伟星新材（002372）：业绩依然承压，坚守高质量发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to face pressure on performance but is committed to high-quality development amidst a challenging market environment [7] - Revenue for the first half of 2025 was 2.078 billion yuan, down 11.33% year-on-year, with a net profit attributable to shareholders of 271 million yuan, down 20.25% year-on-year [7] - The company is focusing on core business and retail fundamentals while maintaining a high-quality operational status through strategic focus and transformation [7] Financial Performance Summary - Total revenue forecast for 2023 is 6.378 billion yuan, with a projected decline to 5.911 billion yuan in 2025, followed by a recovery to 6.687 billion yuan in 2027 [1] - Net profit attributable to shareholders is expected to decrease from 1.432 billion yuan in 2023 to 888.78 million yuan in 2025, before increasing to 1.199 billion yuan in 2027 [1] - The latest diluted EPS is projected to be 0.56 yuan in 2025, with a P/E ratio of 19.70 [1] Product Performance Summary - The company's PPR series products generated revenue of 932 million yuan in the first half of 2025, down 13.04% year-on-year, while PE series products saw revenue of 411 million yuan, down 13.28% [7] - The PVC series products achieved revenue of 290 million yuan, down 4.21%, and other products generated 424 million yuan, down 8.39% [7] - Retail-focused PPR business faced significant pressure, but market share is expected to continue to improve [7] Regional Performance Summary - Sales in the East China, Northeast, and Central China regions experienced notable declines, while overseas revenue was 148 million yuan, down 12.03% year-on-year [7] Margin and Cost Management Summary - Gross margin for Q1 and Q2 of 2025 was 40.45% and 40.53%, respectively, showing a year-on-year decline [7] - The company managed to slightly reduce sales expense ratio despite revenue decline, while management and R&D expenses saw a slight increase [7] Cash Flow and Dividend Summary - Operating cash flow for the first half of 2025 was 581 million yuan, an increase of approximately 300 million yuan year-on-year [7] - The company declared a mid-term dividend of 157 million yuan, with a payout ratio of about 58% [7] Earnings Forecast and Valuation Summary - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 889 million yuan, 1.050 billion yuan, and 1.199 billion yuan, respectively [7] - Corresponding P/E ratios for these years are projected to be 19.7X, 16.7X, and 14.6X [7]