东亚前海证券有限责任公司 | 5.公司生产经营环境是否不存在重大变化或者风险 | √ | | | --- | --- | --- | | 6.前期监管机构和保荐人发现公司存在的问题是否已按相关 要求予以整改 | | √ | | 二、现场检查发现的问题及说明 | | | | 无。 | | | （本页无正文，为《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2024年现场检查报告》之签章页） 保荐代表人： 关于浙江伟星实业发展股份有限公司 | 7.公司控股股东或者实际控制人如发生变化，是否履行了相 | | √ | | --- | --- | --- | | 应程序和信息披露义务 | | | | 8.公司人员、资产、财务、机构、业务等方面是否独立 | √ | | | 9.公司与控股股东及实际控制人是否不存在同业竞争 | √ | | | （二）内部控制 | | | | 现场检查手段（包括但不限于本指引第三十三条所列）： | | | | 察看公司的主要生产、经营场所；了解审计部门设置及人员构成、查阅内部审计 | | | | 制度、内部审计部门的会议资料、公司内部控制制度、内部控制评价报告等资料；访 | | ...

Group 1: Company Performance and Market Conditions - The company anticipates short-term pressure on order intake due to uncertainties from tariff policies and weak end-consumer demand in the apparel sector [2] - The apparel accessories industry is expected to face increased competition due to tariff changes, but companies with international capabilities will benefit [3] - The company is implementing cost control measures while enhancing communication with downstream clients to mitigate the impact of trade conflicts [4] Group 2: Pricing and Competitive Advantage - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by clients [5] - Compared to YKK, the company focuses on a "product + service" model, emphasizing quality products and comprehensive service [6] Group 3: International Expansion and Production Capacity - The establishment of the Vietnam industrial park enhances supply chain stability and aligns with international brand client needs, contributing to increased global market share [8] - The company expects significant performance improvements in 2025 as production capacity utilization in Vietnam increases [8] Group 4: Business Segmentation and Future Outlook - The company is optimistic about the future of its zipper business, which has a larger market potential compared to buttons [9] - The ribbon category, while currently facing losses due to high initial investments, is expected to improve in the future [10] Group 5: Sales and Compensation Structure - The company primarily utilizes direct sales through subsidiaries and offices to reach global apparel brands [11] - A comprehensive performance evaluation and compensation system is in place, including stock incentive plans to motivate employees [12]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [1] - International business performance outpaced domestic business due to the deepening global strategy [1] Group 2: Market Conditions and Challenges - The overall industry is cautious due to uncertainties from tariff policies and weak end-consumer demand [2] - The current tariff changes may intensify competition but favor companies with international capabilities [2] Group 3: Strategic Responses - The company is enhancing communication with downstream brand clients and garment processing enterprises to assess impacts [2] - It is committed to advancing its international strategy and controlling costs to improve financial efficiency [2] Group 4: Order and Production Insights - The production cycle for products typically ranges from 3 to 15 days, influenced by capacity and order volume [4] - The company is focusing on smart manufacturing to meet increasing customer demands for quick response times [4] Group 5: International Operations - The company is prioritizing the development of its Vietnam industrial park, which is seeing rapid improvement in capacity utilization [5] - The Bangladesh industrial park is undergoing technical upgrades to align with current manufacturing standards [5] Group 6: Pricing Strategy - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by clients [6][7] - Downstream clients increasingly value suppliers' product development capabilities, delivery times, and service quality alongside pricing [7]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [4][7] Core Views - The company is a leading player in the garment accessories sector, with solid capacity and product layout that strengthen its competitive advantage [4][7] - The Chinese garment accessories market is expected to maintain stable growth, with a projected CAGR of 5.03% from 2023 to 2030, reaching a market size of 129.16 billion yuan by 2030 [6][13] - The company has been focusing on overseas capacity expansion and product innovation to enhance operational efficiency and customer collaboration [9][31] Financial Performance and Forecast - Revenue and profit forecasts for the company are as follows: - 2023: Revenue of 3,907 million yuan, net profit of 558 million yuan - 2024: Revenue of 4,674 million yuan (up 19.66% YoY), net profit of 700 million yuan (up 25.48% YoY) - 2025: Revenue of 5,183 million yuan (up 10.89% YoY), net profit of 783 million yuan (up 11.80% YoY) - 2026: Revenue of 5,703 million yuan (up 10.02% YoY), net profit of 879 million yuan (up 12.33% YoY) - 2027: Revenue of 6,209 million yuan (up 8.88% YoY), net profit of 967 million yuan (up 9.95% YoY) [5][52] Market Dynamics - The company has established over 20 sales subsidiaries and more than 50 marketing outlets globally, enhancing its collaboration with leading apparel brands [30][31] - The company is committed to high-standard green smart factory construction, which has led to continuous improvements in operational efficiency [48][49] Research and Development - The company has invested significantly in R&D, with expenses reaching 181 million yuan in 2024, a 13.04% increase YoY, and holds 1,372 valid patents [44][50] - The company’s products have received multiple design awards, enhancing its competitive edge in the market [46][47] Competitive Positioning - The company is positioned as a top player in the garment accessories sector, benefiting from its operational efficiency, product innovation, and capacity growth [7][9] - Comparable companies in the same sector include Huayi Group and Anta Sports, which provide a benchmark for valuation [7][57]

Core Viewpoint - In Q1 2025, the company achieved revenue of 979 million yuan, a year-on-year increase of 22.32%, and a net profit attributable to shareholders of 100 million yuan, up 18.76%. The overall revenue trend continues from 2024, with international business growth outpacing domestic, and new product categories growing faster than traditional ones [1][2][4] Financial Performance - For Q1 2025, the company reported revenue of 979 million yuan (+22.32%) and a net profit of 100 million yuan (+18.76%). The net profit excluding non-recurring items was 98 million yuan (+29.64%). The operating cash flow was 32 million yuan (-65.58%) due to the impact of accounts payable from the previous year [2] - In 2024, the company achieved revenue of 4.674 billion yuan (+19.66%) and a net profit of 700 million yuan (+25.48%). The net profit excluding non-recurring items was 688 million yuan (+29.09%). The operating cash flow was 1.09 billion yuan (+58.50%) [2] - For Q4 2024, the company reported revenue of 1.094 billion yuan (+9.20%) and a net profit of 77 million yuan (+197.49%) [3] Product and Market Performance - The company is optimizing its product structure, with revenue from buttons in 2024 reaching 1.954 billion yuan (+22.18%) and a gross margin of 42.96%. Revenue from zippers was 2.484 billion yuan (+15.94%) with a gross margin of 42.12%. Other apparel accessories generated 164 million yuan (+41.92%) [5] - The company accelerated its overseas expansion, with international business revenue in 2024 growing by over 30%. Domestic revenue was 3.094 billion yuan (+14.74%), while international revenue was 1.581 billion yuan (+30.62%) [6] Strategic Developments - The company is advancing its new product layout and expanding overseas operations. The Vietnam base, which began production in early 2024, is currently in the customer inspection and capacity ramp-up phase, generating revenue of 32.1 million yuan with a loss of 58.32 million yuan. It is expected to contribute over 100 million yuan in revenue by 2025 and achieve breakeven by 2026 [1][9] - The company plans to achieve a revenue target of 5 billion yuan in 2025, representing a 7.0% increase year-on-year, while controlling total operating costs around 4.25 billion yuan [4] Profitability and Cost Management - The company's gross margin for 2024 was 41.73% (+0.81 percentage points), and the net margin was 15.12% (+0.86 percentage points). The effective tax rate was 16.53% (+0.15 percentage points) [7] - In Q4 2024, the gross margin was 38.57% (-0.43 percentage points), and the net margin was 7.17% (+4.69 percentage points), affected by changes in the timing of bonus provisions [8]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [2] - The company's gross profit margin in Q1 2025 was 38.84%, an increase of 0.91 percentage points compared to the previous year [4] - The company plans to achieve a revenue target of 5 billion in 2025 [3] Group 2: International Expansion and Capacity Utilization - As of 2024, the company's overseas capacity accounted for 19.05%, with a utilization rate of 47.98% [5] - The utilization rate of the Vietnam factory is expected to increase significantly due to a positive order trend [5] Group 3: Strategic Responses to Market Challenges - The company is adopting proactive measures to mitigate the impact of tariffs and international order shifts, including enhancing communication with downstream clients and expanding into new markets [6][7] - The company emphasizes cost control while balancing capacity planning between domestic and international operations [6] Group 4: Competitive Positioning - The company differentiates itself from YKK through its "product + service" model, focusing on quality products and comprehensive service [8] - The apparel accessories industry is expected to see increased competition due to tariffs, but companies with strong international capabilities will have an advantage [9] Group 5: Future Business Outlook - The company is optimistic about the future of its zipper business, which has a larger market potential compared to buttons [10] - The company maintains a commitment to sustainable development and plans to implement a reasonable profit distribution policy [11]

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 维持盈利预测，维持"买入"评级 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 销售费率 9%，同比持平；管理费率 11%，同比-2pct；研发费率 4%，同比 -1pct； 经营活动产生的现金流量净额同比-66%，主因购买商品、接受劳务支付的 现金增加； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略 ...

公司报告 | 季报点评 伟星股份（002003） 证券研究报告 关注内需景气及关税进展 公司发布 25 年一季报 营收 10 亿，同比+22%，归母净利润 1 亿，同比+29%，扣非归母净利润 1 亿，同比+30%； 毛利率 39%，同比+1pct，归母净利率 10%，同比+1pct； 投资活动产生的现金流量净额同比+31%，主因购建固定资产、无形资产和 其他长期资产支付的现金减少。 积极应对关税变化 从产品交付的角度看，公司主要根据品牌服饰企业的要求将产品直接交付 给客户自有或其指定的成衣加工等企业，因而公司国际业务的出口区域基 本集中在孟加拉、越南等国际服装加工出口较多的国家或地区，直接出口 到欧美源头国家的业务量非常低。因此，终端消费国或区域调整成衣等商 品的关税对公司业务的直接影响有限。 公司将加强与下游品牌服饰客户及成衣加工企业的交流，积极商讨并评估 相关影响；另一方面，公司坚定推进国际化战略，持续做好与源头品牌的 对接与开发工作，努力提升市场份额，实现稳健发展。 在产能规划上，在贸易环境和国际客户需求明朗之前，公司能够对国内外 工业园产能进行合理的调配，有效发挥公司快速反应和产品运输半径大的 优势 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [4] - The gross profit margin for Q1 2025 was 38.84%, an increase of 0.91 percentage points compared to the previous year [4][5] - The net cash flow from operating activities decreased by 65.58% year-on-year due to increased cash payments for materials and employee bonuses [6] Group 2: Strategic Goals and Market Position - The company plans to achieve a revenue target of 5 billion in 2025, aiming to become a "global, innovative fashion accessory kingdom" over the next 5 to 10 years [8] - The company maintains a cautious outlook due to uncertainties from tariff policies and weak end-consumer demand [8] - The competitive landscape in the fashion accessory industry remains stable, with increased competition due to tariff changes favoring internationally capable companies [9] Group 3: Operational Adjustments and Future Outlook - The company is adjusting its production capacity in response to market conditions and international customer demand [10] - Direct and indirect exports to the U.S. are minimal, limiting the direct impact of tariff changes on the company's business [10] - The overseas production capacity utilization rate was 47.98% in 2024, with expectations for significant improvement in 2025 due to increased orders [11] Group 4: Product Development and Profitability - The ribbon category, a newly developed product line, is expected to improve profitability over time despite initial losses due to high fixed costs [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company reported Q1 2025 revenue of 980 million yuan, a year-on-year increase of 22.3%, and a net profit attributable to shareholders of 100 million yuan, up 28.8% year-on-year, exceeding expectations [4][5]. - International business growth is a key driver, with significant contributions from zipper and button segments, particularly from overseas brands, while domestic growth is hindered by retail market conditions [5]. - The gross margin improved by 0.9 percentage points to 38.8%, attributed to product mix changes and scale effects, although increased R&D and management expenses slightly impacted profitability [5]. Financial Summary - Revenue projections for 2024 to 2027 are 4.674 billion yuan, 5.029 billion yuan, 5.643 billion yuan, and 6.335 billion yuan, respectively, with growth rates of 19.66%, 7.59%, 12.19%, and 12.28% [10]. - Net profit attributable to shareholders is forecasted to be 700 million yuan, 767 million yuan, 861 million yuan, and 960 million yuan for the same period, with growth rates of 25.48%, 9.58%, 12.19%, and 11.55% [10]. - The company’s PE ratio is projected to decrease from 18.79 in 2024 to 13.70 in 2027, indicating improving valuation over time [10].