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 ...

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 ...

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]

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].

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]

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]

Group 1: Company Performance - In the first half of 2025, the company achieved a revenue of CNY 2.338 billion, a year-on-year increase of 1.80% [4] - The international business grew by 13.72% year-on-year, outperforming domestic business [5] - The overall gross margin increased due to product structure, customer structure, and scale efficiency [6] Group 2: Market Challenges - The company faced significant order pressure in Q2 due to uncertainties from tariff policies and weak end-consumer demand [3] - The company maintains a cautious outlook for the short term due to ongoing uncertainties in the market [4] Group 3: Strategic Goals - The company aims to become a "global, innovative fashion accessory kingdom" over the next 5 to 10 years [4] - Future investments will be made cautiously, focusing on risk control amid uncertain international trade conditions [10] Group 4: Cost and Expenses - Sales expenses increased by 12.09% in the first half of 2025, driven by rising employee compensation and travel costs [7] - The company anticipates that total expenses will continue to grow as the global strategy progresses, but the expense ratio is expected to stabilize [7] Group 5: Production and Capacity - The Vietnam industrial park reported a revenue growth but incurred a loss of CNY 16.41 million, primarily due to exchange losses [9] - The company plans to extend the construction period of a high-end zipper project by two years due to market environment changes [14] Group 6: Product Development - Revenue from other accessory products, such as webbing, increased by 11.20% year-on-year [12] - The company is focusing on enhancing brand influence and product competitiveness in the long term [4]

Macro and Strategy - The equity market is currently in an accelerating upward phase, prompting discussions on how to adjust positions to prepare for potential market fluctuations [8] - Investors are advised to consider right-side position reduction as a more reasonable choice, given the current market dynamics [8] - Historical data suggests that low-priced convertible bonds (priced between 110-115 yuan) tend to be more resilient during market downturns [8] Company and Industry Analysis - **Dengkang Dental (001328.SZ)**: The company reported a stable growth in Q2 2025, with revenue reaching 842 million yuan, a year-on-year increase of 19.72%, and a net profit of 85 million yuan, up 17.59% [10][11] - **Marubi Biotechnology (603983.SH)**: The company achieved a revenue of 1.769 billion yuan in H1 2025, a 30.83% increase year-on-year, while net profit grew by 5.21% to 186 million yuan [13][14] - **Haidi Lao (06862.HK)**: The company reported a revenue of 20.7 billion yuan in H1 2025, a decrease of 3.7%, with core operating profit down 14% [17][18] - **Green Tea Group (06831.HK)**: The company achieved a revenue of 2.29 billion yuan in H1 2025, a 23.1% increase, with adjusted net profit rising by 40% [19][20] - **Haisco Pharmaceutical (002653.SZ)**: The company reported a revenue of 2 billion yuan in H1 2025, an 18.6% increase, with anesthetic product revenue growing by 54% [22][23] - **Furui Co., Ltd. (300049.SZ)**: The company achieved a revenue of 713 million yuan in H1 2025, an 11.02% increase, while net profit was impacted by foreign exchange losses [26][27] - **Kaili Medical (300633.SZ)**: The company reported a revenue of 964 million yuan in H1 2025, a decrease of 4.78%, with net profit down 72.43% due to high initial investments in new product lines [29][30] - **Yuyue Medical (002223.SZ)**: The company reported a revenue of 4.659 billion yuan in H1 2025, an 8.2% increase, with net profit rising by 7.4% [31][32]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][31][37] Core Views - The company experienced a slight revenue increase of 1.80% year-on-year in the first half of 2025, reaching 2.338 billion yuan, while net profit decreased by 11.19% to 369 million yuan due to increased expense ratios [1][4] - The gross margin continued to improve, rising by 1.1 percentage points to 42.89%, driven by favorable product and customer mix [1][4] - The international market showed strong growth, with revenue increasing by 13.72% to 864 million yuan, while the domestic market faced challenges, with a revenue decline of 4.09% to 1.474 billion yuan [3][4] - The company plans to distribute a dividend of 1 yuan per 10 shares, resulting in a payout ratio of approximately 31.64% [1] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 2.338 billion yuan, a year-on-year increase of 1.80%, while net profit decreased by 11.19% to 369 million yuan [1] - The gross margin improved to 42.89%, reflecting a 1.1 percentage point increase year-on-year [1] - For the second quarter, revenue fell by 9.18% to 1.359 billion yuan, and net profit decreased by 20.40% to 269 million yuan [2] Expense Ratios - The sales expense ratio increased by 0.8 percentage points to 8.78%, primarily due to increased market expansion efforts [1] - The management expense ratio rose by 0.9 percentage points to 9.98%, influenced by performance bonus accruals [1] - The financial expense ratio increased by 1.75 percentage points to 1.16%, mainly due to higher exchange losses compared to the previous year [1] Market Segmentation - International market revenue grew by 13.72% to 864 million yuan, accounting for 36.97% of total revenue, with a gross margin of 44.06% [3] - Domestic market revenue declined by 4.09% to 1.474 billion yuan due to weak end-consumer demand [3] Future Outlook - The company is expected to maintain industry-leading growth and long-term market share expansion potential, despite short-term pressures from domestic consumption and tariff policies [4][30] - The profit forecast for 2025-2027 has been adjusted to 711 million, 783 million, and 866 million yuan, respectively, reflecting a growth of 1.6%, 10.0%, and 10.6% year-on-year [4][31]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a decline in performance due to demand disruptions in Q2, but the industrial park in Vietnam is accelerating its ramp-up [1][9] - The company's revenue for the first half of 2025 was 2.34 billion yuan, a year-on-year increase of 1.8%, while net profit attributable to shareholders was 370 million yuan, a year-on-year decrease of 11.2% [5][9] - The report anticipates a gradual recovery in order intake as tariff impacts diminish, with the Vietnam industrial park expected to contribute to new growth [9] Financial Performance Summary - Revenue and net profit for the first half of 2025 showed mixed results, with Q1 revenue increasing by 22.3% and Q2 decreasing by 9.2% [5] - The gross profit margin for the first half of 2025 improved by 1.1 percentage points to 42.9%, driven by a favorable product mix and improved margins in international business [7] - The company's total capacity utilization rate was 65.3%, down 5.5 percentage points year-on-year, with domestic and international utilization rates at 69.0% and 48.3%, respectively [6][7] Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 681 million yuan, 771 million yuan, and 861 million yuan, respectively, with corresponding EPS of 0.58 yuan, 0.66 yuan, and 0.74 yuan [10] - The current stock price corresponds to a P/E ratio of 19 for 2025, 17 for 2026, and 15 for 2027 [9][10] Key Financial Indicators - The company’s operating cash flow for the first half of 2025 was 430 million yuan, an increase of 10.4% year-on-year [8] - The report highlights a significant increase in accounts receivable by 17.4% compared to the beginning of the year, while inventory remained relatively stable [8][12]