Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a slight decline in revenue for 2024, with total revenue of 6.267 billion yuan, down 1.75% year-on-year, and a net profit of 953 million yuan, down 33.49% year-on-year [1][6] - The company has a strong dividend policy, with nearly 100% cash dividends distributed to shareholders, indicating a commitment to returning value to investors [5] - The company aims for a revenue target of 6.580 billion yuan in 2025, representing a year-on-year increase of 4.99% [5] Revenue Breakdown - The revenue from PPR, PE, PVC, and other products for 2024 was 2.939 billion yuan, 1.423 billion yuan, 0.827 billion yuan, and 1.033 billion yuan respectively, with year-on-year changes of -1.72%, -6.90%, -8.09%, and +12.94% [2] - The gross profit margins for these products were 56.47%, 31.40%, 21.75%, and 31.50% respectively [2] Market Performance - The company achieved a sales volume of 300,000 tons for plastic pipes in 2024, reflecting a year-on-year increase of 2.3%, indicating an increase in market share [3] - The overseas revenue grew by 26.65% year-on-year, contributing to the overall revenue despite domestic challenges [2] Financial Metrics - The company’s operating cash flow for 2024 was 1.147 billion yuan, down 16.52% year-on-year, with a cash collection ratio maintained above 100% [4] - The projected earnings per share (EPS) for 2025 is 0.69 yuan, with a price-to-earnings (PE) ratio of 18.02 based on the closing price of 12.44 yuan [6][8]

Investment Rating - The industry rating is "Outperform the Market" [8][69] Core Viewpoints - The report highlights that the recent increase in tariffs on Chinese goods by the US and corresponding adjustments by China are expected to boost domestic demand for building materials. The urgency to expand domestic demand and promote investment has intensified due to the escalating global trade war [3][13]. - Short-term factors include the real estate policy window period before the April Politburo meeting, and the gradual alleviation of risks associated with major real estate companies, which is favorable for the building materials sector. In the medium to long term, the opening of the interest rate cut channel in Europe and the US is expected to provide more room for monetary and fiscal policies in China [3][6]. - The report anticipates that the real estate market will stabilize, driven by policies aimed at restoring homebuyer willingness and ability, which will also alleviate credit risks for companies in the industry [6][20]. Summary by Sections Recent Developments - On April 10, the US government announced an increase in tariffs on Chinese imports to 125%, prompting China to respond with similar measures. Additionally, various local governments are implementing policies to support urban renewal and housing market stability [3][13]. - In the first quarter, high-end residential transaction prices in Shanghai increased by 0.5% to 144,600 CNY per square meter, while Shenzhen saw a 67.7% year-on-year increase in new and second-hand residential transactions [3][13]. High-frequency Data - As of April 11, 2025, the national average price of bulk P.O 42.5 cement is 399.0 CNY per ton, showing a 1.2% decrease week-on-week but a 15.0% increase year-on-year. The average price of glass (5.00mm) is 1272.9 CNY per ton, reflecting a 0.3% increase week-on-week but a 26.5% decrease year-on-year [4][21]. Sector Review - From April 7 to April 11, the Shanghai Composite Index fell by 3.11%, while the building materials index decreased by 2.42%. Among sub-sectors, cement manufacturing saw a slight increase of 1.01%, while glass manufacturing declined by 6.21% [5][54]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock reform, undervalued stocks with long-term alpha attributes, and leading cyclical building material companies showing signs of bottoming out [6][60].

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company has experienced a decline in revenue and net profit in 2024, with total revenue of 6.27 billion yuan, down 1.75% year-on-year, and a net profit of 0.95 billion yuan, down 33.49% year-on-year [5] - Despite the overall market downturn, the company has managed to increase its market share in the retail segment, with pipeline sales volume growing by 2.30% to 300,400 tons in 2024 [5] - The company's core business, PPR pipes, remains stable, while new business initiatives and overseas expansion have shown significant growth, with overseas revenue increasing by 26.65% to 0.36 billion yuan [5] - The company has a high dividend payout ratio of 99%, distributing a total of 0.78 billion yuan in cash dividends [5] Financial Summary - The company forecasts a gradual recovery in revenue, with expected revenues of 6.58 billion yuan in 2025, representing a growth rate of 4.96% [6] - Projected net profit for 2025 is 1.06 billion yuan, reflecting an increase of 11.55% [6] - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.67 yuan in 2025 [6] - The company’s gross margin is projected to stabilize around 41.85% in 2025 [8] - The total assets are expected to grow from 66.32 billion yuan in 2024 to 67.63 billion yuan in 2025 [7]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [1]. Core Insights - The company achieved a stable revenue performance in a challenging market environment, with 2024 revenue at 6.27 billion yuan, a year-on-year decrease of 1.8%, and a net profit of 953 million yuan, down 33.5% year-on-year [6]. - The company plans to distribute a total cash dividend of 9.43 billion yuan for 2024, which represents 99% of its net profit, reflecting a strong commitment to shareholder returns [6]. - Despite a decrease in net profit due to increased sales expenses and reduced investment income, the company continues to invest in brand and channel development, which is expected to strengthen its market position over time [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 6.27 billion yuan in 2024 to 8.61 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [5]. - The net profit is expected to recover from 953 million yuan in 2024 to 1.55 billion yuan in 2027, with corresponding price-to-earnings ratios of 16, 13, and 12 for the years 2025, 2026, and 2027 respectively [5][6]. - The gross margin is forecasted to stabilize around 41.6% to 41.7% from 2025 to 2027, indicating a consistent profitability outlook [5].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the market and increased competition within the industry [1][2][3] Financial Performance - In 2024, the company achieved revenue of 6.267 billion yuan, a year-on-year decrease of 1.75% [1][2] - The net profit attributable to shareholders was 953 million yuan, down 33.49% year-on-year [1] - The fourth quarter of 2024 saw revenue of 2.494 billion yuan, a decline of 5.26% year-on-year, with net profit of 329 million yuan, down 41.09% [1] Product Performance - The company’s pipeline product sales reached 300,435 tons, an increase of 2.30% year-on-year, while production was 302,453 tons, nearly unchanged [2] - Revenue by product category showed declines: PPR series at 2.939 billion yuan (-1.72%), PE series at 1.423 billion yuan (-6.90%), PVC series at 0.827 billion yuan (-8.09%) [2] Market Strategy - The company is actively pursuing international expansion, with overseas revenue reaching 358 million yuan, a growth of 26.65% year-on-year [2] - The company is focusing on its "same circle" industry chain expansion to counteract pressures from the real estate and infrastructure sectors [1] Profitability and Costs - The gross profit margin for 2024 was 41.72%, a decrease of 2.59 percentage points year-on-year [3] - Total expenses increased to 1.389 billion yuan from 1.265 billion yuan in the previous year, leading to a rise in the expense ratio from 19.83% to 22.16% [3] Future Outlook - The company aims for a revenue target of 6.580 billion yuan in 2025, representing a 5% increase [4] - A significant cash dividend of 5.00 yuan per 10 shares is planned for 2024, totaling 786 million yuan, reflecting strong cash flow and low debt levels [4] Investment Perspective - The company is expected to achieve net profits of 1.025 billion yuan, 1.105 billion yuan, and 1.220 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 18.2, 16.9, and 15.3 [5]

伟星新材（002372）发布2024年年报，2024年实现营业收入62.67亿元，同比下降1.75%；归母净利润 9.53亿元，同比下降33.49%。 全年业绩下降超三成，但Q4环比回升。公司2024年实现营业收入为62.67亿元，同比下降1.75%；实现 归母净利润为9.53亿元，同比下降33.49%。 基本每股收益0.61元，同比下降32.22%。公司拟向全体股东每10股派发现金红利5.00元（含税）。其中 Q4单季度，公司实现营业收入24.94亿元，同比下降5.26%，但环比增长74.46%；实现归母净利润3.29亿 元，同比下降41.09%，环比增长15.73%。公司全年业绩同比下降超三成，主要由于面对市场需求疲 软、行业竞争加剧的现状，公司进一步加大市场投入与品牌推广力度，销售费用同比增加1.16亿元；合 营企业东鹏合立的投资收益较上年同期减少1.67亿元；收购公司商誉减值准备增加7397.17万元。 销量小幅增长，毛利率维持较高水平。公司2024年管道生产30.24万吨，同比下降0.02%；销售30.04万 吨，同比增长2.3%。其中PPR/PE/PVC营业收入分别29.38亿/14.23亿/8. ...

伟星新材（002372） 证券研究报告 零售市占率稳步提升，高分红仍具投资价值 经营韧性较强，高分红提升股东回报 公司 2024 年实现收入 62.67 亿，同比-1.75%，归母、扣非净利润为 9.53、 9.17 亿，同比-33.49%、-28.08%，非经常性损益为 0.36 亿，同比减少 1.21 亿，主要系 23 年取得东鹏合立投资收益较多；Q4 实现收入 24.9 亿，同比 -5.26%，归母、扣非净利润为 3.3、3.1 亿，同比-41.09%、-28.72%，四季度 业绩承压主要系单季度毛利率下滑以及资产减值损失同比增加 0.74 亿。公 司 24 年度拟派发现金分红 7.86 亿，累计全年现金分红 9.43 亿，分红比例 99%，对应 4/15 收盘价股息率为 5.05%，高分红提升投资回报。考虑到市 场竞争加剧以及行业需求疲软等因素，我们预计公司 25-27 年归母净利润 为 10.2、11.1、12.1 亿（前值 25、26 年预测 12.8、14.4 亿），对应 PE 为 18.21、16.83、15.35 倍，维持"买入"评级。 零售市占率稳步提升，毛利率仍有改善空间 零售市场占有率 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.2 CNY, compared to the current stock price of 11.72 CNY [5]. Core Views - The company's revenue for 2024 was 6.267 billion CNY, a year-over-year decrease of 1.75%, with a net profit of 953 million CNY, down 33.49% year-over-year. The decline in net profit was greater than the revenue decline due to multiple factors including decreased gross margin, increased expense ratio, reduced investment income, and increased impairment [2][3]. - The "Same Circle" business segment maintained growth, with revenue from waterproof and other products increasing by 12.94% year-over-year, while the engineering business experienced a decline, significantly impacting overall revenue [2][4]. - The company proposed a cash dividend of 5.00 CNY per 10 shares, significantly increasing the dividend payout ratio, which reflects a commitment to returning value to shareholders [4][8]. Revenue and Profitability - In 2024, the company's sales gross margin was 41.72%, a decrease of 2.6 percentage points year-over-year, primarily due to intensified market competition and the lower margin of acquired companies. The gross margin for Q4 was 40.56%, down 4.32 percentage points year-over-year [3]. - The company’s operating cash flow decreased by 16.49% year-over-year, amounting to 1.147 billion CNY [3]. Financial Forecast - The company is expected to achieve revenues of 6.581 billion CNY, 7.124 billion CNY, and 7.708 billion CNY for 2025, 2026, and 2027 respectively, representing year-over-year growth rates of 5.02%, 8.24%, and 8.20%. The net profit forecasts for the same years are 1.051 billion CNY, 1.196 billion CNY, and 1.344 billion CNY, with respective growth rates of 10.29%, 13.83%, and 12.40% [8][10].

证券研究报告 伟星新材 (002372 CH) 减值短周期扰动，品牌实力稳固 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 16 日│中国内地 | 其他建材 | 伟星新材 2024 年实现营收 62.67 亿元（yoy-1.75%），归母净利 9.53 亿元 （yoy-33.49%），扣非净利 9.17 亿元（yoy-28.08%）。其中 4Q 实现营收 24.94 亿元（yoy-5.26%，qoq+74.46%），归母净利 3.29 亿元（yoy-41.09%， qoq+15.73%），4Q 归母净利略低于我们此前预期（4.19 亿），主因新并购 公司业务整合偏缓，造成商誉减值损失，但考虑到公司零售品牌力稳固，家 装以旧换新扩围催化下，我们预计消费建材零售或有提振，维持"买入"。 核心 PPR 产品收入/毛利率相对平稳，零售品牌力再次得到验证 24 年公司实现管材销量 30 万吨，同比+2.3%，但管材综合单位售价同比 -6.4%，收入增长放缓，其中 PPR/PE/PVC 管分别实现收入 29.38/14.23/8.27 亿元， ...

公 司 报 告 建材 2025年04月16日 伟星新材(002372.SZ) 多因素致业绩下滑，收入端保持韧性 推荐 ( 维持) 股价:11.72元 相关研究报告 【平安证券】伟星新材（002372.SZ）*季报点评*业 绩仍具韧性，毛利率维持高位*推荐20241030 【平安证券】伟星新材（002372.SZ）*半年报点评* 投资收益减少拖累业绩，毛利率同比改善*推荐 20240825 证券分析师 事项： 公司公布2024年年报，全年实现营收62.7亿元，同比降1.8%，归母净利润9.5 亿元，同比降33.4%；其中四季度营收24.9亿元，同比降5.3%，归母净利润 3.3亿元，同比降41.1%。公司拟每10股派发现金红利5元（含税）。 平安观点： 报 点 评 研 究 报 告 行情走势图 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | ...