Financial Performance - The company plans to achieve a revenue of CNY 5 billion in 2025, with total operating costs controlled at around CNY 4.25 billion, indicating a growth target of approximately 7% [9][51]. - In 2024, the company reported a revenue of CNY 4.67 billion, representing a year-on-year growth of 19.66% due to improved market demand and the implementation of a globalization strategy [15][19]. - The company’s international business generated CNY 1.58 billion in revenue in 2024, accounting for 33.81% of total revenue, with a year-on-year growth of 30.62% [12][27]. Dividend and Profit Distribution - The proposed profit distribution plan for 2024 includes a cash dividend of CNY 3.00 per 10 shares, totaling CNY 350.67 million, which represents 83.46% of the net profit attributable to shareholders [3][50]. - The company has not conducted cash dividends in previous years due to reinvestment strategies, but it aims to enhance shareholder returns in the future [3][50]. Market and Customer Structure - The company’s product structure includes buttons (42% of revenue), zippers (53%), and other new product categories [7][30]. - The customer base is primarily focused on the domestic market, with international sales accounting for only one-third of total revenue [7][30]. - The company’s top five customers contributed CNY 422 million, representing 9.04% of total sales in 2024 [40]. Strategic Initiatives - The company is focusing on enhancing its service guarantee system and improving customer satisfaction to drive growth in 2025 [3][5]. - Plans to establish a subsidiary in the United States are aimed at better serving local customer needs [3][5]. - The company is actively expanding its production capacity in Southeast Asia, particularly in Vietnam and Bangladesh, to meet local demand [4][5]. Challenges and Risks - The company anticipates facing challenges such as macroeconomic downturns, rising production costs, and uncertainties in international trade [5][6]. - The market demand is identified as a key factor affecting the company's growth, with ongoing monitoring of customer credit status to mitigate risks [6][32]. Research and Development - The company invested CNY 180.64 million in R&D in 2024, accounting for 3.86% of total revenue, showing a commitment to innovation [15][28]. - The company’s R&D investment has been consistent over the past three years, with a slight decrease in the percentage of revenue allocated to R&D [15][28]. Operational Efficiency - The company’s liquidity ratios for 2024 were 1.49 (current ratio) and 1.09 (quick ratio), indicating a stable financial position [11]. - The average accounts receivable turnover days were 37.67 days in 2024, showing an improvement in receivables management [13][32]. Global Expansion - As of the end of 2024, overseas production capacity accounted for 19.05% of total capacity, with ongoing plans to expand based on market demand [16][35]. - The company’s Vietnam industrial park generated CNY 32.10 million in revenue in 2024, although it reported a net loss of CNY 58.32 million [39]. Conclusion - The company is positioned for growth with strategic initiatives in place, despite facing external challenges. The focus on customer satisfaction, market expansion, and operational efficiency will be crucial for achieving its financial targets in the coming years [5][9].

浙江伟星实业发展股份有限公司 投资者关系活动记录表（一） 编号：2025-010 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | √现场参观 □其他： | | | 易方达基金：郭杰、许征、张璐婷、柳俊祥 | | 参与单位名称及 人员姓名 | 兴证全球基金：童兰、李君、王志强 | | | 国盛证券：杨莹 | | | 广发证券：李咏红 | | 时间 | 2025 年 4 月 9 日 | | 地点 | 临海 | | 上市公司接待人 员姓名 | 谢瑾琨等 | | | 互动环节 | | | 1、公司直接和间接出口到美国的占比有多少，加征关税预计对公司业务影响 | | | 有多少？ | | | 答：公司主要从事各类中高档服饰及箱包辅料产品的研发、制造与销售。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 ...

事件描述 伟星股份发布2024 年报，2024 年实现营收46.7 亿元，同比+19.7%，归母净利润7.0 亿元，同比 +25.5%。其中Q4 实现营收10.9 亿元，同比+9.2%，归母净利润0.8 亿元，同比+197.5%，业绩表现符合 预期。 事件评论 业绩符合预期，品类稳步增长。销售及管理费用奖金计提节奏差异，导致Q4 业绩大幅增长，业绩表现 符合预期。2024 年公司拉链/钮扣收入分别+15.9%/22.2%至24.8/19.5 亿元，毛利率分别+1.1/0.8pct 至 42.1%/43.0%，钮扣增速高于拉链，海外增速高于国内，拓客及客户份额提升趋势延续。 越南工厂2024 年实现收入约3 千万元，亏损近6 千万元（其中汇兑损失~2 千万元），预计2025 年收入 大幅增长&亏损收窄，当前核心海外品牌仍呈现出较优增长态势，公司中长期海外客户拓展&份额提升 趋势不改。 展望后续，短期维度，美国需求走弱以及国内需求未见改善，2024Q2 公司订单高基数下预计增长承 压。中长期维度，公司持续提升智能化、自动化水平，主要拓展海外市场，海外品牌拓新客&提升老客 份额趋势不改。预计公司2025-2027 ...

2025年04月09日，伟星股份2024年度业绩网上说明会在全景网顺利举行。出席本次业绩说明会的人员有 董事长蔡礼永、董事、董事会秘书兼副总经理谢瑾琨、财务总监沈利勇、独立董事周岳江、独立董事张 永炬、独立董事吴冬兰、保荐代表人方伟。 1、问：请问蔡总，公司2025年的经营目标是怎么样的？【征集问题】 回答：2025年，公司计划实现营业收入50.00亿元，营业总成本控制在42.50亿元左右。 2、问：公司2024年度的分红方案是怎样的？【征集问题】 回答：公司2024年度利润分配预案为：以公司总股本1,168,889,653股为基数，向全体股东每10股派发现 金红利3.00元（含税）。此预案尚需经公司2024年度股东大会审议通过方可实施。 3、问：请问公司2024年度越南工业园实现了多少收入和净利润？【征集问题】 回答：公司越南工业园2024年度实现营业收入3,209.97万元，净利润-5,831.81万元。 4、问：公司投资者交流中提到越南厂使用了最新进的智能化设备和技术，请问越南生产线是否达到了 国内产线的生产效率？还有多少差异？【征集问题】 回答：公司子公司SAB实业（越南）有限公司于2024年3月底投 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report indicates that major US consumer companies are cautious about future fiscal year expectations, primarily due to tariff pressures and consumer downgrading trends in the US market. However, companies like Walmart and Lululemon express a more optimistic outlook for the Chinese market [3][23] - Recommendations include buying leading sportswear brand Anta Sports (02020), and considering Li Ning (02331), Xtep International (01368), and Tabo (06110) for buying or holding. Additionally, long-term prospects are favorable for resilient leading manufacturers such as Shenzhou International (02313), Weixing Co., Ltd. (002003), and Huali Group (300979) [3][23] Summary by Sections US Consumer Giants Performance - Walmart's FY26 revenue growth guidance is 3-4%, with a same-store sales increase of 23.1% in FY25Q4, driven by strong e-commerce and new store openings [10][13] - Target expects FY25 revenue growth of about 1%, with same-store sales remaining flat, facing pressure from tariffs and operational costs [14][15] - Dollar General anticipates FY25 revenue growth of 3.4-4.4%, with core consumers facing economic challenges and a notable trend of consumer downgrading [17][18] - Nike projects a mid-double-digit revenue decline for FY25Q4, with significant inventory issues and a 15% revenue drop in the Greater China region [19][20] - Lululemon expects FY25 revenue growth of 5-7%, with a strong growth forecast of 25-30% in the Greater China region [21][22] Investment Recommendations - The report suggests a cautious approach towards US consumer giants due to tariff pressures and consumer behavior changes, while highlighting positive growth prospects in China for certain brands [3][23]

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 编号：2025-009 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 √其他：电话会议 | | 参与单位名称及 | Point 72：Ricky Tsang、Miriam Lu | | 人员姓名 | | | 时间 | 2025 年 4 月 3 日 | | 地点 | - | | 上市公司接待人 员姓名 | 谢瑾琨等 | | | 互动环节 | | | 1、公司直接出口到美国的占比有多少，加征关税预计对公司业务影响有多 | | | 少？ | | | 答：公司主要从事各类中高档服饰及箱包辅料产品的研发、制造与销售。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、 | | | 越南等人力成本较低的国家或地区，直接出口到欧美源头国家的业务量非常低。 | | | 因此 ...

Company Overview - Zhejiang Weixing Industrial Development Co., Ltd. emphasizes a corporate culture centered on "unity, hard work, pragmatism, and innovation," focusing on sustainable development as a core principle [3] Order and Revenue Performance - As of now, the company has maintained a year-on-year increase in order intake, although it faces short-term pressure due to consumer sentiment and international trade conditions [4] - The 2025 revenue target is set at CNY 5 billion, with a long-term goal of becoming a "global, innovative fashion accessory kingdom" [5] Business Segments - The company focuses on fashion accessories, with a particular emphasis on zippers, which have a larger market potential compared to buttons [6] - Domestic revenue reached CNY 3.094 billion, a 14.74% increase, while international revenue was CNY 1.581 billion, growing by 30.62% [7] International Operations - The Vietnam industrial park, operational since March 2024, is currently facing challenges with order volume and profitability but is expected to improve significantly in 2025 [8][9] - Direct exports to the U.S. are minimal, thus the impact of tariffs on business is limited; however, overall consumer sentiment and trade conditions remain influential [11] Production and Efficiency - The company’s smart manufacturing initiatives have improved production efficiency and product quality, leading to cost savings [12] - The overall capacity utilization rate for 2024 was 68.82%, reflecting a 2.01 percentage point increase year-on-year [13] Profitability and Market Position - Future gross margin trends will be influenced by raw material costs and product structure, with a focus on sustainable profit levels rather than solely high margins [14] - The competitive landscape is characterized by a shift towards larger, more capable enterprises as smaller firms exit the market due to various pressures [15] Competitive Advantages - Compared to competitors like YKK and Xunxing, the company differentiates itself through a "product + service" model, emphasizing comprehensive service alongside quality products [16]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The brand sector shows steady recovery in Q1 under consumer promotion policies, with most companies achieving positive growth, outperforming expectations. The performance varies across sub-sectors, with mid-to-high-end menswear showing strong growth, sports retail maintaining steady growth, and mass brands also experiencing a rebound. Profitability varies due to differentiated cost control and operational leverage [2][4][16] - The manufacturing sector faces short-term pressure as downstream inventory has reached healthy levels, but demand from major export countries is weakening. In Q1, demand from the US and Japan shows marginal weakening. Most brands and retailers have returned to healthy inventory levels, but weak overseas demand is expected to limit replenishment momentum, affecting order elasticity in the related supply chain [2][4][17] Summary by Relevant Sections Brand Sector - Q1 retail sales of clothing and textiles increased by 3.3% year-on-year, with a month-on-month increase of 3.6 percentage points [20] - Mid-to-high-end menswear brands are leading in retail growth, while the sports sector continues to show steady growth. Mass apparel brands are also experiencing a recovery [20][27] Manufacturing Sector - The manufacturing sector is under short-term pressure due to weak demand from major export markets and healthy inventory levels. The overall order placement is cautious, with expectations of further pressure from tariff forecasts [4][28] Key Company Performance - **Wanjian Medical**: Expected Q1 revenue growth of 30%-40%, driven by non-woven products and strong brand power in sanitary napkins [5][40] - **Zhejiang Natural**: Anticipated Q1 revenue growth of 25%-35%, with net profit expected to increase by 50%-100% [5][40] - **Weixing Co.**: Expected Q1 revenue growth of 10%-15% and double-digit net profit growth [5][40] - **Anta Sports**: Expected Q1 revenue growth in the high single digits, with FILA brand showing mid-to-low single-digit growth [6][20] - **361 Degrees**: Anticipated Q1 revenue growth of 10%-15% for adult apparel and around 15% for children's clothing, with e-commerce growth of about 20% [6][20] Inventory and Demand Trends - The inventory levels of most brands and retailers have returned to a healthy state, with the wholesale inventory destocking nearing completion. However, weak overseas demand is expected to limit replenishment momentum [4][28]

证券研究报告·公司点评报告·纺织制造 伟星股份（002003） 2024 年报点评：24 年业绩如期亮丽，看好长 期可持续增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3907 | 4674 | 5011 | 5548 | 6146 | | 同比（%） | 7.67 | 19.66 | 7.20 | 10.71 | 10.79 | | 归母净利润（百万元） | 558.11 | 700.34 | 753.69 | 841.14 | 934.95 | | 同比（%） | 14.21 | 25.48 | 7.62 | 11.60 | 11.15 | | EPS-最新摊薄（元/股） | 0.48 | 0.60 | 0.64 | 0.72 | 0.80 | | P/E（现价&最新摊薄） | 25.59 | 20.40 | 18.95 | 16.98 | 15.28 | [Table_Tag] [Table_Sum ...

伟星股份（002003） 2024 年报点评：24 年业绩如期亮丽，看好长 期可持续增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3907 | 4674 | 5011 | 5548 | 6146 | | 同比（%） | 7.67 | 19.66 | 7.20 | 10.71 | 10.79 | | 归母净利润（百万元） | 558.11 | 700.34 | 753.69 | 841.14 | 934.95 | | 同比（%） | 14.21 | 25.48 | 7.62 | 11.60 | 11.15 | | EPS-最新摊薄（元/股） | 0.48 | 0.60 | 0.64 | 0.72 | 0.80 | | P/E（现价&最新摊薄） | 25.59 | 20.40 | 18.95 | 16.98 | 15.28 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：下 ...