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 ...

建筑材料/装修建材 公 司 研 伟星新材（002372.SZ） 业绩稳健增长，提高分红重视股东回馈 究 2024年04月10日 ——2023 年年报点评 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 日期 2024/4/10 证 书编号：S0790520020003  业绩稳健增长，提高分红重视股东回馈，维持“买入”评级 当前股价(元) 16.07 公司发布年报：2023 年公司实现营业收入 63.78 亿元，同比-8.27%；实现归母 公 一年最高最低(元) 24.73/12.78 净利润 14.32 亿元，同比+10.40%；实现扣非后归母净利润 12.75 亿元，同比 司 +0.53%。其中Q4实现营业收入26.32亿元，环比-5.67%；实现归母净利润5.58 信 总市值(亿元) 255.84 亿元，环比+5.6%；实现扣非后归母净利润4.28亿元，环比-19.38%。综合毛利 息 流通市值(亿元) 236.37 率 44.32%，同比+4.56pct；净利率 22.91%，同比+4.06pct。房地产销售下行， 更 行业竞争激烈，拖累公司营收；原材料成本回落 ...

证券研究报告 | 公司动态点评 2024 年 04月 08日 伟星新材（002372.SZ） 经营质量向好，分红彰显信心 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 6,954 6,378 7,337 8,113 8,911 股票信息 增长率yoy（%） 8.9 -8.3 15.0 10.6 9.8 归母净利润（百万元） 1,297 1,432 1,483 1,581 1,693 行业 建材 增长率yoy（%） 6.1 10.4 3.6 6.6 7.1 2024年4月3日收盘价（元） 16.31 ROE（%） 24.1 25.4 25.1 24.6 24.1 总市值（百万元） 25,966.14 EPS最新摊薄（元） 0.81 0.90 0.93 0.99 1.06 流通市值（百万元） 23,989.70 P/E（倍） 20.6 18.6 18.0 16.9 15.8 总股本（百万股） 1,592.04 P/B（倍） 5.0 4.8 4.6 4.2 3.9 流通股本（百万股） 1,470.86 资料来源：公司财报，长城证券产业金融研究院 近3月日 ...

公 司 研 证券研究报告 究 ＃industryId＃ 其他建材 ＃investSuggestion＃ ＃ ＃伟dy 星Com 新pa 材ny＃ （ 0 02372） investSug ＃title＃ 增持 ( 维ges持tion ）Ch 000009 盈利能力提升，高收入目标彰显信心 ange＃ ＃createT ime1＃ 2024年 04月 09日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ su公mm司ar披y＃露 2023年报：全年实现营收63.78亿元，同比-8.27%，主要系塑 司 料管道需求疲弱所致；实现归母净利润 14.32 亿元，同比+10.40%，利润 市场数据日期 2024-04-08 增速高于收入增速主要因为毛利率、净利率提升所致；其中，四季度实现 点 收盘价（元） 15.58 营收26.32亿元，同比-5.67%，Q4降幅环比收窄，主要是浙江可瑞并表， 评 总股本（百万股） 1592.04 以及公司加大市场拓展力度，零售业务有所改善所致；归母净利润 5.58 报 流通股本（百万股） 1470.86 亿元，同比+5.60%。同时，公司发布利润分配预案：拟向全体股东按每1 ...

证券研究报告 | 年报点评报告 2024年04月10日 伟星新材（002372.SZ） 坚持高质量发展，分红再创新高 事件：公司发布2023年报。2023全年公司实现收入63.78亿元，同比 增持（维持） 下滑 8.27%，实现归母净利润 14.32 亿元，同比增长 10.4%，本年度东 股票信息 鹏合立取得投资收益 1.87 亿元，系非经常性损益的最大贡献项，扣非后 归母净利润12.75亿元，同比微增0.53%。其中单四季度取得收入26.32 行业 装修建材 亿元，同比下滑5.67%，实现归母净利润5.58亿元，同比增长5.6%，实 前次评级 增持 现扣非后归母净利润4.28亿元，同比下滑19.38%。 4月9日收盘价(元) 16.46 收入降幅逐季收窄，防水、海外表现亮眼。分季度来看，公司 Q1-Q4 收 总市值(百万元) 26,204.95 入同比增速分别为-10.87%、-10.38%、-9.19%、-5.67%，收入降幅呈现 总股本(百万股) 1,592.04 逐季收窄态势，尤其Q4考虑上年同期相对高基数的情况下彰显了较强收 其中自由流通股(%) 92.39 入韧性。分产品来看，2023年公司PPR ...