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？ ...

Group 1: Market Demand and Sales Channels - Current market demand across business segments remains weak, with no significant changes observed [1] - Retail sales channels are primarily through home decoration companies, project managers, and direct purchases by homeowners, with the proportion of home decoration companies increasing annually [1] - The company is focusing on enhancing market share through channel development, expanding product categories, and upgrading business models to improve core competitiveness [2] Group 2: International Strategy and Incentives - The company's international strategy is in the early stages, focusing on building marketing networks, developing international teams, and establishing overseas investment platforms [1] - The equity incentive plan is an ongoing mechanism, with specific timelines and plans to be determined based on development needs and various factors [1] Group 3: Financial Performance and Dividends - The company maintains a high cash dividend ratio, with plans for increased dividends in 2023 and a mid-year dividend plan for 2024, driven by low capital market performance and investor demands [2] - The company aims to balance profit margins and revenue growth, prioritizing risk control in uncertain operating environments [3] Group 4: Product Applications and Pricing Strategy - The company's pipeline products are categorized into three main series: PPR for building water supply, PE for municipal water supply and gas, and PVC for drainage and electrical protection [2] - Retail product pricing follows a cost-plus principle, with adjustments based on raw material price fluctuations and market demand [2] Group 5: Market Trends and Demand Sources - Retail business demand is primarily driven by new homes and renovations of existing properties, with a significant market space despite declining new housing completions [2] - The company believes that renovation demand is more closely linked to economic conditions, with resilient demand for essential and high-end renovations despite economic downturns [2]

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。 ...

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：2024-014 □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 Fidelity：Max Liang、Breuer Jochen、Rajesh Gannamani、Ronald Chung、Luke Li；Citi：Alice Cai；MFS：Rob Lau、Flora Chai；POLYMER CAPITAL MAN (HK)： Alicia Zhang；Pzena Investment Management LLC：Jun He；Certitudo：Ansel Lu； 参与单位名称及人 Citadel LLC：Shiping Chen；Ellerston Capital Limited：Dejia Li；GIC：Troy 员姓名 Liu；Greenwoods Asset Mgmt HK Ltd：Xian Wu； Nikko Asset MGT：Grace Yan； Point72 Asset Management：Pat ...

证券代码：002372 证券简称：伟星新材 公告编号：2024-020 公司 2023 年度权益分派方案已获 2024 年 4 月 30 日召开的 2023 年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 1、公司股东大会审议通过的2023年度权益分派方案：以公司现有总股本剔除已回购股 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8.00元(含 税)。 浙江伟星新型建材股份有限公司 2023年度权益分派实施公告 浙江伟星新型建材股份有限公司（以下简称"公司""我公司"）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。 特别提示： 1、根据《公司法》的规定，公司回购专用证券账户持有的 20,170,000 股不享有参与本 次权益分派的权利。本次权益分派方案为：以公司现有总股本剔除已回购股份 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 8.00 元(含税)。 2、根据 2023 年度权益分派方案，公司本次实际现金分红的 ...

Investment Rating - The report maintains a "Buy" rating for Weixing New Materials, indicating a positive outlook for the company's stock performance in the near term [1][2]. Core Insights - In Q1 2024, Weixing New Materials achieved a revenue of 999.7 million yuan, representing a year-on-year growth of 11.19%. However, the net profit attributable to shareholders decreased by 11.56% to 154 million yuan, while the net profit excluding non-recurring items increased by 37.61% to 142 million yuan [1][2]. - The company's gross margin and net margin for Q1 were 41.48% and 15.77%, respectively, with gross margin improving by 4.30 percentage points year-on-year due to a decrease in raw material prices and an increase in retail business proportion [2]. - The company aims for a revenue target of 7.3 billion yuan in 2024, reflecting a 14% year-on-year increase, with a cost and expense target of approximately 5.7 billion yuan [2]. Financial Performance Summary - **Revenue**: - 2022A: 6,954 million yuan - 2023A: 6,378 million yuan - 2024E: 7,146 million yuan (12% growth) [1] - **Net Profit**: - 2022A: 1,297 million yuan - 2023A: 1,432 million yuan - 2024E: 1,452 million yuan (1.4% growth) [1] - **ROE**: - 2022A: 24.1% - 2023A: 25.4% - 2024E: 24.7% [1] - **EPS**: - 2022A: 0.81 yuan - 2023A: 0.90 yuan - 2024E: 0.91 yuan [1] Strategic Initiatives - The company is focusing on channel expansion and optimization in the retail sector, achieving a market share increase of over 3 percentage points in 2023. It has established over 50 sales companies nationwide and has more than 1,900 professional marketing and service personnel [2]. - Weixing New Materials is also enhancing its operational quality and risk resistance in the engineering sector while exploring new fields to create incremental growth [2].

北京雍行律师事务所 关于浙江伟星新型建材股份有限公司 2023 年年度股东大会的法律意见书 致：浙江伟星新型建材股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（下称"《公司 法》"）《中华人民共和国证券法》（下称"《证券法》"）《上市公司股东大 会规则》（下称"《股东大会规则》"）《律师事务所从事证券法律业务管理办 法》（下称"《证券法律业务管理办法》"）等相关法律、法规和规范性文件以 及《浙江伟星新型建材股份有限公司章程》（下称"《公司章程》"）的规定， 北京雍行律师事务所（下称"本所"）委派律师出席浙江伟星新型建材股份有限 公司（下称"伟星新材"或"公司"）2023 年年度股东大会（下称"本次股东大 会"），并出具本法律意见书。 本所律师已经按照《股东大会规则》的要求对本次股东大会的真实性、合法 性进行了核查和验证（下称"查验"）并发表法律意见，本法律意见书中不存在 虚假记载、误导性陈述及重大遗漏，否则本所律师将承担相应的法律责任。 本法律意见书仅供本次股东大会之目的使用，不得被任何人用于其他任何目 的。本所律师同意将本法律意见书随本次股东大会其他信息披露资料一并公告， 并依法对本法律 ...

证券代码：002372 证券简称：伟星新材 公告编号：2024-019 浙江伟星新型建材股份有限公司 2023 年度股东大会决议公告 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。 特别提示： 本次股东大会无新增、变更及否决提案的情况。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： 现场会议时间：2024 年 4 月 30 日（星期二）14:30 开始。 网络投票时间：2024 年 4 月 30 日。其中，通过深圳证券交易所（以下简称"深交所"） 交易系统进行网络投票的具体时间为：2024 年 4 月 30 日 9:15-9:25，9:30-11:30 和 13:00- 15:00；通过互联网投票系统（wltp.cninfo.com.cn）进行网络投票的具体时间为：2024 年 4 月 30 日 9:15-15:00。 （2）会议召开地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅。 （3）会议召开方式：以现场表决和网络投票相结合的方式召开。 （4）会议召集人：公司董事会。公司第六届董事会 ...