证券研究报告·公司点评报告·装修建材 伟星新材（002372） 2024 年一季报点评：Q1 营收稳健增长，经营 2024年 04月 27日 韧性凸显 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 营业总收入（百万元） 6,954 6,378 7,151 7,987 8,815 执业证书：S0600522100001 fangdl@dwzq.com.cn 同比（%） 8.86 (8.27) 12.11 11.69 10.37 证券分析师 任婕 归母净利润（百万元） 1,297 1,432 1,488 1,657 1,853 执业证书：S0600522070003 同比（%） 6.06 10.40 3.85 11.40 11.83 renj@dwzq.com.cn EPS-最新摊薄（元/股） 0.81 0.90 0.93 1.04 1.16 P/E（现价&最新摊薄） 20.86 18.89 18.19 16. ...

伟星新材（002372.SZ）2024年一季报点评 同口径扣非归母高增 37.6%，毛利率提升显著 2024年04月27日 推荐 维持评级 ➢ 公司披露 2024 年一季报：24Q1 实现营收 9.97 亿元，同比+11.19%，归 当前价格： 17.00元 母净利1.54亿元，同比-11.56%，扣非净利1.42亿元，同口径下同比大幅增长 37.61%。毛利率 41.48%，同比+4.30pct、环比-3.40pct，净利率 15.77%， [Table_Author] 同比-3.95pct。 ➢ 毛利率提升明显，受益零售强项、原材料红利 24Q1 营收同比+11.19%，主因浙江可瑞、广州合信并表，以及零售业务持续 加码。综合毛利率实现41.48%、同增4.3pct较为突出，主因原材料红利贡献， 例如2024年4月19日， PVC综合价格指数 5453，同比下降9.52%。 分析师 李阳 24Q1期间费用率合计23.9%，同比+1.2pct，其中销售/管理/研发/财务费用率 执业证书： S0100521110008 分别为 15.1%/7.0%/3.4%/-1.6%，同比分别+1.2/-0.2/-0.2/ ...

Cash Flow Analysis - Operating cash flow for the first quarter of 2024 was -175,717,757.73, a decrease from -141,983,311.72 in the previous period[28] - Investment cash flow for the first quarter of 2024 was -148,325,465.08, compared to -127,901,230.99 in the previous period[28] - Financing cash flow for the first quarter of 2024 was -42,244,802.71, a significant decrease from -1,301,861.72 in the previous period[29] - Net increase in cash and cash equivalents for the first quarter of 2024 was -368,245,294.18, compared to -270,332,908.01 in the previous period[29] - Ending cash and cash equivalents balance for the first quarter of 2024 was 1,607,960,980.62, down from 2,691,320,699.62 in the previous period[29] Employee and Tax Expenses - Cash paid to employees and for employee-related expenses in the first quarter of 2024 was 329,876,836.14, up from 281,825,745.95 in the previous period[28] - Cash paid for taxes in the first quarter of 2024 was 95,828,012.68, an increase from 71,224,935.30 in the previous period[28] Other Operating and Investment Activities - Cash paid for other operating activities in the first quarter of 2024 was 113,951,219.07, up from 101,591,073.72 in the previous period[28] - Cash received from investment activities in the first quarter of 2024 was 359,696,024.38, compared to 1,732,834.13 in the previous period[28] - Cash paid for the acquisition of subsidiaries and other business units in the first quarter of 2024 was 5,005,769.65, down from 13,554,947.56 in the previous period[28]

证券研究报告 建筑材料 报告日期：2024年 04月 11日 管道业务盈利能力提升，“同心圆”业务加速拓展 ——伟星新材（002372.SZ）2023 年报点评报告 华龙证券研究所 事件： 投资评级：买入（首次覆盖） 伟星新材发布 2023年年报：公司全年实现营业收入 63.78 亿元， 同比下降8.27%；实现归属上市公司股东的净利润14.32亿元，同比增 长10.40%。 最近一年走势 观点：  公司管道业务收入下滑，盈利水平提升。2023 年，我国塑料管道 行业总产量为 1619 万吨，同比下降 1.58%。从海外市场来看，塑 料管道制品的出口总量有较大增幅，但出口单价下滑明显，根据最 新海关数据，2023 年塑料管道出口量为 103.76 万吨，同比增长 15.91%；出口额为41.62亿美元，同比增长2.22%。2023 年，伟星 新材管道业务实现销售量 2.94万吨，同比下降9.53%。从盈利水平 来看，2023年公司管道业务毛利率有较大幅度提升，同比增长5.7 相对沪深300走势（%）2024/04/10 个百分点至 46.33%，主要是公司原材料采购成本总体低于上年同 表现 1m 3m 12 ...

Investment Rating - The report maintains a "Buy" rating for the company, Weixing New Materials (伟星新材) [1]. Core Views - The company demonstrated resilience in performance despite a challenging market environment, with a focus on retail business expansion and channel optimization [1]. - In 2023, the company achieved a revenue of 63.78 billion yuan, a decrease of 8.27% year-on-year, while net profit attributable to shareholders increased by 10.40% to 14.32 billion yuan [1][2]. - The company aims for a revenue target of 73 billion yuan in 2024, with a focus on maintaining high dividend payouts and enhancing market share [1]. Financial Performance Summary - **2023 Financial Results**: - Revenue: 63.78 billion yuan, down 8.27% year-on-year - Net Profit: 14.32 billion yuan, up 10.40% year-on-year - Gross Margin: 44.32%, an increase of 4.56 percentage points [1][2]. - **Quarterly Performance**: - Q4 2023 revenue was 12.75 billion yuan, a decline of 5.67% year-on-year, while net profit was 5.58 billion yuan, up 5.60% [1]. - **Future Projections**: - Expected net profit for 2024-2026: 14.52 billion yuan, 15.64 billion yuan, and 16.93 billion yuan respectively [2][4]. - Earnings per share (EPS) forecasted to be 0.90 yuan in 2024, increasing to 1.06 yuan by 2026 [2][4]. Market Position and Strategy - The company has increased its market share by over 3 percentage points in 2023, despite overall industry demand weakening [1]. - The main product lines, including PPR, PE, and PVC pipes, saw revenue declines due to market conditions, but gross margins improved due to lower raw material prices [1][2]. - The company is focusing on expanding its "Concentric Circle" business model and international opportunities to drive future growth [1]. Dividend Policy - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares, resulting in a dividend payout ratio of 87.79% and a dividend yield of 4.86% [1].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][2]. Core Insights - Despite a decline in revenue due to weak demand, the company's net profit increased by 10.40% year-on-year, reaching 1.432 billion yuan in 2023 [2]. - The company's market share increased by 3 percentage points during a downturn in the plastic pipe industry, indicating resilience and effective market expansion strategies [2]. - The company has a strong cash position with 3.174 billion yuan in cash, allowing for increased dividends and acquisitions, with a dividend proposal of 8 yuan per 10 shares, totaling 1.258 billion yuan, a 31.73% increase year-on-year [2][3]. Financial Performance Summary - In 2023, the company reported operating revenue of 6.378 billion yuan, a decrease of 8.27% year-on-year, while the gross margin improved to 44.32%, up 4.56 percentage points from the previous year [2][7]. - The forecast for net profit for 2024-2026 is 1.495 billion yuan, 1.637 billion yuan, and 1.833 billion yuan, respectively, with corresponding EPS of 0.94, 1.03, and 1.15 yuan [3][7]. - The company's PE ratios for the next three years are projected to be 17.53, 16.01, and 14.30, indicating a potentially attractive valuation [3][7]. Market Position and Strategy - The company ranks 5th in brand strength and value within the construction materials industry, having improved its position by 2 places from the previous year [3]. - The marketing network has expanded, with over 50 sales companies established in 2023, up from 40 in 2022, and an increase in specialized marketing personnel to over 1,900 [3]. - The company has contributed to over 230 national and industry standards and holds 1,600 patents, reflecting its commitment to innovation and industry leadership [3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - In 2023, the company achieved total revenue of 6.4 billion yuan, a decrease of 8% year-on-year, while net profit attributable to shareholders increased by 10% to 1.4 billion yuan [5][6] - The company plans to distribute a cash dividend of 1.26 billion yuan, resulting in a dividend payout ratio of 88%, the highest level since 2012, with a corresponding dividend yield of approximately 4.9% [6][8] - The company aims for a revenue target of 7.3 billion yuan in 2024, representing a year-on-year growth of 14.5% [6] Financial Performance - The company's gross profit margin improved to 44.3%, an increase of 4.6 percentage points year-on-year, primarily due to a decline in raw material prices [8] - The net cash flow from operating activities was 1.37 billion yuan, a decrease of 160 million yuan year-on-year, mainly due to an increase in inventory [6][8] - The company reported a receivables balance of 550 million yuan at the end of 2023, an increase of 110 million yuan year-on-year, attributed to acquisitions [6][8] Business Segments - Revenue from PPR pipes, PE pipes, PVC pipes, and other products was 2.99 billion, 1.53 billion, 900 million, and 910 million yuan respectively, with year-on-year changes of -9%, -14%, -18%, and +35% [7] - The retail business, primarily focused on PPR products, was less impacted by weak downstream demand compared to the engineering business [7] Valuation and Future Outlook - The report adjusts the company's net profit forecasts for 2024 and 2025 to 1.45 billion yuan and 1.58 billion yuan, respectively, with a new forecast for 2026 at 1.7 billion yuan [6] - The current price corresponds to a dynamic P/E ratio of 18 times for 2024, indicating potential for value reassessment [6]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 6.38 billion yuan in 2023, a year-on-year decrease of 8.3%, while the net profit attributable to shareholders was 1.43 billion yuan, an increase of 10.4%. The earnings per share (EPS) was 0.90 yuan, and the operating cash flow was 1.37 billion yuan, down 10.3% year-on-year. The company proposed a cash dividend of 8 yuan per 10 shares, resulting in a dividend payout ratio of 87.79% [6][7] - The company has seen a narrowing decline in revenue from its flagship PPR pipes, with a year-on-year decrease of 9.0% to approximately 2.99 billion yuan. The revenue decline in the second half of 2023 was 7.4%, indicating improvement. The company has also increased its market share by over 3 percentage points [7][9] - The company’s other products, including waterproofing and water purification, experienced significant growth, with a revenue increase of 35.3% year-on-year, contributing to 14% of total revenue [7][9] Financial Summary - The company’s total revenue for 2023 was 6.38 billion yuan, with a projected revenue increase of 13.3% in 2024, reaching 7.23 billion yuan. The net profit is expected to remain stable at 1.43 billion yuan in 2024, with a slight decrease in EPS projected at 0.90 yuan [8][12] - The gross margin improved due to a decrease in raw material costs, with PPR, PE, and PVC pipe margins increasing by 3.5, 3.7, and 12.6 percentage points respectively [9][10] - The company maintained a high return on equity (ROE) of 25.6% in 2023, with a net profit margin of approximately 22.9%, reflecting strong profitability [10][12]

[Table_Main] 证券研究报告 | 公司点评 伟星新材(002372.SZ) 2024年04月09日 买入（维持） 伟星新材（002372.SZ）：毛利率改善支撑 所属行业：建筑材料/装修建材 业绩增长，分红加码提升股东回报 当前价格(元)：16.46 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024 年 4 月 8 日，公司发布 2023 年年度报告，2023 年公司实现营收约  邮箱：yanguang＠tebon.com.cn 63.78亿元，同比-8.27%，实现归母净利润约14.32亿元，同比+10.40%，实现扣 王逸枫 非归母净利润约 12.75 亿元，同比+0.53%。分季度来看，23Q4 公司实现营收约 资格编号：S0120524010004 26.32亿元，同比-5.67%（同比降幅较上季度收窄3.52pct），环比+74.48%，实现 邮箱：wangyf6＠tebon.com.cn 归母净利润约5.58亿元，同比+5.60%（同比增速较上季度扩大11.55pct），环比 研究助理 +46.80%，实现扣非归母净利润约 4.28 亿元，同比-19. ...

证券研究报告·公司点评报告·装修建材 伟星新材（002372） 2023 年年报点评：分红率提升，业绩稳健增 2024年 04月 09日 长 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 营业总收入（百万元） 6,954 6,378 7,151 7,987 8,815 执业证书：S0600522100001 fangdl@dwzq.com.cn 同比 8.86% -8.27% 12.11% 11.69% 10.37% 证券分析师 任婕 归母净利润（百万元） 1,297 1,432 1,488 1,657 1,853 执业证书：S0600522070003 同比 6.06% 10.40% 3.85% 11.40% 11.83% renj@dwzq.com.cn EPS-最新摊薄（元/股） 0.81 0.90 0.93 1.04 1.16 P/E（现价&最新摊薄） 20.20 18.29 17.62 15.81 ...