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 ...

上 市 公 司 证 券 研 究 报 告 纺织服饰 2024 年 08 月 14 日 伟星股份 (002003) ——24Q2 归母净利润增长 36%，成长性开启提速换挡 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 13 日 | | 收盘价（元） | 12.08 | | 一年内最高/最低（元） | 13.53/9.33 | | 市净率 息率（分红/股价） | 3.2 3.73 | | 流通 A 股市值（百万元） | 12,204 | | 上证指数 / 深证成指 | 2,867.95/8,409.22 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.66 | | | | | 资产负债率 ...

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]

2024 年 8 月 14 日 公司研究 上半年业绩超预期，辅料龙头积极海外扩产、全球化迈进 ——伟星股份（002003.SZ）2024 年中报点评 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

伟星股份（002003.SZ） 优于大市 上半年收入增长 26%，盈利水平提升 2024 上半年收入增长 26%，盈利水平提升。2024 上半年公司收入同比增长 25.6%至 23.0 亿元；归母净利润同比增长 37.8%至 4.2 亿元。毛利率同 比提升 0.6 百分点至 41.8%，其中拉链、钮扣产品毛利率均有提升，预 计主要受益于产能利用率提升、产品结构变化，以及规模效应和智能制 造带动下生产效率提升。费用率整体维持稳定，同比-0.7 百分点；受益 于毛利率提升、费用率改善，以及增值税加计抵减带动其他收益提升贡 献约 0.7 百分点，经营利润率同比提升 2.4 百分点至 22.0%；归母净利 率同比提升 1.6 百分点至 18.1%。中期拟每 10 股派发现金红利 2 元。 第二季度收入增长提速，利润率提升至较高水平。第二季度公司收入同比 增长 32.2%至 15.0 亿元，在去年同期基数提高基础上二季度收入增速环 比提升。归母净利润同比增长 36.2%至 3.4 亿元。毛利率同比提升 0.5 百分点至 43.9%，达到历史较高水平；费用率整体稳定，小幅提升 0.4 百分点，其中主要因财务费用率上涨 1 ...

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 ...

公司报告 | 半年报点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------- ...

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]