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：2024-004 □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 永安国富：肖国平、郑希涛、周逸云；中金公司：龚晴；柏瑞投资：Tony Lau、Cynthia 参与单位名称及人 Chen、Steven Tsai；南方基金：李锦文、于泽群、何文欣、卢玉珊、曹帆、鲍宇 员姓名 晨；招商证券：袁定云。 时间 2024年3月4日 地点 公司 上市公司接待人员 谭梅等 姓名 1、公司2023年第四季度的整体业绩较好，请问主要原因是什么？ 答：从营收来看，公司零售业务加大了市场攻坚力度并取得一定成效，建筑工 程业务受益于捷流公司等增长以及同比基数较低，市政工程业务的外部环境有所好 转，部分上半年延迟开工的项目在四季度加速赶工期，因此三块业务均有不同程度 的降幅收窄；此外，新收购并表的可瑞公司也有小部分收入贡献。从盈利来看，剔 除投资收益后，公司利润逐步改善的原因主要有三个方面：一是原材料价格相对处 于低位，公司采购成本同比有所下降；二是公 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 15.69 yuan and projected PE ratios of 18, 16, and 15 for 2023, 2024, and 2025 respectively [4]. Core Insights - The company is expected to achieve a revenue of 6.421 billion yuan in 2023, representing a year-on-year growth of 7.66%, and a net profit attributable to shareholders of 1.427 billion yuan, up 9.97% year-on-year [1][4]. - The fourth quarter of 2023 showed a revenue of 2.675 billion yuan, down 4.14% year-on-year, but net profit increased by 4.54% to 553 million yuan [1][2]. - The company has a high return on equity (ROE) exceeding 26% for the year [1]. Summary by Sections Financial Performance - The company reported a revenue of 6.421 billion yuan for 2023, with a net profit of 1.427 billion yuan, and an expected revenue growth rate of -7.66% for 2023 [4]. - The fourth quarter revenue decline was attributed to a high comparative base from the previous year and weak market demand, with a notable narrowing of revenue decline compared to earlier quarters [2]. Strategic Initiatives - The company is focusing on a retail strategy to enhance its market share while maintaining caution in the engineering sector, aiming for improved gross margins and risk management [2]. - The introduction of new product categories and the acquisition of quality assets in the system integration field are expected to drive long-term growth [2][3]. Management Confidence - The company has initiated a share buyback plan amounting to 200-300 million yuan, demonstrating management's confidence in the company's long-term prospects [3]. - Recent insider buying by the chairman further reinforces the positive outlook for the company's future [3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a revenue of 6.421 billion yuan in 2023, a year-on-year decrease of 7.66%, while the net profit attributable to shareholders is projected to be 1.427 billion yuan, reflecting a year-on-year increase of 9.97% [5] - The company has successfully narrowed the revenue decline in Q4 2023, with an estimated revenue of approximately 2.675 billion yuan, a decrease of only 4.14% year-on-year, indicating effective market strategies [5] - The strategic upgrade aims to enhance the company's competitive advantage by acquiring Zhejiang Keri and expanding into a comprehensive building materials service provider [6] Financial Summary - The company’s gross profit margin for the first three quarters of 2023 is approximately 43.92%, an increase of 3.96 percentage points year-on-year, primarily due to a significant decrease in raw material prices [6] - The projected net profit for 2024 is estimated at 1.560 billion yuan, and for 2025, it is expected to reach 1.721 billion yuan, indicating a steady growth trajectory [9] - The company’s return on equity is expected to be around 24.8% in 2023, slightly improving in the following years [9]

公司报告 | 公司点评 伟星新材（002372） 证券研究报告 2024年02月29日 投资评级 经营质量改善，看好公司中长期发展 行业 建筑材料/装修建材 6个月评级 买入（维持评级） 当前价格 15.75元 经营质量改善，零售龙头抗周期属性凸显 公司发布业绩快报，23年实现营收64.21亿元，同比-7.66%，归母净利润 目标价格 18.60元 为 14.27 亿元，同比+9.97%，扣非净利润 14.05 亿，同比+10.75%；其中 Q4单季实现收入26.75亿，同比-4.61%，归母净利润为5.53亿，同比+4.7%， 基本数据 扣非净利润为5.58亿，同比+5.00%，净利率为20.65%，同比上升1.7pct。 A股总股本(百万股) 1,592.08 受地产下行影响四季度营收短暂承压，经营质量有所改善。我们认为公司 流通A股股本(百万股) 1,474.11 深耕零售端，多元化产品推广以及品牌效应叠加，同时加大在空白、薄弱 A股总市值(百万元) 25,075.23 市场的拓展力度，行业周期下行趋势下显示出良好的抗风险能力。 流通A股市值(百万元) 23,217.28 原材料端压力缓释，毛利率有望继 ...

建材 公 2024年02月29日 司 报 伟星新材(002372.SZ) 告 业绩增长良好，回购彰显信心 推荐 ( 维持 ) 事项： 公司公布2023年业绩快报，全年实现营收64.2亿元，同比降7.7%，归母净利 股价:15.13元 润14.3亿元，同比增10.0%。 公 主要数据 平安观点： 行业 建材 司 ...

2024年2月29日 公司研究 Q4 收入利润增速回升，高股息标的有望价值重估 ——伟星新材（002372.SZ）2023 年度业绩快报点评 要点 买入（维持） 当 前价：15.13元 事件：伟星新材发布2023年度业绩快报，2023年公司实现营业总收入/归母净 利润/扣非净利润64/14.3/14.0亿元，同比-8%/+10%/+11%；其中23Q4实现 营业总收入/归母净利润/扣非净利润27/5.5/5.6亿元，同比-4%/+5%/+5%。 作者 分析师：孙伟风 点评： 执业证书编号：S0930516110003 021-52523822 23Q4收入利润增速环比改善，零售及工程业务降幅均收窄。23Q4公司收入业 sunwf@ebscn.com 绩增速环比改善，23Q1-23Q4收入增速分别为同比-11%/-10%/-9%/-4%，归母 净利润增速分别为同比+48%/+29%/-6%/+5%。23Q4收入增速环比改善或主要 分析师：陈奇凡 由于：1）23Q4零售及工程业务收入增速降幅收窄；2）并表浙江可瑞后收入端 执业证书编号：S0930523050002 有增厚；归母净利润增速环比改善或主要由于：1）原 ...

Product Overview - The company's main products are various types of new plastic pipes, categorized into three series: PPR for gas, heating, and drainage; PE for municipal water supply; and PVC for drainage and electrical sheath applications [2]. - The company is actively expanding into waterproofing and water purification businesses under its "concentric circle" strategy [2]. Sales Channels - The primary sales channels for retail business are home decoration companies, project managers, and direct purchases by homeowners, with variations in proportions across different regions [2]. Growth Strategy - In the next 3-5 years, the company aims to increase market share and expand product categories to drive steady growth, focusing on expanding in underdeveloped markets and deepening channels in mature markets [2]. - The company will continue to prioritize high-quality development in engineering projects, selecting clients and projects carefully while exploring new fields [2]. Accounts Receivable - The company's accounts receivable situation for engineering business in 2023 is reported to be generally healthy [3]. Star Housekeeper Service - The "Star Housekeeper" service, a pioneering initiative in the industry, aims to provide reliable pipeline systems and reduce installation risks through various measures, including product authenticity verification and high-pressure testing [3]. Consumer Acceptance - Despite the higher pricing of products, consumers are increasingly willing to choose high-quality brands due to a growing awareness of safety in concealed engineering, with the overall cost being a small fraction of total renovation expenses [3]. International Business - Currently, overseas business revenue is relatively low, focusing on foundational work for internationalization, including the establishment of production bases and sales markets [3]. Pricing Strategy - The pricing of retail products generally follows a cost-plus principle, with the pricing system remaining stable [3]. Impact of Special National Bonds - The "1 trillion special national bonds" primarily target water conservancy facilities and disaster recovery, with limited immediate impact on the company's municipal engineering business [3]. Market Expansion - Market expansion strategies must be tailored to regional consumption habits, philosophies, and competitive landscapes, requiring adaptability [3]. 2024 Performance Guidance - The company's operational planning and targets for 2024 are still under discussion, with relevant indicators to be disclosed in the 2023 annual report [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：2024-002 √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 中泰证券：孙颖、韩宇；华泰证券：方晏荷、樊星辰；永赢基金：朱媛韬；泉果基 员姓名 金：李峥；申万宏源证券：曹永辉、吴志华、唐志玮；台州资管：梁超、应幸琦。 时间 2024 年 1月 30 日 地点 公司会议室 上市公司接待人员 谭梅、章佳佳、陈银琼 姓名 1、请公司介绍一下近期市场情况？ 答：近期市场需求整体感觉仍然比较疲弱。 2、请介绍一下公司的星管家服务？ 答：公司在行业内首创“星管家”服务，旨在为业主提供安全可靠的管道系统 的同时，通过“三免一告知”的方式，减少安装隐患，真正解除其后顾之忧。“星 管家”服务主要包括以下内容：①产品真伪鉴定，确保业主使用的是公司的高品质 产品；②高倍水压测试等检测服务，为安装完毕的管道进行“系统体检”，减少安 投资者关系活动主 全隐患；③拍摄录制管路走向图，方便业主日后管路改造和软装；④专业讲解产品 ...

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：2024-001 □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 MASS FINANCIAL SERVICES：Flora Chai；ABRDN PLD：Alec Jin；CAUSEWAY CAPITAL： Katy Fang；CPP INVESTMENT BOARD：Ryan Hong；CERTITUDO：Ansel Lu；EFG BANK AG：Daisy Li；GIC (GOVT OF SINGAPORE)：Troy Liu；GOLDMAN SACHS ASSET MGMT： Christine Pu；GREENWOODS ASSET MGMT HK LTD：Xian Wu；HANG SENG INV MGMT LTD： Andrew Tong；HAUCK AUFHAUSER LAMPE：Xin Lu；HILLHOUSE CAPITAL MGMT LTD： 参与单位名称及人 Hao Chen；ICBC INTERNAT ...

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。 公司于 2023 年 10 月 27 日召开第六届董事会第六次（临时）会议审议通过《关于公司 回购股份的方案》，决定通过集中竞价交易的方式以自有资金回购公司部分社会公众股股份， 并在未来适宜时机用于股权激励或员工持股计划。本次回购股份的资金总额不低于人民币 2 亿元、不超过人民币 3 亿元，回购价格不超过人民币 18 元/股，回购期限为自公司董事会审 议通过回购股份方案之日起 6 个月内。具体内容详见公司于 2023 年 10 月 30 日刊载在《证 券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn） 的相关公告。 证券代码：002372 证券简称：伟星新材 公告编号：2024-003 浙江伟星新型建材股份有限公司 关于回购股份方案实施完成暨股份变动的公告 含交易费用)。公司本次回购方案已实施完毕，实施情况符合相关法律法规及回购方案的要 求。 二、回购股份实施情况与回购股份方案不存在差异的说明 截至 2024 年 1 月 1 ...