伟星新材（002372）：现金牛逆势拓市占率，分红率持续提升

Investment Rating - The report maintains a "Strong Buy" investment rating for the company, indicating a strong performance relative to market benchmarks [2][6]. Core Views - Despite a significant decline in profits, the company has managed to increase its market share and maintain a high dividend payout ratio, reflecting its strong cash flow and financial stability [4][5][6]. - The company's revenue for 2024 was 6.267 billion yuan, a decrease of 1.75% year-on-year, while net profit attributable to shareholders fell by 33.49% to 952.67 million yuan [3][11]. - The decline in revenue was primarily due to falling product prices, although sales volume increased by 2.30% to 300,400 tons, indicating resilience in demand [4][5]. Financial Performance Summary - In 2024, the company's operating income was 62.67 billion yuan, with a gross margin of 41.72%, down 2.60 percentage points year-on-year [3][4]. - The company reported a net profit of 9.53 billion yuan in 2024, with a significant drop in investment income and increased impairment losses contributing to the profit decline [3][4]. - The company has maintained a low debt ratio, with asset-liability ratios of 21.07% and 19.16% for 2024 and Q1 2025, respectively, and has approximately 2.5 billion yuan in cash and financial assets [5][6]. Market Position and Competitive Advantages - The company ranks 6th in brand strength and value within the construction materials industry, maintaining its position as a leading brand in plastic pipes in China [6]. - The company has a well-established marketing network with over 50 sales companies and more than 30,000 marketing outlets, which supports its market expansion efforts [6]. - The company has contributed to over 260 national and industry standards and holds more than 1,700 patents, enhancing its competitive edge through innovation [6]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.042 billion yuan, 1.126 billion yuan, and 1.237 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.65 yuan, 0.71 yuan, and 0.78 yuan [6][11]. - The current price-to-earnings (PE) ratios are estimated at 17.88, 16.54, and 15.06 for the years 2025, 2026, and 2027, indicating a favorable valuation relative to future earnings growth [6][11].