Investment Rating - Industry Investment Rating: Overweight [1] Core Viewpoints - The release of substantial favorable policies for real estate is expected to support short-term valuations in the building materials sector and improve mid-term demand. The logic for supply-side clearing in the industry is becoming clearer, as the consumer building materials market has rapidly shifted from an incremental market to a stock market, putting operational pressure on small and medium enterprises and facilitating market share gains for leading companies [3][4][6]. Industry Perspectives - Continuous optimization of real estate policies in core cities is observed. For instance, Beijing's housing loan policies have been adjusted to favor first-time buyers, and Chengdu has lifted restrictions on housing purchases. Additionally, Shenzhen is launching a "sell old for new" housing initiative [4][24]. - The price increase of glass fiber is gradually being realized, with companies like China Jushi showing improved profit expectations despite a decline in revenue and net profit in Q1 2024. The company has implemented price adjustments for its products, which are expected to have a significant positive effect [5][25]. - Short-term focus on affordable housing is crucial for the development of the real estate sector, with plans to add 6.5 million affordable rental housing units across 21 provinces during the 14th Five-Year Plan period, potentially benefiting construction and building materials companies [6][26]. - Long-term urban renewal initiatives are anticipated to supplement demand for consumer building materials, with significant investments expected from city village renovations and related infrastructure projects [9][27]. - New materials are highlighted as key investment opportunities, particularly in pharmaceutical glass and electronic yarn, driven by increasing demand and favorable market conditions [10][29]. Market Review - The building materials index has seen a decline of 0.45%, while the broader market indices have shown positive performance. Specific sub-sectors such as consumer building materials and glass have experienced varying degrees of price changes [30][32]. - The average price of high-standard cement has decreased by 0.18% to 361.45 CNY per ton, with regional price fluctuations noted. The cement inventory ratio stands at 67.46%, indicating a slight decrease [45][46]. - The average price of float glass has decreased by 0.9% to 1721 CNY per ton, with an increase in inventory levels. The market is experiencing mixed demand dynamics across different regions [51][53].

公司研 究 证 券研究 报 告 其他装饰材料 2024年04月30日 伟 星新材（002372）2024年一季报点评 强 推 （维持） 目标价：18.3元 扣非业绩增长超预期，盈利水平再提升 当前价：17.56元 事项： 华创证券研究所  伟星新材发布 2024 年一季报：公司 2024 年 Q1 实现营业收入 9.97 亿，同比 证券分析师：王彬鹏 +11.19%，归母净利润1.54亿，同比-11.56%，扣非净利润1.42亿，同比+37.61%， 扣非业绩增长超预期。 邮箱：wangbinpeng@hcyjs.com 评论： 执业编号：S0360519060002 证券分析师：鲁星泽  经营保持稳健，扣非业绩增长超预期：公司2024 Q1实现营业收入9.97亿， 同比+11.19%，公司2023年收购浙江可瑞及广州合信方园，预计有一定贡献， 电话：021-20572575 归母净利润1.54亿，同比-11.56%，主要系本期投资净收益同比减少0.67亿， 邮箱：luxingze@hcyjs.com 扣非净利润1.42亿，同比+37.61%，扣非业绩增长超预期，我们认为主要得益 执业编号：S036052 ...

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：2024-012 □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 中泰证券：孙颖、韩宇；中泰资本：陈佳玲；银河基金：杨文超；交银施罗德基金： 张晨；明世伙伴私募基金：张海刚；富国基金：房昭强；光大保德信基金：李峙屹； 泉果基金：尚广豪；弘尚资产：许东；颀臻资管：沈怡雯；太平洋保险资产：徐军 参与单位名称及人 平；源乘私募基金：高飚；嘉实基金：陈路华；博道基金：钱程；路博迈：黄道立； 员姓名 兴证全球基金：李君；浦银安盛基金：王笑；仁桥资管：史国财；华安财保资管： 张勇；淡水泉投资：杨馨怡；工银理财：斯华景；汇添富基金：黄和清；民生证券： 李阳；天风证券：王雯；西部利得基金：温震宇等。 时间 2024年4月29日上午 地点 公司 上市公司接待人员 谭梅、陈安门等 姓名 一、董秘谭梅对2024年一季报的简要解读 2024年第一季度公司实现营业收入9.97亿元，较上年同期增长11.19%；归属 ...

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：2024-013 □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 Jefferies：Jason Tan、Tao Bei；Marathon Asset Management (London)：Kai Chen； MFS：Flora Chai；Apg Asset Management：Kathy Xu、Zichen Xu；Polymer (PAG)： Raymond Choi；Shikhara Investment Management：Marcus Chu；Overlook Partners Fund：William Leung；Schroders Investment Management：Erica Hua；Pinebridge 参与单位名称及人 Investments：Tony Lau；Schonfeld Strategic Advisors：Johnson Lin；Generation 员姓名 Investment M ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company reported a revenue of 6.378 billion yuan in 2023, a decrease of 8.27% year-on-year, while the net profit attributable to shareholders was 1.432 billion yuan, an increase of 10.4% year-on-year [2]. - The company aims for a revenue target of 7.3 billion yuan in 2024, representing a year-on-year growth of 14.46% [2]. - The company has a strong focus on optimizing channel structures and reducing raw material costs, which significantly improved profitability in 2023, with a gross margin of 44.32%, up 4.56 percentage points year-on-year [2]. - The company has a consistent dividend policy, proposing a cash dividend of 1.257 billion yuan for 2023, with a payout ratio of 87.79%, an increase of 14.17 percentage points year-on-year [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 6,954 million yuan - 2023A: 6,378 million yuan - 2024E: 7,052 million yuan - 2025E: 7,852 million yuan - 2026E: 8,931 million yuan - Year-on-year growth rates: -8% in 2023, +11% in 2024, +11% in 2025, +14% in 2026 [1][7]. - **Net Profit Forecasts**: - 2022A: 1,297 million yuan - 2023A: 1,432 million yuan - 2024E: 1,462 million yuan - 2025E: 1,582 million yuan - 2026E: 1,791 million yuan - Year-on-year growth rates: +10% in 2023, +2% in 2024, +8% in 2025, +13% in 2026 [1][7]. - **Earnings Per Share (EPS)**: - 2022A: 0.81 yuan - 2023A: 0.90 yuan - 2024E: 0.92 yuan - 2025E: 0.99 yuan - 2026E: 1.13 yuan [1][7]. - **Valuation Ratios**: - P/E: 21.9 in 2022, 19.8 in 2023, 19.4 in 2024, 18.0 in 2025, 15.9 in 2026 - P/B: 5.3 in 2022, 5.1 in 2023, 4.2 in 2024, 3.5 in 2025, 3.0 in 2026 [1][7]. Strategic Outlook - The company is focusing on dual-driven growth from retail and engineering sectors, enhancing its high-quality development strategy [2]. - The company plans to expand its product and service offerings, particularly in waterproofing and water purification, leveraging its established retail capabilities [5]. - The acquisition of Zhejiang Keri is expected to enhance the company's system integration capabilities, complementing its existing product and service model [5].

公司报告 | 季报点评 伟星新材（002372） 证券研究报告 2024年04月 30日 投资评级 扣非净利润大增 37.6%，零售龙头韧性凸显 行业 建筑材料/装修建材 6个月评级 买入（维持评级） 营收稳步增长，维持“买入”评级 当前价格 17.85元 24Q1 公司实现营收 9.97 亿，同比+11.2%，归母净利润为 1.54 亿，同比- 目标价格 21.87元 11.56%，扣非净利润为 1.42 亿，同比+37.61%（调整后），其中非经常性 损益为 0.12 亿元，同比增加 903 万元。扣非净利润增速较快主要系东鹏 基本数据 合立投资收益计入非经常性损益所致。我们预计公司 24-26 年归母净利润 为 15.8、17.8、20.1 亿元，对应 PE 为 18.0、16.0、14.1 倍，参照可比公 A股总股本(百万股) 1,592.04 司 24 年 PE，认可给予 24 年 22 倍 PE，对应目标价 21.87 元，维持“买 流通A股股本(百万 1,470.86 入”评级。 股) A股总市值(百万元) 28,417.88 毛利率改善明显，原材料端压力缓释 流通A股市值(百万 24Q1 综合 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a significant increase in non-recurring net profit for Q1 2024, with a year-on-year growth of 37.61% [3] - The company's revenue for Q1 2024 reached 999.7 million yuan, representing a year-on-year increase of 11.19% [3] - The report maintains profit forecasts for 2024-2026, expecting net profits of 1.58 billion, 1.74 billion, and 1.96 billion yuan, with respective year-on-year growth rates of 10.3%, 10.0%, and 12.9% [3] Financial Performance - The gross profit margin for Q1 2024 was 41.48%, an increase of 4.3 percentage points year-on-year [4] - The total operating income for 2024 is projected to be 7.25 billion yuan, with a year-on-year growth of 13.7% [6] - The company has maintained a strong cash position with no long-term debt, and short-term borrowings are only 1 million yuan [4] Strategic Initiatives - The company is focusing on deepening its retail presence and accelerating the expansion of its "Concentric Circle" strategy, which has led to a market share increase of over 3 percentage points in 2023 [5] - The international business is also progressing well, with operations in Thailand and Singapore showing positive development [5]

[Table_Page] 季报点评|装修建材 证券研究报告 [伟Table_星Title] 新材（002372.SZ） [公Tab司le_I评nves级t] 买入 当前价格 17.00元 零售重回正增长，毛利率提升带来盈利弹性 合理价值 23.15元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-26 ⚫ 公司发布 2024 年一季报，实现收入 9.97 亿元，同比+11.19%，归母 [相Tab对le_P市icQ场uote表] 现 净利润1.54亿元，同比-11.56%，主要系投资收益同比少0.67亿元， 剔除该影响后利润同比增长。 2% -7%04/23 06/23 08/23 10/23 12/23 02/24 04/24 ⚫ 零售重回正增长，工程降幅环比收窄。Q1收入同比增加1亿元，其中 -16% 并表浙江可瑞贡献部分增长，剔除该影响后，预计原有业务同比个位数 -24% 增长（分渠道来看，经过23年渠道去库存后，预计24年1季度公司 -33% -42% 核心零售业务重回正增长；工程业务继续同比下滑，降幅环比有所收 伟星新材 沪深300 窄）。 ⚫ 毛利率 ...

建材 公 2024年04月27日 司 报 伟星新材(002372.SZ) 告 营收逆势增长，业绩韧性较强 推荐 ( 维持 ) 事项： 公司公布2024年一季报，实现营收10.0亿元，较上年同期调整后增长11.2%， 股价:17元 归母净利润1.5亿元，较上年同期调整后下降11.6%，扣非归母净利润1.4亿 公 主要数据 元，较上年同期调整后增长37.6%。 行业 建材 司 平安观点： 公司网址 www.vasen.com ...

[Table_Main] 证券研究报告 | 公司点评 伟星新材(002372.SZ) 2024年04月27日 买入（维持） 伟星新材（002372.SZ）：24Q1 收入增长 所属行业：建筑材料/装修建材 +毛利率同比改善，零售韧性持续显现 当前价格(元)：17.00 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024 年 4 月 26 日，公司发布 2024 年一季度报告，24Q1 实现营收 9.97 亿 邮箱：yanguang＠tebon.com.cn 元，同比+11.19%，实现归母净利润约1.54亿元，同比-11.56%，实现扣非归母净 王逸枫 利润约1.42亿元，同比+37.61%。 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 24Q1 收入稳健增长，毛利率同比改善。24Q1 行业未见明显起色，地产销售与投资 研究助理 整体依旧承压，24 Q1全国房地产开发投资同比下降9.5%，地产销售/新开工同比 分别下降19.4%/27.8%。公司在需求疲软情况下依然实现收入逆势增长11.19%至 9.97亿元，我们认为或主要系公司积极 ...