Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has set clear performance growth targets for the next three years, with a stable growth outlook from 2026 to 2028. The average net profit for the years 2022-2024 is set at 565 million yuan, with growth rates for 2026, 2027, and 2028 targeted at no less than 16.52%, 24.22%, and 33.84% respectively, leading to net profit targets of 658 million yuan, 701 million yuan, and 756 million yuan [5][6] - The company has a strong track record of exceeding performance targets in previous incentive plans, indicating a robust management strategy and confidence in future growth [6] - The company is focusing on global expansion and leveraging its incentive mechanisms to drive long-term growth, despite facing short-term pressures from tariff policies and weak downstream demand [7] Summary by Sections Performance Targets - The sixth equity incentive plan covers the years 2026 to 2028, involving 197 participants, an increase from 161 in the previous plan. The plan proposes to grant 23 million restricted shares, accounting for 1.97% of the total share capital [5] - The company aims for a compound annual growth rate (CAGR) of 7.17% from 2026 to 2028 [5] Historical Performance - The previous incentive plan (2021-2025) saw all annual targets exceeded, with an average performance exceeding targets by 15.28% from 2021 to 2024 [6] Long-term Strategy - The company is committed to expanding its zipper business globally and enhancing its international presence, supported by a customer-oriented corporate culture and effective management systems [7] - The equity incentive mechanism is expected to align team goals and enhance the company's ability to manage short-term risks while supporting sustainable, high-quality development [8] Financial Forecast - Revenue projections for 2025-2027 are 4.879 billion yuan, 5.371 billion yuan, and 5.994 billion yuan respectively, with earnings per share (EPS) of 0.57 yuan, 0.61 yuan, and 0.68 yuan. The current stock price corresponds to price-to-earnings (P/E) ratios of 17.4, 16.3, and 14.7 times [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 yuan [3][4][10]. Core Views - The company has released a new equity incentive plan, reflecting its judgment on the medium-term operating situation, with expectations for improvement in the second half of the year [2][9]. - The earnings forecast has been adjusted, with expected earnings per share for 2025-2027 revised to 0.58, 0.64, and 0.75 yuan, down from previous estimates [3][10]. - The company anticipates challenges in 2025, but expects gradual improvement starting in 2026, with a more accelerated recovery in 2027 [9][10]. Financial Performance Summary - Revenue projections for 2023A to 2027E are as follows: 3,907 million yuan, 4,674 million yuan, 4,863 million yuan, 5,210 million yuan, and 5,707 million yuan, with growth rates of 7.7%, 19.7%, 4.0%, 7.1%, and 9.5% respectively [3][14]. - Operating profit is expected to be 673 million yuan in 2023A, increasing to 1,057 million yuan by 2027E, with growth rates of 14.4%, 26.7%, -3.4%, 10.5%, and 16.1% [3][14]. - Net profit attributable to the parent company is projected to rise from 558 million yuan in 2023A to 876 million yuan in 2027E, with growth rates of 14.2%, 25.5%, -2.8%, 10.7%, and 16.2% [3][14]. - The gross margin is expected to improve from 40.9% in 2023A to 42.7% in 2027E, while the net margin is projected to increase from 14.3% to 15.3% over the same period [3][14]. Market Context - The company operates in the textile and apparel industry, which is currently facing challenges due to weak domestic demand and international trade friction [9][10]. - The new equity incentive plan aims to align management performance with market expectations, considering the current economic environment [9].

Core Viewpoint - Weixing Co., Ltd. (002003.SZ) announced its sixth equity incentive plan, which involves granting a total of 23 million restricted shares, representing 1.97% of the company's total share capital as of the announcement date [1] Summary by Categories Equity Incentive Plan - The plan proposes to grant 23 million restricted shares, which is 1.97% of the total share capital of 1,168,889,653 shares as of the announcement date [1] - The initial grant will consist of 20 million restricted shares, accounting for 1.71% of the total share capital [1] - A reserve of 3 million restricted shares is included, representing 13.04% of the total shares to be granted and 0.26% of the total share capital [1] - The grant price for the restricted shares (including the reserve) is set at 5.22 yuan per share [1]

格隆汇9月26日丨伟星股份(002003.SZ)公布第六期股权激励计划，本激励计划拟授予的限制性股票数量 为2,300万股，占本激励计划公告日公司总股本116,888.9653万股的1.97%；其中首次授予的限制性股票 数量为2,000万股，占本激励计划公告日公司总股本116,888.9653万股的1.71%；预留300万股限制性股 票，占本激励计划拟授出权益总数的13.04%，占本激励计划公告日公司总股本116,888.9653万股的 0.26%。本激励计划限制性股票的授予价格（含预留）为5.22元/股。责任编辑：钟离 ...

智通财经APP讯，伟星股份(002003.SZ)披露第六期股权激励计划(草案)，公司拟授予的限制性股票数量 为2300万股(首次授予的限制性股票数量为2000万股)，授予价格(含预留)为5.22元/股。本激励计划有效 期为自限制性股票上市日起至激励对象获授的限制性股票全部解除限售或回购注销完毕之日止，最长不 超过65个月。 ...

Core Viewpoint - Weixing Co., Ltd. (002003.SZ) has disclosed its sixth equity incentive plan draft, proposing to grant a total of 23 million restricted shares, with an initial grant of 20 million shares at a price of 5.22 yuan per share [1] Summary by Sections - **Equity Incentive Plan Details** - The company plans to grant 23 million restricted shares, with the first grant being 20 million shares [1] - The grant price, including reserves, is set at 5.22 yuan per share [1] - The validity period of the incentive plan lasts from the date the restricted shares are listed until all granted shares are fully released from restrictions or repurchased, with a maximum duration of 65 months [1]

证券代码：002003 证券简称：伟星股份 公告编号：2025-044 第六期股权激励计划（草案）摘要 2025 年 9 月 声明 公司及全体董事、高级管理人员保证本激励计划及摘要不存在虚假记载、 误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担个别和连带的 法律责任。 1 特别提示 1、本激励计划依据《公司法》《证券法》《管理办法》等有关法律、法规 和规范性文件以及《公司章程》制定。 2、公司不存在《管理办法》第七条规定的不得实行股权激励的情形。 3、本激励计划的激励对象不存在《管理办法》第八条规定的不得成为激励 对象的情形。 4、本激励计划采取的激励形式为限制性股票，来源为公司向激励对象定向 发行普通股股票。 5、本激励计划首次授予的激励对象共计 197 人，主要为公司及下属分、子 公司在任的董事、高级管理人员、主要中层管理骨干和核心技术及业务骨干， 不包括公司独立董事和单独或合计持有公司5%以上股份的股东或实际控制人及 其配偶、父母、子女。 6、本激励计划拟授予的限制性股票数量为 2,300 万股，占本激励计划公告 日公司总股本 116,888.9653 万股的 1.97%；其中首次授予的限制性 ...

公司股权激励计划自查表 公司简称：伟星股份 股票代码：002003 独立财务顾问：上海荣正企业咨询服务（集团）股份有限公司 | | （14）上市公司有关股权激励计划相关信息披露文件不存在虚假 | | | --- | --- | --- | | | 记载、误导性陈述或者重大遗漏的承诺；激励对象有关披露文件 存在虚假记载、误导性陈述或者重大遗漏导致不符合授予权益或 | | | | | 是 | | | 行使权益情况下全部利益返还公司的承诺。上市公司权益回购注 | | | | 销和收益收回程序的触发标准和时点、回购价格和收益的计算原 则、操作程序、完成期限等。 | | | | 绩效考核指标是否符合相关要求 | | | 23 | 是否包括公司业绩指标和激励对象个人绩效指标 | 是 | | | 指标是否客观公开、清晰透明，符合公司的实际情况，是否有利 | | | 24 | 于促进公司竞争力的提升 | 是 | | 25 | 以同行业可比公司相关指标作为对照依据的，选取的对照公司是否 | 不适用 | | | 不少于 3 家 | | | 26 | 是否说明设定指标的科学性和合理性 | 是 | | | 限售期、行权期合规性要求 ...

第六期股权激励计划（草案） 2025 年 9 月 声明 公司及全体董事、高级管理人员保证本激励计划及摘要不存在虚假记载、 误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担个别和连带的 法律责任。 1 特别提示 1、本激励计划依据《公司法》《证券法》《管理办法》等有关法律、法规 和规范性文件以及《公司章程》制定。 2、公司不存在《管理办法》第七条规定的不得实行股权激励的情形。 3、本激励计划的激励对象不存在《管理办法》第八条规定的不得成为激励 对象的情形。 4、本激励计划采取的激励形式为限制性股票，来源为公司向激励对象定向 发行普通股股票。 5、本激励计划首次授予的激励对象共计 197 人，主要为公司及下属分、子 公司在任的董事、高级管理人员、主要中层管理骨干和核心技术及业务骨干， 不包括公司独立董事和单独或合计持有公司5%以上股份的股东或实际控制人及 其配偶、父母、子女。 6、本激励计划拟授予的限制性股票数量为 2,300 万股，占本激励计划公告 日公司总股本 116,888.9653 万股的 1.97%；其中首次授予的限制性股票数量为 2,000 万股，占本激励计划公告日公司总股本 116,888. ...

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