证券代码：002372 证券简称：伟星新材 公告编号：2025-019 2、本分配方案自披露至实施期间，公司股本总额未发生变化。若公司股本总额在权益 分派实施前发生变化，公司将按照每股分配金额不变的原则，相应调整分配总额。 浙江伟星新型建材股份有限公司 2024年度权益分派实施公告 浙江伟星新型建材股份有限公司（以下简称"公司""我公司"）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： 1、根据《中华人民共和国公司法》的规定，公司回购专用证券账户持有的 20,170,000 股不享有参与本次权益分派的权利。本次权益分派方案为：以现有总股本剔除回购股份 20,170,000 股后的 1,571,867,988 股为基数，向全体股东每 10 股派发现金红利 5.00 元(含 税)。 2、根据股票市值不变原则，实施权益分派前后公司总股本保持不变，现金分红总额分 摊到每一股的比例将减小，因此，在除息价格计算时，每股现金红利应以 0.4936653 元/股 计算（每股现金红利=现金分红总额/总股本，即 0.4936653 元/股=785,933,994.00 元÷ ...

Group 1: Dividend Policy and Financial Performance - The company's dividend policy is stable and transparent, adhering to the company charter and future three-year shareholder return plan [2] - In Q1 2025, retail sales revenue decreased year-on-year due to three main factors: overall weak market demand, high base from the previous year, and emphasis on "three highs" positioning affecting sales [2] - The average household expenditure for PPR products is approximately 1,000-2,000 RMB for a 100 square meter house [2][3] Group 2: Market Strategy and Services - The company stabilizes its pricing system primarily through product and service enhancements [2] - The "Star Housekeeper" service was introduced to provide reliable pipeline systems and reduce installation risks through various support measures [3] - The competitive landscape in the plastic pipe industry is intense, with significant competition among brand enterprises and challenges for small and medium-sized companies [3] Group 3: Policy Impact and Future Outlook - The "Underground Pipeline" policy has a positive impact on the company, although its application in plastic pipes is limited [3] - The "Urban Renewal" policy benefits the company by facilitating retail and construction engineering businesses through the renovation of old neighborhoods [3] - The company's overseas business has shown significant year-on-year growth, although it remains a small proportion of total operations, with future expectations for steady growth [3]

Investment Rating - The report maintains an "Overweight" rating for the building materials sector [6]. Core Insights - The building materials sector experienced a convergence of non-operational disturbances in 2024, with signs of operational turning points emerging in Q1 2025. The sector faced a challenging environment characterized by strong expectations but weak realities, leading to a decline in revenue and profit margins due to intense price competition and a sluggish recovery in downstream real estate [1][2][5]. - The report highlights that the issuance of special bonds has accelerated, stabilizing infrastructure demand and improving retail demand for building materials, which has led to a narrowing of revenue declines in various sub-sectors [1][5]. - Key companies recommended for investment include Beixin Building Materials, Sankeshu, Weixing New Materials, Tubao, and China Liansu, which are expected to benefit from the recovery in building materials retail [1][5][8]. Summary by Sections Revenue and Profitability - In 2024, the tracked 31 companies in the consumer building materials sector reported revenues and net profits of 170.7 billion and 5.6 billion respectively, reflecting year-on-year declines of 6.9% and 47.8%. In Q1 2025, revenues and net profits were 32.7 billion and 1.3 billion, down 5.5% and 18.6% year-on-year [2][27][28]. - The overall gross margin for 2024 was 25.5%, down 1.4 percentage points year-on-year, while the net margin was 3.3%, down 2.6 percentage points, indicating that declining revenue and increased competition have significantly impacted profitability [2][30]. Price and Cost Dynamics - The report notes that in 2024, price competition intensified across various materials, with average prices for key raw materials such as asphalt and PVC showing declines. This has led to a lack of cost support for product pricing, further pressuring margins [3][30]. - The average price changes for major raw materials in 2024 included declines of 4.4% for asphalt and 5.6% for PVC, while some materials like epoxy showed a price increase of 5.2% [3][30]. Sub-sector Performance - Among the sub-sectors, only the gypsum board segment maintained stable growth, primarily driven by Beixin Building Materials' strong market position. Other segments like coatings, pipes, and tiles faced significant margin pressures due to intense competition [4][30]. - The report indicates that the waterproofing and board segments experienced substantial impairment losses in 2024, but the pressure is expected to ease as the market stabilizes [4][30]. Future Outlook - The report anticipates that demand for building materials may stabilize at low levels, with revenue and profit declines expected to narrow in 2025. However, ongoing price competition is likely to continue, potentially leading to further industry consolidation [5][19]. - The expected recovery in the second-hand housing market and ongoing renovation demand are projected to support retail demand for building materials, with a focus on companies that have shown signs of recovery in their Q1 2025 reports [5][19].

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the potential for increased demand in the construction materials sector, driven by various factors including government projects and rising prices in carbon fiber [1][6] - The report emphasizes the importance of companies with strong operational resilience and high dividends, particularly in the consumer building materials segment [6] - The report suggests that domestic investment expectations are strengthening, with a focus on infrastructure and construction companies benefiting from increased demand [6][9] Summary by Sections Construction Materials - Beneficiaries include companies like Guangdong Hongda, Xuefeng Technology, and Guotai Group due to high demand in civil explosives and major projects like the Yarlung project entering the construction phase [1] - Carbon fiber price increases are noted, with companies such as Zhongfu Shenying and Jilin Chemical Fiber expected to benefit from emerging demand [1] - Companies with strong operational resilience and high dividends, such as Dongfang Yuhong and Weixing New Materials, are recommended for their potential to benefit from domestic consumption stimulus [1][6] Cement Market - The national average cement price is reported at 378.67 RMB/ton, with a decline of 1.1% week-on-week, particularly in regions like North China and East China [3][27] - Cement demand has shown slight recovery but remains 6-7% lower year-on-year, with supply pressures continuing to affect pricing [3][27] - Recommendations include leading cement companies like Conch Cement and Huaxin Cement, which are expected to benefit from domestic demand and industry self-discipline measures [6] Real Estate Market - The report indicates a short-term low overall market sentiment in the new and second-hand housing markets, with new housing transaction area down 12% year-on-year [2][22] - The report tracks transaction data across major cities, highlighting a mixed performance in the real estate sector [2][22] Emerging Opportunities - The report identifies opportunities in the domestic ship coating market, with companies like Maijia Xincai and Songji Co. expected to benefit from rising demand and domestic substitution trends [6][9] - The "Belt and Road" initiative is seen as a catalyst for international engineering projects, with companies like China State Construction and China Metallurgical Group recommended for potential benefits [6][9]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yuhua Co. [8] Core Insights - The construction materials sector is experiencing a mixed demand environment, with seasonal demand not significantly boosting activity, leading to a decline in stock performance [1][13] - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal engineering projects [2] - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand observed since March 2025, but overall demand is expected to decline post-2025 [2][35] - The cement industry is in a bottoming phase, with companies increasing production cuts to stabilize prices, while the fiber glass market shows signs of recovery due to rising demand in the wind power sector [2][3][18] Summary by Sections Cement Industry Tracking - As of May 16, 2025, the national cement price index is 374.69 CNY/ton, down 0.5% week-on-week, while cement output increased by 7.48% to 3.5835 million tons [3][18] - The cement market is characterized by strong infrastructure demand but weak residential construction demand, leading to a "price for volume" strategy [18] Glass Industry Tracking - The average price of float glass is 1306.73 CNY/ton, down 0.82% from the previous week, with inventory levels rising [35] - The market sentiment is pessimistic, with weak demand and declining prices affecting sales [35] Fiber Glass Industry Tracking - The fiber glass market is stabilizing after a price war, with demand from the wind power sector expected to increase significantly in 2025 [2][6] - The report recommends focusing on companies like China Jushi and Zhongcai Technology due to their growth potential [2] Other Construction Materials - The report emphasizes the importance of consumer building materials benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with strong growth potential [2][8]

Investment Rating - The report maintains a "Positive" outlook for the building materials industry [2] Core Insights - The building materials sector continues to experience historical lows in 2024 and 2025, but signs of improvement are emerging [4][12] - Revenue for the building materials sector in 2024 is projected at CNY 682.93 billion, a year-on-year decline of 12.41%, ranking second to last among 31 industries [4][16] - In Q1 2025, the sector's revenue decline narrowed to 1.60%, with a revenue of CNY 129.83 billion, improving its ranking to 18th among industries [5][40] - The net profit margin and return on equity (ROE) are at historical lows, with the sector's net profit margin dropping to 2.61% in 2024 [25][28] Summary by Sections 1. Industry Performance Overview - The building materials sector's revenue and net profit continue to decline in 2024, remaining at the bottom of industry rankings [4][16] - Q1 2025 shows a narrowing revenue decline and improvements in net profit and cash flow, with a net profit of -CNY 243 million, a 74.02% year-on-year increase [5][44] 2. Segment Performance - In Q1 2025, segments like cement and glass fiber show positive revenue growth, with cement revenue up 0.11% and glass fiber up 25.24% [6][55] - Most segments, except for pipes, show improvements in net profit year-on-year, with cement, glass fiber, refractory materials, and coatings ending their respective revenue declines [6][58] 3. Investment Strategy - The report suggests that leading companies in the sector can achieve better growth in a challenging environment through internal and external development strategies [8][81] - The anticipated recovery of the real estate sector is expected to stabilize demand for building materials, leading to valuation recovery in the industry [8][84] - Recommended companies include Beixin Building Materials, Weixing New Materials, Shandong Pharmaceutical Glass, and others [8][84]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 14.2 CNY per share [2][8]. Core Views - The company's Q1 2025 performance showed revenue of 895 million CNY, a year-on-year decrease of 10.2%, and a net profit attributable to shareholders of 114 million CNY, down 25.95% year-on-year. The decline is attributed to weak market demand and intensified industry competition [2][8]. - The report highlights a significant drop in investment income, which decreased by 295.63% year-on-year, primarily due to reduced fair value gains from financial assets held by a partnership [8]. - The company is expected to focus on enhancing its retail business and increasing market share in 2025-2026, with projected net profits of 1.077 billion CNY and 1.182 billion CNY for 2025 and 2026, respectively [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 6.595 billion CNY, reflecting a growth rate of 5.2% compared to 2024. The net profit is expected to be 1.077 billion CNY, with a year-on-year growth rate of 13.1% [4][8]. - The earnings per share (EPS) for 2025 is estimated at 0.68 CNY, with a price-to-earnings (P/E) ratio of 17 times [4][8]. - The company's total assets are projected to reach 6.797 billion CNY by 2025, with a debt-to-equity ratio of 2.2% [9][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 14.2 CNY per share [2][8]. Core Views - The company's Q1 2025 performance showed revenue of 895 million CNY, a year-on-year decline of 10.2%, and a net profit attributable to shareholders of 114 million CNY, down 25.95% year-on-year. The decline is attributed to weak market demand and intensified industry competition [2][8]. - The report highlights a significant drop in investment income, which decreased by 295.63% year-on-year, primarily due to reduced fair value changes in financial assets held by a partnership [8]. - The company is expected to focus on enhancing its retail business and increasing market share in 2025-2026, with projected net profits of 1.077 billion CNY, 1.182 billion CNY, and 1.305 billion CNY for 2025, 2026, and 2027 respectively [8][9]. Financial Summary - For 2025, the company is projected to have total revenue of 6.595 billion CNY, with a year-on-year growth rate of 5.2%. The net profit attributable to shareholders is expected to be 1.077 billion CNY, reflecting a growth rate of 13.1% [4][9]. - The earnings per share (EPS) for 2025 is estimated at 0.68 CNY, with corresponding price-to-earnings (PE) ratios of 17x for 2025, 16x for 2026, and 14x for 2027 [4][8]. - The company's total assets are projected to reach 6.797 billion CNY by 2025, with a debt-to-equity ratio of 2.2% [9].

二、股东股份质押基本情况 | | 股东 | 是否为控股 股东或第一 | 本次质押数 | 占其所 | 占公 司总 | 是否 | 是否为 | 质押起始 | 质押到期 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 质权人 | 名称 | 大股东及其 | 量（股） | 持股份 | 股本 | 为限 | 补充质 | 日 | 日 | 用途 | | | | | | 比例 | | 售股 | 押 | | | | | | | 一致行动人 | | | 比例 | | | | | | | 中国农业银行 | 伟星 | | | | | | | 2025 年 5 | 办 理 解 除 | | | 股份有限公司 | | 是 | 60,000,000 | 9.94% | 3.77% | 否 | 否 | | | 经营 | | 临海市支行 | 集团 | | | | | | | 月 12 日 | 质押之日 | | 证券代码：002372 证券简称：伟星新材 公告编号：2025-018 浙江伟星新型建材股份有限公司 关于控股股东部分股份解除质押及再质押 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Huaming Equipment, Changshu Bank, Guangdian Yuntong, Yunnan Baiyao, and BYD. In the last five days, the most visited companies were Mankalon, Zhou Dasheng, Stable Medical, Zhujiang Beer, and Shenghe Resources. Among the top twenty companies in the past 30 days, 11 companies had 10 or more rating agencies, including BYD, Huali Group, Weixing New Materials, Changshu Bank, and Weixing Co., Ltd. [2][11][12] - Companies such as BYD, Huali Group, Changshu Bank, Weixing Co., Ltd., Weichai Power, Yunnan Baiyao, Tuobang Co., Ltd., Huaming Equipment, and Zhongji United are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][11][12]. Group 2: Shareholder Increase Activities - From May 5 to May 9, 2025, a total of 13 companies announced significant shareholder increases, with three companies having 10 or more rating agencies. The companies with an average proposed increase amount exceeding 1% of the latest market value include *ST Gengxing, Hainan Development, China Railway Industry, Huamao Technology, and Linglong Tire [3][14][15]. - From January 1 to May 11, 2025, 297 companies announced significant shareholder increases, with 203 having 10 or more rating agencies. Among these, 15 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Sailun Tire, Rongsheng Petrochemical, Wanrun Co., Ltd., CNOOC Engineering, and Xin Fengming [5][16][17]. Group 3: Company Buyback Activities - From May 5 to May 9, 2025, a total of 312 companies announced buyback progress, with 84 companies having 10 or more rating agencies. Companies expected to have a buyback amount exceeding 1% of the market value on the announcement date include Pingmei Co., Ltd., Huafa Co., Ltd., Changhong Meiling, XGIMI Technology, and Xugong Machinery [4][19][20]. - From January 1 to May 11, 2025, 1,456 companies announced buyback progress, with 297 having 10 or more rating agencies. Among these, 82 companies had a buyback amount exceeding 1% of the market value on the announcement date, including Changhong Meiling, Qianwei Central Kitchen, Baolong Technology, Shantui Co., Ltd., Wanrun Co., Ltd., Midea Group, BOE A, and Goldwind Technology [6][22][23].