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].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 4.67 billion yuan for 2024, representing a year-on-year growth of 19.7%, and a net profit of 700 million yuan, which is a 25.5% increase year-on-year [7][12] - The international market revenue grew by over 30%, indicating a strong competitive advantage being replicated globally [1][7] - The company has a robust cash dividend policy, with a total cash dividend of 585 million yuan for 2024, resulting in a dividend payout ratio of 83.5% [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 5.17 billion yuan, with a year-on-year growth rate of 10.5% [6] - The projected net profit for 2025 is 791 million yuan, reflecting a 13.0% year-on-year increase [6] - The gross margin is expected to improve slightly to 42.0% in 2025, with a return on equity (ROE) projected at 17.3% [6] Sales and Market Performance - Domestic revenue for 2024 reached 3.09 billion yuan, a 14.7% increase, while international revenue was 1.58 billion yuan, growing by 30.6% [7] - The company’s production capacity utilization rate improved to 66.8%, with domestic utilization at 73.2% and international at 48% [7] Strategic Outlook - The company is expanding its production capacity, particularly in Vietnam, which is expected to enhance its competitive edge and long-term growth potential [7] - The report emphasizes the company's transition towards digital manufacturing as a key driver of its high growth [7]

事件概述 公司作为国内服饰辅料龙头企业，市场给予了较高估值溢价主要在于：凭借高智能化和信息化水平，长 期存在抢占YKK 份额空间，业绩稳定性强，叠加高分红。1）短期来看，公司25 年继续紧扣"转型升 级"和 "投入产出"两条主线，从而带动量价齐升；公司公告计划25 年实现收入50 亿元，利润率达15%。 2）公司"产品+服务"经营理念有望深度绑定客户，随着老客户订单份额提升及新客户拓展有望进一步提 高市占率， 客户结构持续改善及产品结构高端化升级有望带动公司盈利能力进一步提升。3）公司积极 布局海外产能，随着越南产能投产及孟加拉产能爬坡，进一步提升产能规模优势，抢占市场份额。维持 公司25-26 年营收预测52.55/58.52 亿元，新增27 年收入预测64.71 亿元；维持25-26 年归母净利预测 8.1/9.1 亿元，新增27 年净利预测10.2 亿元，对应25-27 年EPS0.69/0.78/0.87 元，2025 年3 月28 日收盘价 12.71 元对应PE 分别为18/16/15X，维持"买入"评级。 2024 年向全体股东每 10 股派发现金红利3 元，结合中期每 10 股派发现金红利2 ...

Core Insights - Zhejiang Weixing Industrial Development Co., Ltd. reported a revenue of 4.674 billion yuan for 2024, representing a year-on-year growth of 19.66%, and a net profit of 700 million yuan, up 25.48% [1] Business Performance - The button and zipper segments are the main revenue pillars, with button revenue reaching 1.954 billion yuan, a growth of 22.18%, and zipper revenue at 2.484 billion yuan, increasing by 15.94% [2] - Other apparel accessory products saw significant growth, with revenue of 164 million yuan, marking a 41.92% increase [2] Market Segmentation - Domestic market remains the primary revenue source, generating 3.094 billion yuan, a 14.74% increase, while international business revenue reached 1.581 billion yuan, growing by 30.62%, accounting for 33.81% of total revenue [2] - The company focuses on key provinces and cities in China and has established over 50 sales subsidiaries and offices [2] Capacity Expansion - Significant progress in capacity construction with upgrades in Bangladesh and successful production in Vietnam, leading to enhanced overseas manufacturing capabilities [3] - The company operates nine industrial parks with an annual production capacity of 12 billion buttons and 910 million meters of zippers, positioning itself as a large-scale comprehensive apparel accessory enterprise in China [3] Strategic Outlook - The company aims to leverage its overseas capacity to respond quickly to global customer demands, strengthen existing partnerships, and expand into emerging markets [3]

养老金视角，本期较上一季度持股减少的养老金基金共计2个，包括基本养老保险基金八零五组合、基 本养老保险基金二一零五组合，持股减少占比小幅下跌。本期较上一季未再披露的养老金基金共计1 个，即基本养老保险基金一零零一组合。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.88%。 公募基金方面本期较上一季度持股减少的公募基金共计13个，主要包括融通动力先锋混合A/B、广发稳 健增长混合A、银华-道琼斯88指数、银华明择多策略定期开放混合、长信内需成长混合A等，持股减少 占比达0.44%。本期较上一季度新披露的公募基金共计97个，主要包括嘉实价值发现三个月定期混合、 睿远均衡价值三年持有混合A、农银新兴消费股票、嘉实沪港深精选股票、长信银利精选混合A等。本 期较上一季未再披露的公募基金共计33个，主要包括广发优企精选混合A、广发价值增长混合A、广发 行业领先混合A、博时凤凰领航混合A、广发核心精选混合等。 对于社保基金，本期较上一期持股增加的社保基金共1个，即易方达基金管理有限公司-社保基金1104组 合，持股增加占比小幅上涨。 2025年3月29日，伟星股份(00 ...

浙江伟星实业发展股份有限公司 2024 年度内部控制评价报告 根据《企业内部控制基本规范》及其配套指引、《公开发行证券的公司信息披露编报规 则第 21 号——年度内部控制评价报告的一般规定》等内部控制监管要求(以下简称"企业内 部控制规范体系")，结合浙江伟星实业发展股份有限公司(以下简称"公司")内部控制制 度和评价方法，在日常经营管理和专项监督的基础上，我们对公司 2024 年 12 月 31 日的内 部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。高管层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、 高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容 的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅 能为实现上述目标提供合理保证。此外，由于 ...

浙江伟星实业发展股份有限公司 与此同时，国际品牌客户对于供应链安全、多元化和区域化布局的要求越来越迫切， 而消费者对高端品质、个性生活、绿色环保的追求，使中高端品牌服饰的需求持续增长， 推动着纺织服装、服饰业逐渐朝着时尚品味、低碳环保、柔性化定制方向发展。这对与之 提供配套的服饰辅料企业提出了更高的要求，也给予适应行业发展、具备综合竞争实力的 规模企业更多机会。 二、公司总体发展情况 报告期，公司始终坚持以"可持续发展"为核心，紧扣"转型升级"和"投入产出" 两条主线，积极把握行业景气度的变化，以客户需求为核心，加速推进全球化战略布局， 强化战略落地与组织发展，不断提升公司的核心竞争力，取得了良好的经营业绩。2024年 度，公司实现营业总收入46.74亿元，较上年同期增长19.66%；归属于上市公司股东的净利 润7.00亿元，较上年同期增长25.48%；归属于上市公司股东的扣除非经常性损益的净利润 6.88亿元，较上年同期增长29.09%。 1 2024年度董事会工作报告 2024 年度，浙江伟星实业发展股份有限公司（以下简称"公司"）董事会严格遵守相 关法律法规及《公司章程》等有关规定，勤勉忠实履行各项职责 ...