| --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3628 | 3907 | 4365 | 4959 | 5813 | | (+/-)YoY(%) | 8.1% | 7.7% | 11.7% | 13.6% | 17.2% | | 净利润（百万元） | 489 | 558 | 611 | 679 | 803 | | (+/-)YoY(%) | 8.9% | 14.2% | 9.4% | 11.3% | 18.3% | | 全面摊薄 EPS( 元 ) | 0.42 | 0.48 | 0.52 | 0.58 | 0.69 | | 毛利率 (%) | 39.0% | 40.9% | 40.8% | 41.1% | 41.3% | | 净资产收益率 (%) | 16.9% | 12.8% | 13.5% | 14. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.75 CNY, reflecting confidence in its long-term growth potential [2][21]. Core Insights - The company reported a revenue of 3.91 billion CNY in 2023, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 558 million CNY, up 14.2% year-on-year. The fourth quarter saw a significant revenue growth of 23.8% to 1 billion CNY, with a net profit of 26 million CNY, marking a turnaround from losses [7][8]. - The company plans to distribute a dividend of 530 million CNY, resulting in a dividend payout ratio of approximately 94%, exceeding market expectations [7]. - The company aims for a revenue target of 4.5 billion CNY in 2024, representing a year-on-year growth of 15.2% [7]. Financial Performance - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 4.52 billion CNY (2024E), 5.20 billion CNY (2025E), 5.93 billion CNY (2026E) - Net profit: 655 million CNY (2024E), 762 million CNY (2025E), 890 million CNY (2026E) - Earnings per share: 0.56 CNY (2024E), 0.65 CNY (2025E), 0.76 CNY (2026E) [9][21]. - The gross margin is expected to improve slightly, with projections of 41.2% in 2024, maintaining a stable outlook for subsequent years [9]. Business Segments - The company’s zipper and button businesses showed strong recovery, with revenue growth of 6.8% and 9% respectively in 2023. In the second half of 2023, these segments grew by 17.3% and 14.3% respectively [7]. - Domestic and international revenues were 2.696 billion CNY and 1.21 billion CNY respectively, with year-on-year growth of 7.2% and 8.7% [7]. Strategic Initiatives - The company is advancing its capacity planning, including upgrades to its Bangladesh industrial park and the efficient development of its Vietnam facility, enhancing its global supply chain capabilities [7]. - The company has received multiple awards from major clients, indicating strong customer satisfaction and recognition in the industry [7].

Investment Rating - The report assigns a "Buy" rating, expecting the stock price to outperform the market by more than 10% over the next 12 months [7][10]. Core Insights - The company reported a revenue of 3.907 billion yuan for 2023, representing a year-on-year growth of 7.67%, and a net profit attributable to the parent company of 558 million yuan, up 14.21% year-on-year [17][18]. - The company anticipates a revenue target of 4.5 billion yuan for 2024, driven by the expected production release from its Vietnam industrial park [18]. - The company has proposed a cash dividend of 530 million yuan for 2023, which accounts for 94% of the net profit attributable to the parent company, exceeding expectations [18]. Financial Summary - Revenue growth rates are projected at 15.3% for 2024, 14.8% for 2025, and 14.8% for 2026 [9][14]. - The company's net profit margin improved to 14.3% in 2023, driven by better customer structure and an increase in gross margin for the zipper business [18]. - Earnings per share (EPS) are forecasted to be 0.54 yuan in 2024, 0.62 yuan in 2025, and 0.70 yuan in 2026 [18]. Market Performance - The company's stock has shown a relative performance against the market, with a decline of 22% from April 2023 to April 2024, compared to the CSI 300 index [3][8].

1、本次解除限售的股份为公司向特定对象发行的股票，拟解除限售股份的数量为 132,088,397股，占公司总股本的11.30%。 证券代码：002003 证券简称：伟星股份 公告编号：2024-015 浙江伟星实业发展股份有限公司 关于向特定对象发行股票限售股份解除限售 上市流通的提示性公告 浙江伟星实业发展股份有限公司（以下简称"伟星股份"或"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： 2、本次解除限售股份的上市流通日期为2024年4月23日（星期二）。 一、本次解除限售股份取得的基本情况 根据中国证券监督管理委员会出具的《关于同意浙江伟星实业发展股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2023〕1279号），公司向12名特定对象发行人民币普 通股132,088,397股（以下简称"本次发行"），并于2023年10月23日在深圳证券交易所上市， 该部分股票自上市之日起6个月内不得转让。发行完成后，公司总股本由1,037,182,156股增 至1,169,270,553股。 本次发行后至本公告披露日，公司未发生因利润分配、资本 ...

向特定对象发行股票限售股份解除限售上市流通的核查意见 东亚前海证券有限责任公司（以下简称"保荐机构"）作为浙江伟星实业发 展股份有限公司（以下简称"伟星股份"或"公司"）2022 年度向特定对象发行 股票的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《深圳证券交易所股票 上市规则》和《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求（2022 年修订）》等有关法律法规和规范性文件，对伟星股份向特定对象 发行股票限售股份解除限售上市流通事项进行了核查，核查具体情况及核查意见 如下： 东亚前海证券有限责任公司 关于浙江伟星实业发展股份有限公司 一、本次解除限售股份取得的基本情况 根据中国证券监督管理委员会出具的《关于同意浙江伟星实业发展股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕1279 号），公司向 12 名特定对象发行人民币普通股 132,088,397 股（以下简称"本次发行"），并于 2023 年 10 月 23 日在深圳证券交易所上市，该部分股票自上市之日起 6 个月内不得转 让。发行完 ...

证 券 研 究 报 告 纺织服饰 2024 年 04 月 19 日 伟星股份 (002003) ——23 年净利逆势增长 14%，24 年国际化将再进一步 一年内股价与大盘对比走势： 04-2005-2006-2007-2008-2009-2010-2011-2012-2001-2002-2003-20 -40% -20% 0% 20% 40% 伟星股份 沪深300指数（收益率） 《伟星股份（002003）点评：毛利上行、 控费优异，23Q3 单季净利增长略超预期》 2023/10/27 《伟星股份（002003）点评：定增项目完 成发行认购，三大战略驱动未来高成长》 2023/10/09 证券分析师 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司发布 2023 年报，利润端符合预期。1）23 年营收 39.1 亿元（同比+7.7%），归母净 利润 5.58 亿元（同比+14.2%），扣非归母净利润 5.33 亿元（同比+12.7%）。其中，23Q4 营收 10.0 亿元（同比+23.8%），归母净利润 0.26 亿元（扭亏为盈），扣非归母净利润 0.30 亿元（扭亏为盈）。可见，随着下游去库 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" and maintained [6] Core Views - The company reported a revenue of 3.91 billion yuan for 2023, an increase of 7.67% year-on-year, and a net profit attributable to shareholders of 560 million yuan, up 14.21% year-on-year [8][9] - The growth was driven by an increase in both volume and price of zipper and button products, with domestic and international markets contributing to the growth [9] - The gross profit margin improved to 40.92%, up 1.91 percentage points year-on-year, leading to a net profit margin of 14.29%, an increase of 0.8 percentage points year-on-year [9] Financial Summary - Total shares outstanding: 1.169 billion shares, with a circulating share count of 871 million shares [1] - Market capitalization: 13 billion yuan, with a circulating market value of 9.7 billion yuan [4] - Earnings per share (EPS) for 2023 was 0.48 yuan, with projected EPS for 2024, 2025, and 2026 at 0.56 yuan, 0.64 yuan, and 0.75 yuan respectively [11] - The company expects net profits of 650 million yuan, 754 million yuan, and 872 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20x, 17x, and 15x [9][11]