证券日报网讯伟星新材（002372）8月25日发布公告，在公司回答调研者提问时表示，塑料管道行业的 总量逐步趋于稳定，行业洗牌在加速，集中度进一步提升。鉴此，公司正积极培育新的赛道，并通过管 道与防水、净水等产品组合以及水生态系统的推进，实现稳健发展。 ...

证券代码：002372 证券简称：伟星新材 浙江伟星新型建材股份有限公司投资者关系活动记录表 编号：2025-020 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 √其他：投资者接待日活动 | | 参与单位名称及人 | 长江证券：李浩；西南证券：笪文钊；华泰证券：樊星辰；中信证券：李家明；东 | | | 吴证券：房大磊；利檀投资：郭瑜、毛志伟；高盛：郑睿丰；招商证券：郑晓刚、 | | | 袁定云；国泰海通：花健祎、冯晨阳；中泰证券：万静远；广发证券：吴红艳；中 | | | 金公司：刘嘉忱；光大证券：鲁俊；兴业证券：陈宣屹；国投证券：陈依凡；天风 | | | 证券：王雯；方正证券：黄雪茹；平安证券：郑南宏；财通证券：陈琳云；西部证 | | | 券：陈默婧；国联民生：朱思敏；国金证券：罗逸然；华源证券：唐志玮；国盛证 | | 员姓名 | 券：陈冠宇；博时基金：王凌霄；工银瑞信：文杰；摩根基金：杨文超；天井投资： | | | 吴海云、张汉卿；鑫元基金：汪壑；长城财富保险资管： ...

Market Demand and Sales Strategy - Current market demand remains weak, impacting overall sales performance [2] - The company emphasizes a "three high" positioning in its sales strategy, focusing on product upgrades and enhanced service to improve user experience and brand image [2] - The competitive landscape in the plastic pipe industry is intense, with small and medium enterprises facing significant challenges, leading to increased industry concentration [2] Product and Material Insights - The proportion of second-hand home renovation products is influenced by the age of previous renovations, with a higher likelihood of renovation for homes over 10 years old [2] - Raw material prices for the company's main products have remained in a "low fluctuation" state, with copper prices rising [2][3] Future Demand Outlook - Retail business demand is closely tied to economic conditions and consumer confidence; rigid demand is less affected, while improvement demand is suppressed by economic downturns [3] - If economic conditions improve, it is expected that improvement demand will gradually be released [3] Consumer Behavior and Partnerships - Despite trends of consumer downgrade, essential products like pipes and waterproofing are prioritized due to their critical nature and lower cost proportion in overall renovation expenses [3] - Home decoration companies are vital partners, and the company aims to provide high-quality products and services to support their growth [3] Business Development and International Strategy - The waterproof business is developing healthily through a "product + service" model, while the water purification business is still in the exploration phase [3] - Currently, overseas business revenue is low, with the company in the early stages of international strategy, focusing on market expansion and brand internationalization [3] - The company is cautiously considering acquisitions aligned with its core business strategy, but has not identified suitable targets yet [3]

Core Viewpoint - Jianglin Home is actively expanding its overseas production capacity by investing 319 million yuan in the construction of a third factory in Thailand to enhance its international competitiveness and market share [1][2]. Group 1: Investment and Expansion - The company plans to increase its investment in Jianglin Industrial (Thailand) Co., Ltd. to build a third-phase factory, with a total investment of 319 million yuan [1][2]. - The investment will be funded by shareholders of Jianglin Thailand using their own funds, with the company allocating up to 43 million USD from its own funds for this expansion project [2]. Group 2: Financial Performance - In 2024, Jianglin Home's overseas revenue reached 3.858 billion yuan, accounting for 77% of total revenue, with a year-on-year growth of 16.57% [3]. - The gross profit margin for overseas operations was 27.83%, significantly higher than the domestic margin of 19.51% [3]. Group 3: Research and Development - The company invested 263 million yuan in R&D in 2024, representing 5.26% of its revenue, with a total of 990 R&D personnel, making up 14.6% of the workforce [4]. - Jianglin Home holds 2,043 valid patents and 70 software copyrights, with 65 new invention patents added in 2024, marking a record high in both growth rate and total number [5]. Group 4: Customer Base and Market Strategy - The company has established a strong customer base, including well-known international brands such as Kohler, Moen, and Haier, which helps maintain its competitive edge [5]. - Jianglin Home aims to balance growth across North America, Europe, and China, while accelerating its production base layout in Thailand and Mexico to address tariff challenges [6]. Group 5: Cash Flow and Dividends - The company has maintained positive cash flow from operating activities since 2016, with 72.69 million yuan reported in Q1 2025 [6]. - Jianglin Home has consistently paid dividends since its IPO, with a payout ratio exceeding 45% each year, totaling approximately 1.236 billion yuan in dividends since 2020 [6].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, scheduled for May 22, 2025, focusing on various proposals including financial institution credit applications and executive compensation plans [1][2]. Group 1: Meeting Details - The Annual General Meeting will be held on May 22, 2025, with a registration date of May 16, 2025 [1]. - The meeting will utilize the Shanghai Stock Exchange's online voting system, with specific voting times outlined [1]. - The agenda includes the announcement of the meeting's start, review of various proposals, and voting on key issues [1]. Group 2: Financial Performance - The company achieved a net profit of 212.36 million yuan in 2024, representing a year-on-year growth of 4.89% [2]. - The total equity attributable to shareholders increased by 4.41% to 4.16 billion yuan compared to the beginning of the year [2]. Group 3: Strategic Initiatives - The company is implementing a "one vertical, one horizontal" development strategy, focusing on providing low-carbon energy solutions and enhancing brand presence [8][9]. - The company aims to become a leading provider of low-carbon energy systems for industrial and commercial sectors while also promoting low-carbon living solutions for consumers [8][9]. Group 4: Market and Brand Development - The company has invested in brand building through high-profile advertising campaigns and participation in major events, enhancing brand visibility [10][11]. - The company has received multiple awards and recognitions, solidifying its position as a leader in the clean energy and kitchen appliance sectors [10][11]. Group 5: Research and Development - The company is focused on continuous innovation in air-source heat pump technology and has made significant advancements in energy efficiency and product performance [13][15]. - The establishment of a zero-carbon experimental building marks a milestone in the company's commitment to technological innovation and sustainable development [12][13]. Group 6: Production and Operations - The company has expanded its production capacity with new assembly lines and facilities, enhancing its operational efficiency [16][17]. - The company is adopting smart manufacturing practices to improve production automation and management digitalization [17]. Group 7: Human Resources and Talent Development - The company is actively building a talent pipeline and fostering a culture of continuous learning and development among its workforce [17]. - Initiatives include training programs and a structured career development path for employees [17]. Group 8: Industry Trends and Future Outlook - The solar thermal utilization industry is expected to grow, driven by technological advancements and increased government support for clean energy [26][27]. - The air-source heat pump market is projected to expand significantly, with a focus on meeting global energy transition goals [27][28]. - The kitchen appliance sector is recovering, supported by policies promoting the replacement of old appliances and increasing consumer demand for high-quality, smart products [29].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a stable performance with a revenue of 5.007 billion yuan in 2024, representing a year-on-year increase of 15.53%, and a net profit attributable to shareholders of 482 million yuan, up 13.44% year-on-year [1][5] - The company is a leading exporter in the kitchen and bathroom manufacturing sector, with a strong overseas production capacity and delivery capabilities, maintaining solid profit margins [4][5] Financial Performance Summary - In 2024, the revenue from kitchen and bathroom products was 3.197 billion yuan, an increase of 11.4% year-on-year, while the revenue from water purification products reached 738 million yuan, up 18.4% year-on-year [2] - The overall gross margin for 2024 was 25.96%, with a net profit margin of 9.63% [3] - The company plans to maintain high dividends, distributing a total of 326 million yuan in cash dividends in 2024, with a payout ratio of 67.6% [4] Long-term Outlook - The company is accelerating its overseas production layout, particularly in Thailand and Mexico, to mitigate the impact of tariffs and enhance market penetration [4] - Revenue projections for 2025 to 2027 are estimated at 5.362 billion yuan, 5.780 billion yuan, and 6.182 billion yuan, respectively, with corresponding net profits of 509 million yuan, 586 million yuan, and 645 million yuan [5][11]

Group 1: Financial Performance - In Q1 2025, the company's revenue was 900 million yuan, a year-over-year decrease of 10.2% and a quarter-over-quarter decrease of 64.1% [1] - The net profit attributable to the parent company was 110 million yuan, down 25.95% year-over-year and 65.42% quarter-over-quarter [1] - The company's gross profit margin in Q1 was 40.45%, a decrease of 1.03 percentage points year-over-year, while the net profit margin was 12.95%, down 2.82 percentage points year-over-year [1] Group 2: Market Conditions - The market demand remains weak, with a reported 14.3% year-over-year decline in housing completion area according to the National Bureau of Statistics [1] - The company's terminal retail pipe sales continue to be under pressure due to the overall market conditions [1] Group 3: Strategic Focus and Brand Development - The company is focusing on its core pipeline business while expanding into waterproofing and water purification, gradually building a comprehensive water system product line [2] - The company aims to enhance its brand image by hiring Liu Shishi as the spokesperson for its water ecology brand and launching the "Elephant Weisen" visual identity [2] Group 4: Dividend Policy and Shareholder Returns - The company plans to distribute a cash dividend of 5 yuan per 10 shares in 2024, totaling 786 million yuan, along with an interim dividend of 1 yuan per 10 shares, totaling 157 million yuan [2] - Cumulatively, the company will distribute 943 million yuan in dividends in 2024, representing 99% of its net profit attributable to the parent company, with a current dividend yield of approximately 4.8% [2] Group 5: Investment Outlook - The company is expected to achieve net profits attributable to the parent company of 1.2 billion yuan, 1.43 billion yuan, and 1.55 billion yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 16, 14, and 13 times [3] - The company maintains a strong operational foundation through continuous investment in brand and channel development, which is expected to help it accumulate strength in a challenging environment [3]

Core Viewpoint - The company held its 2024 annual performance briefing, addressing various investor inquiries and highlighting its operational status and future strategies. Financial Performance - The company's net profit attributable to shareholders decreased by 33.49% compared to the previous year, primarily due to increased market competition, higher sales expenses, and goodwill impairment [7][10][18]. - Cash and cash equivalents decreased by 45.43% from the beginning of the year, mainly due to increased cash dividends and investments in financial products [4][8]. - Non-recurring gains and losses amounted to 35.77 million yuan, primarily from government subsidies and investment income from joint ventures [11]. Corporate Governance - The company has established a robust internal control system in compliance with relevant laws and regulations, enhancing operational standards and protecting shareholder interests [3][6]. - The independent directors actively participated in various meetings and site visits to understand the company's operations and provide constructive feedback [3][10]. Dividend Policy - The company plans to maintain a stable dividend policy, adhering to its articles of association and shareholder return plans for 2024-2026, considering various factors such as cash flow and shareholder expectations [2][27]. Market and Industry Dynamics - The market demand remains weak, with no significant improvement observed [6][10]. - The plastic pipe industry is experiencing intensified competition, with many small enterprises facing increased pressure, while leading brands are expanding their market share [21][28]. Research and Development - In 2024, the company focused on innovation and product development, filing 234 patents and receiving multiple honors, including being recognized as a "National Technology Innovation Demonstration Enterprise" [15][19]. Future Outlook - The company aims for a revenue target of 6.58 billion yuan in 2025, with a focus on sustainable development and high-quality growth [33][39]. - The international business is progressing steadily, with overseas revenue increasing by 26.65% year-on-year [24][39].