Investment Rating - The investment rating for the company is "Buy" (maintained) [2][59]. Core Views - The company's performance is improving quarter by quarter, with a positive outlook on the orderly establishment of production capacity in Vietnam, leading to a maintained "Buy" rating [2][35]. - The company achieved a revenue of 39.07 billion yuan in 2023, representing a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 5.58 billion yuan, up 14.16% year-on-year [10][42]. - The company is expected to continue expanding its international market share and enhance its core competitiveness through product diversification and overseas capacity layout [35][36]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 39.07 billion yuan, with a year-on-year growth of 7.67%, and a net profit of 5.58 billion yuan, reflecting a 14.16% increase [10][42]. - The company’s gross profit margin for 2023 was 40.92%, an increase of 1.9 percentage points year-on-year, driven by changes in order structure and declining commodity prices [50][51]. - The company plans to distribute a cash dividend of 0.45 yuan per share for 2023, with a cash dividend payout ratio of 94.3% [17]. Product and Regional Performance - The zipper business generated revenue of 21.43 billion yuan in 2023, up 6.8% year-on-year, while the button business achieved 16.00 billion yuan, a 9.0% increase [16][26]. - Domestic revenue reached 26.96 billion yuan, growing by 7.23%, while international revenue was 12.10 billion yuan, up 8.67%, with the international revenue share increasing to 30.98% [28][48]. Future Outlook - The company is expected to see steady growth in net profit, with forecasts of 6.57 billion yuan for 2024, 7.48 billion yuan for 2025, and 8.48 billion yuan for 2026, corresponding to EPS of 0.56, 0.64, and 0.73 yuan respectively [35][36]. - The current stock price corresponds to a PE ratio of 21.1 for 2024, 18.6 for 2025, and 16.4 for 2026, indicating a favorable valuation [35].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [12][17]. Core Insights - The company reported strong financial performance for 2023, achieving revenue of 3,907 million yuan and a net profit of 558 million yuan, representing year-on-year growth of 7.67% and 14.21% respectively [12]. - In Q4 2023, the company saw significant growth with revenue of 1,002 million yuan and a net profit of 26 million yuan, reflecting year-on-year increases of 23.77% and 181.50% respectively [12]. - The company declared a dividend of 4.5 yuan per 10 shares, with a payout ratio of 94.3%, resulting in a dividend yield of 4.0% based on the closing price on April 17, 2024 [12]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to achieve revenues of 4,524 million yuan, 5,224 million yuan, and 6,032 million yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 673 million yuan, 782 million yuan, and 900 million yuan [12][11]. - Profitability Metrics: The gross margin for 2023 was reported at 40.92%, an increase of 1.91 percentage points year-on-year, with net profit margins also improving [12]. - Cash Flow Quality: The company maintained a net cash ratio of 1.23, indicating good operational cash flow quality [12]. Business Segment Performance - Revenue by Segment: In 2023, the company generated revenue of 1,600 million yuan from buttons, 2,143 million yuan from zippers, and 116 million yuan from other apparel accessories, with respective year-on-year growth rates of 8.95%, 6.82%, and 8.79% [12]. - Sales Volume: The company sold 5.01 billion meters of zippers and 8.91 billion pieces of buttons, with year-on-year increases of 5.67% and 4.63% respectively [12]. Market Position and Strategy - Competitive Advantage: The company is expected to enhance its competitive position through improved product and customer structures, with the webbing business anticipated to become a second growth driver [12]. - Capacity Expansion: The company is strategically expanding its production capacity both domestically and internationally, with new facilities in Vietnam expected to enhance service levels and customer trust [12].

伟星股份（002003.SZ） 买入 2023 年净利润增长 14%，业绩增长逐季提速 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-------|-------|-------|----------------------------------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 3,628 | 3,907 | 4,505 | 5,177 | 5,656 | | (+/-%) | 8.1% | 7.7% | 15.3% | 14.9% | 9.3% | | 净利润(百万元) | 489 | 558 | 652 | 752 | 830 | | (+/-%) | 9.0% | 14.2% | 16.9% | 15.2% | 10.5% | | 每股收益（元） | 0.47 | 0.48 | 0.56 | 0.64 | 0.71 | | EBIT Margin | 14.9% | 16 ...

证券研究报告：纺织服饰 | 公司点评报告 总股本/流通股本（亿股）11.69 / 8.71 52 周内最高/最低价 11.16 / 8.66 市盈率 21.02 股票投资评级 公司基本情况 总市值/流通市值（亿元）130 / 97 资产负债率(%) 27.3% 第一大股东 伟星集团有限公司 买入|维持 个股表现 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 2023-04 2023-06 2023-09 2023-11 2024-02 2024-04 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） 11.14 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 伟星股份(002003) 2024 年 4 月 18 日 23 年拉链纽扣量价齐升，净利率优化 ⚫ 事件回顾 公司公布 2023 年年报，报告期实现收入 39.1 亿元，同增 7.67%， 实现归母净利润 5.6 亿元，同增 14.21%，实现扣非归母净利润 5.3 亿 元，同增 12.47%，其中 23Q4 实现收入 1 ...

请务必阅读正文之后的信息披露和免责申明 1 公司报告 | 年报点评报告 公司报告 | 年报点评报告 越南工业园的建设正按照既定计划稳步推进，预计将于二季度正常投产。 根据公司规划，越南工业园一期投产后预计会形成年产各类拉链 12,400 万条、金属扣 39,800 万套的生产能力。待越南工业园正式建成运营后， 公司海外产能将有所提升。伴随越南基地投运，伟星将启动成长第二曲 线，更加全面满足品牌客户要求，充分放大竞争力优势。 公司始终坚持可持续发展，紧扣"转型升级"和"投入产出"两条主线， 持续聚焦全球布局及数智制造两大核心，以市场需求与客户需求为导向， 研产销有效协同，常态攻坚，深化转型，不断强化核心竞争优势，逆势实 现公司经营业绩的稳健增长。根据公司业绩及公告中收入预测，我们调整 盈利预测，预计公司 24-26 年收入分别为 45.01/51.49/59.94 亿元（24-25 年前值分别为 47.32/54.13 亿元），归母净利分别为 6.39/7.13/8.63 亿元 （24-25 年值分别为 6.57/7.50 亿元），EPS 分别为 0.55/0.61/0.74 元/股， 对应 PE 分别为 22 ...

[盈利预测与财务指标 Table_Forcast] 推荐 维持评级 当前价格： 11.79 元 1.伟星股份（002003.SZ）2023 年三季报点 评：Q3 营收稳健恢复，产能扩张值得期待-2 023/10/27 2.伟星股份（002003.SZ）2022 年三季报点 评：短期因素无碍长期优势，新兴需求或将萌 发-2022/10/29 营业总收入 3,907 4,531 5,229 5,883 成长能力（%） 管理费用 407 472 544 611 盈利能力（%） 资产减值损失 -2 -2 -2 -2 净资产收益率 ROE 12.83 13.20 13.30 13.19 利润总额 666 785 912 1,042 现金比率 1.00 1.19 1.38 1.68 EBITDA 906 1,004 1,155 1,293 存货周转天数 91.09 90.91 90.97 90.95 | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------| | 资产负债表（百万元） | 2023A | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a return exceeding 15% over the next 6-12 months [10]. Core Insights - In 2023, the company achieved a revenue of 3.907 billion yuan, representing a year-on-year growth of 7.67%, and a net profit attributable to shareholders of 558 million yuan, with a growth of 14.21% [7][25]. - The company has shown resilience in performance despite challenges in downstream inventory adjustments and weak industry demand, with an increase in net profit margin by 0.82 percentage points to 14.29% [7][8]. - The company is focusing on major clients, enhancing customer satisfaction, and expanding its global strategy, which has led to steady growth in international business [8]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue is projected to grow from 3.907 billion yuan in 2023 to 4.524 billion yuan in 2024, with a growth rate of 15.81% [3]. - Net profit is expected to increase from 558 million yuan in 2023 to 671 million yuan in 2024, reflecting a growth rate of 20.20% [3]. - Earnings Per Share (EPS) is forecasted to rise from 0.48 yuan in 2023 to 0.57 yuan in 2024 [3]. - The company’s return on equity (ROE) is projected to improve from 12.83% in 2023 to 14.93% in 2024 [3]. Operational Metrics - The company’s gross margin improved by 1.91 percentage points to 40.92% in 2023, driven by changes in order structure and a decrease in raw material prices [7]. - The capacity utilization rate for 2023 was 66.81%, an increase of 3.51 percentage points year-on-year [7]. - The company plans to enhance its product offerings and expand production capacity, particularly in Vietnam, to strengthen its competitive edge [25].

社会责任报告 SOCIAL RESPONSIBILITY REPORT 2023 浙江伟星实业发展股份有限公司 2024.04 拉链 钮扣 金属制品 塑胶制品 绳带 标牌 箱包配件 织带 前言 感谢您阅读《浙江伟星实业发展股份有限公司2023年度社会责任报告》。 为了便于您的阅读，我们对本报告作如下说明： 报告范围 本报告是浙江伟星实业发展股份有限公司（以下简称"公司"）上市以来编制的第十六份报告，报告 总体涵盖了公司2023年度在经营发展过程中积极履行企业公民责任情况。基于社会责任履行的持续性， 报告中所涉及的内容包括但不局限于2023年度。 编写依据 本报告编写的主要依据为《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》 《中国企业社会责任报告指南》等文件，并综合考虑了公司业务特点及行业特性，结合在履行社会责任方面 的具体情况编制而成。 联系方式 0576-85125002 0576-85126598 002003@weixing.cn 1. 关于公司 ABOUT THE COMPANY | 2.1 保障股东与债权人权益 | 11 | | --- | --- | | 2.2 维护员工合法 ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-010 浙江伟星实业发展股份有限公司 关于会计政策变更的公告 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。 特别提示：本次会计政策变更不会对公司财务状况、经营成果和现金流量等产生重大影 响。 2024年4月17日，公司第八届董事会第十五次会议审议通过了《关于会计政策变更的议 案》，决定根据中华人民共和国财政部（以下简称"财政部"）相关通知的要求，执行新的 企业会计政策。具体情况如下： 1、变更的原因 2023 年 10 月 25 日，财政部发布了《关于印发<企业会计准则解释第 17 号>的通知》（财 会[2023]21 号）（以下简称"解释第 17 号"），对"关于流动负债与非流动负债的划分""关 于供应商融资安排的披露""关于售后租回交易的会计处理"等内容做了相关规定。 2、变更前采用的会计政策 一、本次会计政策变更概述 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》和各项具 体会计准则、企业会计准则应用指南、企业会计准则解释公告 ...

天健审〔2024〕2184 号 浙江伟星实业发展股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江伟星实业发展股份有限公司（以下简称伟星股份公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 内部控制审计报告 中国·杭州 中国注册会计师：朱小雪 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，伟星股份公司于 2023 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 第 1 页 共 2 页 天健会计师事务所（特殊普通合伙） 中国注册会计师：江娟 按照《企业内部控制基本规范》《企业内部控制应用指 ...