伟星股份：公司半年报点评：产能利用率再提高，核心竞争力持续提升

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Insights - In the first half of 2024, the company achieved a revenue of 2.3 billion yuan, representing a year-on-year growth of 25.6%, and a net profit attributable to the parent company of 420 million yuan, up 37.8% year-on-year [5] - The company plans to distribute a dividend of 0.2 yuan per share, totaling 234 million yuan, which accounts for 56% of the net profit for the first half of the year [5] - The company’s core businesses, including zippers and buttons, have shown significant growth, with zipper revenue reaching 1.26 billion yuan, a 24.0% increase year-on-year, and button revenue at 927 million yuan, up 27.1% year-on-year [5] - The company has opened a factory in Vietnam, which is currently in the preparation stage for customer orders, enhancing its global market expansion [5] - The company is focused on product research and "smart" manufacturing to enhance its core competitiveness [5] Financial Summary - The company’s revenue is projected to reach 4.497 billion yuan in 2024, with net profit expected to be 646 million yuan [6][7] - The gross profit margin is forecasted to be 40.8% in 2024, with a net asset return rate of 14.5% [9] - The company has maintained a consistent dividend payout ratio, averaging 77% since 2010, with a current dividend yield of 3.6% [5][9]