证券研究报告 | 2025年08月27日 固定收益快评:转债投资者该如何应对后续市场波动？-转债市场点评 策略专题:底仓再审视（二）- 如何做到攻守兼备配底仓 行业与公司 登康口腔(001328.SZ) 财报点评:电商渠道持续放量，产品升级迭代驱动 毛利率上行 丸美生物(603983.SH) 财报点评:二季度收入同比增长 34%，投放加大为 新品增长蓄力 海底捞(06862.HK) 海外公司财报点评:"红石榴"创新效果显现，维持 高比例现金分红 绿茶集团(06831.HK) 海外公司财报点评:2025H1 经调净利润同增 40%， 看好下半年同店收入改善 海思科(002653.SZ) 财报点评:麻醉产品营收同比增长 54%，多款创新药 产品进入商业化阶段 福瑞股份(300049.SZ) 财报点评:25Q2 营收同比增长 20%，MASH 无创检 测迎来关键催化 开立医疗(300633.SZ) 财报点评:25Q2 业绩环比改善，高端新品密集推 出 鱼跃医疗(002223.SZ) 财报点评:呼吸治疗业务企稳回升，血糖管理业务 表现亮眼 惠泰医疗(688617.SH) 财报点评:PFA 产品商业化逐步开展，海外市场 ...

证券研究报告 | 2025年08月26日 伟星股份（002003.SZ） 优于大市 二季度费用率增长致利润承压，毛利率延续提升趋势 上半年收入微增，毛利率提升，费用率增加。2025 年上半年收入同比+1.80% 至 23.38 亿元；归母净利润同比-11.19%至 3.69 亿元；扣非归母净利润 同比-9.71%至 3.62 亿元。受益于产品结构（金属产品表现较好）和客 户结构（国际大牌表现较好）变化，毛利率同比提升 1.1 百分点至 42.89%。 销售费用率同比+0.8 百分点至 8.78%（主因市场拓展投入增加），管理 费用率同比+0.9 百分点至 9.98%（受绩效奖金计提分摊影响）；财务费 用率同比+1.75 百分点至 1.16%（主要受汇兑损失较去年同期增加影响）。 主要因费用率增加，经营利润率和归母净利率分别同比-2.6/-2.3 百分 点至 19.4%/15.8%。公司拟每 10 股派息 1 元，分红率约 31.64%。 二季度受关税和终端消费疲软影响接单承压，费用率提升致利润承压。第二 季度收入同比-9.18%至 13.59 亿元，主要受关税和终端消费疲软影响、 接单承压；归母净利润同比-2 ...

2025 年 8 月 26 日 公司研究 Q2 需求扰动致业绩下滑，越南工业园加快爬坡 ——伟星股份（002003.SZ）2025 年中报点评 买入（维持） 当前价：11.18 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 单季度收入保持双位数增长，Q3 费用计提 带来阶段性影响——伟星股份（002003.SZ） 2024 年三季报点评（2024-10-29） 要点 事件： 市场数据 | 总股本(亿股) | 11.69 | | --- | --- | | 总市值(亿元)： | 130.68 | | 一年最低/最高(元)： | 10.14/14.89 | | 近 3 月换手率： | 38.74% | 股价相对走势 -14% -2% 9% 21% 32% 08/24 11/24 02/25 ...

Core Viewpoint - The recent financial report of Weixing Co., Ltd. shows a mixed performance with a slight increase in revenue but a significant decline in net profit, indicating potential challenges in the company's operational efficiency and market conditions [1][2]. Financial Performance - The total revenue for the first half of 2025 reached 2.338 billion yuan, a year-on-year increase of 1.8% [1]. - The net profit attributable to shareholders was 369 million yuan, down 11.19% year-on-year [1]. - In Q2 2025, revenue was 1.359 billion yuan, a decrease of 9.18% compared to the same quarter last year [1]. - The gross profit margin improved to 42.89%, up 2.6% year-on-year, while the net profit margin decreased to 15.95%, down 12.68% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 466 million yuan, representing 19.92% of revenue, an increase of 21.04% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable accounted for 85.96% of the latest annual net profit, indicating a significant amount of outstanding payments [1]. - The company reported a cash flow from operations of 0.37 yuan per share, an increase of 10.47% year-on-year [1]. Market and Industry Outlook - The company is cautious about short-term performance due to uncertainties from tariff policies and weak end-consumer demand in the apparel sector [6][7]. - In the medium to long term, the company aims to focus on its core business of fashion accessories, enhancing brand influence and product competitiveness [7]. - The company anticipates a stable profit margin in the future, relying on revenue growth from new projects and production capacity [9]. Investment and Capital Expenditure - The company plans to be prudent with capital expenditures, especially in light of the uncertain international trade environment, while still pursuing necessary upgrades and expansions [11][12]. - The company’s overseas production bases, particularly in Bangladesh and Vietnam, are expected to enhance operational efficiency and meet customer demands [12][13]. Shareholder Engagement - The company maintains a high dividend payout ratio, averaging around 80% since its listing, reflecting its commitment to shareholder returns [13].

据证券之星公开数据整理，近期伟星股份(002003)发布2025年中报。截至本报告期末，公司营业总收入 23.38亿元，同比上升1.8%，归母净利润3.69亿元，同比下降11.19%。按单季度数据看，第二季度营业 总收入13.59亿元，同比下降9.18%，第二季度归母净利润2.69亿元，同比下降20.4%。本报告期伟星股 份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达85.96%。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为13.74%，资本回报率强。去年的净 利率为15.12%，算上全部成本后，公司产品或服务的附加值高。从历史年报数据统计来看，公司近10 年来中位数ROIC为13.81%，中位投资回报一般，其中最惨年份2019年的ROIC为10.51%，投资回报也较 好。公司历史上的财报相对良好。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为79.54%)建议关注公司债务状况 (有息资产负债率已达20.29%)建议关注公司应收账款状况(应收账款/利润已达85.96%) 分析师工具显示：证券研究员普遍预期2025年业绩在7.71亿元，每股收益均值在0.66 ...

证券代码：002003 证券简称：伟星股份 公告编号：2025-041 浙江伟星实业发展股份有限公司 2025 年半年度报告全文 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人蔡礼永先生、主管会计工作负责人沈利勇先生及会计机构负责人林娜女士 声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 张莉 独立董事 工作原因 张永炬 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》中的 "纺织服装相关业务"的披露要求。 境不确定性增加和生产要素成本持续上升等风险，已在本报告"第三节 管理层讨论与分析" 之"十一、公司面临的风险和应对措施"进行了具体阐述，敬请广大投资者查阅并注意投 资风险。 公司经本次董事会审议通过的利润分配预案为：以总股本 1,168,889,653 股为基数， 向全体股东每 10 股派发现金红利 1.00 元（含税），送红股 0 股（含 ...

Group 1: Company Performance and Market Conditions - The overall industry is cautious due to uncertainties from tariff policies and weak end-consumer demand, impacting the company's second-quarter order intake [2] - The company maintains a prudent short-term outlook but is optimistic about long-term growth, aiming to become a "global, innovative fashion accessory kingdom" over the next five to ten years [2] - The company has observed a slight recovery in the industry entering the second half of the year, although caution remains prevalent [2] Group 2: Product Pricing and Competitive Strategy - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by downstream clients, who prioritize product development capabilities, delivery times, and service [3] - The company will continue to focus on a "product + service" business model to enhance client relationships and support [3] Group 3: Future Profitability and Market Segments - The company expects to maintain stable profitability through revenue growth from new production capacities and projects, without solely pursuing high profit margins [4] - The company sees potential in its zipper business due to its larger market application compared to buttons, which have limited growth potential [5] Group 4: Export and Tariff Impact - Direct exports to the U.S. are minimal, with the company primarily serving regions like Bangladesh and Vietnam, thus limiting the direct impact of U.S. tariff changes [6] - The overall competitive landscape in the fashion accessory industry remains stable, with tariff changes likely intensifying competition but favoring companies with international capabilities [6] Group 5: Capital Expenditure and Global Strategy - The company plans to adjust production capacities in response to international trade conditions, prioritizing risk control and avoiding significant capital expenditures until market clarity improves [7] - The company aims to enhance its global delivery capabilities and brand influence through strategic adjustments in its overseas production bases [7] Group 6: Dividend Policy - The company adheres to a sustainable development philosophy, with an average dividend payout ratio of around 80% since its listing, considering annual profits and future development needs [8]

Group 1: Company Performance and Market Conditions - The company faced pressure in Q2 2025 due to uncertainties from tariff policies and weak end-consumer demand, leading to cautious order intake [2] - The company maintains a prudent short-term outlook but aims to focus on its core business of fashion accessories and enhance brand influence and product competitiveness in the long term [2] - The company’s top five customers accounted for 9.04% of total sales in 2024, indicating a low customer concentration [3] Group 2: Competitive Positioning - The company differentiates itself from YKK through a "product + service" business model, emphasizing quality products and comprehensive service, while YKK relies on brand recognition and global operational capabilities [4] - The company has developed strong competitive advantages in product diversity, fashionability, innovation, and supporting capabilities, which are increasingly demanded by downstream apparel brands [4] Group 3: Sales and Pricing Strategy - The company employs a direct sales model through subsidiaries and offices, selling to global apparel brands and their designated factories [5] - While product prices are a consideration for downstream clients, factors such as product development capabilities, delivery times, and service quality are more critical in supplier selection [5] Group 4: Profitability and Investment Outlook - The company has achieved strong operational results through innovation and smart manufacturing, but future profitability will depend on revenue growth from new production capacities [6] - The company plans to be cautious with capital expenditures due to uncertainties in trade policies and will prioritize risk control in investment decisions [7] Group 5: Dividend and Incentive Policies - The company has maintained an average dividend payout ratio of around 80% since its listing, reflecting its commitment to sustainable development and shareholder returns [7] - There are no current substantial plans for a new equity incentive program, but the company may consider it at an appropriate time in the future [7] Group 6: Talent Development - The company is focused on strengthening its talent pipeline through various training programs and mentorship initiatives to enhance employee skills and support sustainable development [7]

Group 1: Company Performance and Strategy - The company faced pressure in Q2 due to uncertainties from tariff policies and weak end-consumer demand, leading to cautious overall order intake [2] - Over the past decade, the company has focused on internationalization, establishing production bases in Bangladesh and Vietnam, and enhancing product quality through collaboration with brand clients [2] - The company aims to become a "global, innovative fashion accessory kingdom" within 5 to 10 years, focusing on its core business of fashion accessories and increasing international influence [2] Group 2: Competitive Positioning - Compared to YKK, the company emphasizes a "product + service" approach, providing high-quality products along with comprehensive and responsive services, while YKK is known for brand recognition and manufacturing excellence [3] - The global apparel supply chain is mature, making it difficult for new large-scale suppliers to emerge; however, companies with international capabilities will benefit from current tariff changes [4] Group 3: Corporate Culture and Management - The company's core competitiveness lies in its corporate culture and management team, which is characterized by a sustainable development philosophy and a wealth of management experience [5] - The company is actively enhancing its talent development through various training programs and mentorship systems to ensure sustainable growth [6] Group 4: Future Plans - The company plans to implement appropriate incentives for its core team in the future, although there are currently no substantial plans in place [7]

Core Viewpoint - Zhejiang Weixing Industrial Development Co., Ltd. has experienced a decline in stock price over three consecutive trading days, with a cumulative drop of -1.27% as of June 30 [1] Company Overview - Founded in 1988, Zhejiang Weixing specializes in apparel and bag accessories, including buttons, zippers, metal products, plastic products, webbing, ropes, and labels [1] - The company is a leading player in China's apparel accessories industry and holds significant positions in various industry associations, including being the vice president unit of the China Daily Goods Industry Association's Button Branch and the vice president of the China Hardware Products Association's Zipper Branch [1] - Weixing is recognized as the first publicly listed company in the button and zipper industry in China and is a key contributor to the drafting of industry standards [1] Financial Performance - According to financial reports, GF Fund's "GF Stable Growth Mixed A" is among the top ten shareholders of Weixing, having increased its holdings in the first quarter of this year [1] - The fund has achieved a year-to-date return of 2.46%, ranking 16th out of 59 in its category [1]