➢ 事件:7 月 22 日伟星新材 VASEN 品牌官"大象威森"正式官宣上线,是白 色大象卡通形象。威森定位为做一个家庭居住体验感的专业守护者,技能包括挖 掘痛点、创新产品、质量把控、售后维护等。 ➢ "大象威森",突出伟星专注、进取的品牌定位 威森的形象是"白色大象",大象在自然界是智慧与力量的象征,敦厚温和、寿 命长,白色突出干净,结合在一起给人以稳重、可信赖感。大象威森的标签为"六 边形大象",而"六边形战士"寓意各方面素质都十分突出、全能型发展。伟星 产品围绕"水"(水管、净水机、防水等),以威森巧妙直观的设计,凸显公司 专注、进取的品牌形象。作为伟星 VASEN 品牌官,威森的工作角色是多元的, 包括 1)研发工程师(会钻研真正的使用痛点、精研打造更受大家喜爱的产品), 2)产品经理(为大家把好每一个产品的工程质量关),3)销售(为每一个家提 供适合的产品解决方案),4)星管家(一站式解决产品全生命周期的服务问题)。 ➢ 经典的形象代言,加深消费品的品牌力量 通过具象化的品牌形象,能更好地传递品牌景愿、与消费者建立情感联系。例如 ①迪士尼的"米老鼠",在影视、周边商品和主题乐园中反复出现,将品牌与 ...

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:2024-020 √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 员姓名 柏瑞投资:刘冠平;嘉实基金:陈路华;国海证券:张艺露、谭宸。 时间 2024 年 7 月 17 日 地点 公司会议室 上市公司接待人员 姓名 谭梅、李晓明、章佳佳、陈银琼 1、请问目前市场需求情况如何? 答:目前各业务板块的市场需求仍然比较疲弱。 2、请问公司是否会调整价格体系? 答:公司产品的定价总体执行成本加成的原则,除了部分产品价格因原材料价 格大幅下降有所下调外,今年零售业务大部分产品的价格体系基本保持稳定。工程 业务随行就市,按单定价。 3、请问目前行业的竞争格局情况? 投资者关系活动主 答:近年来,行业竞争愈发激烈,小企业尤其是以工程为主的小企业,生存困 要内容介绍 难甚至逐步被淘汰,目前主要是品牌企业之间的竞争,行业集中度有所提升。 4、在当前大环境下,请问公司的工作重心有哪些? 答:在当前低迷的经济环境下,公司的工作重心 ...

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：2024-019 √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 参与单位名称及人 天风证券：王雯、王悦宜；德邦证券：闫广、王逸枫；南方基金：李想。 员姓名 时间 2024年7月10日 地点 公司会议室 上市公司接待人员 谭梅、李晓明 姓名 1、请问目前市场需求情况如何？ 答：目前塑料管道行业的需求仍然比较低迷，市场疲弱。 2、谈谈行业的竞争格局？ 答：近年来，行业竞争日趋加剧，小企业尤其是以工程为主的小企业，生存困 难甚至逐步被淘汰，目前主要是品牌企业之间的竞争，行业集中度持续提升。 3、二手房交易会带来需求吗？ 答：二手房交易会带来部分需求，主要看二手房的新旧程度以及业主的喜好， ...

建筑材料行业 公司点评 | 证券分析师 | |------------------------------| | 戴铭余 | | S1350524060003 | | daimingyu@huayuanstock.com | | 刘晓宁 | | S1350523120003 | | liuxiaoning@huayuanstock.com | 市场表现: 伟星新材 沪深300指数 -50% 0% 50% 07-0308-0309-0310-0311-0312-0301-0302-0303-0304-0305-0306-03 相关研究 2024 年 07 月 05 日 伟星新材 (002372.SZ) 增持(维持) ——行业下行期质地优势进一步凸显,高分红提升配置价值 投资要点: ➢ 事件:公司发布 2023 年年报以及 2024 年一季报,1)年报:公司实现营业收入 63.78 亿元,同比下降 8.27%,实现归母净利润 14.32 亿元,同比上升 10.40%,其中四季度,公司实现营业收入 26.32 亿元, 同比下降 5.67%,实现归母净利润 5.58 亿元,同比上升 5.60%。2)一季度:公司实现营 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 20.02 CNY, while the current stock price is 16.45 CNY [1][5]. Core Views - The company, Weixing New Materials, is a leading player in the high-end retail plastic pipe market in China, demonstrating strong operational resilience and high return on equity (ROE) along with impressive dividend metrics [1][5]. - The company has maintained positive growth in its revenue and net profit over the past decade, even amidst significant fluctuations in the real estate sector [1][16]. - The "Same Circle" strategy has been effective in expanding the company's product offerings and market presence, particularly in the waterproofing and water purification sectors [2][5]. Company Overview - Weixing New Materials specializes in high-end plastic pipes, including PPR, PVC, and PE pipes, with a significant market share in the domestic PPR pipe sector [10][12]. - The company has a strong brand reputation and has been recognized for its quality and service, which contributes to its competitive advantage [2][10]. - The company has implemented a service model called "Star Housekeeper," enhancing customer loyalty and facilitating smoother price transmission [2][10]. Business Development - The retail segment of the company has shown remarkable resilience, with a compound annual growth rate (CAGR) of 14.55% in revenue from 2010 to 2023 [16]. - The company has successfully diversified its product lines, with rapid growth in new categories such as waterproofing and water purification, contributing to overall revenue growth [2][5][20]. - The revenue from the PPR segment has increased from 21.92 billion CNY in 2017 to 29.90 billion CNY in 2023, although its share of total revenue has decreased due to the rapid growth of new business segments [20][21]. Financial Analysis - The company has maintained a gross margin above 40% for most years, with PPR pipes achieving a gross margin of over 58% in 2023 [23][29]. - The ROE has consistently remained above 25% from 2016 to 2023, significantly outperforming the average in the consumer building materials sector [29][31]. - The company has a strong cash flow position, with operating cash flow consistently net inflow, and a high dividend payout ratio of 75.56% [5][32]. Industry Context - The real estate sector's policy easing is expected to support sales recovery, which will benefit the retail demand for the company's products [2][5]. - The demand for home renovation and improvement products is anticipated to grow, driven by urbanization and the increasing focus on home quality [2][5].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's business model and brand premium continue to maintain an advantage, with shareholder returns consistently leading the industry [2]. - The target price is set at 26.53 CNY, corresponding to a 2024 PE of approximately 29x, reflecting the company's long-term competitive advantages and its status as a relatively scarce brand retail leader in the sector [2][3]. - The retail growth rate is expected to remain strong, with an estimated overall retail growth rate of 5%-10% for 2024, driven by channel expansion and new product categories [2]. - The company plans a cash dividend of 1.257 billion CNY for 2023, with a dividend payout ratio of 88%, indicating a strong sustainability of high shareholder returns [2]. Financial Summary - The company reported a revenue of 6.378 billion CNY in 2023, with projections of 7.081 billion CNY for 2024, reflecting an 11% increase [6]. - The net profit attributable to the parent company is projected to be 1.466 billion CNY in 2024, with a growth rate of 2.3% compared to 2023 [6]. - The earnings per share (EPS) for 2024 is adjusted to 0.92 CNY, with further projections of 0.99 CNY for 2025 and 1.12 CNY for 2026 [2][6]. - The company maintains a net asset return rate of 25.3% for 2024, with a projected increase to 27.5% by 2026 [6]. Market Data - The current stock price is 16.36 CNY, with a 52-week price range of 13.01-21.98 CNY [4]. - The total market capitalization is 26.046 billion CNY, with a total share capital of 1.592 billion shares [4].

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：2024-018 □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 新华基金：赵强、王永明、谷航；东吴证券：黄诗涛、任婕；南方基金：于泽群、 参与单位名称及人 章晖、吴冉劼、余一鸣、都逸敏、卢玉珊、潘越、刘祎、李锦文、张磊、赵舜、陈 员姓名 卓、骆帅、黄春逢、邹寅隆；民生证券：李阳、易智娴等。 时间 2024年5月31日 地点 公司 上市公司接待人员 谭梅等 姓名 1、请公司介绍一下近期各项业务的市场需求情况？ 答：目前各业务板块市场需求仍然呈现低迷的态势，总体变化不大。 2、请问目前产品原材料价格情况以及未来走势判断？ 答：目前产品原材料的价格同比去年略有上涨，预计未来原材料价格继续上涨 的概率会更大一点。 3、请问公司收购浙江可瑞的目的以及目前的整合情况？ ...

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：2024-017 √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 兴全基金：曹娜、何悦；申万宏源证券：郝子禹、刘雅楠；国泰证券：叶笠笙；IGWT 参与单位名称及人 Investment：廖克铭；富邦投信：谢育霖；野村投信：朱继元；润晖投资：蒋暘晶； 员姓名 中金公司：龚晴。 时间 2024年5月28日 地点 公司 上市公司接待人员 谭梅、李晓明、章佳佳、陈银琼 姓名 1、请公司介绍一下近期各项业务的市场需求情况？ 答：目前各业务板块市场需求仍然比较疲弱，总体变化不大。 2、请问公司零售端销售通道的情况？ 答：目前公司零售业务的主要销售通道依然为家装公司、工长（项目经理）、 业主自购，但是其比例结构在发生变化，家装公司的占比逐年提升，业主自购占比 逐年下降。 ...

Group 1: Market Demand and Business Performance - Recent retail market demand has continued the weak trend from Q4 2023, with little overall improvement [2] - The construction engineering business remains in a downward trend due to the impact of the real estate sector [2] - The municipal engineering business has seen a slight improvement in payment conditions [2] Group 2: Revenue Goals and Challenges - The revenue target for 2024 is set at CNY 7.3 billion, with an expected growth rate of approximately 10% [2] - The company faces significant challenges in achieving its annual targets, requiring greater efforts to withstand external pressures [2] Group 3: Business Strategy and Risk Management - The company prioritizes "long-term sustainable development" and will not sacrifice operational quality for scale, especially in adverse macroeconomic conditions [2] - The company is focusing on selecting quality clients and projects to maintain operational standards [2] Group 4: Product and Market Development - In 2023, the company made adjustments in its water purification business, focusing on organizational structure, channel empowerment, and new product development [3] - The company is in the early stages of internationalization, including building marketing networks and developing international teams [3] Group 5: Market Competition and Future Planning - The competitive landscape is shifting towards brand enterprises, with smaller engineering-focused companies facing survival challenges [3] - The company is in a forward-looking phase regarding industrial pipelines, actively monitoring relevant cutting-edge technologies [3] Group 6: Dividend Policy - The company has proposed a mid-term dividend plan for 2024, contingent on meeting three specific conditions [3]

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：2024-015 √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 参与单位名称及人 广发证券：谢璐；华安证券：杨光；博时基金：刘俊诚；长信基金：朱辰菲；太平 员姓名 基金：王寓捷；太平养老：曹云。 时间 2024年5月16日 地点 公司会议室 上市公司接待人员 谭梅、李晓明、陈银琼 姓名 1、请公司介绍一下近期零售市场的需求情况？ 答：近期零售市场需求基本延续了 2023 年第四季度疲弱低迷的情况，总体变 化不大。 2、请问公司2023年各业务的销售收入占比？ 答：2023年度公司零售业务、工程业务销售收入占比大致为7:3。 3、请问公司2024年第一季度存货规模同比上升的原因？ 答：主要系浙江可瑞和广州合信方园等公司并表等原因所致。 ...