公司报告 | 年报点评报告 伟星股份（002003） 证券研究报告 持续深化竞争相对优势 公司发布 2024 年财报 24Q4 公司收入 11 亿同增 9%，归母净利 0.8 亿同增 197%，扣非后归母净 利 0.8 亿同增 161%。24 年公司收入 47 亿同增 20%，归母净利 7 亿同增 25%， 扣非后归母净利 6.9 亿同增 29%。 24 年分业务看，公司纽扣收入 20 亿占总 42%，同增 22%。拉链收入 25 亿 占总 53%，同增 16%；其他辅料收入 1.6 亿占总 4%同增 42%，系公司织带 及其他产品收入增加较快所致。 分地区看，国内收入 31 亿占总 66%，同增 15%；国际 16 亿占总 34%，同 增 31%。 截止 24 年，公司总产能纽扣 120 亿粒，拉链 9.1 亿米，产能利用率 69%（23 年为纽扣 116 亿粒及拉链 8.5 亿米，产能利用率 67%）。 以客户为中心，统筹资源，多措并举实现份额稳健增长 调整盈利预测，维持"买入"评级 基于 2024 年经营业绩表现，我们调整盈利预测，预计公司 25-27 年收入分 别为 53 亿、59 亿、68 亿（25 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][18]. Core Views - The company reported a revenue of 11 billion with a year-on-year growth of 9% in Q4 2024, and a net profit attributable to shareholders of 0.8 billion, reflecting a significant increase of 197% [1]. - For the full year 2024, the company achieved a revenue of 47 billion, up 20% year-on-year, and a net profit of 7 billion, which is a 25% increase [1]. - The company is focusing on enhancing its competitive advantages through innovation, customer satisfaction, and expanding its international presence, with international business revenue growing by over 30% [2][3]. Financial Performance - In 2024, the company's revenue breakdown shows that button sales accounted for 20 billion (42% of total revenue), zipper sales for 25 billion (53%), and other accessory sales for 1.6 billion (4%) [1]. - The company plans to achieve a revenue target of 50 billion in 2025, with total operating costs controlled at 42.5 billion [5]. - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 53 billion, 59 billion, and 68 billion respectively, with net profits of 8 billion, 9 billion, and 11 billion [6]. Production Capacity and Utilization - As of 2024, the company has a total production capacity of 12 billion buttons and 9.1 billion meters of zippers, with a capacity utilization rate of 69% [1]. Strategic Initiatives - The company is advancing its digital manufacturing strategy, focusing on building smart factories and enhancing its global supply chain capabilities [4]. - The company holds 1,372 valid patents as of the end of 2024, indicating a strong emphasis on innovation and design [3].

Core Insights - The company achieved a revenue growth of 19.7% year-on-year, reaching 4.674 billion yuan, with a net profit increase of 25.5% to 700 million yuan [1] - The gross profit margin improved by 0.81 percentage points to 41.73%, driven by a higher proportion of high-margin products and enhanced capacity utilization [1] - The company plans to distribute a dividend of 3 yuan for every 10 shares, resulting in an annual dividend payout ratio of 83.46% [1] Financial Performance - The fourth quarter saw a revenue increase of 9.2% year-on-year to 1.094 billion yuan, with net profit soaring by 197.5% to 77 million yuan, primarily due to changes in performance bonus accrual timing [1] - The gross margin for the fourth quarter decreased by 0.4 percentage points to 38.6%, while the net profit margin increased by 4.4 percentage points to 7.0% [1] Market Segmentation - Revenue from buttons and zippers grew by 22.2% and 15.9% respectively, reaching 1.954 billion yuan and 2.484 billion yuan, with gross margins improving [2] - Domestic market revenue rose by 14.7% to 3.094 billion yuan, while international market revenue increased by 30.62% to 1.581 billion yuan [2] - The company’s total production capacity for buttons increased to 12 billion pieces and for zippers to 910 million meters, with overall capacity utilization rising by 2 percentage points to 68.82% [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][30]. Core Views - The company is expected to achieve a revenue growth of 19.7% in 2024, reaching 4.674 billion yuan, with a net profit increase of 25.5% to 700 million yuan [1][4]. - The company maintains a strong growth momentum, with a projected compound annual growth rate of around 10% in the medium to long term, despite a conservative outlook for 2025 due to a weak domestic consumption environment and tariff uncertainties [4][29]. Financial Performance Summary - **2024 Financial Projections**: Revenue is expected to grow to 4.674 billion yuan, with a net profit of 700 million yuan, and a non-recurring net profit of 688 million yuan [1][31]. - **Fourth Quarter Performance**: The fourth quarter saw a revenue increase of 9.2% to 1.094 billion yuan, with a significant net profit increase of 197.5% to 77 million yuan, primarily due to changes in performance bonus accrual timing [2][3]. - **Product Category Performance**: Revenue from buttons and zippers grew by 22.2% and 15.9% respectively, driven by both volume and price increases [3][28]. - **Regional Performance**: Domestic revenue increased by 14.7% to 3.094 billion yuan, while international revenue rose by 30.62% to 1.581 billion yuan [3][28]. Cost and Profitability Metrics - The gross margin improved by 0.81 percentage points to 41.73% due to a higher proportion of high-margin products and increased capacity utilization [1][4]. - Operating profit margin and net profit margin increased by 1.0 and 0.9 percentage points to 18.2% and 15.1% respectively [1][4]. - Inventory and accounts receivable turnover days decreased by 5 and 1 days to 86 and 38 days respectively, indicating improved operational efficiency [1][4]. Dividend Policy - The company plans to distribute a dividend of 3 yuan per 10 shares, resulting in an annual dividend payout ratio of 83.46% [1][4].

面向全球的中国服饰辅料行业民族企业，伟星股份（002003.SZ）以国际化打开成长空间。 得益于全球化战略的深入推进，产品结构的优化以及国际市场竞争力的提升，2024年，伟星股份交出了 一份亮眼的成绩单。3月29日，伟星股份披露2024年年报显示，全年实现营业总收入46.74亿元，同比增 长19.66%；归属于上市公司股东的净利润7.00亿元，同比增长25.48%；扣非净利润6.88亿元，同比增长 29.09%。 分业务来看，国际业务表现尤为突出，海外市场的渗透力持续增强，实现营业收入15.81亿元，同比增 长30.62%。此外，其他服饰辅料产品（如织带等）收入同比增长41.92%，成为新的增长点，体现了公 司多元化布局的成效。 伟星股份一直坚持"可持续发展"和"和谐共赢"的理念，公司2024年度利润分配预案显示，公司2024年度 将累计现金分红总额为5.84亿元，占本年度归属于上市公司股东净利润的83.46%。保持连续多年保持稳 定高分红政策，彰显了管理层对公司未来发展的信心。 伟星股份坚持创新驱动，聚焦绿色环保领域，在可回收、可降解辅料研发上取得突破。截至2024年底， 公司拥有国内外专利1,372项，主 ...

证券研究报告 | 2025年04月01日 伟星股份（002003.SZ） 优于大市 2024 年收入增长 20%，盈利能力持续提升 全年收入增长 20%，盈利能力持续提升。2024 年收入同比增长 19.7%至 46.74 亿元；归母净利润同比增长 25.5%至 7.00 亿元；扣非归母净利润 同比增长 29.1%至 6.88 亿元。基于高毛利产品占比提升、产能利用率提 升、以及智能制造、数字化转型升级效果显现，综合毛利率同比提升 0.81 个百分点至 41.73%。销售、研发费用率分别同比下降 0.2/0.4 百分点， 管理费用率同比+0.5 百分点，主要受绩效奖金计提增加影响。经营利润 率、归母净利率分别同比提升 1.0/0.9 个百分点至 18.2%/15.1%。存货/ 应收账款周转天数同比缩短 5/1 天至 86/38 天。公司期末拟每 10 股派 息 3 元，叠加中期股息，全年分红率达 83.46%。 四季度收入稳健增长，由于奖金计提节奏变化净利润大幅提升。第四季度 收入同比+9.2%至 10.94 亿元，归母净利润同比+197.5%至 0.77 亿元， 大幅增长主要受益于绩效奖金计提时间从以往四季 ...

2025 年 3 月 31 日 公司研究 24 年业绩靓丽，25 年展望稳健增长 ——伟星股份（002003.SZ）2024 年年报点评 买入（维持） 当前价：12.00 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 11.69 | | 总市值(亿元)： | 140.27 | | 一年最低/最高(元)： | 9.85/15.28 | | 近 3 月换手率： | 49.98% | 股价相对走势 -10% 5% 19% 34% 49% 03/24 07/24 09/24 12/24 伟星股份 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1 ...

Investment Rating - The report maintains a strong buy rating for the company [1][3] Core Views - The company is expected to achieve a revenue growth of 20% and a net profit growth of 25% in 2024, driven by comprehensive growth in its zipper, button, and other accessory businesses, with international growth outpacing domestic growth [1][7] - The profitability is steadily improving, with the successful launch of the Vietnam factory expected to accelerate market share capture from YKK [1][8] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 770 million, 890 million, and 1.04 billion respectively, with corresponding P/E ratios of 19X and 17X for 2025 and 2026 [1][9] Revenue and Profitability - In 2024, the company achieved a revenue of 4.674 billion, a year-on-year increase of 19.66%, and a net profit of 700 million, up 25.48% year-on-year [7][11] - The revenue breakdown shows a 15.94% increase in zipper revenue to 2.484 billion and a 22.18% increase in button revenue to 1.954 billion [2][9] - The gross margin for 2024 is reported at 41.73%, with net margin at 15.12% [2][12] Cash Flow and Efficiency - Operating cash flow improved significantly, with a net cash flow of 1.09 billion in 2024, representing a 58.5% increase [8][10] - Inventory turnover days decreased to 86 days, and accounts receivable turnover days improved to 38 days [8][10] Production Capacity and Global Strategy - The company is advancing its smart manufacturing strategy and expanding overseas production capacity, with the Vietnam industrial park successfully launched [8][9] - The production capacity for buttons and zippers reached 12 billion and 910 million meters respectively, with overseas capacity accounting for 19.05% [8][9] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 5.119 billion, 5.902 billion, and 6.796 billion respectively, with expected growth rates of 10%, 15%, and 15% [9][11] - The projected net profit for the same years is 771 million, 894 million, and 1.037 billion, with growth rates of 10% and 16% [9][11]

证券研究报告 | 公司点评 | 纺织制造 伟星股份(002003) 报告日期：2025 年 03 月 30 日 24 年报如期靓丽，量价齐升利润率向上 ——伟星股份点评报告 投资要点 ❑ 公司发布 24 年报， 24 年实现收入 46.7 亿元，同比+19.7%，归母净利润 7.0 亿 元，同比+25.5%，业绩如期高增；单 Q4 实现收入 10.9 亿元，同比+9.2%，归母 净利润 0.8 亿元，同比 197.5%，净利润高增主要系 24 年奖金计提方式变更，由 以往在 Q4 一次性计提改为按季度计提，24Q1-3 已计提相关奖金 8931.5 万元。 ❑ 纽扣增速领跑，纽扣拉链均量价齐增，毛利率提升 分品类来看，24 年拉链、纽扣收入分别同比+15.9%、+22.2%至 24.8、19.5 亿 元，其中销量分别同比+5.9%、+9.3%至 5.3 亿米、97.4 亿粒，ASP 同比+9.5%、 +11.8%至 4.7 元/米、0.2 元/粒，产能利用率分别-0.5pp、+4.7pp 至 58.6%、 81.8%，整体产能利润率同比+2.0pp 至 68.6%，量价齐升叠加订单充沛产能提升 下毛利率分别+ ...

Core Viewpoint - The company is expected to maintain stable growth in 2025, with a strong long-term growth logic likely to continue to materialize, despite potential impacts from U.S. tariffs on orders [1][3]. Financial Performance - In 2024, the company's revenue is projected to be 4.67 billion yuan, representing a year-on-year increase of 19.6%, while the net profit attributable to shareholders is expected to be 706 million yuan, up 26.4% year-on-year [2]. - The company's non-recurring net profit is forecasted at 690 million yuan, reflecting a 29.5% year-on-year growth, with a gross margin of 41.7%, an improvement of 0.8 percentage points [2]. - The dividend payout ratio for 2024 is set at 83% [2]. Product Performance - Revenue from buttons is expected to reach 1.95 billion yuan, a 22% increase year-on-year, with a gross margin of 42.96%, up 0.75 percentage points [2]. - Revenue from zippers is projected at 2.48 billion yuan, a 16% year-on-year increase, with a gross margin of 42.12%, an increase of 1.11 percentage points [2]. International Operations - The overseas gross margin is anticipated to decline by 1.56 percentage points to 42.16% in 2024, primarily due to losses from the Vietnam industrial park, which is expected to generate 32.1 million yuan in revenue but incur a loss of 58.32 million yuan [3]. - The company expects the losses from the Vietnam industrial park to narrow in 2025 as revenue increases [3]. Cost Management - For 2025, the company forecasts a decrease in sales and management expense ratios by 0.2 percentage points, while the R&D expense ratio is expected to increase by 0.5 percentage points [3]. - Financial expenses are projected to decrease due to increased interest income and foreign exchange gains [3]. Market Outlook - The company anticipates steady growth in order intake in 2025, driven by stable domestic and international apparel consumption [3]. - The company is focused on capturing market share from international leaders through advantages in delivery, design, and service [3].