伟星新材(002372)：稳健经营 现金流改善突出

Core Viewpoint - The company experienced a decline in revenue and net profit in the first half of 2025 due to a sluggish industry demand and intensified competition, but it has improved its cash flow significantly [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.078 billion yuan, a year-on-year decrease of 11.33% - The net profit attributable to the parent company was 271 million yuan, down 20.25% year-on-year, with a non-recurring net profit of 268 million yuan, a decline of 21.06% - The earnings per share (EPS) was 0.17 yuan [1] - The EBIT margin was 15.04%, down 1.01 percentage points year-on-year, while the EBITDA margin was 19.41%, down 0.79 percentage points year-on-year - The comprehensive gross margin was 40.50%, a decrease of 1.61 percentage points year-on-year, and the net profit margin was 13.08%, down 1.63 percentage points year-on-year - The non-recurring return on equity (ROE) was 5.26%, a decline of 0.89 percentage points year-on-year [2] Cash Flow and Receivables - The company's net cash flow from operating activities was 581 million yuan, an increase of 98.97% year-on-year - The ratio of net cash flow from operating activities to operating revenue was 27.96%, an increase of 15.51 percentage points year-on-year - Accounts receivable amounted to 464 million yuan, a decrease of 145 million yuan year-on-year and a decrease of 11 million yuan quarter-on-quarter [1] Strategic Initiatives - The company is focusing on brand channel consolidation, digital empowerment, overseas development, and the construction of concentric circle businesses to drive stable growth - As a leader in the PPR pipe industry, the company emphasizes its brand, channel, and technological advantages - The company is enhancing its marketing channels through digital empowerment and is accelerating its overseas expansion, particularly in Thailand and Singapore [2] Profit Forecast and Investment Rating - The company is projected to achieve net profits of 880 million yuan, 990 million yuan, and 1.09 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.55, 0.62, and 0.69 yuan - The current stock price corresponds to PE ratios of 19.94, 17.71, and 16.05 for the respective years - Despite a significant decline in industry demand, the company is maintaining stable operations and improving cash flow, supported by its strategic initiatives [3]