Investment Rating - The report maintains a "Recommended" investment rating for the company [1][3][10] Core Views - The company's performance remains resilient, with a gross margin maintaining a high level despite a challenging industry environment. Revenue for the third quarter decreased by 5.2% year-on-year, while the gross margin improved by 0.5 percentage points to 43.1% [3][5] - The operating cash flow is stable, with a net cash flow from operating activities of 8.1 billion yuan, slightly higher than the previous year's 8.0 billion yuan. The company's financial condition is strong, with a debt-to-asset ratio of only 24.0% [3][4] - The investment suggestion reflects a downward adjustment in profit forecasts due to weaker-than-expected industry recovery. The projected net profits for 2024-2026 are 11.5 billion yuan, 12.7 billion yuan, and 13.9 billion yuan, respectively, with corresponding P/E ratios of 20.9x, 18.9x, and 17.2x. Despite the profit forecast downgrade, the company's strong brand, service, and channel competitiveness, along with a high dividend yield, indicate a favorable outlook [3][4][9] Financial Summary - For 2024, the expected revenue is 6.273 billion yuan, a slight decrease of 1.6% from the previous year. The net profit is projected to be 1.147 billion yuan, reflecting a significant decline of 20.0% [4][9] - The gross margin is expected to be 42.0% for 2024, consistent with the previous year's performance, while the net margin is projected to be 18.3% [4][9] - The company's return on equity (ROE) is expected to decrease to 19.7% in 2024, with a gradual recovery in subsequent years [4][9] Cash Flow and Balance Sheet - The net cash flow from operating activities is projected to be 1.430 billion yuan for 2024, with a gradual increase expected in the following years [8][9] - The total assets are expected to grow from 7.292 billion yuan in 2023 to 8.054 billion yuan by 2026, indicating a positive trend in asset accumulation [7][9] - The company's liquidity remains strong, with a current ratio of 4.0 in 2024, suggesting a solid ability to meet short-term obligations [9]

Financial Performance - Q3 2024 revenue was CNY 1,429,520,875.73, a decrease of 5.24% compared to CNY 1,508,631,818.10 in the same period last year[3] - Net profit attributable to shareholders was CNY 284,085,539.83, down 25.27% from CNY 380,170,741.82 year-over-year[3] - Basic earnings per share decreased by 25.00% to CNY 0.18 from CNY 0.24 in the previous year[3] - Total operating revenue for Q3 2024 was approximately ¥3.77 billion, a slight increase from ¥3.75 billion in Q3 2023, representing a growth of 0.73%[21] - Net profit attributable to the parent company decreased to approximately ¥2.20 billion in Q3 2024 from ¥2.99 billion in Q3 2023, a decline of 26.06%[20] - The total profit for Q3 2024 is 748,034,335.91, down from 1,046,344,877.54 in the same period last year, representing a decline of approximately 28.6%[22] - The operating profit for Q3 2024 is 749,105,501.86, compared to 1,047,927,075.88 in Q3 2023, indicating a decrease of about 28.6%[22] - The total comprehensive income for Q3 2024 is 637,344,712.09, down from 893,335,059.54 in Q3 2023, reflecting a decline of approximately 28.7%[23] - Basic and diluted earnings per share for Q3 2024 are both 0.40, down from 0.55 in Q3 2023, a decrease of 27.3%[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,291,639,684.66, a decrease of 11.37% compared to the previous year[3] - Total assets as of Q3 2024 were approximately ¥6.46 billion, down from ¥7.29 billion in Q3 2023, a decrease of 11.49%[20] - Total liabilities increased slightly to approximately ¥1.55 billion in Q3 2024 from ¥1.54 billion in Q3 2023, an increase of 0.07%[20] - The company's equity attributable to shareholders decreased to approximately ¥4.76 billion in Q3 2024 from ¥5.59 billion in Q3 2023, a decrease of 14.83%[20] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 812,344,463.95, an increase of 1.12% compared to CNY 803,332,990.52 last year[3] - The cash flow from operating activities for Q3 2024 is 812,344,463.95, slightly up from 803,332,990.52 in Q3 2023[25] - The total cash inflow from operating activities in Q3 2024 is 4,263,459,509.24, compared to 4,345,217,643.62 in Q3 2023, showing a slight decrease[24] - The cash outflow from financing activities in Q3 2024 is 1,483,812,970.21, compared to 972,245,792.51 in Q3 2023, indicating an increase in financing outflows[26] - The net cash flow from investment activities increased by CNY 86,985,500 compared to the same period last year, mainly due to the maturity of financial products[10] - The net cash flow from investing activities for Q3 2024 is 17,848,366.40, compared to -69,137,156.65 in Q3 2023, indicating a significant improvement[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 47,258, with no preferred shareholders having restored voting rights[11] - The largest shareholder, Weixing Group Co., Ltd., holds 37.90% of shares, amounting to 603,359,564 shares, with 227,132,400 shares pledged[11] - The company repurchased 20,170,000 shares, representing 1.27% of the total shares[12] Investments and Dividends - The company has invested 1 billion yuan in financial products, with 500 million yuan returned and a profit of 254.56 thousand yuan realized[15] - The cash dividend plan for the first half of 2024 is set at 1.00 yuan per 10 shares, totaling 157,186,798.80 yuan[16] Operational Metrics - Total operating costs increased to approximately ¥3.06 billion in Q3 2024 from ¥2.88 billion in Q3 2023, reflecting a rise of 6.25%[21] - Research and development expenses for Q3 2024 were approximately ¥120.58 million, a decrease from ¥124.61 million in Q3 2023, indicating a reduction of 3.36%[21] Other Information - The company has established a "Quality and Return Improvement" action plan to enhance market confidence and company value[15] - The company has not disclosed any new product or technology developments in the current report[15] - The company's cash and cash equivalents decreased from 3,174,467,037.65 yuan at the beginning of the period to 1,751,653,553.69 yuan at the end[17] - The company's cash and cash equivalents decreased to approximately ¥4.14 billion in Q3 2024 from ¥5.05 billion in Q3 2023, a decline of 18.06%[20] - The company's cash and cash equivalents at the end of Q3 2024 amount to 1,341,576,214.74, down from 2,728,117,542.63 at the end of Q3 2023[26] - Accounts receivable increased from 550,595,082.38 yuan to 583,910,800.73 yuan during the reporting period[17] - Inventory decreased slightly from 1,015,472,937.09 yuan to 1,002,369,307.53 yuan[17] - The company's deferred tax assets increased to approximately ¥29.30 million in Q3 2024 from ¥23.73 million in Q3 2023, an increase of 23.56%[20] - The company reported a financial income of approximately ¥44.64 million in Q3 2024, down from ¥56.29 million in Q3 2023, a decrease of 20.83%[21]

证券代码：002372 证券简称：伟星新材 公告编号：2024-031 浙江伟星新型建材股份有限公司 关于购买银行理财产品的进展公告 浙江伟星新型建材股份有限公司（以下简称"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。 经 2024 年 4 月 8 日公司第六届董事会第八次会议审议通过，公司及子公司在保证正常 经营及资金安全的前提下使用不超过人民币 5 亿元的闲置自有资金开展投资理财业务；经 2024 年 8 月 22 日公司第六届董事会第十次会议审议通过，公司投资理财额度调整为不超过 人民币 8 亿元，投资期限自 2024 年 8 月 22 日-2025 年 8 月 21 日。在上述额度内资金可以 循环使用，并授权董事长行使该项投资决策权及签署相关合同文件，具体内容详见 2024 年 4 月 9 日、8 月 7 日、8 月 24 日刊载于《证券时报》《中国证券报》《上海证券报》《证券 日报》和巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 公司已使用部分闲置自有资金购买了银行理财产品，现将有关情况公告如下： 一、购买银行理财产 ...

编号：2024-029 证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------| | 投资者关系活动类 \n别 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 □其他 | □路演活动 | | 参与单位名称及人 | 东方财富证券：郁晾。 | | | 员姓名 | | | | 时间 2024 | 年 10 月 8 日 | | | 地点 公司会议室 | | | | 上市公司接待人员 姓名 | 李晓明、章佳佳、陈银琼 | | | | 1 | 、请问公司三季度的市场需求情况？ | | | 答： 2024 | 年第三季度，公司各 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Viewpoints - The company has established a significant competitive advantage in the plastic pipe market through over 20 years of deep cultivation, characterized by a flat channel structure, strong profitability, and high asset quality [2][6]. - Demand recovery is anticipated, particularly benefiting leading pipe manufacturers as the market shifts towards small B and C-end channels [2][6]. - The company is transitioning from a plastic pipe manufacturer to a comprehensive water system service provider, significantly increasing the potential value per household [2][6]. Summary by Relevant Sections Company Overview - Founded in 1999, the company is a leading retail PPR pipe manufacturer in China, with a diverse product range including PPR, PE, PVC pipes, waterproofing, and water purification products [15][26]. Industry Analysis - The plastic pipe industry is valued at approximately 161.9 billion yuan, with stable production levels. The demand is expected to benefit from real estate policy adjustments and increased renovation needs [27][30][31]. Financial Performance - The company’s revenue for 2023 is projected at 6,378.28 million yuan, with a slight decline of 8.27%. However, a recovery is expected in subsequent years, with net profits forecasted to be 1,382.36 million yuan in 2024, reflecting a decrease of 3.49% [7][6]. Growth Potential - The company is expanding its product categories, aiming to enhance the value per household significantly. For instance, the potential value can increase from 1,800 yuan for plastic pipes to 5,400 yuan when including waterproofing and purification products, and up to 9,400 yuan with heating systems [2][6]. Market Trends - The report highlights a shift in the market towards small B and C-end channels, with leading companies expected to gain market share as demand recovers due to favorable real estate policies [2][6].

证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号：2024-028 | --- | --- | --- | |-----------------------|---------------------------------|-------------------------------------------------------------------------------| | 投资者关系活动类 \n别 | □新闻发布会 \n□现场参观 □其他 | √特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□路演活动 | | 参与单位名称及人 | | 麦格理：黄晓龄；兴证全球基金：程奎皓。 | | 员姓名 | | | | 时间 2024 | 年 9 月 26 日 | | | 地点 公司会议室 | | | | 上市公司接待人员 | 李晓明、陈银琼 | | | 姓名 | | | | | 1 | 、请问公司各项业务的销售收入占比？ | | | 答： 2024 | 年半年度公司零售业务、工程业务销售收入占比大致为 69%:31% 。 | | | 2 | ...

证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号：2024-027 | --- | --- | --- | |-----------------------|--------------------------|--------------------------------------------------------------------------| | | | □特定对象调研 □分析师会议 | | 投资者关系活动类 | | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | | □现场参观 √其他：电话会议 | | 参与单位名称及人 | | 睿远基金：戎哲宇、唐倩、吴非、刘都、陈烨远、赵枫、陈术子；申万宏源：郝子 | | 员姓名 | | 禹；东方资管：裴政、张伟锋、秦绪文、黄天潇；长江证券：范超、李浩。 | | 时间 2024 | 年 9 月 18 日 | | | 地点 公司 | | | | 上市公司接待人员 姓名 | 谭梅等 | | | | 1 | 、请问公司近期市场需求情况？ | | | | 答：目前各业务的市场 ...

证券代码：002372 证券简称：伟星新材 公告编号：2024-030 浙江伟星新型建材股份有限公司 2024年中期现金分红实施公告 1 二、现金分红方案 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《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 次现金分红的权利。本次现金分红方案为：以公司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，向全体股东按每 10 股派发现金红利 1.00 元(含税)，分红总 金额为 157,186,798.80 元。 2、根据股票市值不变原则，实施现金分红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，在除权除息价格计算时，每股现金红利应以 0.0987330 元/股（每股现金红利=现金分红总额/总股本，即 0.0987330 元/股=157,186,798.80 元÷ 1,592,037,988 股）计算，则本次现金分红实施后除权除息价格=股权登记日收 ...

Group 1: Company Strategy and Management - The company emphasizes team management and tiered development influenced by its corporate culture and values, focusing on "long-term sustainable development" and "collaboration and win-win" principles [1] - In response to the current sluggish retail market, the company aims to enhance channel construction, expand product categories, and upgrade business models to strengthen core competitiveness [1] Group 2: Market Demand and Pricing - Market demand for various business segments remains weak, with no signs of improvement observed in July and August [2] - The pricing strategy for retail products generally follows a cost-plus principle, with most product prices stable, except for some adjustments due to raw material price decreases [2] Group 3: Sales Channels and Capital Expenditure - The main sales channels for retail business include home decoration companies, project managers, and direct purchases by homeowners, with a higher proportion in first and second-tier cities [2] - The company's capital expenditure is approximately 300 million yuan annually, primarily for production base expansion and equipment upgrades [2] Group 4: Future Outlook and Industry Competition - The company remains cautious regarding mergers and acquisitions, focusing on synergistic opportunities that align with its core business in "large building materials" [2] - The competitive landscape in the plastic pipe industry has intensified, with increasing challenges for small and medium-sized enterprises [2]

编号：2024-025 证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...