伟星股份（002003）：汇兑亏损或拖累2025年利润，预计短期接单仍稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to face profit pressure in 2025 due to increased financial expenses, with a projected decline in net profit by 8.4% to 642 million yuan, despite a revenue growth of 2.41% to 4.787 billion yuan [1] - The international business is anticipated to continue expanding, with a notable growth in international revenue by 13.72% in the first half of 2025, which helps mitigate the weak domestic consumption environment [1][2] - The Vietnam industrial park is expected to remain in a loss state in 2025 but is projected to gradually achieve profitability as orders increase [2] - For 2026, the company is forecasted to see revenue growth of 8.8% and a slight improvement in profit margins, driven by global customer expansion and increased orders from the Vietnam industrial park [2][3] Financial Summary - Revenue for 2025 is estimated at 4.787 billion yuan, with a year-on-year growth rate of 2.4% [4] - The projected net profit for 2025 is 642 million yuan, reflecting a decrease of 8.4% compared to the previous year [4] - The earnings per share (EPS) for 2025 is expected to be 0.54 yuan, with a slight increase to 0.59 yuan in 2026 [4] - The company’s price-to-earnings (P/E) ratio for 2026 is projected to be 17 times [3][4]