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我们村的“王牌”丨“纽扣村”的共富实践
Yang Guang Wang· 2025-10-05 01:13
央广网北京10月5日消息(记者李杨 江晓晨)据中央广播电视总台中国之声《新闻和报纸摘要》报 道,中国之声特别策划《我们村的"王牌"》本期推出《"纽扣村"的共富实践》。 早上8点刚过,浙江嘉善西塘镇鸦鹊村的"6070连心扣"共富工坊里已经热闹起来。 村民赵玲英老人在这里加工各类纽扣。 赵玲英:村干部叫老百姓都来,每天早上七点半过来,感觉很好很开心,还有收入。 腾流央:从去年10月份开始到现在我们提供了有三十万粒扣子(订单),(共富工坊)帮助我们企 业(完成)小订单、急单比较方便,拿过来也很及时给我们供货,另一方面给老人提供一些就业机会。 截至目前,"6070连心扣"共富工坊的纽扣产量已经突破百万粒,带动50多位村民就业,人均月增收 超千元。 西塘镇年产树脂、金属、贝壳、牛角、果壳等不同材质的各类钮扣约700亿粒,产量占全国生产交 易量的一半。对鸦鹊村来说,传统纽扣制作技艺承载着村民的凝聚力与向心力。 当地政府打造了西塘纽扣产业创新服务综合体,纽扣产业转型升级的新气象,鸦鹊村的村民感同身 受,也参与其中。 鸦鹊村党总支书记、村委会主任凌杰:接下来我们会把共富工坊继续扩大。村干部把好的货源、好 的产品拿到鸦鹊村,接 ...
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):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):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):短期受不利因素干扰,长期优势相对明确
Tianfeng Securities· 2025-08-26 13:13
Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a stable revenue growth of 2% year-on-year, achieving a revenue of 2.34 billion yuan in H1 2025, while the net profit attributable to shareholders decreased by 11% to 370 million yuan [1] - The international business has shown significant growth, with a 14% increase in revenue to 860 million yuan, contributing to 37% of total revenue, while domestic revenue decreased by 4% [2] - The company maintains a high gross margin of 42.9% in H1 2025, with the zipper business being the main revenue driver [1][2] Financial Performance - In Q2 2025, the company experienced a revenue decline of 9% year-on-year to 1.36 billion yuan and a net profit drop of 20% to 270 million yuan [1] - The gross margin for zippers and buttons was reported at 43.3% and 43.5% respectively, indicating slight improvements [1] - The company has adjusted its revenue forecast for 2025-2027, expecting revenues of 5 billion, 5.5 billion, and 6.2 billion yuan respectively, with net profits projected at 670 million, 740 million, and 820 million yuan [4] Market Position and Strategy - The company is focusing on enhancing its international marketing network and leveraging local manufacturing advantages in overseas parks to boost brand recognition [3] - The changing tariff landscape is expected to accelerate industry consolidation, favoring companies with international capabilities [3] - The company aims to strengthen its market competitiveness through improved customer service and expanding its product offerings in the accessory segment [3]
伟星股份(002003):拉链主业增长稳健,全球化战略布局成果初现
Hua Yuan Zheng Quan· 2025-08-26 08:26
Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business of zippers shows steady growth, and the results of its globalization strategy are beginning to emerge [5] - The company focuses on sustainable development, transformation, and enhancing core competitiveness [7] - The company has achieved a revenue of 2.338 billion yuan in H1 2025, with a year-on-year growth of 1.80% despite external disturbances [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 shows a growth trajectory from 3.907 billion yuan in 2023 to 6.008 billion yuan in 2027, with a CAGR of approximately 8.84% [6] - The net profit attributable to shareholders is projected to grow from 558 million yuan in 2023 to 934 million yuan in 2027, reflecting a growth rate of 12.31% in 2027 [6] - The company’s gross profit margin for H1 2025 is 42.89%, with a net profit margin of 15.80% [7] Product and Regional Performance - The zipper business generated revenue of 1.293 billion yuan in H1 2025, a year-on-year increase of 2.68%, accounting for 55.30% of total revenue [7] - International business revenue reached 864 million yuan in H1 2025, a year-on-year increase of 13.72%, with an international revenue share of 36.97% [7] - The company is expanding its global footprint with operational industrial parks in Bangladesh and Vietnam, aiming to become a "global, innovative accessory kingdom" [7] Profitability and Efficiency - The company’s return on equity (ROE) is projected to increase from 12.83% in 2023 to 19.65% in 2027 [6] - The company is enhancing operational efficiency through overseas capacity layout and product R&D [7] - The gross profit margin for the zipper and button businesses improved to 43.32% and 43.48% respectively in H1 2025 [7]
伟星股份(002003):Q2业绩有所承压,看好下半年开始逐步改善
Orient Securities· 2025-08-25 11:09
Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 17.07 CNY [1][6] Core Views - The company has shown strong performance in its international business, with revenue and profit expected to gradually improve in the second half of the year [5][8] - The company is a leader in the global apparel accessories industry, maintaining its core competitiveness through stable product quality, personalized design capabilities, and early internationalization [8][9] - The company’s revenue is projected to grow steadily, with expected earnings per share of 0.62, 0.71, and 0.82 CNY for 2025-2027 [6][9] Financial Performance - The company reported a revenue of 3,907 million CNY in 2023, with a year-on-year growth of 7.7%. The revenue is expected to reach 4,936 million CNY in 2025, reflecting a growth of 5.6% [6][13] - Operating profit for 2023 was 673 million CNY, with a projected increase to 870 million CNY in 2025, showing a growth of 2.0% [6][13] - The net profit attributable to the parent company was 558 million CNY in 2023, expected to rise to 719 million CNY in 2025, indicating a growth of 2.7% [6][13] Margin Analysis - The gross margin for the company is projected to improve from 40.9% in 2023 to 42.3% in 2025, driven by changes in product and customer structure [6][8] - The net profit margin is expected to be 14.6% in 2025, slightly down from 15.0% in 2024 [6][13] Market Performance - The company’s stock price as of August 22, 2025, was 11.45 CNY, with a 52-week high of 14.89 CNY and a low of 10.14 CNY [1] - The company’s absolute performance over the past week was 4.57%, while the relative performance was 0.39% [2]
伟星股份(002003):Q2业绩有所承压看好下半年开始逐步改善
Orient Securities· 2025-08-25 11:03
伟星股份 002003.SZ 公司研究 | 中报点评 | | 买入 (维持) | | --- | --- | | 股价(2025年08月22日) | 11.45 元 | | 目标价格 | 17.07 元 | | 52 周最高价/最低价 | 14.89/10.14 元 | | 总股本/流通 A 股(万股) | 116,889/101,661 | | A 股市值(百万元) | 13,384 | | 国家/地区 | 中国 | | 行业 | 纺织服装 | | 报告发布日期 | 2025 年 08 月 25 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 4.57 | 4.38 | -0.87 | -5.62 | | 相对表现% | 0.39 | -1.91 | -12.73 | -37.76 | | 沪深 300% | 4.18 | 6.29 | 11.86 | 32.14 | 施红梅 021-63325888*6076 shihongmei@orientsec.com.cn 执业证书编号:S086051101000 ...
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(002003):25Q2费用率拖累短期业绩 长期成长趋势延续
Xin Lang Cai Jing· 2025-08-25 06:35
Core Viewpoint - The company reported a decline in revenue and net profit for Q2 2025, but continues to see improvements in gross margins for buttons and zippers, with long-term growth prospects supported by the ramp-up of its Vietnam factory and global expansion efforts [1][4]. Financial Performance - For H1 2025, the company achieved revenue of 2.338 billion yuan, a year-on-year increase of 1.80%, while net profit was 369 million yuan, a decrease of 11.19% [1]. - In Q2 2025, revenue was 1.359 billion yuan, down 9.18% year-on-year, and net profit was 269 million yuan, down 20.40% [1]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, accounting for 31.64% of the interim profit [1]. Product and Regional Performance - In H1 2025, zipper revenue increased by 2.68% to 1.293 billion yuan, while button revenue decreased by 0.17% to 926 million yuan, and other apparel accessories revenue rose by 11.20% to 85 million yuan [2]. - Domestic revenue in H1 2025 fell by 4.09% to 1.474 billion yuan, while international revenue grew by 13.72% to 864 million yuan, indicating better overseas performance [2]. Margin and Cost Analysis - For H1 2025, the overall gross margin improved by 1.09 percentage points to 42.89%, with button gross margin at 43.48% and zipper gross margin at 43.32% [3]. - The expense ratio increased by 3.48 percentage points to 23.54%, primarily due to higher financial expenses related to exchange losses [3]. - In Q2 2025, the gross margin rose by 1.93 percentage points to 45.80%, while the expense ratio increased by 5.89 percentage points to 22.50% [3]. Cash Flow and Inventory Management - Operating cash flow for H1 2025 increased by 10.44% to 430 million yuan, indicating stable cash flow management [3]. - As of June 2025, inventory turnover days increased by 2 days to 95 days, while accounts receivable turnover days decreased by 2 days to 43 days [3]. Profit Forecast and Investment Recommendation - The company forecasts revenues of 4.84 billion yuan, 5.32 billion yuan, and 6.12 billion yuan for 2025-2027, with year-on-year growth rates of 4%, 10%, and 15% respectively [4]. - Projected net profits for the same period are 700 million yuan, 770 million yuan, and 890 million yuan, with growth rates of 0%, 10%, and 15% respectively [4]. - The current market capitalization corresponds to a PE ratio of 19X for 2025 and 17X for 2026, maintaining a strong buy recommendation [4].