伟星新材（002372.SZ）2023年年报点评 零售市占率提高 3 pct 以上，ROE 提升、分红加码 2024年04月09日 ➢ 公司披露 2023 年报：实现收入 63.78 亿，yoy-8.27%，归母净利 14.32 亿， 推荐 维持评级 yoy+10.4%；综合毛利率44.32%，同比提高4.56pct；扣非后净利率20%；期末资产负 债率21.15%。摊薄roe25.61%，提高1.25pct。23Q4实现收入26.32亿，yoy-5.67%， 当前价格： 15.58元 扣非净利4.28亿。 ➢ 零售优先，毛利率稳中有升，不靠价格战、落实高质量经营 [Table_Author] ①持续零售优先、支撑整体盈利水平。拳头产品PPR收入占比46.88%，毛利率58.08%， 同比+6.33pct。②零售价格体系稳定、充分享受原材料红利。2023年产品价格的不利因 素包括地产颓势、成本走低、竞争加剧，极易引起价格战，但公司始终坚持零售价格稳定、 推陈出新，综合销售毛利率提高4.56pct，横向对比稀缺性强。③长期角度，与品牌定位 高端、先发优势有关，不轻易变动价格体系、呵护品牌力。短期角度，同心圆产品 ...

Financial Performance - Revenue for 2023 was 6.378 billion yuan, a decrease of 8.27% compared to 2022 [12] - Net profit attributable to shareholders in 2023 was 1.432 billion yuan, an increase of 10.40% compared to 2022 [12] - Net cash flow from operating activities in 2023 was 1.374 billion yuan, a decrease of 10.26% compared to 2022 [12] - Total assets at the end of 2023 were 7.292 billion yuan, an increase of 5.09% compared to 2022 [13] - Shareholders' equity at the end of 2023 was 5.594 billion yuan, an increase of 5.01% compared to 2022 [13] - Basic earnings per share in 2023 was 0.90 yuan, an increase of 9.76% compared to 2022 [13] - Weighted average return on equity in 2023 was 26.15%, an increase of 0.31% compared to 2022 [13] - Revenue in Q4 2023 was 2.632 billion yuan, the highest among all quarters [16] - Net profit attributable to shareholders in Q4 2023 was 558.093 million yuan, the highest among all quarters [16] - Non-recurring gains and losses in 2023 amounted to 157.426 million yuan, a significant increase compared to 2022 [18] - Total revenue for 2023 was 6,378,284,320.69 yuan, a decrease of 8.27% compared to 2022 [41] - Manufacturing revenue accounted for 99.29% of total revenue, with a decrease of 7.41% year-over-year [41] - PPR series products contributed 46.88% of total revenue, with a decrease of 8.97% year-over-year [41] - PE series products contributed 23.96% of total revenue, with a decrease of 14.17% year-over-year [41] - PVC series products contributed 14.12% of total revenue, with a decrease of 18.07% year-over-year [41] - Other products revenue increased by 35.33% year-over-year, driven by market expansion and acquisitions [42] - Sales volume in the manufacturing sector increased by 1.08% to 398,428 tons [45] - Production volume in the manufacturing sector increased by 8.52% to 409,362 tons [45] - Inventory volume in the manufacturing sector increased by 24.63% to 55,322 tons [45] - Direct material costs decreased by 15.49% to 2,110,190,294.71 yuan, accounting for 59.41% of operating costs [46] - Manufacturing expenses decreased by 23.35% to 267,413,931.30 yuan, accounting for 7.53% of operating costs [46] - Other business material costs decreased by 61.06% to 41,576,271.68 yuan, mainly due to reduced raw material sales [47] - R&D expenses increased by 7.01% to 202,469,746.08 yuan [54] - The net cash flow from operating activities in 2023 was RMB 1,373,833,592.06, a decrease of 10.26% compared to 2022 [59] - The net cash flow from investing activities in 2023 was RMB -1,135,469,709.00, a significant decrease of 994.09% compared to 2022, mainly due to increased investment in industrial park construction and no maturity of financial products [61] - The net cash flow from financing activities in 2023 was RMB -1,225,645,625.85, a decrease of 40.28% compared to 2022, primarily due to the repurchase of company shares [61] - The net increase in cash and cash equivalents in 2023 was RMB -985,447,332.83, a decrease of 276.26% compared to 2022, mainly due to the reduction in net cash flow from both investing and financing activities [61] - The company's monetary funds at the end of 2023 were RMB 3,174,467,037.65, accounting for 43.54% of total assets, a decrease of 2.25% compared to the beginning of the year [63] - Accounts receivable at the end of 2023 were RMB 550,595,082.38, accounting for 7.55% of total assets, an increase of 1.15% compared to the beginning of the year [63] - Inventory at the end of 2023 was RMB 1,015,472,937.09, accounting for 13.93% of total assets, an increase of 1.08% compared to the beginning of the year [63] - Fixed assets at the end of 2023 were RMB 1,296,276,531.14, accounting for 17.78% of total assets, a decrease of 0.80% compared to the beginning of the year [63] - The company's investment income in 2023 was RMB 187,264,812.57, accounting for 10.81% of total profit, mainly due to an increase in fair value change income from Dongpeng Heli [62] - Construction in progress increased to 139,954,167.39 RMB, up 1.92% due to increased investment in Tianjin and Chongqing industrial parks [64] - Short-term borrowings decreased to 1,350,000.00 RMB, down 0.18% due to the absence of supply chain financing tools received from customers in the previous period [64] - Contract liabilities increased to 445,149,084.71 RMB, up 6.10% compared to the previous period [64] - Investment amount for the reporting period was 101,304,103.71 RMB, a decrease of 72.67% compared to the same period last year, mainly due to reduced purchases of bank financial products [68] - The company acquired 60% equity in Zhejiang Kerui Building Technology Co., Ltd. for 80,800,000.00 RMB, which has been included in the consolidated financial statements [69] - Shanghai New Materials' net assets decreased by 59.03% due to the distribution of 464 million RMB in profits to the parent company [74] - Total operating revenue for 2023 was 6,378,284,320.69 yuan, a decrease of 8.27% compared to 6,953,640,738.88 yuan in 2022 [198] - Net profit attributable to parent company shareholders in 2023 was 1,432,407,923.84 yuan, an increase of 10.4% compared to 1,297,482,018.24 yuan in 2022 [199] - R&D expenses in 2023 were 202,469,746.08 yuan, an increase of 7.01% compared to 189,203,995.89 yuan in 2022 [198] - Investment income in 2023 was 187,264,812.57 yuan, a significant improvement from a loss of 17,410,069.99 yuan in 2022 [198] - Basic earnings per share in 2023 were 0.9 yuan, an increase of 9.76% compared to 0.82 yuan in 2022 [199] - Total comprehensive income in 2023 was 1,464,132,821.93 yuan, an increase of 11.85% compared to 1,309,049,137.93 yuan in 2022 [199] - Parent company's operating income in 2023 was 1,857,132,712.07 yuan, a decrease of 12.74% compared to 2,127,876,106.08 yuan in 2022 [200] - Parent company's net profit in 2023 was 1,631,172,130.48 yuan, an increase of 67.75% compared to 972,272,642.86 yuan in 2022 [200] - Sales expenses in 2023 were 831,135,470.37 yuan, an increase of 10.88% compared to 749,622,827.55 yuan in 2022 [198] - Financial expenses in 2023 were -71,656,376.95 yuan, an increase of 18.49% compared to -60,474,945.72 yuan in 2022 [198] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 8 yuan per 10 shares, based on 1,571,867,988 shares (total shares of 1,592,037,988 minus 20,170,000 shares held in the repurchase account) [2] - The company's total share capital is 1,592,037,988 shares, with 20,170,000 shares held in the repurchase account [2] - The company implemented a cash dividend policy of 6 yuan per 10 shares for the 2022 fiscal year, totaling 955,208,292.80 yuan, which was completed on May 31, 2023 [119] - For the 2023 fiscal year, the company plans to distribute a cash dividend of 8 yuan per 10 shares, totaling 1,257,494,390.40 yuan [121] - The company's net profit attributable to the parent company in 2023 was 1,432,407,923.84 yuan, with a total distributable profit of 1,676,351,367.47 yuan [121] - The company's cash dividend payout ratio for 2023 is 100% of the total profit distribution [121] - The company's total equity at the end of 2023 was 1,571,867,988 shares, after deducting 20,170,000 shares held in the repurchase account [121] - The company completed the third phase of its equity incentive plan, unlocking 7.54 million restricted shares for 139 incentive recipients on December 28, 2023 [122] - A total of 2.58 million restricted shares were unlocked for 8 senior executives, completing the third phase of the equity incentive plan [125] - The company's equity incentive plan granted 1.9 million restricted shares at a price of 7.00 yuan per share to 143 incentive recipients in 2020 [122] - The company's senior executives, including the Chairman and General Manager, held a total of 2.58 million restricted shares, all of which were unlocked by the end of the reporting period [125] - The company's Chairman and CEO, Jin Hongyang, holds 16,563,013 shares as of the end of 2023 [97] - Vice President Shi Guojun holds 10,331,194 shares as of the end of 2023 [97] - Director Zhang Kapeng holds 82,538,434 shares as of the end of 2023 [97] - Director Zhang Sanyun holds 31,269,218 shares as of the end of 2023 [97] - Board Secretary Tan Mei holds 8,597,416 shares as of the end of 2023 [97] - Vice President Li Bin reduced his shareholding by 225,000 shares due to personal reasons, leaving him with 300,000 shares at the end of 2023 [98] - The total number of shares held by directors, supervisors, and senior management at the end of 2023 was 173,577,783 [98] - The company repurchased and canceled 35,000 restricted shares from a departing incentive recipient, reducing the registered capital from 1,592,112,988 yuan to 1,592,077,988 yuan [156] - The company's total shares decreased by 35,000 due to the repurchase and cancellation of restricted shares, with the total number of shares changing from 1,592,112,988 to 1,592,077,988 [160] - The company completed the release of 7,540,000 restricted shares from the third phase of its equity incentive plan, with 2,505,000 shares remaining as restricted and 5,035,000 shares becoming unrestricted [161] - The company's controlling shareholders, Zhang Kapeng and Zhang Sanyun, signed a supplementary agreement to their concerted action agreement in August 2023 [157] - The company's limited-sale shares decreased by 14,823,457 shares, while the unrestricted shares increased by 14,788,457 shares during the reporting period [160] - Total shares decreased from 1,592,112,988 to 1,592,077,988 due to restricted stock repurchase and other adjustments [166] - Restricted shares decreased from 135,293,336 to 120,469,879, while unrestricted shares increased from 1,456,819,652 to 1,471,608,109 [166] - Total number of ordinary shareholders at the end of the reporting period was 50,910, up from 44,585 at the end of the previous month [167] - Weixing Group holds 37.90% of shares, totaling 603,359,564 shares, with 227,132,400 shares pledged [168] - Linhai Huixing Group holds 14.68% of shares, totaling 233,660,000 shares, with 98,500,000 shares pledged [168] - Hong Kong Central Clearing Limited holds 7.78% of shares, totaling 123,838,323 shares [168] - Zhang Kapeng holds 5.18% of shares, totaling 82,538,434 shares, with 61,903,825 shares restricted [168] - Zhang Sanyun holds 1.96% of shares, totaling 31,269,218 shares, with 23,451,913 shares restricted [168] - Jin Hongyang holds 1.04% of shares, totaling 16,563,013 shares, with 12,422,260 shares restricted [168] - Anbang Life Insurance Co., Ltd. - Dividend Product added 10,962,500 shares, accounting for 0.69% of the total shares [170] - Dacheng Fund Management Co., Ltd. - Social Security Fund 1101 Portfolio exited with 6,364,284 shares, accounting for 0.40% of the total shares [170] - First Sentier Investors (UK) Ltd. - First State China A-Share Fund exited with 5,407,985 shares, accounting for 0.34% of the total shares [171] - Weixing Group holds 25.86% of Weixing Shares as of the end of the reporting period [172] - Zhang Kapeng directly holds 5.67% of Weixing Shares and indirectly holds 4.13%, while Zhang Sanyun directly holds 3.76% and indirectly holds 2.81% [174] Industry and Market Trends - Domestic plastic pipe production in 2023 was 16.19 million tons, a year-on-year decrease of 1.58% [21] - Plastic pipe exports in 2023 reached 1.0376 million tons, a year-on-year increase of 15.91%, with an export value of $4.162 billion, up 2.22% [21] - The export unit price of plastic pipes decreased significantly, reflecting a decline in profit margins [21] - Industry concentration increased as smaller companies struggled to compete, while larger companies improved their quality and brand focus [21] - The industry's intelligent production scale expanded, enhancing cost efficiency and product quality, leading to increased market recognition [21] - Plastic pipes were widely used in major projects such as the Beijing Winter Olympics and Asian Games venues, leveraging their efficiency, energy-saving, and environmental advantages [22] - The plastic pipe industry is highly competitive, with the top 20 companies accounting for over 40% of the total industry sales, indicating further industry consolidation [75] - Plastic pipes are increasingly used in traditional fields like municipal, construction, and water conservancy, as well as emerging areas such as heating, agriculture, and communication [76] Corporate Governance and Management - The company's registered address is in Linhai Economic Development Zone, Zhejiang Province, with no historical changes [7] - The company's office address is at No. 688 Jiangshi West Road, Linhai City, Zhejiang Province [7] - The company's website is www.vasen.com, and the email address is wxxc@vasen.com [7] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and major financial media such as Securities Times, China Securities Journal, Shanghai Securities News, and Securities Daily [9] - The company's annual report is also available on the CNINFO website (www.cninfo.com.cn) [9] - The company's annual report is stored at the company's securities department [9] - The company's unified social credit code is 91330000719525019T, with no changes in main business or controlling shareholders since listing [10] - The company follows a "market-first, factory-later" approach and operates on a "order + appropriate inventory" principle for retail products, while engineering products are produced based on orders [27] - The company's production and sales data for 2023 includes detailed metrics on sales volume, production volume, inventory, and gross margin changes compared to the previous year [27] - The company's market share increased by more than 3 percentage points, and sales of waterproofing and other products grew by over 35% year-on-year [33] - Overseas business sales reached 283 million yuan, with over 70% of sales coming from the company's own brand [34] - The company has 34 ongoing research projects and filed 283 patents, including 34 invention patents [34] - The company successfully acquired Zhejiang Kerui and Guangzhou Hexin Fangyuan to enhance core competitiveness and expand into high-end residential and large public construction markets [36] - The company's raw material costs were lower than the previous year due to a general decline in energy and commodity prices, positively impacting profitability [28] - The company's electricity and water costs decreased in 2023, contributing to overall cost reduction [29] - The company's PPR series products are primarily used for building water supply, PE series for municipal water supply, heating, gas, and drainage, and PVC series for drainage and power protection [30] - The company is a pioneer in the PPR pipeline industry and has received numerous industry awards and recognitions [31] - The company's industrial parks have been recognized as "National Green Factories" and "Zhejiang Service-Oriented Manufacturing Demonstration Enterprises" [35] - The company has established 50+ sales companies and 30,000+ marketing outlets nationwide, with 1,900+ professional marketing and service personnel [38] - The company developed a flexible water supply pipeline system and a "Safety Star" water supply system, both completed and expected to enhance market competitiveness [55] - The number of R&D personnel increased by 33.

公司报告 | 年报点评报告 伟星新材（002372） 证券研究报告 2024年04月 09日 投资评级 毛利率表现亮眼，“同心圆”业务保持较强经营韧性 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 16.46元 分红维持较高水平，重视公司中长期投资价值 公司23 年实现营收63.8亿元，同比-8.3%，归母、扣非净利润分别为14.3、 目标价格 19.88元 12.7 亿元，同比+10.4%、+0.53%，Q4 单季实现营收 26.32 亿，同比-5.7%, 归母、扣非净利润分别为 5.6、4.3 亿元，同比+5.6%、-19.38%。全年非经 基本数据 常性损益为1.6 亿，同比增加1.3亿元，其中投资收益1.9 亿元。公司发布 A股总股本(百万股) 1,592.04 2024-2026年股东回报计划，每年现金分红不低于当年可分配利润的30%， 流通A股股本(百万股) 1,470.86 且连续三年以现金分红不少于该三年实现的年均实际可分配利润的 90%。 A股总市值(百万元) 26,204.95 23 年公司计划现金分红比例为 88%，截至4 月8 日股息率为 5.07%，大比 流通A股 ...

建材 公 2024年04月09日 司 报 伟星新材(002372.SZ) 告 业绩增长良好，派息延续慷慨 推荐 ( 维持 ) 事项： 公司公布2023年年报，全年实现营收63.8亿元，同比降8.3%，归母净利润 股价:15.58元 14.3亿元，同比增10.4%；其中四季度营收26.3亿元，同比降5.7%，归母净利 公 主要数据 润5.6亿元，同比增5.6%。公司拟每10股派发现金红利8元（含税）。 行业 建材 司 平安观点： ...

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：2024-006 √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 富国基金：赵晨阳、毕天宇、汪孟海、赵伟、曹文俊、顾飞飞、武明戈、韩雪、张 参与单位名称及人 啸伟、刘莉莉、周宁、汤启、周羽、赵宗俊、方竹静、闫伟、毛联永；创金合信： 员姓名 王妍、郑剑、陆迪、刘洋、张小郭、刘毅恒；广发证券：谢璐；浙商证券：刘梓烨、 李陈佳、刘芳依。 时间 2024 年 3月 8 日 地点 公司会议室 上市公司接待人员 谭梅、李晓明、章佳佳、陈银琼 姓名 1、请问公司近期的经营情况？ 答：目前公司经营情况正常，市场变化不大。 2、请问公司2024 年的业绩指引？ 答：公司希望 2024 年能够保持稳健的发展态势，具体的经营规划和目标还在 商讨过程中，相关指标会在2023 年报中披露。 3、请问公司零售端销售通道的变化趋势？ ...

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：2024-005 √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 MFS：柴卉、Robert Lau、Lionel Gomez；中金公司：龚晴、杨茂达、刘嘉忱；海 通证券：冯晨阳、申浩；西部证券：万静远；银河证券：王婷、张玲娇；国联证券： 参与单位名称及人 武慧东；中信建投证券：丁希璞；上海证券：方晨；华安证券：季雨夕；睿郡资产： 员姓名 苏华立；睿远基金：李一鸣；双安资产：周诗琪；禹合资产：温晓波、张小霞、周 海霞；昭云投资：程安靖；中汇人寿：高婧。 时间 2024 年 3月 7 日 地点 公司会议室 上市公司接待人员 谭梅、李晓明、章佳佳、陈银琼 姓名 1、请问公司如何看待未来房地产趋势及对公司的影响？ 答：2024 年，预计房地产开工及竣工情况依然会比较疲弱，对公司相关业务会 带来一定的压力。但在实际的装修需求中，影响因素主要有两大方面：一是供给端， 房屋开工及竣工量下降意味着新房供给的数量减少，但存量房的供给在逐年提升， 因此可 ...

[Table_Page] 公告点评|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 15.75元 Q4 增长压力减弱，表现超预期 合理价值 23.02元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-01 ⚫ 公司发布 2023 年度业绩快报：2023 年实现收入 64.2 亿元，同比 相 [T a对 ble市_Pi场cQu表ote现] -7.66%，归母净利润14.27亿元，同比+9.97%，扣非净利润14.05亿 元，同比+10.75%。其中Q4实现收入26.75亿元，同比-4.14%（两年 2% 03/23 05/23 07/23 09/23 11/23 01/24 复合增长6.43%），归母净利润5.52亿元，同比+4.54%（两年复合增 -8% 长 10.75%），扣非净利润 5.58 亿元，同比+5.01%（两年复合增长 -18% 12.47%）。 -28% ⚫ 零售渠道库存回归低位，公司收入降幅明显收窄。公司Q1-Q4收入增 -38% 速分别为-10.87%、 ...

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 ...

伟星新材（002372.SZ）2023年业绩快报点评 Q4 表现超预期，稀缺的高 ROE 资产 2024年03月01日 ➢ 公司发布 2023 年业绩快报：2023 年预计实现营收 64.21 亿元，同比- 推荐 维持评级 7.66%，归母净利14.27亿元，同比+9.97%，扣非归母净利14.05亿元，同比 当前价格： 15.69元 +10.75%。其中，23Q4实现营收26.75亿元，同比-4.14%，归母净利5.53亿 元，同比+4.54%，扣非净利5.58亿元，同比+5.01%。全年ROE超过26%。 [Table_Author] ➢ 零售端持续发力，稳健的高ROE资产 23Q4 收入同比压力来自两个方面，一方面是同比基数较高（22Q4 收入同比增 速 18.18%），一方面是市场需求不强、行业竞争激烈。23Q4 公司收入同比下 滑4.14%，23Q1-Q3分别同比下滑10.87%、10.38%、9.19%，23Q4收入同 比降幅较前三个季度有明显收窄。我们认为以下几点原因不仅在过去的2023年 发挥作用、同时2024年有望成为持续看点：①坚定零售战略提升占比，在工程 分析师 李阳 端保持谨慎，综合毛 ...

[Table_Main] 证券研究报告 | 公司点评 伟星新材(002372.SZ) 2024年02月29日 买入（维持） 伟星新材（002372.SZ）：23 年业绩快 所属行业：建筑材料/装修建材 报超预期，关注战略升级 当前价格(元)：15.75 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024年2月29日，公司发布 2023年度业绩快报，2023年公司预计实现营 邮箱：yanguang＠tebon.com.cn 业收入64.21亿元，同比-7.66%，预计实现营业利润16.88亿元，同比+10.12%， 王逸枫 预计实现利润总额16.85亿元，同比+9.79%，预计实现归属于上市公司股东的净 资格编号：S0120524010004 利润 14.27 亿元，同比+9.97%，预计实现扣非归母净利润约 14.05 亿元，同比 邮箱：wangyf6＠tebon.com.cn +10.75%。 研究助理 高基数下23Q4收入超预期，市场攻坚见成效。我们测算23Q4公司预计实现营业收 入约26.75亿元，同比-4.14%，实现归母净利润约5.52亿元，同比+4.54%。22Q4 ...