2025 年 08 月 13 日 伟星新材(002372.SZ) 营收/业绩持续承压，经营性现金流同 比高增 事件：2025 年上半年，公司实现营业收入 20.78 亿元，同比- 11.33%，归母净利润 2.71 亿元，同比-20.25%；2025Q2，公司实 现营收 11.83 亿元，同比-12.17%，归母净利润 1.57 亿元，同比 -15.55%。拟向全体股东每 10 股派发现金红利 1.00 元（含税）， 现金分红总额占归母净利润比例约 58.0%。 营收与利润同比下滑，行业压力持续显现。 2025H1，公司营收 20.78 亿元（yoy-11.33%），Q1、Q2 各季度公 司营收增速分别为-10.20%、-12.17%，公司营收延续前期下滑趋 势，或主要系下游需求疲软叠加行业竞争加剧所致。各业务营收 及增速分别为：PPR 系列产品 9.33 亿元（yoy-13.04%）、PE 系列 产品 4.11 亿元（yoy-13.28%）、PVC 系列产品 2.90 亿元（yoy- 4.21%）、防水净水及其他产品 4.25 亿元（yoy-8.39%），其中防水 业务稳健增长，净水业务市场渗透率逐步提升。 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.2 CNY, compared to the current stock price of 11.72 CNY [5]. Core Views - The company's revenue for 2024 was 6.267 billion CNY, a year-over-year decrease of 1.75%, with a net profit of 953 million CNY, down 33.49% year-over-year. The decline in net profit was greater than the revenue decline due to multiple factors including decreased gross margin, increased expense ratio, reduced investment income, and increased impairment [2][3]. - The "Same Circle" business segment maintained growth, with revenue from waterproof and other products increasing by 12.94% year-over-year, while the engineering business experienced a decline, significantly impacting overall revenue [2][4]. - The company proposed a cash dividend of 5.00 CNY per 10 shares, significantly increasing the dividend payout ratio, which reflects a commitment to returning value to shareholders [4][8]. Revenue and Profitability - In 2024, the company's sales gross margin was 41.72%, a decrease of 2.6 percentage points year-over-year, primarily due to intensified market competition and the lower margin of acquired companies. The gross margin for Q4 was 40.56%, down 4.32 percentage points year-over-year [3]. - The company’s operating cash flow decreased by 16.49% year-over-year, amounting to 1.147 billion CNY [3]. Financial Forecast - The company is expected to achieve revenues of 6.581 billion CNY, 7.124 billion CNY, and 7.708 billion CNY for 2025, 2026, and 2027 respectively, representing year-over-year growth rates of 5.02%, 8.24%, and 8.20%. The net profit forecasts for the same years are 1.051 billion CNY, 1.196 billion CNY, and 1.344 billion CNY, with respective growth rates of 10.29%, 13.83%, and 12.40% [8][10].