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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 ...
伟星股份(002003):新一期股权激励方案出炉,预计中期形势好于短期
Orient Securities· 2025-09-29 07:28
新一期股权激励方案出炉 预计中期形势好 于短期 核心观点 盈利预测与投资建议 | | 买入 | | --- | --- | | 股价(2025年09月26日) | 10.01 元 | | 目标价格 | 15.84 元 | | 52 周最高价/最低价 | 14.89/9.89 元 | | 总股本/流通 A 股(万股) | 116,889/101,661 | | A 股市值(百万元) | 11,701 | | 国家/地区 | 中国 | | 行业 | 纺织服装 | | 报告发布日期 | 2025 年 09 月 29 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -1.38 | -11.42 | -9.17 | -19.55 | | 相对表现% | -2.45 | -13.61 | -24.48 | -47.89 | | 沪深 300% | 1.07 | 2.19 | 15.31 | 28.34 | ⚫ 根据下游服饰行业的经营形势和我们的草根跟踪,我们调整对公司的盈利预测,预 计公司 2025-2027 年每股收益 ...
伟星股份(002003.SZ)不涉及军工卫星业务
Ge Long Hui· 2025-09-11 09:04
Group 1 - The company, Weixing Co., Ltd. (002003.SZ), primarily engages in the production of clothing and bag accessories, including buttons, zippers, metal products, plastic products, webbing, ropes, and labels [1] - The company has clarified that it does not involve itself in military or satellite-related businesses [1]
外出打工的湖北人,正纷纷往回走
21世纪经济报道· 2025-09-07 12:14
Core Viewpoint - The article highlights the trend of returning workers in Hubei province, showcasing how individuals who previously sought employment in other regions are now returning to their hometowns to start businesses or find jobs, driven by local policies, industry foundations, and emotional ties to their roots [1][2][4]. Group 1: Return of Workers - Hubei province is experiencing a "returning geese" trend, with many former migrant workers coming back to their hometowns for employment and entrepreneurship [1][2]. - In 2024, Yichang is expected to see an increase of 15,400 returning workers, a year-on-year growth of 20.3% [1]. - The total number of new returning entrepreneurial entities in Hubei in the first half of 2025 exceeded 12,000, directly creating 83,000 jobs, with project revenues growing by 23% year-on-year [1]. Group 2: Employment Opportunities - Returning workers are engaging in various sectors, including manufacturing (automobiles, machinery, clothing) and agriculture (crawfish, mushrooms, livestock), as well as modern services like e-commerce and hospitality [2][5]. - The textile and clothing industry in Tianmen has attracted around 100,000 people back to employment and entrepreneurship over the past three years, creating 160,000 jobs [5]. - In the crawfish industry in Qianjiang, workers can earn over 100,000 yuan annually, while seasonal jobs in processing can yield around 40,000 yuan [6]. Group 3: Supportive Policies - Hubei has introduced a "six subsidies and one benefit" policy package to support returning entrepreneurs, covering rent, loans, social security, and entrepreneurship [10]. - The province aims to cultivate 100 "Jingchu Returning Geese" projects, each receiving 100,000 yuan in funding support [10]. - Local governments are also implementing measures to facilitate returning workers, such as job fairs and skills training programs to match local industry needs [11][12]. Group 4: Economic Impact - The return of workers is expected to create a multiplier effect, with 67.7% of returning entrepreneurs engaging in agriculture, tourism, and textile industries [7][8]. - The article emphasizes the need for Hubei to develop a long-term mechanism to sustain economic growth driven by returning workers, focusing on enhancing public services and creating a supportive environment for entrepreneurship [12][13].
“归雁经济”升温:湖北凭什么让人“往回走”?
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-05 07:37
Core Viewpoint - The article highlights a significant trend of returning workers in Hubei province, transitioning from labor export to local entrepreneurship and employment, driven by favorable policies, industry foundations, and emotional ties to their hometowns [1][2][6]. Group 1: Employment and Entrepreneurship Trends - Hubei province is experiencing a "returning swan" trend, with many former migrant workers returning to start businesses or find jobs in local industries such as manufacturing, agriculture, and modern services [2][6]. - In 2024, Yichang is expected to see an increase of 15,400 returning workers, a 20.3% year-on-year growth, while Tianmen has attracted over 100,000 people to return for employment and entrepreneurship in the past three years [1][2]. - By mid-2025, Hubei is projected to have over 12,000 new returning entrepreneurial entities, directly creating 83,000 jobs, with a 23% year-on-year growth in revenue from these projects [1][5]. Group 2: Industry-Specific Developments - The textile and clothing industry in Tianmen has seen a resurgence, with many returning workers leveraging their experience from coastal regions to establish businesses, contributing to local economic growth [3][5]. - The small-scale aquaculture industry, particularly in Puyang, has created diverse job opportunities, with annual incomes for workers in shrimp farming exceeding 100,000 yuan, and seasonal work in processing yielding around 40,000 yuan [5][8]. - In Suizhou, the mushroom cultivation sector has become a vital source of employment, with monthly incomes ranging from 2,000 to 20,000 yuan depending on the role [5][8]. Group 3: Policy Support and Infrastructure - Hubei has introduced a comprehensive "six subsidies and one benefit" policy package to support returning entrepreneurs, including rent, loans, social security, and tax incentives [6][9]. - Local governments are actively promoting entrepreneurship through various initiatives, such as job fairs and skill training programs, to ensure returning workers can find suitable employment [7][8]. - The establishment of "home employment" service stations and the provision of substantial entrepreneurial loans are part of the efforts to facilitate local job creation and support returning workers [8][9].
伟星股份(002003):Q2业绩承压,持续推进全球化战略
Yin He Zheng Quan· 2025-09-02 08:42
Investment Rating - The report maintains a "Recommended" rating for the company Weixing Co., Ltd. (stock code: 002003) [1] Core Insights - Weixing Co., Ltd. experienced pressure on its Q2 performance, with a 1.8% year-on-year increase in H1 revenue to 2.338 billion yuan, while net profit attributable to the parent company decreased by 11.19% to 369 million yuan [4] - The company is actively pursuing a globalization strategy, with overseas revenue growing by 13.72% to 864 million yuan, outperforming domestic revenue which fell by 4.09% to 1.474 billion yuan [4] - The gross profit margin improved to 42.89%, up 1.09 percentage points year-on-year, despite a decline in net profit margin to 15.95% due to revenue drop and foreign exchange losses [4] Financial Performance Summary - H1 2025 revenue was 2.338 billion yuan, with a Q2 revenue of 1.359 billion yuan, down 9.18% year-on-year [4] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a dividend payout ratio of 31.64% [4] - The production capacity for zippers and buttons reached 485 million meters and 6.3 billion pieces, respectively, with a year-on-year increase of 10.23% and 6.78% [4] - The forecast for 2025 EPS has been adjusted to 0.60 yuan, with corresponding PE ratios of 18, 16, and 14 for 2025, 2026, and 2027 respectively [4][5] Financial Projections - Projected revenue for 2025 is 4.864 billion yuan, with a growth rate of 4.1% [5] - Expected net profit for 2025 is 705 million yuan, reflecting a growth rate of 0.6% [5] - The gross profit margin is expected to remain stable at around 41.7% for the next few years [5]
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].
【机构调研记录】易方达基金调研大金重工、晶澳科技等12只个股(附名单)
Sou Hu Cai Jing· 2025-08-28 00:31
Group 1: Company Performance and Strategy - 大金重工 has seen a significant increase in overall shipment volume, with a year-on-year growth of over 40%, particularly in export marine products which have doubled [1] - 晶澳科技 expects a 15-18% growth in installation demand by 2025, primarily driven by the Chinese market, with a slight increase anticipated in 2026 [2] - 杭氧股份 anticipates a rapid growth in helium sales over the next three years, with sales in the first half of 2025 exceeding the total for the previous year [3] - 伟星股份 reported a 1.80% year-on-year revenue growth for the first half of 2025, with international business growing by 13.72% [4] - 新宙邦 achieved a revenue of 42.48 billion yuan in the first half of 2025, marking an 18.58% year-on-year increase [5] - 亿联网络 maintains stable gross margins and is optimistic about performance recovery in the second half of the year [6] - 银轮股份 has established a product system focused on data centers, energy storage, and low-altitude aircraft, with positive progress in customer collaborations [7] - 同飞股份 reported a 77.48% year-on-year increase in revenue from power electronics temperature control products [8] - 南方泵业's liquid cooling business generated approximately 66 million yuan in sales, with a focus on new product development [9] - 珠海冠宇 achieved a revenue of 60.98 billion yuan in the first half of 2025, reflecting a 14.03% year-on-year growth [11] - 华丰科技's sales in the new energy vehicle sector have increased, with plans to expand market scale [12] - 中际旭创 is confident in maintaining gross margin growth through cost management and technology advancements [13] Group 2: Market Trends and Opportunities - 大金重工 is expanding its integrated services and has confidence in securing European orders due to its strategic positioning in the offshore engineering sector [1] - 晶澳科技 is adjusting prices based on market conditions and anticipates continued demand growth in the solar energy sector [2] - 杭氧股份 is actively expanding its overseas business, particularly in Southeast Asia, to leverage higher margins compared to domestic sales [3] - 伟星股份 is observing a cautious industry trend but has noted a recent improvement in order intake [4] - 新宙邦 is capitalizing on market opportunities arising from the shutdown of international competitors in the fluorinated liquid sector [5] - 亿联网络's overseas capacity expansion is expected to enhance its operational capabilities in the European market [6] - 银轮股份 is focusing on developing products for emerging fields such as energy storage and low-altitude flying vehicles [7] - 同飞股份 is expanding its product offerings in the cooling solutions market, particularly for data centers [8] - 南方泵业 is enhancing its sales network in overseas markets, particularly in the Middle East and Vietnam [9] - 珠海冠宇 is advancing its research in solid-state batteries and sodium-ion technology, indicating a focus on innovative energy solutions [11] - 华丰科技 is promoting high-voltage connector applications to capture growth in the electric vehicle market [12] - 中际旭创 is exploring new applications for optical connections, indicating a focus on technological advancements in data centers [13]
【机构调研记录】泓德基金调研神州泰岳、晨光生物等10只个股(附名单)
Zheng Quan Zhi Xing· 2025-08-28 00:11
Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Morninglight Bio achieved a revenue of 3.658 billion yuan and a net profit of 215 million yuan in the first half of 2025, marking a year-on-year growth of 115.33% [2] - Haon Electric's revenue reached 805 million yuan in the first half of 2025, a year-on-year increase of 35.79%, with a net profit of 41.29 million yuan [3] - Weixing Co. reported a revenue of 2.338 billion yuan in the first half of 2025, a growth of 1.80% year-on-year, with international business growing by 13.72% [4] - Yongyi Co. noted that China is the largest producer and exporter of office chairs, with exports expected to account for 58% of the global total in 2024 [6] - Xinjubang achieved a revenue of 4.248 billion yuan in the first half of 2025, with a year-on-year growth of 18.58% [7] - Yilian Network maintained stable gross margins, with an optimistic outlook for the second half of the year [8] - Yinlun Co. established a product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [9] - Huafeng Technology reported good sales growth in high-speed line modules and an increase in sales revenue from the new energy vehicle business [10] Group 2: Market Trends and Strategies - The SLG market's top products have a monthly revenue ceiling of 200 million USD, indicating an expanding market space [1] - Morninglight Bio's core products are experiencing varied gross margins, with a focus on maintaining reasonable profit margins through strategic measures [2] - Haon Electric's R&D investment reached 103 million yuan, accounting for 12.85% of revenue, indicating a strong commitment to innovation [3] - Weixing Co. is cautious about the winter clothing consumption trend, with a need to observe future market conditions [4] - Yongyi Co. is expanding its non-U.S. market presence, with rapid growth in Europe, Southeast Asia, and Australia [6] - Xinjubang is capitalizing on market opportunities due to the shutdown of international competitors, particularly in the fluorinated liquid business [7] - Yilian Network's overseas capacity construction is not significantly impacting gross margins, with cost optimization through process upgrades [8] - Yinlun Co. is focusing on developing a product system around customer needs in the humanoid robot sector, enhancing collaboration with educational institutions [9] - Huafeng Technology is promoting high-voltage connector applications to expand market scale in the new energy vehicle sector [10]