研报掘金丨开源证券：伟星新材业绩增量可期，维持“买入”评级

Core Viewpoint - The report from Open Source Securities indicates that Weixing New Materials has significantly improved its Q2 performance, showing stable operational growth despite a challenging macroeconomic environment in the first half of 2025 [1] Company Performance - In the first half of 2025, the overall industry is under pressure with a decline in total volume and intensified market competition, impacting the company's revenue and profitability [1] - The core products, PPR pipes and fittings, have maintained relatively stable revenue and profitability, while the profitability of PVC products has improved [1] Strategic Initiatives - The company emphasizes a "three high" positioning strategy to enhance brand influence and strengthen customer loyalty [1] - It has established over 50 sales companies, more than 30,000 marketing outlets, and over 1,700 professional marketing service personnel nationwide, actively expanding its global marketing network [1] Cost Management - The company is solidifying internal management and enhancing cost control by strictly managing non-essential expenditures, aiming to improve efficiency amid industry pressures [1] Market Outlook - With supportive economic policies aimed at stabilizing the real estate market and boosting consumption through trade-in programs, the real estate post-cycle industry is expected to benefit, further highlighting the company's brand advantages and potential for performance growth [1]