伟星新材：4月30日接受机构调研，嘉实基金、平安养老等多家机构参与

Core Viewpoint - The company,伟星新材, reported a decline in retail sales revenue and net profit in Q1 2025, attributed to high base effects from the previous year and weak market demand, while emphasizing a focus on high-quality positioning and price stability. Group 1: Financial Performance - In Q1 2025, the company's main revenue was 895 million yuan, a year-on-year decrease of 10.2% [10] - The net profit attributable to the parent company was 114 million yuan, down 25.95% year-on-year [10] - The company's debt ratio stood at 19.16%, with investment income at -5.56 million yuan and financial expenses at -2.47 million yuan [10] - The gross profit margin was reported at 40.45% [10] Group 2: Retail Business Insights - The decline in retail sales revenue was primarily due to a high base from 2024 and overall weak market demand [2] - The company is focusing on a "three high" positioning strategy to stabilize its pricing system [2][7] - The demand for home decoration is closely linked to economic conditions, with rigid demand remaining stable while improvement demand is suppressed [5] Group 3: Industry Competition - The plastic pipe industry remains highly competitive, with intensified competition among brand enterprises and difficulties for small and medium-sized companies [3] Group 4: Business Development - The waterproof business saw a slight decline in sales revenue, but brand influence is gradually increasing, with a good growth in service customers [4] - The water purification business is undergoing adjustments and optimizations, focusing on organizational changes, product innovation, and channel empowerment [5] - The integration of Zhejiang Kairui and Guangzhou Hexin is ongoing, with efforts to enhance operational quality through resource sharing and management optimization [6] Group 5: Market Strategy - The company aims to stabilize its pricing system through improvements in product and service quality, while engineering business pricing is market-driven [7] - The retail business's main sales channels include home decoration companies, project managers, and self-purchasing by homeowners, with a growing share from home decoration companies in first and second-tier cities [10] Group 6: Future Outlook - The company maintains a stable and transparent dividend policy, planning to follow its articles of association and future shareholder profit distribution plans [8] - The company sees potential for market share growth in various regions, influenced by local consumption habits and economic development [8]