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伟星股份(002003):Q2需求扰动致业绩下滑,越南工业园加快爬坡
WEIXINGWEIXING(SZ:002003) EBSCN·2025-08-26 01:52

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a decline in performance due to demand disruptions in Q2, but the industrial park in Vietnam is accelerating its ramp-up [1][9] - The company's revenue for the first half of 2025 was 2.34 billion yuan, a year-on-year increase of 1.8%, while net profit attributable to shareholders was 370 million yuan, a year-on-year decrease of 11.2% [5][9] - The report anticipates a gradual recovery in order intake as tariff impacts diminish, with the Vietnam industrial park expected to contribute to new growth [9] Financial Performance Summary - Revenue and net profit for the first half of 2025 showed mixed results, with Q1 revenue increasing by 22.3% and Q2 decreasing by 9.2% [5] - The gross profit margin for the first half of 2025 improved by 1.1 percentage points to 42.9%, driven by a favorable product mix and improved margins in international business [7] - The company's total capacity utilization rate was 65.3%, down 5.5 percentage points year-on-year, with domestic and international utilization rates at 69.0% and 48.3%, respectively [6][7] Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 681 million yuan, 771 million yuan, and 861 million yuan, respectively, with corresponding EPS of 0.58 yuan, 0.66 yuan, and 0.74 yuan [10] - The current stock price corresponds to a P/E ratio of 19 for 2025, 17 for 2026, and 15 for 2027 [9][10] Key Financial Indicators - The company’s operating cash flow for the first half of 2025 was 430 million yuan, an increase of 10.4% year-on-year [8] - The report highlights a significant increase in accounts receivable by 17.4% compared to the beginning of the year, while inventory remained relatively stable [8][12]