伟星股份：业绩超预期，增加中期分红

Investment Rating - The report assigns a "Buy" rating to the company, maintaining the same rating as the previous report [1]. Core Views - The company reported better-than-expected performance in H1 2024, with revenue and net profit growth of 25.57% and 37.79% respectively, driven by improved operational efficiency and a decrease in expense ratios [1][2]. - The company plans to increase its mid-term cash dividend to 2 yuan per 10 shares, resulting in a dividend payout ratio of 56.22% and an annualized dividend yield of 3.3% [1]. - The company is actively enhancing its operational efficiency by consolidating production processes to a new industrial park, which is expected to support future growth [1]. Financial Performance Summary - In H1 2024, the company's revenue, net profit attributable to the parent company, and net profit excluding non-recurring items were 2.296 billion, 416 million, and 401 million yuan respectively, with significant year-on-year growth [1]. - The company achieved a gross margin of 41.80% in H1 2024, a slight increase from the previous year, while the net profit margin improved to 18.11% [2]. - The company’s inventory increased by 29% year-on-year to 778 million yuan, reflecting a rise in orders, while accounts receivable also grew by 33.54% [2]. Market Position and Growth Potential - The company is positioned as a leading domestic supplier of apparel accessories, benefiting from high valuation premiums due to its advanced automation and information technology capabilities [4]. - The report anticipates continued growth in the second half of 2024, driven by the end of destocking in downstream markets and an increase in order volumes [4]. - The company is expanding its overseas production capacity, particularly in Vietnam and Bangladesh, which is expected to enhance its market share and operational scale [4]. Earnings Forecast - The revenue forecast for 2024-2026 has been adjusted upwards to 47.02 billion, 52.55 billion, and 58.52 billion yuan respectively, reflecting strong order growth [4]. - The net profit forecast for the same period has also been revised to 7.1 billion, 8.1 billion, and 9.1 billion yuan, with corresponding EPS estimates of 0.60, 0.69, and 0.78 yuan [4].