编号：2024-034 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 | □路演活动 \n□现场参观 √其他：电话会议 | | | CITI ： | Alice Cai；Avanda Investment Management：David Wang；Bluecrest Capital ： | | 参与单位名称及人 | | To ...

编号：2024-033 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 | --- | --- | --- | |-------------------------|--------------------------------|---------------------------------------------------------------------------------| | | | √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 | | | | 景顺长城基金：孙静曦、韩文强、张欢、张飞鹏、王平川、邓敬东；广发证券：谢 | | 参与单位名称及人 员姓名 | | 璐、张乾；睿远基金：吴非、陈烨远、戎哲宇；国泰君安证券：花健祎；西南证券： | | 时间 2024 | 年 11 月 25 日 | 笪文钊；华泰证券：樊星辰；华安证券：杨光。 | | 地点 公司 | | | | 上市公司接待人员 | | | | 姓名 | ...

证券代码：002372 证券简称：伟星新材 编号：2024-032 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 | □新闻发布会 | □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 \n□现场参观 √其他：电话会议 \n中欧基金：刘昊、成雨轩；诺德基金：罗世锋、郝旭东、杨雅荃；广发证券：谢璐； ...

请务必阅读正文之后的重要声明部分 伟星新材（002372.SZ） 装修建材 证券研究报告/公司点评报告 2024 年 11 月 02 日 收入韧性凸显，保持高质量经营 ——伟星新材 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 12-month target price of 17 CNY [5][7]. Core Views - The company demonstrates resilience in revenue generation despite facing profit pressure, with a year-on-year revenue increase of 0.71% to 3.773 billion CNY in the first three quarters of 2024 [1][2]. - The decline in net profit attributable to shareholders by 28.64% to 624 million CNY is attributed to decreased gross margins, increased expense ratios, and reduced investment income [2][3]. - The company is focusing on expanding its market share in the retail high-end pipe sector and is actively promoting other products such as waterproofing and water purification [4][7]. Revenue and Profitability - In Q3 2024, the company reported revenue of 1.430 billion CNY, a decrease of 5.24% year-on-year, with net profit attributable to shareholders at 284 million CNY, down 25.27% [1][2]. - The gross margin for Q3 improved slightly to 43.11% compared to the previous quarter, although it remains lower than the previous year [3]. - The operating cash flow for the first three quarters was 812 million CNY, reflecting a year-on-year increase of 1.12%, with Q3 showing a significant increase of 31.17% [3]. Financial Forecasts - The company is projected to achieve revenues of 6.804 billion CNY, 7.427 billion CNY, and 8.023 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 6.67%, 9.15%, and 8.02% [7][8]. - Net profit forecasts for the same period are 1.216 billion CNY, 1.356 billion CNY, and 1.491 billion CNY, with corresponding year-on-year changes of -15.08%, 11.50%, and 9.90% [7][8].

Financial Performance - In Q3 2024, the company achieved revenue of 1.43 billion CNY, a decrease of 5.24% year-on-year; net profit attributable to shareholders was 284 million CNY, down 25.27% year-on-year; net profit excluding non-recurring gains and losses was 272 million CNY, down 26.23% year-on-year [2] - For the first nine months of 2024, revenue reached 3.77 billion CNY, an increase of 0.71% year-on-year; net profit attributable to shareholders was 624 million CNY, down 28.64% year-on-year; net profit excluding non-recurring gains and losses was 612 million CNY, down 13.80% year-on-year [2] Business Highlights - The company maintained resilient sales revenue, outperforming the overall industry development level [2] - Profitability remained relatively stable, reflecting strong competitiveness [2] - Cash flow remained consistently good, with accounts receivable not increasing significantly [2] Challenges and Future Outlook - There is a significant gap between sales revenue and the targets set at the beginning of the year [2] - The pace of expanding the "Circle of Trust" business and upgrading the business model is slower than expected [2] - The company plans to enhance strategic execution and market expansion efforts, improving management precision and granularity [2] Market Demand and Competition - The market demand is expected to remain weak in Q4 2024 [2] - The retail business is primarily focused on new home renovations, but the proportion of renovations in second-hand homes is gradually increasing [3] - The company has maintained a stable pricing strategy for core retail products, while adjusting prices flexibly in response to market competition [3] Strategic Acquisitions - The acquisition of Zhejiang Kairui aims to leverage its mature business model and product matrix to enhance the company's hidden engineering system and accelerate business model transformation [3] - Integration with Zhejiang Kairui is progressing normally in terms of corporate culture, teams, and business [3] Policy Impact - Recent favorable policies are expected to have a positive impact on the market, but specific business-level implementations will take time [3]

Financial Performance - In Q3 2024, the company achieved operating revenue of 1.43 billion CNY, a decrease of 5.24% compared to the same period last year [1] - Net profit attributable to shareholders was 284 million CNY, down 25.27% year-on-year [1] - For the first nine months of 2024, operating revenue reached 3.773 billion CNY, an increase of 0.71% year-on-year [1] - Net profit attributable to shareholders for the first nine months was 624 million CNY, a decline of 28.64% compared to the previous year [1] Business Highlights - The company maintained a resilient sales revenue despite external demand shrinkage and intensified market competition [2] - Profitability remained relatively stable, reflecting strong competitiveness [2] - Cash flow remained consistently good, with no increase in accounts receivable after excluding the impact of consolidating Zhejiang Kairui [2] Strategic Challenges - There is a significant gap between actual sales revenue and the targets set at the beginning of the year [2] - The pace of expanding the "concentric circle" business and upgrading the business model is slower than expected [2] - The company plans to enhance strategic execution and market expansion efforts to promote sustainable and stable development [2] Sales Composition - The sales revenue ratio of retail to engineering business is approximately 68% to 32% [3] Market Trends - The market demand for the company's various businesses remains relatively weak [3] - The proportion of renovation projects for second-hand houses is gradually increasing, although new house renovations still dominate the market [3] Future Outlook - The company will continue to monitor market demand and adjust products and services accordingly [3] - There is a focus on improving cost control and ensuring that the expense ratio remains at a reasonable level [3] - The company maintains a stable dividend policy and will propose profit distribution plans based on various factors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.773 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.71%, while the net profit attributable to the parent company was 624 million yuan, a year-on-year decrease of 28.64%. In Q3 alone, the revenue was 1.43 billion yuan, down 5.24% year-on-year, and the net profit was 284 million yuan, down 25.27% year-on-year [2] - The revenue pressure in Q3 is attributed to increased industry demand pressure, although the retail-focused PPR business is expected to remain resilient. The decline in revenue is influenced by reduced demand in municipal and construction projects, while the acquisition of Zhejiang Keri Company has impacted the revenue consolidation since October 2023 [2] - The gross profit margin remains stable, with sales expense ratio increasing. The gross profit margins for Q1-Q3 2024 were 41.48%, 42.58%, and 43.11%, with a significant year-on-year decline in Q3 due to competitive pricing pressures in the industry. The sales expense ratio increased by 2% year-on-year, mainly due to the consolidation of Zhejiang Keri [3] - Operating cash flow remains strong, with a net cash inflow from operating activities of 812 million yuan for the first three quarters of 2024, showing slight improvement. In Q3, the net cash inflow was 520 million yuan, an increase of 31% year-on-year, indicating high-quality operational status despite pressure on demand and profitability [3] Financial Forecast and Valuation - The company continues to implement its "dual-wheel drive" strategy, focusing on retail channel expansion and engineering business growth. The net profit forecasts for 2024-2026 have been revised down to 1.107 billion, 1.281 billion, and 1.441 billion yuan respectively, with corresponding P/E ratios of 21X, 19X, and 16X based on the closing price on October 31 [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company reported a slight improvement in quarterly performance, with a year-on-year revenue decline of 5.24% in Q3 2024, but a sequential increase compared to Q2 2024. The net profit attributable to shareholders decreased by 25.27% year-on-year, indicating ongoing pressure on profitability despite some recovery in the renovation market [1][3] - The report highlights that the company's gross margin for Q3 2024 was 43.11%, down 4.89 percentage points year-on-year but up 0.54 percentage points sequentially, suggesting a potential recovery in the renovation market [1] - The report anticipates that the company's performance may reach a bottom, with a focus on the pace of recovery in the future [3] Financial Performance Summary - For Q3 2024, the company achieved revenue of 1.43 billion yuan, a year-on-year decrease of 5.24%, and a net profit of 284 million yuan, down 25.27% year-on-year [1][3] - The company's total revenue for the first three quarters of 2024 was 3.77 billion yuan, with a year-on-year growth of 0.71%, while the net profit for the same period was 624 million yuan, reflecting a decline of 28.64% [3] - The report projects net profits for 2024-2026 to be 1.48 billion, 1.71 billion, and 1.94 billion yuan respectively, with corresponding EPS of 0.93, 1.08, and 1.22 yuan [4] Market Outlook - The report suggests that the real estate market is stabilizing, which may lead to a two-phase recovery in the sector. The first phase involves a passive bottoming out due to inflation transmission, while the second phase is driven by a supply-demand gap created by reduced new construction and land acquisition [3] - The report employs a DCF valuation method, estimating the company's implied perpetual growth rate at approximately 4.75%, indicating that the company still holds investment value [3]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company reported a slight increase in revenue of 0.71% year-on-year for the first three quarters, totaling 3.773 billion yuan, but a significant decline in net profit attributable to shareholders by 28.64%, amounting to 624 million yuan. The decline in profit is attributed to weak market demand and external pressures [1] - The company maintains a stable pricing system for its core pipeline products, with a gross margin of 43.11% in Q3, a decrease of 4.9 percentage points year-on-year, but a slight increase of 0.53 percentage points quarter-on-quarter. The increase in expense ratio is linked to higher marketing expenditures [2] - The company is expected to see marginal improvements in its fundamentals as favorable policies in the real estate sector are gradually implemented [1][3] Financial Performance Summary - For Q3, the company achieved revenue of 1.43 billion yuan, a decrease of 5.24% year-on-year, and a net profit of 284 million yuan, down 25.27% year-on-year. The net profit after deducting non-recurring gains was 272 million yuan, also down 25.33% year-on-year [1] - The company’s cash flow performance is strong, with a net operating cash flow of 521 million yuan in Q3, reflecting a year-on-year growth of 31.17% and a quarter-on-quarter growth of 11.35% [2] - The company’s revenue and profit forecasts for 2024-2026 are adjusted to 1.02 billion yuan, 1.16 billion yuan, and 1.3 billion yuan respectively, with corresponding P/E ratios of 24x, 21x, and 19x [3][4]