伟星股份 20240814 会议要点 1. 半年度业绩表现 伟星股份 2022 年上半年营业收入增长了 25%以上，税后净利润扣 非前为 37，扣非后为 33。这一增速符合纺织服装业辅料行业的基 本特征。公司在过去的几个季度中表现出持续改善的趋势，尤其是 在国内品牌去库存的背景下，下游客户的增速表现良好。 上半年， 伟星股份的营收和业绩表现超出预期，尤其是在经济低迷的环境 下，国内品牌对下半年消费品市场的预期变得谨慎。这种谨慎态度 源于 2022 年的库存压力和经济环境的叠加影响。 2. 国际市场拓展 伟星股份在国际市场的拓展上取得了一定成效，尤其是在国际品牌 | --- | --- | |-------------------------------------------------------------|-------| | | | | 客户的开拓上表现良好。公司在服饰辅料行业深耕多年，产品包括 | | | 纽扣、拉链及其他箱包配件等 8 个品类，主要为日用消费品行业提 | | | 供配套服务。公司近年来推进国际化、智能制造及数字化转型升 | | | 级，成为浙江省 20 家未来工厂之一。通过提升工艺 ...

Investment Rating - The report maintains a "Buy" rating for Weixing Stock (002003) [6] Core Views - Weixing Stock's 24H1 results show strong performance with revenue and net profit growth of 25.6% and 37.8% respectively, reaching 2.3 billion and 420 million [1] - The company's button and zipper businesses are thriving, with button revenue increasing by 27.1% to 930 million and zipper revenue up 24.0% to 1.26 billion [2] - International growth outperforms domestic growth, with international revenue increasing by 27.2% compared to domestic growth of 24.8% [3] - The company's Vietnam Industrial Park, operational since March 2024, is expected to drive future international growth despite initial challenges [3] - Weixing Stock maintains a high dividend payout ratio of 56.2%, consistent with its historical dividend policy [4] Financial Performance - 24H1 revenue reached 2.3 billion, with Q2 revenue at 1.5 billion, showing a 32.2% year-over-year increase [1] - Net profit for 24H1 was 420 million, with Q2 net profit at 340 million, a 36.2% year-over-year increase [1] - Gross margins for button and zipper businesses improved to 42.1% and 42.9% respectively [2] - Capacity utilization increased from 57.1% to 70.7%, with button production capacity reaching 5.9 billion units and zipper capacity at 440 million meters [2] Future Projections - Revenue is projected to grow by 17%, 14%, and 13% in 2024, 2025, and 2026 respectively, reaching 4.59 billion, 5.21 billion, and 5.90 billion [4] - Net profit is expected to grow by 25%, 14%, and 14% in the same period, reaching 700 million, 800 million, and 910 million [4] - The company's PE ratio is projected at 21X, 18X, and 16X for 2024, 2025, and 2026 respectively [4] Industry Position - Weixing Stock is recognized as one of the largest and most comprehensive apparel accessory manufacturers globally [4] - The company has over 30 years of experience in accessory production and is positioned to challenge industry leader YKK [4] International Expansion - The Vietnam Industrial Park, operational since March 2024, is a key component of the company's international strategy [3] - While facing initial challenges with capacity utilization and depreciation, the Vietnam facility is expected to contribute significantly to future growth [3] Dividend Policy - The company has a strong track record of dividend payments, with 21 cumulative dividends since its 2004 IPO [4] - Historical dividend payout ratios have been consistently high, with 88.9%, 74.3%, and 94.3% in 2021, 2022, and 2023 respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 12.08 CNY [1][2]. Core Insights - The company reported better-than-expected performance in the first half of 2024, with revenue and net profit attributable to shareholders increasing by 25.6% and 37.8% year-on-year, respectively [1]. - The company's revenue for the first half of 2024 reached 23.0 billion CNY, while the net profit attributable to shareholders was 4.2 billion CNY, with an EPS of 0.35 CNY and a proposed cash dividend of 0.2 CNY per share [1]. - The growth in profit outpaced revenue due to improvements in gross margin, a decrease in expense ratio, and an increase in other income, leading to a net profit margin increase of 1.6 percentage points to 18.1% [1]. - The company’s production capacity utilization rate improved by 13.6 percentage points year-on-year to 70.7% in the first half of 2024, with domestic and international capacity utilization rates at 75.5% and 49.6%, respectively [1]. Summary by Sections Financial Performance - The company achieved a revenue of 3,628 million CNY in 2022, projected to grow to 5,755 million CNY by 2026, with a compound annual growth rate of approximately 10.09% [3][4]. - The net profit attributable to shareholders is expected to rise from 489 million CNY in 2022 to 921 million CNY by 2026, reflecting a growth rate of 12.16% [3][4]. - The EPS is projected to increase from 0.42 CNY in 2022 to 0.79 CNY by 2026, with corresponding PE ratios decreasing from 29 to 15 [3][4]. Operational Highlights - The company’s international business revenue grew by 27.2% year-on-year, contributing to 33.1% of total revenue in the first half of 2024 [1]. - The company has successfully launched its industrial park in Vietnam, enhancing its international marketing network and client development [1]. Profitability Metrics - The gross margin for the first half of 2024 improved by 0.6 percentage points to 41.8%, with specific margins for buttons and zippers at 42.1% and 42.9%, respectively [1]. - The expense ratio decreased by 0.9 percentage points to 20.1%, with sales, management, and R&D expense ratios showing varied changes [1]. Future Outlook - The company has adjusted its profit forecasts for 2024-2026, increasing the net profit estimates by 7% for each year, with projected EPS of 0.61, 0.70, and 0.79 CNY for 2024, 2025, and 2026, respectively [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][45]. Core Views - The company achieved a revenue growth of 25.6% year-on-year in the first half of 2024, reaching 2.3 billion yuan, with a net profit growth of 37.8% to 420 million yuan. The gross margin improved by 0.6 percentage points to 41.8% [1][5]. - The second quarter saw an acceleration in revenue growth, with a year-on-year increase of 32.2% to 1.5 billion yuan, and a net profit growth of 36.2% to 340 million yuan. The gross margin reached a historical high of 43.9% [1][7]. - The company has expanded its overseas production capacity, with new factories in Vietnam contributing to a significant increase in production efficiency and utilization rates [1][44]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 4.505 billion yuan, with a year-on-year growth of 15.3%. Net profit is expected to reach 670 million yuan, reflecting a growth of 20.1% [2][46]. - The company plans to distribute a cash dividend of 0.2 yuan per share for the first half of 2024 [1][5]. Operational Highlights - The company has seen a notable increase in production capacity utilization, with overall utilization rates improving by 13.6% year-on-year. Domestic utilization rates increased by 16.6% [1][5]. - The revenue from zippers, buttons, and other apparel accessories grew by 24.0%, 27.1%, and 23.2% respectively in the first half of 2024 [1][44]. Market Outlook - The company is expected to maintain a steady growth rate and high profit margins despite anticipated slowdowns in the second half of 2024 due to weak terminal consumption and cautious expectations from downstream brand clients [1][45]. - The target price for the company's stock is maintained at 12.7 to 13.3 yuan, corresponding to a price-to-earnings ratio of 22-23x for 2024 [1][45].

证券研究报告：纺织服饰 | 公司点评报告 公司基本情况 总股本/流通股本（亿股）11.69 / 10.10 总市值/流通市值（亿元）141 / 122 52 周内最高/最低价 13.39 / 9.62 资产负债率(%) 27.3% 市盈率 22.79 第一大股东 伟星集团有限公司 股票投资评级 买入|维持 个股表现 -26% -19% -12% -5% 2% 9% 16% 23% 30% 37% 2023-08 2023-10 2024-01 2024-03 2024-06 2024-08 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） 12.08 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 伟星股份(002003) Q2 收入业绩超预期，拉链纽扣齐发力 ⚫ 事件描述 公司公布 24 年中报，24H1 实现收入 22.96 亿元，同比+25.6%， 实现归母净利润 4.16 亿元，同比+37.8%，扣非归母净利润 4.00 亿 元，同比+33.7%；其中 24Q2 实现收入 15.0 亿元，同比+32.2 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1] Core Views - The company reported strong performance in its semi-annual report, leading to an upward revision of profit forecasts. The expected net profits for 2024-2026 are projected to be 700.69 million, 823.73 million, and 985.43 million respectively, with corresponding EPS of 0.60, 0.70, and 0.84 [1][2] - The textile and apparel manufacturing industry is currently in a "relatively prosperous" cycle, benefiting from the continuous recovery of the European and American economies, which has positively impacted export trade [1] - The company is focusing on enhancing its international marketing network and brand development, particularly in overseas markets, with international revenue growth of 27.2% in the first half of 2024 [1] Financial Performance - In Q2 2024, the company achieved revenue of 1.5 billion, a year-on-year increase of 32%, and a net profit attributable to the parent company of 340 million, up 36% year-on-year. For the first half of 2024, total revenue reached 2.3 billion, a 26% increase, with a net profit of 420 million, reflecting a 38% growth [1] - The company's gross profit margin for the first half of 2024 was 41.8%, an increase of 0.58 percentage points year-on-year, with specific margins for zippers and buttons at 42.89% and 42.09% respectively [1] - Domestic revenue accounted for 67% of total revenue, with a year-on-year growth of 25%, while international revenue made up 33% with a growth of 27% [1] Business Segmentation - In the first half of 2024, zipper revenue was 1.26 billion, representing 55% of total revenue and a 24% increase year-on-year. Button revenue was 930 million, accounting for 40% of total revenue with a 27% increase [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 230 million [1] Market Positioning - The company is enhancing its comprehensive marketing capabilities to meet the increasing demands from downstream apparel brands regarding production scale, fashion design, and flexible manufacturing [1] - The company is accelerating its transition to high-end intelligent manufacturing and improving production management levels, with the opening of its Vietnam industrial park providing strong support for overseas market expansion [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.48 CNY, up from the previous target of 13.54 CNY [4] - The current stock price is 12.08 CNY [4] Core Views - H1 revenue and profit exceeded expectations, leading to an upward revision of full-year profit forecasts [3][4] - The company's H1 revenue reached 2.23 billion CNY, a 25.6% YoY increase, with net profit attributable to shareholders at 420 million CNY, up 37.8% YoY [5] - Gross margin improved to 41.8%, up 0.6 percentage points, driven by economies of scale and intelligent manufacturing [5] - The company's international market growth outpaced domestic growth, with international revenue increasing by 27.2% YoY [5] - The Vietnam factory, operational since March, is expected to significantly enhance international order-taking capabilities by 2024-2025 [5] Financial Performance - H1 revenue breakdown: buttons contributed 930 million CNY (+27.1% YoY), while zippers contributed 1.26 billion CNY (+24.0% YoY) [5] - H1 gross margin for buttons was 42.1%, and for zippers, it was 42.9%, both showing slight improvements [5] - The company's net profit margin increased to 18.3%, up 1.8 percentage points, with Q2 showing strong expense control [5] - Mid-term dividends amounted to 234 million CNY, with a payout ratio of 56% [5] Market and Industry Analysis - The company is a leader in the domestic apparel accessories industry, with strong growth resilience compared to peers [5] - The report forecasts 2024-2026 EPS at 0.60/0.68/0.77 CNY, up from previous estimates of 0.56/0.65/0.76 CNY [5] - The company is valued at 24x PE for 2024, higher than the industry average, reflecting its robust growth prospects [5] Future Outlook - Orders in August continued to show steady growth, with double-digit growth expected for H2 [5] - The Vietnam industrial park is projected to contribute significantly to international revenue by 2024, with expected revenue in the tens of millions [5] - The company's strong order momentum and capacity expansion are expected to drive sustained growth in the coming years [5]

Investment Rating - The report assigns a "Buy" rating to the company, maintaining the same rating as the previous report [1]. Core Views - The company reported better-than-expected performance in H1 2024, with revenue and net profit growth of 25.57% and 37.79% respectively, driven by improved operational efficiency and a decrease in expense ratios [1][2]. - The company plans to increase its mid-term cash dividend to 2 yuan per 10 shares, resulting in a dividend payout ratio of 56.22% and an annualized dividend yield of 3.3% [1]. - The company is actively enhancing its operational efficiency by consolidating production processes to a new industrial park, which is expected to support future growth [1]. Financial Performance Summary - In H1 2024, the company's revenue, net profit attributable to the parent company, and net profit excluding non-recurring items were 2.296 billion, 416 million, and 401 million yuan respectively, with significant year-on-year growth [1]. - The company achieved a gross margin of 41.80% in H1 2024, a slight increase from the previous year, while the net profit margin improved to 18.11% [2]. - The company’s inventory increased by 29% year-on-year to 778 million yuan, reflecting a rise in orders, while accounts receivable also grew by 33.54% [2]. Market Position and Growth Potential - The company is positioned as a leading domestic supplier of apparel accessories, benefiting from high valuation premiums due to its advanced automation and information technology capabilities [4]. - The report anticipates continued growth in the second half of 2024, driven by the end of destocking in downstream markets and an increase in order volumes [4]. - The company is expanding its overseas production capacity, particularly in Vietnam and Bangladesh, which is expected to enhance its market share and operational scale [4]. Earnings Forecast - The revenue forecast for 2024-2026 has been adjusted upwards to 47.02 billion, 52.55 billion, and 58.52 billion yuan respectively, reflecting strong order growth [4]. - The net profit forecast for the same period has also been revised to 7.1 billion, 8.1 billion, and 9.1 billion yuan, with corresponding EPS estimates of 0.60, 0.69, and 0.78 yuan [4].

证券研究报告 | 半年报点评 2024 年 08 月 14 日 伟星股份（002003.SZ） 2024H1 业绩增速优异，期待长期持续亮眼增长 公司 2024H1 营收增长 26%，业绩增长 38%，表现亮眼。公司发布 2024H1 中 报，营收同比增长 25.6%至 22.96 亿元，毛利率同比提升 0.6pcts 至 41.8%，销 售费用率同比提升 0.1pcts 至 8%，管理费用率同比降低 0.7pcts 至 9.1%，综上 归母净利率同比提升 1.6pcts 至 18.1%，归母净利润同比大幅增长 37.8%至 4.2 亿元，整体表现亮眼。单 Q2：公司单 Q2 营收同比增长 32.2%至 14.96 亿元，毛 利率同比略提升 0.5pcts 至 43.9%，归母净利润同比增长 36.17%至 3.38 亿元， 受益于客户订单需求的改善，公司二季度经营表现优异。 分品类看，2024H1 年纽扣营收增速略快于拉链，其他服饰辅料贡献优异表现。 1）纽扣&拉链业务：2024H1 公司纽扣/拉链营收增长 27.13%/24.02%至 9.3/12.6 亿元，我们判断短期以金属纽扣为代表客户需求或表现较好 ...

证券代码：002003 证券简称：伟星股份 公告编号：2024-034 浙江伟星实业发展股份有限公司 关于举办投资者接待日活动的通知 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。 为便于广大投资者深入了解公司情况，公司定于 2024 年 8 月 22 日下午举办投资者接待 日活动。具体情况如下： 1、活动时间：2024 年 8 月 22 日（星期四）14:00-16:00 2、活动地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅 3、活动方式：现场交流 4、出席人员：公司副董事长、总经理郑阳先生，董事、董秘兼副总经理谢瑾琨先生， 董事兼财务总监沈利勇先生（如有特殊情况，参会人员将作调整）。 5、预约登记：请参加本次活动的投资者提前与公司证券部进行预约登记（节假日除外）， 以便做好活动接待安排。 （1）登记方式：以现场、电话、传真或邮件的方式进行登记 （2）预约时间：2024 年 8 月 19 日前（8:30-11:30，13:30-16:00） （3）联系人：黄志强、郑婷燕 （4）电话：0576-8512 ...