证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 | --- | |----------------| | | | 投资者关系活动 | | 类别 | | | | | | 参与单位名称及 | | 人员姓名 | | | | 时间 2024 | 地点 - 上市公司接待人 员姓名 谢瑾琨等 互动环节 1、目前接单情况如何？ 答：目前公司订单增速相比上半年已有所回落，但仍保持一定的增长态势。 2、公司订单能见度大概是多久？ 答：由于公司产品的生产周期一般在 3-15 天，所以总体来说，订单能见度相 对较短。 3、公司产品的定价模式是怎样的？ 投资者关系活动 主要内容介绍 答：公司采用成本加成的定价模式。由于辅料产品非标属性明显，公司会制 定基础款产品的价格，再根据实际生产过程中涉及到的工艺、要求等进行合理定 价。 4、孟加拉发生暴乱，对公司是否造成影响？ 答：孟加拉发生骚乱对当地特别是达卡等主要城市的社会生活和经济活动确 实造成了较大冲击，但因公司孟加拉工业园位于库米拉地区，受该事件的影响较 小。 5、公司是如何拓展海外市场的？ 答：公司主要通过以下几方面来拓展海外市场：一 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Insights - In the first half of 2024, the company achieved a revenue of 2.3 billion yuan, representing a year-on-year growth of 25.6%, and a net profit attributable to the parent company of 420 million yuan, up 37.8% year-on-year [5] - The company plans to distribute a dividend of 0.2 yuan per share, totaling 234 million yuan, which accounts for 56% of the net profit for the first half of the year [5] - The company’s core businesses, including zippers and buttons, have shown significant growth, with zipper revenue reaching 1.26 billion yuan, a 24.0% increase year-on-year, and button revenue at 927 million yuan, up 27.1% year-on-year [5] - The company has opened a factory in Vietnam, which is currently in the preparation stage for customer orders, enhancing its global market expansion [5] - The company is focused on product research and "smart" manufacturing to enhance its core competitiveness [5] Financial Summary - The company’s revenue is projected to reach 4.497 billion yuan in 2024, with net profit expected to be 646 million yuan [6][7] - The gross profit margin is forecasted to be 40.8% in 2024, with a net asset return rate of 14.5% [9] - The company has maintained a consistent dividend payout ratio, averaging 77% since 2010, with a current dividend yield of 3.6% [5][9]

证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 | --- | |----------------| | | | 投资者关系活动 | | 类别 | | | | | | | | | | 参与单位名称及 | | 人员姓名 | | | | | | | | 时间 2024 | 地点 - 上市公司接待人 员姓名 谢瑾琨等 互动环节 1、目前接单情况如何？ 答：受终端消费景气度等影响，下游客户下单谨慎，公司当前订单增速相较 于上半年已有所回落，但仍保持一定的增长态势。 2、公司上半年钮扣业务增速好于拉链的原因是什么？ 答：上半年钮扣增速好于拉链的原因是金属制品表现较好，同时其价值相对 投资者关系活动 主要内容介绍 较高，因此上半年钮扣增速快于拉链。 3、今年越南工业园订单情况如何？ 答：越南工业园由于今年 3 月刚建成投产，目前主要以客户验厂、流程优化 以及员工培训等事项为主，总体来说，今年越南实际接单相对有限。 4、公司对于海外生产基地的布局晚于服装加工厂的原因是什么？ 答：随着国内人工成本高企和环保趋严等，服装加工厂逐渐往东南亚迁徙， 但服饰辅料行业对于劳动用工成本的敏 ...

Group 1: Production and Business Performance - The company's production cycle generally ranges from 3 to 15 days, depending on capacity saturation and order volume [2] - In the first half of the year, the button business performed slightly better than the zipper business [2] - The company anticipates a sustainable improvement in gross profit margins, adhering to a win-win cooperation principle rather than solely pursuing high margins [2] Group 2: Market and Customer Insights - The company is actively expanding its international strategy and has made progress in acquiring new customers, although developing new brand clients will take time [3] - The actual concentration of the company's top five clients is significant, but the reported concentration is low due to differences in data collection methods [3] - The visibility of orders is relatively short, given the production cycle of 3 to 15 days [3] Group 3: Future Planning and Capacity - The company has outlined its capacity planning for the next few years, focusing on ongoing fundraising projects, with a new production project in Vietnam launched in March 2024 [3] - The capacity utilization rate in Vietnam is expected to be low this year due to the recent establishment of the industrial park and limited order volume [3] - The company remains committed to a high dividend policy, considering annual profit distribution plans based on profitability, future development needs, and shareholder interests [4]

证券研究报告·公司点评报告·纺织制造 伟星股份（002003） 2024 年中报点评：超预期靓丽业绩，长期可 持续增长稀缺标的 2024 年 08 月 18 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3628 | 3907 | 4580 | 5238 | 5939 | | 同比（ % ） | 8.12 | 7.67 | 17.24 | 14.36 | 13.39 | | 归母净利润（百万元） | 488.65 | 558.11 | 694.55 | 803.44 | 918.77 | | 同比（ % ） | 8.92 | 14.21 | 24.45 | 15.68 | 14.35 | | EPS- 最新摊薄（元 / 股） | 0.42 | 0.48 ...

证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|----------| | | 2024-029 | | | | | 投资者关系活动 | | | 类别 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 参与单位名称及 | | | 人员姓名 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 招商基金：张大印 | --- | |--------------------------------------| | 长盛基金：吕睿竞 | | 长江养老保险：曾知 | | 长城基金：杨建华、柴程森 | | 圆信永丰基金：李明阳、许一欣 | | 元兹投资：黄颖峰 | | 永赢基金：安慧丽 | | 银叶投资：李悦 | | 银华基金：张梦龙、韩 ...

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 22.96 亿，同比增长 25.6%，实现归母净利润 4.16 亿，同比增长 37.8%，超市场预期，其中 24Q2 收入和归母净利润分别同比增 长 32.2%和 36.2%。2024H1 拟 10 派 2 元，现金分红金额 2.3 亿，派息率为 56%。 ⚫ 分产品来看，24H1 拉链、纽扣和其他服装辅料收入分别同比增长 24%、27.1%和 23.2%。分地区来看，24H1 国内和海外收入分别同比增长 24.8%和 27.2%。 ⚫ 公司产能利用率明显提升。24H1 综合产能利用率为 70.7%，去年同期为 57.1%； 拆分来看，国内和海外产能利用率分别为 75.5%和 49.6%，去年同期分别为 58.9% 和 44.7%。 ⚫ 毛利率+其他收益增长，带动盈利能力明显改善。24H1 综合毛利率同比提升 0.6pct，拆分来看，拉链和纽扣的毛利率分别同比增长 0.3pct 和 0.3pct，我们判断 主要源于产 ...

F原证券 纺织服饰/纺织制造 伟星股份（002003.SZ） 2024 年 08 月 15 日 2024H1 业绩超预期，看好长期成长逻辑持续兑现 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------------|------------------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/8/14 | 吕明（分析师） \nlvming@kysec.cn 证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn 证书编 ...

伟星股份（002003.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 产能利用率提升明显，24Q2 收入与利润增长亮眼 2024 年 08 月 15 日 ➢ 事件概述。伟星股份发布 2024 年半年度报告。24H1，实现营收 22.96 亿 元，同比+25.57%，归母净利润为 4.16 亿元，同比+37.79%，扣非归母净利润 为 4.01 亿元，同比+33.65%。24Q2，营收为 14.96 亿元，同比+32.20%，归 母净利为 3.38 亿元，同比+36.17%，扣非归母净利为 3.25 亿元，同比+31.06%。 因 24H1 存在 1449 万政府补助，而 23H1 为 762 万，归母净利增速快于扣非。 ➢ 钮扣与拉链产品收入增速较快，产能利用率同比提升。1）收入拆分：钮扣 产品收入增速领先，国际地区收入增速快。分产品看，24H1，钮扣收入 9.27 亿 元，同比+27.13%，占收入比重为 40.39%，同比+0.50 pct；拉链收入 12.59 亿 元，同比+24.02%，占收入比重为 54.82%；其他服饰辅料收入 0.76 亿元，同比 +23.23 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.3 billion yuan, a year-on-year increase of 25.6%, and net profit of 416 million yuan, up 37.8% [4][6]. - The second quarter of 2024 saw a record high in both revenue and net profit, with quarterly revenue of 1.5 billion yuan, a 32.2% increase year-on-year, and net profit of 338 million yuan, up 36.2% [4][5]. - The company is experiencing strong order growth and improved production efficiency, leading to enhanced profitability, with a gross margin of 41.8% for the first half of 2024 [5][6]. Summary by Sections Financial Performance - The company achieved a net profit margin of 18.1% in the first half of 2024, an increase of 1.6 percentage points year-on-year, with a second-quarter net profit margin of 22.6% [5][6]. - The operating cash flow for the first half of 2024 was 390 million yuan, a 60% increase year-on-year, supporting a cash dividend of 0.2 yuan per share [4][5]. Market and Product Analysis - The company reported strong growth across all product categories, with zipper revenue of 1.26 billion yuan (up 24%), button revenue of 930 million yuan (up 27%), and other apparel accessories revenue of 76 million yuan (up 23%) [5][6]. - Domestic revenue accounted for 67% of total revenue, while international revenue made up 33%, with both segments showing robust growth [5][6]. Strategic Outlook - The company is advancing its internationalization strategy, with the opening of a new industrial park in Vietnam, which is expected to enhance its market share in Southeast Asia [5][6]. - The report projects an upward revision in revenue growth rates and profit forecasts, estimating net profits of 700 million yuan, 808 million yuan, and 931 million yuan for 2024, 2025, and 2026 respectively [6][7].