伟星新材（002372） 证券研究报告 零售市占率稳步提升，高分红仍具投资价值 经营韧性较强，高分红提升股东回报 公司 2024 年实现收入 62.67 亿，同比-1.75%，归母、扣非净利润为 9.53、 9.17 亿，同比-33.49%、-28.08%，非经常性损益为 0.36 亿，同比减少 1.21 亿，主要系 23 年取得东鹏合立投资收益较多；Q4 实现收入 24.9 亿，同比 -5.26%，归母、扣非净利润为 3.3、3.1 亿，同比-41.09%、-28.72%，四季度 业绩承压主要系单季度毛利率下滑以及资产减值损失同比增加 0.74 亿。公 司 24 年度拟派发现金分红 7.86 亿，累计全年现金分红 9.43 亿，分红比例 99%，对应 4/15 收盘价股息率为 5.05%，高分红提升投资回报。考虑到市 场竞争加剧以及行业需求疲软等因素，我们预计公司 25-27 年归母净利润 为 10.2、11.1、12.1 亿（前值 25、26 年预测 12.8、14.4 亿），对应 PE 为 18.21、16.83、15.35 倍，维持"买入"评级。 零售市占率稳步提升，毛利率仍有改善空间 零售市场占有率 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.2 CNY, compared to the current stock price of 11.72 CNY [5]. Core Views - The company's revenue for 2024 was 6.267 billion CNY, a year-over-year decrease of 1.75%, with a net profit of 953 million CNY, down 33.49% year-over-year. The decline in net profit was greater than the revenue decline due to multiple factors including decreased gross margin, increased expense ratio, reduced investment income, and increased impairment [2][3]. - The "Same Circle" business segment maintained growth, with revenue from waterproof and other products increasing by 12.94% year-over-year, while the engineering business experienced a decline, significantly impacting overall revenue [2][4]. - The company proposed a cash dividend of 5.00 CNY per 10 shares, significantly increasing the dividend payout ratio, which reflects a commitment to returning value to shareholders [4][8]. Revenue and Profitability - In 2024, the company's sales gross margin was 41.72%, a decrease of 2.6 percentage points year-over-year, primarily due to intensified market competition and the lower margin of acquired companies. The gross margin for Q4 was 40.56%, down 4.32 percentage points year-over-year [3]. - The company’s operating cash flow decreased by 16.49% year-over-year, amounting to 1.147 billion CNY [3]. Financial Forecast - The company is expected to achieve revenues of 6.581 billion CNY, 7.124 billion CNY, and 7.708 billion CNY for 2025, 2026, and 2027 respectively, representing year-over-year growth rates of 5.02%, 8.24%, and 8.20%. The net profit forecasts for the same years are 1.051 billion CNY, 1.196 billion CNY, and 1.344 billion CNY, with respective growth rates of 10.29%, 13.83%, and 12.40% [8][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to achieve a revenue of 6.267 billion in 2024, a decrease of 1.75% year-on-year, with a net profit attributable to the parent company of 952.67 million, reflecting a significant decline of 33.49% [1]. - The company plans to distribute a cash dividend of 786 million for 2024, resulting in a high dividend payout ratio of 99%, which enhances shareholder returns [1]. - Despite challenges such as increased market competition and weak industry demand, the company is projected to see a gradual recovery in net profit from 1.024 billion in 2025 to 1.215 billion in 2027 [1]. Revenue and Profitability - The retail market share is steadily increasing, with revenues from PPR, PE, and PVC products in 2024 at 2.939 billion, 1.423 billion, and 0.827 billion respectively, showing declines of 1.72%, 6.9%, and 8.09% year-on-year [2]. - The overall gross margin for the company in 2024 is expected to be 41.7%, down 2.59 percentage points from the previous year, with a quarterly gross margin of 40.56% in Q4 [4]. Business Growth and Expansion - The company’s waterproof and other products achieved a revenue of 1.033 billion in 2024, marking a year-on-year growth of 12.94%, indicating successful penetration in the market [3]. - The overseas business generated revenue of 358 million, reflecting a growth of 26.65%, with ongoing international expansion efforts in Singapore and Thailand [3]. Financial Data and Forecast - The company’s financial projections indicate a gradual increase in revenue from 6.632 billion in 2025 to 7.669 billion in 2027, with corresponding net profits expected to rise from 1.025 billion to 1.216 billion [5][12]. - The projected price-to-earnings (P/E) ratios for the next three years are 18.21, 16.83, and 15.35, suggesting a favorable valuation trend [5]. Cost and Expense Management - The company’s selling expenses increased by 14.04% year-on-year, primarily due to enhanced marketing efforts, contributing to an overall increase in the period expense ratio to 22.16% [4]. - Asset and credit impairment losses rose significantly, impacting profitability, with net profit margins declining to 15.32% in 2024 [4].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][8] Core Views - The company reported a revenue of 6.267 billion yuan in 2024, a year-on-year decrease of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year. Despite the overall decline, the fourth quarter showed a recovery with a revenue of 2.494 billion yuan, a quarter-on-quarter increase of 74.46% [6] - The company maintains a high gross profit margin of 41.97%, although it decreased by 2.61% compared to the previous year. The sales volume of pipes slightly increased, with a total production of 302,400 tons, a decrease of 0.02% year-on-year, while sales reached 300,400 tons, an increase of 2.3% year-on-year [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares (including tax), reflecting its commitment to shareholder returns [6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 6.267 billion yuan and a net profit of 953 million yuan, with basic earnings per share of 0.61 yuan, down 32.22% year-on-year. The fourth quarter showed a revenue of 2.494 billion yuan, down 5.26% year-on-year but up 74.46% quarter-on-quarter [6][7] - The company’s return on equity (ROE) for the trailing twelve months (TTM) is 18.71% [5] Sales and Margins - The sales revenue from PPR, PE, and PVC products were 2.938 billion yuan, 1.423 billion yuan, and 827 million yuan, respectively, with year-on-year changes of -1.72%, -6.9%, and -8.09% [6] - The gross profit margins for PPR, PE, and PVC were 56.47%, 31.4%, and 21.75%, respectively, showing a decline compared to the previous year [6] Expenses - Total sales expenses increased to 948 million yuan, a year-on-year increase of 14.04%. The overall expense ratio for 2024 was 22.17%, an increase of 2.34 percentage points from 2023 [6][7] Future Outlook - The company is positioned as a technological leader in the domestic PPR pipe industry, with a strong competitive moat. Future infrastructure investments and a recovery in the real estate market are expected to drive demand [6] - The company’s strategic planning aims to enhance market share and strengthen risk control, which is anticipated to lead to sustainable and steady growth [6]

证券研究报告 伟星新材 (002372 CH) 减值短周期扰动，品牌实力稳固 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 16 日│中国内地 | 其他建材 | 伟星新材 2024 年实现营收 62.67 亿元（yoy-1.75%），归母净利 9.53 亿元 （yoy-33.49%），扣非净利 9.17 亿元（yoy-28.08%）。其中 4Q 实现营收 24.94 亿元（yoy-5.26%，qoq+74.46%），归母净利 3.29 亿元（yoy-41.09%， qoq+15.73%），4Q 归母净利略低于我们此前预期（4.19 亿），主因新并购 公司业务整合偏缓，造成商誉减值损失，但考虑到公司零售品牌力稳固，家 装以旧换新扩围催化下，我们预计消费建材零售或有提振，维持"买入"。 核心 PPR 产品收入/毛利率相对平稳，零售品牌力再次得到验证 24 年公司实现管材销量 30 万吨，同比+2.3%，但管材综合单位售价同比 -6.4%，收入增长放缓，其中 PPR/PE/PVC 管分别实现收入 29.38/14.23/8.27 亿元， ...

公 司 报 告 建材 2025年04月16日 伟星新材(002372.SZ) 多因素致业绩下滑，收入端保持韧性 推荐 ( 维持) 股价:11.72元 相关研究报告 【平安证券】伟星新材（002372.SZ）*季报点评*业 绩仍具韧性，毛利率维持高位*推荐20241030 【平安证券】伟星新材（002372.SZ）*半年报点评* 投资收益减少拖累业绩，毛利率同比改善*推荐 20240825 证券分析师 事项： 公司公布2024年年报，全年实现营收62.7亿元，同比降1.8%，归母净利润9.5 亿元，同比降33.4%；其中四季度营收24.9亿元，同比降5.3%，归母净利润 3.3亿元，同比降41.1%。公司拟每10股派发现金红利5元（含税）。 平安观点： 报 点 评 研 究 报 告 行情走势图 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the fiscal year 2024, primarily due to weak market demand and intensified competition in the building materials industry [1][2]. Financial Performance - The company achieved total revenue of 6.267 billion yuan, a year-on-year decrease of 1.75% [1][2]. - Net profit amounted to 0.953 billion yuan, reflecting a significant year-on-year decline of 33.49% [1][2]. - Basic earnings per share were reported at 0.61 yuan, down 32.22% compared to the previous year [1]. Market Environment - The building materials industry is facing challenges due to a decrease in demand from the real estate and infrastructure sectors, leading to increased competition and price wars [1][2]. - The domestic plastic pipe industry is expected to see a decline in total output in 2024, with weakened demand in construction and municipal sectors [2]. Strategic Response - The company has increased its market investment and brand promotion efforts, resulting in a sales expense increase of approximately 14% year-on-year [2]. - Despite these efforts stabilizing market share in the short term, they have not been sufficient to offset revenue declines [2]. Investment and Cost Pressures - The company faced additional cost pressures from raw material price fluctuations, further compressing profit margins [2]. - Non-recurring losses, including a decrease in investment income from joint ventures and goodwill impairment, significantly impacted net profit, accounting for about 60% of the total profit reduction [2]. Future Outlook - The company aims to achieve a revenue target of 6.580 billion yuan for 2025, with a cost and expense target of approximately 5.350 billion yuan [4]. - The company continues to invest in research and development and is expanding its overseas production capacity, with new industrial parks in Vietnam and other locations [3].

Group 1 - The core viewpoint of the news is that Weixing New Materials (002372.SZ) has reported its 2024 annual results, highlighting significant institutional investor holdings and changes in share ownership [1] Group 2 - As of April 15, 2025, a total of 280 institutional investors disclosed holdings in Weixing New Materials A-shares, with a combined holding of 1.045 billion shares, accounting for 65.66% of the total share capital [1] - The top ten institutional investors include Weixing Group Co., Ltd., Linhai Huixing Group Co., Ltd., and several insurance companies, with their combined holding percentage reaching 62.26%, a decrease of 1.10 percentage points from the previous quarter [1] Group 3 - In the public fund sector, two funds increased their holdings, while 14 funds decreased their holdings, with a reduction rate of 0.78% [2] - A total of 257 new public funds were disclosed this period, including several notable funds such as Invesco Great Wall China Return Mixed A and BlackRock China New Horizons Mixed A [2] Group 4 - In the social security fund sector, one fund was not disclosed this period, specifically the National Social Security Fund 406 Portfolio [3] - In the insurance investment sector, one new investor was disclosed, namely China Pacific Life Insurance Co., Ltd. - Traditional High-Dividend Stock Management Portfolio [3] - Foreign investment sentiment showed an increase in holdings by one foreign fund, Hong Kong Central Clearing Limited, with an increase rate of 1.29%, while another fund, Hong Kong Monetary Authority - Own Funds, saw a decrease of 0.14% [3]

浙江伟星新型建材股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项审计说明 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕4590 号 浙江伟星新型建材股份有限公司全体股东： 我们接受委托，审计了浙江伟星新型建材股份有限公司（以下简称伟星新材 公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的伟星新材公司管理层编制的 2024 年度《非经营性资金占用及其他关 联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供伟星新材公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为伟星新材公司年度报告的必备文件，随同其他文件一起报送 并对 ...