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研报掘金丨浙商证券:维持伟星股份“买入”评级,新一期股权激励计划推出彰显发展信心
Ge Long Hui A P P· 2025-10-09 06:45
格隆汇10月9日|浙商证券研报指出,伟星股份发布第六期股权激励计划,针对董事、高管和核心骨干 等197人,拟以5.22元/股的授予价格,授予限制性股票数量2300万股,设定26-28年业绩目标下扣非净利 润复合增速达7.2%,预计于25-29年产生股份支付费用9580万元,新一期股权激励计划推出彰显公司发 展信心。公司海外逆势高质量增长,孟加拉和越南园区为海外业务扩张提供坚实基础,越南工业园24年 投产后产能逐渐爬坡,期待未来承载海外客户订单份额向上和利润贡献逐渐改善。随着美国对等关税安 排明朗化,预计下半年客户下单节奏有所恢复,公司作为开发、快反、成本控制实力领跑的辅料龙头有 望持续抢夺市场份额,股权激励彰显发展信心,稳增长高分红属性突出,维持"买入"评级。 ...
伟星股份(002003):新一期股权激励落地 稳健发展信心依旧
Xin Lang Cai Jing· 2025-10-09 00:30
公司发布第六期股权激励计划,针对董事、高管和核心骨干等197 人,拟以5.22元/股的授予价格,授予 限制性股票数量2300 万股,设定26-28 年业绩目标下扣非净利润复合增速达7.2%,预计于25-29 年产生 股份支付费用9580 万元,新一期股权激励计划推出彰显公司发展信心。 新一期股权激励彰显发展信心,业绩目标稳健增长公司发布第六期股权激励计划,计划拟授予限制性股 票数量2300 万股(占比1.97%),针对董事、高管和核心骨干197 人,授予价格为5.22 元/股,业绩考核 目标以2022-2024 公司扣非归母净利润平均数6.04 亿元为基数,2026/2027/2028年增长不低于 +16.52%/24.22%/33.84%,即(剔除股权激励费用)扣非归母净利不低于7.04/7.50/8.08 亿元,2026-2028 年利润复合增速7.2%,达成业绩考核目标26-28 年分别解除限售10%、40%、50%,设定业绩稳健增长 目标,彰显中长期发展信心。 股份支付费用可控,正向激励员工驱动业绩提升公司首次授予限制性股票2000 万股预计产生9580 万股 份支付费用,其中2025-2029 年分 ...
伟星股份(002003):股权激励再落地 三年增长目标彰显发展信心
Xin Lang Cai Jing· 2025-09-29 10:29
全球化与激励双轮驱动,长期增长路径清晰整体来看,公司短期内仍面临关税政策与下游需求疲软带来 的双重压力。不过,由于第二季度已受到关税与需求疲软的共同影响,业绩表现相对温和,我们预计随 着第三季度关税政策逐步落地,经营情况将实现环比改善。长期而言,公司将继续以拉链业务为核心推 动全球市场拓展,通过深化国际化布局,进一步巩固业绩增长基础。 企业文化方面,公司始终坚持以客户需求为导向,以现代化管理体系为支撑,构建了以服务与协作为核 心的企业理念,这一文化持续赋能组织稳定与长期发展。此外,有效的股权激励机制进一步强化了团队 目标一致性,不仅提升了公司抵御短期风险的能力,也为实现可持续、高质量的协同发展提供了坚实支 撑。 盈利预测 公司长期深耕服装辅料,出于公司在海外布局、深度客户合作以及工厂智能化三方面,持续的提升公司 作为拉链、钮扣主要企业的地位与竞争能力。我们预测公司2025-2027 年收入分别为48.79、53.71、 59.94 亿元,EPS 分别为0.57、0.61、0.68 元,当前股价对应PE 分别为17.4、16.3、14.7倍。考虑到公司 作为服装辅料赛道的头部企业,其所具备的收入成长性、毛利率的 ...
伟星股份(002003):公司事件点评报告 ;股权激励再落地,三年增长目标彰显发展信心
Huaxin Securities· 2025-09-29 08:49
2025 年 09 月 29 日 股权激励再落地,三年增长目标彰显发展信心 买入(维持) 事件 分析师:娄倩 S1050524070002 louqian@cfsc.com.cn | 基本数据 | 2025-09-26 | | --- | --- | | 当前股价(元) | 10.01 | | 总市值(亿元) | 117 | | 总股本(百万股) | 1169 | | 流通股本(百万股) | 1017 | | 52 周价格范围(元) | 10.01-14.38 | | 日均成交额(百万元) | 120.36 | 市场表现 -25 -20 -15 -10 -5 0 5 10 15 20 (%) 伟星股份 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《伟星股份(002003):钮扣拉链 头部企业,双轮驱动全球化扩张》 2025-08-27 —伟星股份(002003.SZ)公司事件点评报告 ▌ 三年业绩增长目标明确,2026-2028 年稳定增长 本激励计划覆盖 2026 至 2028 年,首次授予的激励对象共计 197 人,较上一期的 161 人进一步增加,涵盖公司及分、子 公司在任的董事、高级管 ...
东莞惟实服装辅料有限公司成立 注册资本50万人民币
Sou Hu Cai Jing· 2025-09-11 07:55
Core Viewpoint - Dongguan Weishi Clothing Accessories Co., Ltd. has been established with a registered capital of 500,000 RMB, indicating a new player in the clothing accessories market [1] Company Summary - The company is engaged in a wide range of sales activities, including clothing accessories, footwear, bags, leather products, paper products, plastic products, electronic products, home appliances, communication equipment, office supplies, daily necessities, hardware products, electronic components, and raw materials for shoemaking [1] - The company also offers packaging services, graphic design, and professional design services, showcasing its diverse operational capabilities [1] Industry Summary - The establishment of Dongguan Weishi Clothing Accessories Co., Ltd. reflects ongoing growth and diversification within the clothing accessories and related industries, highlighting the potential for increased competition and innovation in the market [1]
伟星股份(002003):Q2业绩承压 中长期全球化战略可期
Xin Lang Cai Jing· 2025-08-31 02:41
Core Viewpoint - The company reported mixed financial results for the first half of 2025, with revenue growth but declining net profits, primarily impacted by tariffs, exchange rates, and consumer sentiment [1][2][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.34 billion yuan, a year-on-year increase of 1.8%, while net profit attributable to shareholders was 370 million yuan, down 11.2% [1]. - Q2 2025 saw revenue of 1.36 billion yuan, a decrease of 9.2%, and net profit attributable to shareholders of 270 million yuan, down 20.4% [1]. Product Performance - Revenue from buttons, zippers, and other accessories in H1 2025 was 930 million yuan, 1.29 billion yuan, and 85 million yuan, respectively, with buttons declining by 0.2% and zippers increasing by 2.7% [2]. - International business showed strong growth, with revenue increasing by 13.7% to 860 million yuan, while domestic revenue fell by 4.1% to 1.47 billion yuan [2]. Capacity and Production - The company's capacity utilization rate decreased by 5.5 percentage points to 65.3% in H1 2025, with domestic and international rates at 69.0% and 48.3%, respectively [2]. - The construction period for a high-end zipper expansion project has been extended to December 2028 due to demand and municipal planning [2]. Profitability Metrics - Gross margin improved by 1.1 percentage points to 42.9%, driven by an increase in the proportion of metal accessories [3]. - Net profit margin decreased by 2.3 percentage points to 15.8% in H1 2025, with Q2 showing a decline of 2.8% [3]. Future Outlook - The company is optimistic about its long-term international business growth potential, projecting revenues of 4.87 billion yuan, 5.34 billion yuan, and 5.90 billion yuan for 2025-2027, with respective year-on-year growth rates of 4.2%, 9.6%, and 10.5% [4]. - The company maintains a "buy" rating, despite short-term challenges related to capacity utilization and downstream demand [4].
伟星股份(002003):公司深度报告:钮扣拉链头部企业,双轮驱动全球化扩张
Huaxin Securities· 2025-08-27 15:06
Investment Rating - The report gives a "Buy" investment rating for the company, marking its first coverage in this regard [6]. Core Views - The company is positioned as a leading player in the zipper and button industry, with a dual growth strategy focusing on both segments. It is expected to achieve steady growth and increase its market share, particularly in the international market [3][4][6]. Summary by Sections Short-term Demand and Policy Disturbances - The company faces short-term pressures due to relatively weak domestic demand and potential impacts from tariff policies. However, it demonstrates resilience in order growth despite external fluctuations [13][14]. - Long-term growth is supported by the dual growth of zippers and buttons, with robust profitability expected [15]. Zipper Industry - The global zipper market is valued at approximately 120.9 billion RMB, with a projected CAGR of 3.5% until 2030. The company is gaining market share from competitors like YKK due to operational disruptions faced by them [23][27]. - The company has seen significant growth in overseas revenue, with a CAGR of 16.4% from 2015 to 2024, outpacing domestic growth [4][16]. Button Industry - China is the leading exporter of buttons, with the market size expected to grow from 280 billion RMB in 2022 to 313 billion RMB by 2025, reflecting a CAGR of 3.95% [36]. - The company holds a 15%-20% market share in the domestic high-end button market, benefiting from a strong design and rapid response capability [37][38]. Company Development - The company has undergone significant transformation, evolving from a button manufacturer to a comprehensive supplier of garment accessories. It has established a global presence with production facilities in Southeast Asia [43][46]. - The corporate culture emphasizes alignment of goals across all levels, supported by a stable shareholding structure and successful stock incentive plans [47][48]. Profit Forecast - Revenue projections for 2025-2027 are 50.07 billion RMB, 55.96 billion RMB, and 62.56 billion RMB, with corresponding EPS of 0.64, 0.70, and 0.78 RMB. The current stock price corresponds to a PE ratio of 17.2, 15.6, and 14.1 for the respective years [6][54].
伟星股份(002003):高基数影响Q2表现,推进全球化战略
HTSC· 2025-08-25 09:19
Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 14.15 [6][7]. Core Views - The company reported a revenue of RMB 2.34 billion for the first half of 2025, a year-on-year increase of 1.8%, while the net profit attributable to shareholders was RMB 370 million, down 11.2% year-on-year, with a net profit margin of 15.8% [1][6]. - The decline in profitability is attributed to a high base from the previous year and increased uncertainty in the international trade environment [1]. - The company is positioned as a leader in the global apparel accessories market, benefiting from advantages in smart manufacturing and one-stop design services [1]. Summary by Sections Business Performance - The company's zipper and button business revenues increased by 2.7% and decreased by 0.2% to RMB 1.29 billion and RMB 930 million, respectively. The production capacity for zippers and buttons grew by 10.2% and 6.8% to 490 million meters and 6.3 billion pieces, respectively [2]. - Revenue from other apparel accessories increased by 11.2% to RMB 80 million, driven by the implementation of a "big accessories" strategy [2]. - Domestic and international market revenues saw a year-on-year change of -4.1% and +13.7%, reaching RMB 1.47 billion and RMB 860 million, respectively, with international revenue growth attributed to accelerated international marketing network expansion and new customer development [2]. Capacity Utilization - The overall capacity utilization rate for the first half of 2025 decreased by 5.4 percentage points to 65.3%, with domestic and overseas rates at 68.98% and 48.3%, respectively [3]. - The company is advancing its globalization strategy, with production capacity in Bangladesh and Vietnam increasing to 18.5% of total capacity [3]. Financial Metrics - The gross profit margin for the first half of 2025 increased by 1.1 percentage points to 42.9%, with zipper and button margins rising by 0.4 and 1.4 percentage points, respectively [4]. - Financial expenses increased significantly by 301.5% year-on-year to RMB 30 million, primarily due to foreign exchange losses [4]. - Operating cash flow for the first half of 2025 increased by 10.4% year-on-year to RMB 430 million [4]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down by 10.4%, 8.1%, and 6.9% to RMB 680 million, RMB 770 million, and RMB 880 million, respectively [5]. - The company is expected to maintain a price-to-earnings (PE) ratio of 24.4 times for 2025, reflecting its strong industry position and global capacity layout [5].
伟星股份:2025年上半年净利润3.69亿元,同比下降11.19%
Jing Ji Guan Cha Wang· 2025-08-23 06:24
Core Insights - The company, Weixing Co., Ltd. (002003), reported its semi-annual financial results for 2025, showing a slight increase in revenue but a decline in net profit [1] Financial Performance - The company achieved an operating revenue of 2.338 billion yuan in the first half of 2025, representing a year-on-year growth of 1.80% [1] - The net profit for the same period was 369 million yuan, which reflects a year-on-year decrease of 11.19% [1] - Basic earnings per share (EPS) were reported at 0.32 yuan [1] - The weighted average return on equity (ROE) stood at 8.22% [1]
东莞市泓鑫钮扣有限公司成立 注册资本50万人民币
Sou Hu Cai Jing· 2025-08-23 05:19
Group 1 - Dongguan Hongxin Button Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Liang Guoquan [1] - The business scope includes manufacturing and sales of plastic products, daily miscellaneous goods, clothing accessories, and rubber products [1]