smart manufacturing" strategy, which is expected to further boost profitability [2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The management expense ratio decreased by 1.6 percentage points to 11.4%, contributing to enhanced profitability [3]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 980 million RMB, representing a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% increase year-on-year. The company is positioned as an industry leader with significant advantages in one-stop design services and rapid response supply chains [1]. Capacity Expansion and Global Strategy - The Vietnam industrial park began production at the end of March 2024, with steady capacity ramp-up expected. The second phase of the project is projected to be completed by 2026, which will facilitate market expansion into Europe and Southeast Asia [2]. Profitability and Efficiency - The company's gross margin rose to 38.8%, and the net profit margin increased to 10.3%. The improvement in operational efficiency is evidenced by a reduction in inventory turnover days by 11 days to 111 days and accounts receivable turnover days by 2 days to 46 days [3]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, with a target price of 15.84 RMB [4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1]. - The company is expected to achieve a revenue growth of 7.7% in 2025, reaching 5 billion yuan, with a net profit growth of 8.5% to 760 million yuan [3]. - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2]. Financial Performance - In Q1 2025, the gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1]. - The company’s net profit margin increased by 0.5 percentage points to 10.2% in Q1 2025 [1]. - The projected net profit for 2025-2027 is estimated at 760 million, 853 million, and 954 million yuan respectively [3]. Business Expansion - The company’s zipper business showed strong sales, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2]. - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2]. Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the long term [3]. - The company is actively seeking to expand its customer base in Europe and Japan, adapting its production capacity to meet customer demands [3].