伟星股份（002003）：持续深化竞争相对优势

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][18]. Core Views - The company reported a revenue of 11 billion with a year-on-year growth of 9% in Q4 2024, and a net profit attributable to shareholders of 0.8 billion, reflecting a significant increase of 197% [1]. - For the full year 2024, the company achieved a revenue of 47 billion, up 20% year-on-year, and a net profit of 7 billion, which is a 25% increase [1]. - The company is focusing on enhancing its competitive advantages through innovation, customer satisfaction, and expanding its international presence, with international business revenue growing by over 30% [2][3]. Financial Performance - In 2024, the company's revenue breakdown shows that button sales accounted for 20 billion (42% of total revenue), zipper sales for 25 billion (53%), and other accessory sales for 1.6 billion (4%) [1]. - The company plans to achieve a revenue target of 50 billion in 2025, with total operating costs controlled at 42.5 billion [5]. - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 53 billion, 59 billion, and 68 billion respectively, with net profits of 8 billion, 9 billion, and 11 billion [6]. Production Capacity and Utilization - As of 2024, the company has a total production capacity of 12 billion buttons and 9.1 billion meters of zippers, with a capacity utilization rate of 69% [1]. Strategic Initiatives - The company is advancing its digital manufacturing strategy, focusing on building smart factories and enhancing its global supply chain capabilities [4]. - The company holds 1,372 valid patents as of the end of 2024, indicating a strong emphasis on innovation and design [3].