伟星新材(002372)/建筑材 料证券研究报告/公司点评 2024 年 9 月 1 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------ ...

证券代码：002372 证券简称：伟星新材 公告编号：2024-029 浙江伟星新型建材股份有限公司 关于"质量回报双提升"行动方案的公告 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。 公司积极贯彻落实中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国务 院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有力有效措施，着力 稳市场、稳信心"的指导思想，结合自身发展战略、经营情况和财务状况，为维护公司全体 股东的利益，提振投资者信心，推动公司长期健康与可持续发展，特制定"质量回报双提升" 行动方案。具体举措如下： 一、深耕主业、创新引领、深化转型，积极推动公司持续高质量发展 公司设立于 1999 年，主要从事各类中高档新型塑料管道的制造与销售，产品涵盖三大 系列：PPR 系列产品，主要应用于建筑内冷热给水；PE 系列产品，主要应用于市政供水、采 暖、燃气、排水排污等领域；PVC 系列产品，主要应用于排水排污以及电力护套等领域。同 时，公司围绕"同心圆产品链"，积极拓展室内防水、全屋净水等业务。公司业 ...

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：2024-024 | --- | --- | |----------------------|------------------------------------------------------------------------------| | | □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 | | | Citi：Eric Lau, Alice Cai；Polymer Capital MAN (HK)：Pan Hui、Raymond Choi | | | Alicia Zhang、Ronnie Ruan；Mass Financial Services (MFS)：Flora Chai；Avanda | | | Investment Management：David Wang；Bluecrest Capital：Tony Zhang；Bocom | | | Internatio ...

编号：2024-023 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 | --- | --- | --- | |------------------------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 伟星新材（002372.SZ） 2024 年 08 月 26 日 扣非业绩略降，管材龙头盈利韧性强 ——公司 2024 中报点评报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/26 | | 当前股价(元) | 11.90 | | 一年最高最低(元) | 21.49/11.79 | | 总市值(亿元) | 189.45 | | 流通市值(亿元) | 175.03 | | 总股本(亿股) | 15.92 | | 流通股本(亿股) | 14.71 | | 近 3 个月换手率(%) | 27.33 | 股价走势图 伟星新材 沪深300 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《Q1 扣非归母高增，关注"同心圆" 加 速 拓 展 — 公 司 信 息 更 新 报 告 》 -2024.4.29 《业绩稳健增长，提高分红重视股东 回馈—2023 年年报点评》-2024.4.10 《业绩环比改善，现金流延续高质 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 27 日 伟星新材(002372.SZ) 零售管材龙头韧性十足，同心圆持续推 进，毛利率同比提升 事件：公司发布 2024 年半年度报告，实现营收 23.43 亿元， yoy+4.73%；实现归母净利润 3.40 亿元，yoy-31.23%；实现扣非 归母净利润 3.40 亿元，yoy-0.37%。2024Q2 公司实现营收 13.46 亿元，yoy+0.41%；实现归母净利润 1.86 亿元，yoy-41.88%；实 现扣非归母净利润 1.98 亿元，yoy-16.85%。 零售营收增长凸显经营韧性，境外业务积极推进快速增长。 2024H1 公司实现营收 23.43 亿元，yoy+4.73%，其中 Q1、Q2 各季 度公司营收增速分别为 11.19%和 0.41%。2024H1 各产品营收及增 速分别为：PPR 系列产品 10.73 亿元（yoy+3.21%），PE 系列产品 4.74 亿元（yoy-3.11%）、PVC 系列产品 3.03 亿元（yoy-12.73%）、 防水/净水等其他产品 4.63 亿元（yoy+45.30% ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company has achieved steady revenue growth despite a decline in investment income, with a 4.7% year-on-year increase in revenue to 2.34 billion yuan in H1 2024, while net profit attributable to shareholders decreased by 31.2% to 340 million yuan [5][10]. - The retail business remains robust, with core regions experiencing growth, and international business expanding rapidly, with overseas revenue increasing by 27.4% year-on-year [10][12]. - The company is focusing on high-quality development, enhancing brand, channel, and service capabilities to strengthen its market position, while also emphasizing shareholder returns through a mid-term dividend payout of 1 yuan per share [15][18]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 2.34 billion yuan, a 4.7% increase year-on-year, and a net profit of 340 million yuan, down 31.2% year-on-year. The adjusted net profit was 340 million yuan, reflecting a slight decrease of 0.37% [5][10]. - The second quarter revenue was 1.35 billion yuan, up 0.4% year-on-year, while net profit dropped 42.9% to 186 million yuan [5][10]. Product and Regional Performance - Revenue by product in H1 2024 was as follows: PPR 1.07 billion yuan (+3.2%), PE 470 million yuan (-3.1%), PVC 300 million yuan (-12.7%), and other products 460 million yuan (+45.3%) [10][12]. - The company is focusing on core domestic markets, with revenue growth in East China (+5.7%), South China (+5.9%), and Western regions (+3.1%) [10][12]. Margins and Costs - The overall gross margin for H1 2024 was 42.1%, an increase of 0.9 percentage points year-on-year, with Q2 gross margin at 42.6% [12][14]. - The company has increased its marketing expenses to enhance brand influence, leading to a rise in the sales expense ratio by 2.8 percentage points year-on-year [12][14]. Cash Flow and Dividends - Operating cash flow for H1 2024 was 290 million yuan, a decrease of 28.2% year-on-year, with a cash collection ratio of 1.14 [12][14]. - The company plans to distribute a mid-term dividend with a payout ratio of 46% [15][18].

公司报告 | 半年报点评 零售管材龙头韧性凸显，"同心圆"产品增长亮眼 营收保持稳步增长，中期分红提升投资吸引力 24H1 公司实现收入23.43 亿，同比+4.73%，归母净利润3.4 亿，同比-31.23%， 扣非净利润 3.4 亿，同比-0.37%，其中 Q2 单季实现营收 13.46 亿，同比 +0.41%，归母净利润为 1.86 亿，同比-41.89%。归母净利润承压主要系今 年投资收益减少以及费用率提升。24H1 现金分红为 1.57 亿，分红比例为 46%。考虑到地产下行压力较大，我们下调公司业绩预期，预计公司 24-26 年归母净利润为 14.7、16.2、18.2 亿元（前值 15.8、17.8、20.1 亿元），对 应 PE 为 14.1、12.8、11.4 倍，维持"买入"评级。 PPR 毛利率仍在提升，原材料价格总体稳定 分业务来看，PPR、PE、PVC 系列产品分别实现营收 10.73、4.74、3.03 亿 元，分别同比+3.21%、-3.11%、-12.73%，以上业务毛利率分别为 59.11%、 29.73%、20.99%，同比变动+2.03pct、+0.69pct、-0.94 ...

Investment Rating - The report maintains a "Recommend" rating for Weixing New Materials (002372 SZ) [5][6] Core Views - The company demonstrates resilience in maintaining gross margin levels despite market challenges, with a focus on high-quality development and strong repurchase logic in the second-hand housing era [5] - Weixing New Materials continues to deepen its retail strategy, invest in marketing, and advance its "Concentric Circle" and "Big System" strategies, leading to accelerated growth in customer value and brand strength [5] - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 1 2 billion, 1 33 billion, and 1 51 billion yuan, respectively, with corresponding P/E ratios of 17x, 16x, and 14x [5] Financial Performance Summary - In H1 2024, the company achieved revenue of 2 343 billion yuan, a YoY increase of 4 73%, while net profit attributable to shareholders decreased by 31 23% to 340 million yuan [2] - Gross margin in H1 2024 was 42 11%, up 0 95 percentage points YoY, with Q2 gross margin at 42 58%, down 1 25 percentage points YoY but up 1 10 percentage points QoQ [2] - Net margin in H1 2024 was 14 71%, down 7 80 percentage points YoY, with Q2 net margin at 13 92%, down 10 45 percentage points YoY and 1 85 percentage points QoQ [2] Business Highlights - PPR products, accounting for 45 8% of total revenue, saw a 3 2% YoY increase in revenue, with gross margin rising 2 0 percentage points to 59 1% [4] - The company's core region, East China, contributed 51 2% of revenue, with a 5 7% YoY increase, while overseas revenue grew 27 4% YoY, driven by successful expansion in Southeast Asia and the "Belt and Road" markets [4] - The company actively implemented a mid-term dividend, distributing 0 1 yuan per share, totaling 157 million yuan, with a dividend payout ratio of 46 26% [5] Marketing and Branding - Weixing New Materials increased its marketing efforts, with H1 2024 sales expenses rising 28 34% YoY, driven by accelerated market expansion during the low point [3] - The company announced Liu Shishi as the spokesperson for its water ecosystem products in April 2024 and launched a virtual brand ambassador, "Elephant Weisen," in July 2024 to enhance brand strength [3] Financial Forecast - Revenue for 2024-2026 is projected to be 6 378 billion, 6 506 billion, and 7 208 billion yuan, respectively, with growth rates of -8 3%, 2 0%, and 10 8% [6] - Net profit attributable to shareholders is expected to be 1 199 billion, 1 330 billion, and 1 513 billion yuan for 2024-2026, with growth rates of -16 3%, 10 9%, and 13 8% [6]

浙江伟星新型建材股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：浙江伟星新型建材股份有限公司 | | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024年期初 | 2 024 年半年度 | 2 024 | 年半年 | 2024 年半年 | 2 024 年半 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 司的关联关系 | 的会计科目 | 占用资金余 | 占用累计发生金 | 度占用资金的 | | 度偿还累计 | 年度期末占 | 成原因 | 占用性质 | | | | | | 额 | 额（不含利息） | 利息（如有） | | 发生金额 | 用资金余额 | | | | 控股股东、实际控制 | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控 制人及其附属企业 | | | | ...