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]

证券代码：002372 证券简称：伟星新材 公告编号：2024-027 浙江伟星新型建材股份有限公司 关于使用闲置自有资金开展投资理财业务的公告 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。 重要内容提示： 1、投资种类：主要为《深圳证券交易所上市公司自律监管指引第7号——交易与关联 交易》中"第三章 第二节 委托理财"规定的相关产品。 2、投资额度：不超过人民币8亿元，在该额度内资金可以循环使用。 3、特别风险提示：虽然公司开展的是相对低风险投资理财业务，但也会受到宏观经济、 金融政策及市场波动的影响，公司将根据经济形势以及金融市场的变化适时、适量开展业 务，因此投资的实际收益可能存在不确定性，敬请广大投资者注意投资风险。 2024年8月22日，公司第六届董事会第十次会议审议通过了《关于使用闲置自有资金开 展投资理财业务的议案》，同意公司及子公司使用不超过人民币8亿元的闲置自有资金开展 投资理财业务。具体情况公告如下： 一、投资情况概述 1、投资目的：为了进一步提高资金使用效率，增加投资收益，在不影响正常经营的情 ...

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 | | | | ...

证券代码：002372 证券简称：伟星新材 公告编号：2024-024 根据公司2024年半年度财务报告（未经审计），2024年上半年公司实现归属于上市公司 股东的净利润为339,825,269.59元，归属于上市公司股东的扣除非经常性损益的净利润为 339,628,811.05元，经营活动产生的现金流量净额为291,782,974.28元，账面货币资金余额 为1,586,182,520.21元；期末合并报表未分配利润为2,077,910,284.07元，母公司未分配利 润为443,936,435.96元。根据合并报表、母公司报表未分配利润孰低原则，可供股东分配的 利润为443,936,435.96元。 综上，公司满足2024年中期现金分红的条件。同时，综合考虑公司可供股东分配的利润 金额以及公司2023年度股东大会授权的分红上限要求，董事会决定以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)，共计派发157,186,798.80元；如果在实施现金分红股权登记日前，公司总股本发生变 动的，公司将按照每股分红金额不变的原 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥2.34 billion, representing a 4.73% increase compared to ¥2.24 billion in the same period last year[12]. - The net profit attributable to shareholders decreased by 31.23% to approximately ¥339.83 million, down from ¥494.14 million in the previous year[12]. - The basic earnings per share (EPS) fell by 29.03% to ¥0.22, compared to ¥0.31 in the same period last year[12]. - The total profit for the period was 406 million yuan, a decrease of 29.89% year-on-year, while the net profit attributable to shareholders was 340 million yuan, down 31.23%[21]. - The net profit excluding non-recurring gains and losses was 340 million yuan, reflecting a slight decline of 0.37% compared to the previous year[21]. - The weighted average return on equity (ROE) was 6.16%, down from 8.86% in the previous year[12]. - The company reported a significant increase in cash flow from investing activities, rising by 7,525.58% to ¥396,995,673.54, primarily due to the recovery of bank time deposits[28]. - The total operating revenue for the first half of 2024 reached ¥2,343,158,957.32, an increase of 4.73% compared to ¥2,237,366,262.94 in the same period of 2023[96]. - Net profit for the first half of 2024 was ¥344,617,896.60, a decrease of 31.6% compared to ¥503,554,931.97 in the first half of 2023[97]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥6.18 billion, a decrease of 15.27% from ¥7.29 billion at the end of the previous year[12]. - The net assets attributable to shareholders decreased by 17.17% to approximately ¥4.63 billion, down from ¥5.59 billion at the end of the previous year[12]. - The company's cash and cash equivalents decreased by 17.87% to ¥1,586,182,520.21, primarily due to increased cash dividends and investment in financial products[34]. - Total assets decreased from ¥7,291,639,684.66 to ¥6,178,075,803.90, a decline of approximately 15.3%[91]. - Total liabilities decreased from ¥1,542,390,610.91 to ¥1,410,328,276.03, a decline of about 8.6%[92]. - Current liabilities decreased from ¥1,460,881,884.79 to ¥1,317,365,153.78, a reduction of approximately 9.8%[92]. - The company’s total liabilities and equity decreased by approximately 1,273,688,282.35 CNY during the current period[109]. Cash Flow - The net cash flow from operating activities decreased by 28.22% to approximately ¥291.78 million, compared to ¥406.48 million in the previous year[12]. - The operating cash flow for the period was 291,782,974.28 yuan, with a cash balance of 1,586,182,520.21 yuan at the end of the period[48]. - Cash flow from operating activities generated a net amount of ¥291,782,974.28, down 28.2% from ¥406,478,175.61 in the first half of 2023[102]. - Cash flow from investing activities showed a net inflow of ¥396,995,673.54, a significant increase from ¥5,206,101.50 in the same period of 2023[102]. - Cash flow from financing activities resulted in a net outflow of ¥1,328,668,814.71, compared to a net outflow of ¥971,366,846.85 in the first half of 2023[102]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of ¥1.00 per 10 shares, based on a total share capital of 1,571,867,988 shares after excluding repurchased shares[3]. - The company has a total of 2,077,910,284.07 yuan in undistributed profits at the end of the reporting period[48]. - The company paid out CNY 1,257,494,390.40 in dividends during the reporting period[106]. - The largest shareholder, Weixing Group, holds 37.90% of the shares, totaling 603,359,564 shares[76]. - The total number of restricted shares held by shareholders at the end of the reporting period was 121,179,879 shares[75]. Market and Operational Strategy - The company is focusing on enhancing its market share in the retail sector while maintaining a high-end brand positioning[22]. - The company is actively pursuing a digital transformation and technological innovation to improve manufacturing capabilities[22]. - The company’s overseas business revenue grew by 27.39% year-on-year, indicating successful international market expansion efforts[22]. - The company has established over 50 sales companies and has more than 1,900 professional marketing and service personnel across the country[25]. - The company is committed to sustainable development and has implemented strategies to strengthen its competitive advantages amid challenging market conditions[21]. Risks and Challenges - The company faces risks from macroeconomic changes, intensified industry competition, and fluctuations in raw material prices[3]. - The company faces risks from macroeconomic changes and intensified industry competition, which could impact market demand for plastic pipes[43]. Research and Development - Research and development investment remained stable at ¥75,709,973.41, showing a slight decrease of 0.02% compared to ¥75,722,633.98 last year[28]. - The company has established a strong R&D platform, contributing to over 250 national and industry standards, with 1,700 patents granted[26]. - The company incurred direct input costs related to research and development activities, including materials, fuel, and power expenses, as well as costs for molds and equipment development[169]. Environmental and Social Responsibility - The company achieved energy savings of over 40% through the energy-saving transformation of injection molding machines in the Linhai Industrial Park[57]. - The Tianjin Industrial Park reduced energy consumption by approximately 60% by modifying vacuum pumps and 5% by upgrading automatic cap machines[57]. - The company’s photovoltaic power generation project in Linhai Industrial Park is expected to generate around 6 million kWh annually, contributing to carbon neutrality efforts[57]. - The company donated 200,000 yuan to the "Double Hands Action" education fund for underprivileged youth[58]. Corporate Governance - The company held its annual general meeting on April 30, 2024, with an investor participation rate of 72.80%[45]. - The company has not faced any administrative penalties for environmental issues during the reporting period[51]. - The company has not engaged in any significant asset or equity acquisitions or sales during the reporting period[63]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[85].

证券代码：002372 证券简称：伟星新材 公告编号：2024-023 一、监事会会议召开情况 公司第六届监事会第九次会议的通知于2024年 8月 12日以专人送达或电子邮件等方式 发出，并于 2024 年 8 月 22 日在公司会议室召开。会议应出席监事 3人，实际亲自出席监事 2 人，监事方赛健先生因出差在外，委托监事王俊先生出席会议并行使表决权。会议由公司 监事会主席陈国贵先生主持。本次会议的召集、召开和表决程序符合有关法律法规和《公司 章程》的规定，合法有效。 二、监事会会议审议情况 经全体监事逐项认真审议，会议以记名投票表决的方式通过了如下议案： 1、会议以3票同意、0票反对、0票弃权的表决结果审议通过了《公司2024年中期现金 分红方案》。 浙江伟星新型建材股份有限公司 第六届监事会第九次会议决议公告 浙江伟星新型建材股份有限公司（以下简称"公司")及监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。 经审核，监事会认为董事会编制和审议公司2024年半年度报告的程序符合法律、行政法 规和监管部门的规定，报告内容真实、准确、完整地反映了公司的实际情况。 三、备查 ...

证券代码：002372 证券简称：伟星新材 公告编号：2024-022 浙江伟星新型建材股份有限公司 第六届董事会第十次会议决议公告 3、会议以9票同意、0票反对、0票弃权的表决结果审议通过了《关于拟对部分子公司 滚存利润进行分配的议案》。 公司董事会同意将临海伟星新型建材有限公司、上海伟星新型建材有限公司、天津市伟 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。 一、董事会会议召开情况 公司第六届董事会第十次会议的通知于2024年8月12日以专人送达或电子邮件等方式发 出，并于2024年8月22日在公司会议室召开。会议应出席董事9人，实际亲自出席董事8人， 董事冯济府先生因出差在外，委托董事谭梅女士出席会议并行使表决权。会议由公司董事长 金红阳先生主持，部分监事、高级管理人员列席了会议。本次会议的召集、召开和表决程序 符合有关法律法规和《公司章程》的规定，合法有效。 二、董事会会议审议情况 经与会董事逐项认真审议，会议以记名投票表决的方式通过了如下议案： 1、会议以9票同意、0票反对、0票弃权的表决结果审议通过了《公 ...