Workflow
伟星股份:业绩靓丽兑现,上调盈利预测

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1] Core Views - The company reported strong performance in its semi-annual report, leading to an upward revision of profit forecasts. The expected net profits for 2024-2026 are projected to be 700.69 million, 823.73 million, and 985.43 million respectively, with corresponding EPS of 0.60, 0.70, and 0.84 [1][2] - The textile and apparel manufacturing industry is currently in a "relatively prosperous" cycle, benefiting from the continuous recovery of the European and American economies, which has positively impacted export trade [1] - The company is focusing on enhancing its international marketing network and brand development, particularly in overseas markets, with international revenue growth of 27.2% in the first half of 2024 [1] Financial Performance - In Q2 2024, the company achieved revenue of 1.5 billion, a year-on-year increase of 32%, and a net profit attributable to the parent company of 340 million, up 36% year-on-year. For the first half of 2024, total revenue reached 2.3 billion, a 26% increase, with a net profit of 420 million, reflecting a 38% growth [1] - The company's gross profit margin for the first half of 2024 was 41.8%, an increase of 0.58 percentage points year-on-year, with specific margins for zippers and buttons at 42.89% and 42.09% respectively [1] - Domestic revenue accounted for 67% of total revenue, with a year-on-year growth of 25%, while international revenue made up 33% with a growth of 27% [1] Business Segmentation - In the first half of 2024, zipper revenue was 1.26 billion, representing 55% of total revenue and a 24% increase year-on-year. Button revenue was 930 million, accounting for 40% of total revenue with a 27% increase [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 230 million [1] Market Positioning - The company is enhancing its comprehensive marketing capabilities to meet the increasing demands from downstream apparel brands regarding production scale, fashion design, and flexible manufacturing [1] - The company is accelerating its transition to high-end intelligent manufacturing and improving production management levels, with the opening of its Vietnam industrial park providing strong support for overseas market expansion [1]