登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002372 证券简称：伟星新材公告编号：2025-016 浙江伟星新型建材股份有限公司（以下简称"公司"）及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人金红阳先生、主管会计工作负责人陈安门先生及会计机构负责人王卫芳女士声明：保证 季度报告中财务信息的真实、准确、完整。 3、第一季度报告是否经审计 □ 是 √ 否 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 ■ 注： 1、报告期公司经营活动产生的现金流量净额较上年同期增加26,029.77万元，主要系本期购买原材料减 少所致；基本每股收益、稀释每股收益较上年同期减少30.00%，主要系本期市场需求疲软、行业竞争 加剧，公司营业收入及毛利率下降所致。 2、上述数据以合并报表数据填列。 （二）非经常性损益项目和金额 √ 适用 ...

Financial Performance - The company's revenue for Q1 2025 was ¥895,038,606.78, a decrease of 10.20% compared to ¥996,663,372.67 in the same period last year[4] - Net profit attributable to shareholders was ¥113,701,770.51, down 25.95% from ¥153,542,014.75 year-on-year[4] - Basic and diluted earnings per share decreased by 30.00% to ¥0.07 from ¥0.10 in the previous year[5] - Total operating revenue for Q1 2025 was CNY 895,038,606.78, a decrease of 10.2% from CNY 996,663,372.67 in the previous period[31] - Net profit for Q1 2025 was CNY 115,906,036.21, a decline of 26.2% compared to CNY 157,207,879.79 in the same period last year[32] - Earnings per share (EPS) for Q1 2025 was CNY 0.07, down from CNY 0.10 in the previous year[33] Cash Flow - The net cash flow from operating activities increased by 148.13% to ¥84,579,894.33, compared to a negative cash flow of ¥175,717,757.73 in the same period last year[4] - Cash flow from operating activities generated a net amount of CNY 84,579,894.33, recovering from a negative cash flow of CNY -175,717,757.73 in the previous period[35] - Cash flow from investment activities showed a net inflow of CNY 190,542,351.94, compared to a net outflow of CNY -148,325,465.08 in the previous year[37] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,649,539,579.57, a slight increase of 0.27% from ¥6,631,662,560.69 at the end of the previous year[5] - The company reported a total asset of CNY 6,649,539,579.57 as of March 31, 2025, compared to CNY 6,631,662,560.69 at the beginning of the period, reflecting a slight increase[25] - The company’s total liabilities amounted to CNY 1,274,037,170.36, down from CNY 1,397,050,177.87, reflecting a decrease of about 8.8%[29] - Total current liabilities decreased to CNY 1,182,795,510.60 from CNY 1,304,028,925.75, indicating a reduction of about 9.3%[29] - The company’s non-current assets totaled CNY 2,339,635,263.44, slightly down from CNY 2,342,879,040.31[28] Investments and Equity - The company has invested CNY 1,300,000,000 in financial products, with CNY 800,000,000 returned and a profit of CNY 5,214,100 realized[24] - The company’s long-term equity investments decreased to CNY 243,313,397.62 from CNY 252,760,450.68, a decline of approximately 3.1%[27] - The company’s equity attributable to owners remained stable at CNY 1,592,037,988.00[29] Expenses and Financial Metrics - Financial expenses increased by 84.16% year-on-year, mainly due to a decrease in interest income[15] - The company experienced a 295.63% decline in investment income, attributed to reduced fair value gains from financial assets held by a partnership[16] - The company reported a decrease in research and development expenses to CNY 30,934,702.76, down from CNY 34,286,511.47[32] - The company's weighted average return on equity was 2.21%, down from 2.72% in the same period last year[5] Other Information - The company established a wholly-owned subsidiary, Urumqi Weixing New Building Materials Co., Ltd., with a registered capital of CNY 50,000,000 on March 11, 2025[24] - Other comprehensive income after tax was CNY 683,990.18, recovering from a loss of CNY -2,426,792.00 in the previous year[32] - The first quarter report of Zhejiang Weixing New Building Materials Co., Ltd. was not audited[39] - The new accounting standards will be implemented starting from 2025, affecting the financial statements from the beginning of that year[38]

Core Viewpoint - The company experienced a decline in net profit due to increased market investment and reduced investment income, despite relatively resilient revenue performance [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 6.27 billion yuan, a year-on-year decrease of 1.8%, with a net profit attributable to shareholders of 0.95 billion yuan, down 33.5% year-on-year [1]. - The fourth quarter alone saw revenue of 2.49 billion yuan, a decline of 5.26% year-on-year, while the first three quarters showed mixed results with growth in Q1 and Q2 but a decline in Q3 [1]. Product Performance - The company sold 300,000 tons of pipeline products in 2024, marking a 2.3% increase year-on-year, although revenue from PPR, PE, and PVC products declined [2]. - The revenue breakdown for these products was 2.94 billion yuan for PPR, 1.42 billion yuan for PE, and 0.83 billion yuan for PVC, with respective year-on-year declines of 1.7%, 6.9%, and 8.1% [2]. - The gross margin for these products also decreased, reflecting the impact of weak demand and intensified competition [2]. Marketing and Cash Flow - The company increased its marketing efforts, leading to a rise in sales expenses by 14% year-on-year, contributing to a comprehensive gross margin of 41.7% in 2024, down 2.6 percentage points [3]. - Operating cash flow was reported at 1.15 billion yuan, a decrease of 16.5% year-on-year, but the cash collection ratio remained healthy, supporting a high dividend payout of 0.943 billion yuan, representing a 99% payout ratio [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][28]. Core Views - The company's retail fundamentals remain solid, with a steady increase in market share and a high dividend payout further enhancing investor returns. Despite a challenging demand environment, the company has managed to maintain a resilient revenue base [3][28]. - The company reported a revenue of 6.27 billion yuan in 2024, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 0.95 billion yuan, down 33.5% year-on-year. The decline in profit is primarily attributed to increased marketing expenses and reduced investment income [1][9]. - The company has successfully expanded its product offerings and market presence, particularly in the pipeline segment, which saw a volume increase of 2.3% year-on-year, despite revenue declines in specific product categories [2][15]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.27 billion yuan, with a net profit of 0.95 billion yuan and an EPS of 0.61 yuan per share. The fourth quarter revenue was 2.49 billion yuan, reflecting a year-on-year decline of 5.26% [1][9]. - The overall gross margin for 2024 was 41.7%, down 2.6 percentage points year-on-year, with a significant increase in sales expenses by 14% due to heightened marketing efforts [3][20]. Product and Market Development - The company reported a total pipeline sales volume of 300,000 tons in 2024, with revenues from PPR, PE, and PVC products showing declines of 1.7%, 6.9%, and 8.1% respectively. However, the company has successfully increased its market share in the pipeline segment [2][15]. - The overseas business showed promising growth, generating 0.36 billion yuan in revenue, a year-on-year increase of 26.7%, with Singapore operations turning profitable [2][15]. Cash Flow and Dividends - The company generated an operating cash flow of 1.15 billion yuan in 2024, despite a 16.5% decline year-on-year. The cash collection ratio remained healthy, supporting a high dividend payout of 0.943 billion yuan, resulting in a dividend payout ratio of 99% [3][20][28].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][28][33] Core Views - The company's revenue showed relative resilience with a slight decline of 1.8% year-on-year, reaching 6.27 billion yuan, while net profit decreased significantly by 33.5% to 0.95 billion yuan, primarily due to increased market investment and reduced investment income [1][9] - The retail foundation remains solid, with steady market share growth and orderly overseas expansion, particularly in pipeline sales which increased by 2.3% year-on-year [2][15] - The company maintains a high dividend payout ratio of 99%, reflecting its commitment to shareholder returns despite profit pressures [3][28] Revenue and Profitability - In 2024, the company achieved a total revenue of 6.27 billion yuan, with a net profit of 0.95 billion yuan and an EPS of 0.61 yuan per share [1][9] - The gross margin for 2024 was 41.7%, down 2.6 percentage points year-on-year, with a significant increase in sales expenses by 14% due to heightened marketing efforts [3][20] - Operating cash flow was 1.15 billion yuan, a decrease of 16.5% year-on-year, but the cash collection ratio remained healthy [3][20] Product Performance - The company reported pipeline sales of 300,000 tons, with revenue contributions from PPR, PE, and PVC segments showing declines of 1.7%, 6.9%, and 8.1% respectively [2][15] - Other product lines achieved a revenue of 1.03 billion yuan, marking a year-on-year increase of 12.9% [2][15] Future Outlook - The company has adjusted its earnings forecasts for 2025-2026, expecting EPS of 0.66, 0.73, and 0.80 yuan per share, with corresponding PE ratios of 18.7, 16.8, and 15.3 [3][28] - The focus remains on high-quality development and enhancing market share in the retail sector, alongside a commitment to generous dividends [3][28]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but the decrease in the main business revenue has narrowed compared to the previous year, indicating potential stabilization in the business fundamentals [1][5]. Financial Performance - In 2024, the company achieved total revenue of 6.3 billion yuan, a decrease of 2% year-on-year, and a net profit attributable to shareholders of 950 million yuan, down 33% year-on-year [1]. - For Q4 2024, the company reported total revenue of 2.5 billion yuan, a decline of 5% year-on-year, and a net profit of 330 million yuan, down 41% year-on-year [1]. - The company plans a cash dividend of 786 million yuan for 2024, with a total dividend payout of 943 million yuan, resulting in a dividend rate of 99% [1][5]. Business Segments - Revenue from PPR pipes, PE pipes, PVC pipes, and other products for 2024 was 2.94 billion yuan, 1.42 billion yuan, 830 million yuan, and 1.03 billion yuan respectively, with year-on-year changes of -2%, -7%, -8%, and +13% [2]. - The gross profit margin for these segments was 56%, 31%, 22%, and 32% respectively, with a decline in gross margins across all main business segments [2][3]. Profitability and Costs - The overall gross profit margin for the company in 2024 was 41.7%, down 2.6 percentage points year-on-year, with an increase in the expense ratio to 22.2% [3]. - The net profit margin attributable to shareholders was 15.2%, a decrease of 7.3 percentage points year-on-year, primarily due to lower gross margins and higher expense ratios [3]. Cash Flow and Financial Health - The net cash flow from operating activities for 2024 was 1.15 billion yuan, a decrease of 220 million yuan year-on-year, mainly due to the significant drop in net profit [4]. - The company's cash collection ratio was 109%, down 3 percentage points year-on-year, indicating stable cash flow management despite revenue declines [4]. Dividend Policy and Valuation - The company has maintained a strong dividend record since its listing, with a cumulative dividend payout ratio close to 80%, and the 2024 dividend rate reaching a record high of 99% [5]. - The current price corresponds to a dynamic P/E ratio of 19x for 2025, with adjusted net profit forecasts for 2025-2027 reflecting a downward revision of 34% [5].

Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Views - The company has experienced a narrowing decline in revenue across its main business segments, with a proposed cash dividend of 7.86 billion yuan, resulting in a dividend payout ratio of 99%, the highest since its listing [5][9]. - The company aims for a revenue target of 65.8 billion yuan for 2025, reflecting a year-on-year growth of 5% [5]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 6.3 billion yuan, a decrease of 2% year-on-year, with net profit attributable to shareholders at 950 million yuan, down 33% [5][6]. - The fourth quarter of 2024 saw total revenue of 2.5 billion yuan, a decline of 5% year-on-year [5]. Main Business Segments - Revenue from PPR pipes, PE pipes, PVC pipes, and other products for 2024 was 2.94 billion, 1.42 billion, 830 million, and 1.03 billion yuan respectively, with year-on-year changes of -2%, -7%, -8%, and +13% [6]. - The retail business, primarily driven by PPR products, was less impacted compared to the engineering business, which saw a more significant decline [6]. Profitability and Costs - The company's gross margin for 2024 was 41.7%, down 2.6 percentage points year-on-year, with an increase in the expense ratio to 22.2% [7]. - The net profit margin attributable to shareholders was 15.2%, a decrease of 7.3 percentage points year-on-year, primarily due to lower gross margins and increased expense ratios [7]. Cash Flow and Financial Health - The net cash flow from operating activities for 2024 was 1.15 billion yuan, a decrease of 220 million yuan year-on-year [8]. - The company maintained a healthy financial status, with accounts receivable at 540 million yuan and contract liabilities at approximately 380 million yuan by the end of 2024 [8]. Dividend Policy and Valuation - The company has a strong dividend history, with a cumulative payout ratio close to 80% since its listing, and the 2024 dividend payout ratio reaching 99% [9]. - The current price corresponds to a dynamic P/E ratio of 19x for 2025, indicating potential for value reassessment [9].

Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Views - The company reported a total revenue of 6.3 billion yuan and a net profit attributable to shareholders of 0.95 billion yuan for 2024, reflecting a year-on-year decline of 2% and 33% respectively. The company plans to distribute a cash dividend of 7.86 billion yuan, resulting in a dividend payout ratio of 99%, which is an increase of 11 percentage points year-on-year [5][9]. - The company aims for a revenue target of 6.58 billion yuan for 2025, representing a 5% year-on-year growth [5][9]. Summary by Sections Business Performance - The company experienced a smaller decline in revenue across its three main business segments, with revenues for PPR pipes, PE pipes, PVC pipes, and other products reported at 2.94 billion, 1.42 billion, 0.83 billion, and 1.03 billion yuan respectively, showing year-on-year changes of -2%, -7%, -8%, and +13% [6]. - The overall decline in revenue is attributed to weak downstream demand, with retail business, primarily focused on PPR products, being less affected compared to engineering business [6]. Profitability Analysis - The company's gross margin for 2024 was 41.7%, down by 2.6 percentage points year-on-year, with all main business segments experiencing a decline in gross margin [7]. - The net profit margin attributable to shareholders was 15.2%, a decrease of 7.3 percentage points year-on-year, primarily due to lower gross margins and increased expense ratios [7]. Financial Health - The company reported a net cash flow from operating activities of 1.15 billion yuan for 2024, a decrease of 0.22 billion yuan year-on-year, mainly due to the significant drop in net profit [8]. - The accounts receivable at the end of 2024 stood at 0.54 billion yuan, showing a slight decrease, while contract liabilities were approximately 0.38 billion yuan, also reflecting a decline [8]. Dividend and Valuation - The company has maintained a strong dividend record since its listing, with a cumulative dividend payout ratio close to 80%. The 2024 dividend payout ratio reached a record high of 99%, corresponding to a dividend yield of approximately 4.7% [9]. - Based on the 2024 financial data and industry demand forecasts, the company’s net profit estimates for 2025 and 2026 have been adjusted to 1.05 billion yuan and 1.11 billion yuan respectively, with a new estimate for 2027 at 1.20 billion yuan [9].

Core Insights - The company reported a revenue of 6.267 billion, net profit attributable to shareholders of 0.953 billion, and net profit excluding non-recurring items of 0.917 billion for the year 2024, reflecting year-on-year declines of -1.75%, -33.49%, and -28.08% respectively [1] - In Q4 2024, the company achieved revenue of 2.494 billion, net profit attributable to shareholders of 0.329 billion, and net profit excluding non-recurring items of 0.305 billion, with year-on-year declines of -5.26%, -41.09%, and -28.72% respectively [1] - The company maintains a strong retail moat, with its core PPR category providing robust support despite a challenging market environment characterized by increased competition and pressure on consumer spending [1] Financial Performance - The company experienced a significant decline in profits, attributed to an increase in sales expenses by 0.117 billion, primarily due to higher employee compensation and marketing expenses [2] - Asset impairment losses increased to 0.086 billion, mainly due to an increase in goodwill impairment provisions related to previous acquisitions [2] - The company achieved a high dividend payout ratio of 99% in 2024, reflecting confidence in sustained high-quality development [2] Future Outlook - Revenue projections for 2025-2027 are estimated at 6.28 billion, 6.78 billion, and 7.499 billion, with year-on-year growth rates of +0.22%, +7.95%, and +10.61% respectively [3] - Net profit attributable to shareholders is expected to reach 1.024 billion, 1.167 billion, and 1.292 billion for the same period, with growth rates of +7.53%, +13.88%, and +10.77% respectively [3] - The company is expected to maintain a strong investment rating due to its deep barriers to entry and high dividend yield [3]

Investment Rating - The investment rating for the building materials industry is "Recommended" [3][38]. Core Views - The impact of the tariff policy on the building materials industry is limited, and the real estate sector is expected to drive domestic demand, leading to industry valuation recovery [5][38]. - In March 2025, the average cement shipment rate increased by approximately 26 percentage points month-on-month and 8 percentage points year-on-year, indicating seasonal recovery in demand [16][38]. - The glass industry is experiencing slow demand recovery, with overall market prices expected to remain weak in April 2025 [39][40]. - The fiberglass sector is seeing strong demand from wind power and new energy vehicles, with the tariff policy having a limited impact on the industry [30][31][38]. Summary by Sections Cement Industry - In March 2025, the national cement production reached 158 million tons, a year-on-year increase of 2.5%, showing better-than-expected performance [10]. - The average price of cement in March 2025 was 394.92 yuan per ton, a decrease of 4.5 yuan from February [16][38]. - Key stocks to watch include Shangfeng Cement (000672.SZ), Huaxin Cement (600801.SH), and Conch Cement (600585.SH) [16][38]. Glass Industry - The flat glass production in the first quarter of 2025 was 234 million weight boxes, a year-on-year decrease of 6.4% [23]. - The overall market demand is expected to improve in April, but the growth pace remains slow [39][40]. - Key stocks to consider are Qibin Group (601636.SH) and Jinjing Technology (600586.SH) [39][40]. Fiberglass Industry - The fiberglass industry is experiencing a slight increase in PPI, with strong demand from the wind power and new energy vehicle sectors [30][31]. - The tariff policy has a limited impact on the fiberglass and products industry, with a focus on expanding domestic markets [31][38]. - Key stocks to monitor include China Jushi (600176.SH) and Zhongcai Technology (002080.SZ) [31][38]. Consumer Building Materials - The consumer building materials sector is expected to benefit from real estate policies aimed at stabilizing the market, with limited impact from the tariff policy [9][40]. - Key stocks to focus on include Weixing New Materials (002372.SZ), Beixin Building Materials (000786.SZ), and Dongfang Yuhong (002271.SZ) [9][40].