【私募调研记录】尚雅投资调研伟星新材

Core Insights - A well-known private equity firm, Shangya Investment, recently conducted research on a listed company, focusing on its operational strategies and market positioning [1] Group 1: Company Overview - The company, Weixing New Materials, emphasizes avoiding ineffective price competition and aims to enhance quality, value, and service [1] - The waterproof business primarily targets indoor home decoration, aligning its offerings with market demand [1] - The company has not adjusted its annual targets, aiming to motivate employees and maintain performance standards [1] Group 2: Financial Performance - In the first half of 2025, product prices are expected to decline year-on-year but gradually recover on a quarter-on-quarter basis [1] - The retail business is seeing an increase in the proportion of second-hand and old house renovations [1] - The company maintains a cautious outlook on demand for the second half of the year, with retail performance significantly influenced by economic conditions [1] Group 3: Business Strategy - The waterproof business is experiencing steady growth, while the water purification business model is undergoing adjustments and optimization [1] - The company employs a cost-plus pricing strategy in retail, focusing on enhancing product quality and service [1] - The engineering business adapts to market conditions, reflecting a flexible operational approach [1] Group 4: Dividend Policy - The decision on semi-annual dividends considers external environment, development plans, profitability, and investor return needs [1]