Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company reported a revenue of 2.078 billion yuan for the first half of 2025, a year-on-year decrease of 11.33%, and a net profit attributable to shareholders of 271 million yuan, down 20.25% year-on-year [4] - The company is focusing on its "concentric circle" strategy to extend its industrial chain, particularly in waterproofing and water purification, while facing pressure from the main business due to a sluggish market [5] - The internationalization strategy is being advanced, with overseas revenue reaching 148 million yuan, a decrease of 12.03% year-on-year, attributed to weakened demand in some export markets and intensified competition [5] Financial Performance Summary - The company achieved a revenue of 6.378 billion yuan in 2023, with a projected decline to 5.821 billion yuan in 2025, reflecting a year-on-year decrease of 7% [3] - The net profit attributable to shareholders is expected to decline from 1.432 billion yuan in 2023 to 823 million yuan in 2025, representing a year-on-year decrease of 14% [3] - The gross profit margin for the first half of 2025 was 40.50%, a decrease of 1.61 percentage points year-on-year [5] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares to all shareholders [5] Earnings Forecast - The projected earnings per share (EPS) are expected to decrease from 0.90 yuan in 2023 to 0.52 yuan in 2025, with a slight recovery to 0.59 yuan by 2027 [3] - The price-to-earnings (P/E) ratio is projected to be 20.9 in 2025, indicating a valuation adjustment in response to declining earnings [3] Market Context - The company is facing intensified competition in the building materials sector, with major players increasing their market presence, leading to further pressure on profitability [5] - The overall market demand remains weak, impacting the company's revenue and profit margins [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to face pressure on performance but is committed to high-quality development amidst a challenging market environment [7] - Revenue for the first half of 2025 was 2.078 billion yuan, down 11.33% year-on-year, with a net profit attributable to shareholders of 271 million yuan, down 20.25% year-on-year [7] - The company is focusing on core business and retail fundamentals while maintaining a high-quality operational status through strategic focus and transformation [7] Financial Performance Summary - Total revenue forecast for 2023 is 6.378 billion yuan, with a projected decline to 5.911 billion yuan in 2025, followed by a recovery to 6.687 billion yuan in 2027 [1] - Net profit attributable to shareholders is expected to decrease from 1.432 billion yuan in 2023 to 888.78 million yuan in 2025, before increasing to 1.199 billion yuan in 2027 [1] - The latest diluted EPS is projected to be 0.56 yuan in 2025, with a P/E ratio of 19.70 [1] Product Performance Summary - The company's PPR series products generated revenue of 932 million yuan in the first half of 2025, down 13.04% year-on-year, while PE series products saw revenue of 411 million yuan, down 13.28% [7] - The PVC series products achieved revenue of 290 million yuan, down 4.21%, and other products generated 424 million yuan, down 8.39% [7] - Retail-focused PPR business faced significant pressure, but market share is expected to continue to improve [7] Regional Performance Summary - Sales in the East China, Northeast, and Central China regions experienced notable declines, while overseas revenue was 148 million yuan, down 12.03% year-on-year [7] Margin and Cost Management Summary - Gross margin for Q1 and Q2 of 2025 was 40.45% and 40.53%, respectively, showing a year-on-year decline [7] - The company managed to slightly reduce sales expense ratio despite revenue decline, while management and R&D expenses saw a slight increase [7] Cash Flow and Dividend Summary - Operating cash flow for the first half of 2025 was 581 million yuan, an increase of approximately 300 million yuan year-on-year [7] - The company declared a mid-term dividend of 157 million yuan, with a payout ratio of about 58% [7] Earnings Forecast and Valuation Summary - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 889 million yuan, 1.050 billion yuan, and 1.199 billion yuan, respectively [7] - Corresponding P/E ratios for these years are projected to be 19.7X, 16.7X, and 14.6X [7]

建材 2025年08月13日 公 司 报 告 相关研究报告 伟星新材(002372.SZ) 业绩短期承压，财务依旧稳健 推荐 ( 维持) 股价:11.03元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.vasen.com | | 大股东/持股 | 伟星集团有限公司/37.90% | | 实际控制人 | 章卡鹏,张三云 | | 总股本(百万股) | 1,592 | | 流通A股(百万股) | 1,471 | | 流通B/H股(百万股) | | | 总市值(亿元) | 176 | | 流通A股市值(亿元) | 162 | | 每股净资产(元) | 2.87 | | 资产负债率(%) | 22.9 | 行情走势图 【平安证券】伟星新材（002372.SZ）*季报点评*业 绩短期承压，毛利率环比平稳*推荐20250426 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn YANGKAN034@pingan.com.cn 事项： 公司公布2025年中报，期内实现营收20.8亿元，同比降11.3%，归 ...

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。 ...

Core Viewpoint - The company held its 2024 annual performance briefing, addressing various investor inquiries and highlighting its operational status and future strategies. Financial Performance - The company's net profit attributable to shareholders decreased by 33.49% compared to the previous year, primarily due to increased market competition, higher sales expenses, and goodwill impairment [7][10][18]. - Cash and cash equivalents decreased by 45.43% from the beginning of the year, mainly due to increased cash dividends and investments in financial products [4][8]. - Non-recurring gains and losses amounted to 35.77 million yuan, primarily from government subsidies and investment income from joint ventures [11]. Corporate Governance - The company has established a robust internal control system in compliance with relevant laws and regulations, enhancing operational standards and protecting shareholder interests [3][6]. - The independent directors actively participated in various meetings and site visits to understand the company's operations and provide constructive feedback [3][10]. Dividend Policy - The company plans to maintain a stable dividend policy, adhering to its articles of association and shareholder return plans for 2024-2026, considering various factors such as cash flow and shareholder expectations [2][27]. Market and Industry Dynamics - The market demand remains weak, with no significant improvement observed [6][10]. - The plastic pipe industry is experiencing intensified competition, with many small enterprises facing increased pressure, while leading brands are expanding their market share [21][28]. Research and Development - In 2024, the company focused on innovation and product development, filing 234 patents and receiving multiple honors, including being recognized as a "National Technology Innovation Demonstration Enterprise" [15][19]. Future Outlook - The company aims for a revenue target of 6.58 billion yuan in 2025, with a focus on sustainable development and high-quality growth [33][39]. - The international business is progressing steadily, with overseas revenue increasing by 26.65% year-on-year [24][39].

非经常性损益的负面影响亦不容忽视。年报披露，公司合营企业投资收益同比减少约1.67亿元，叠加收 购标的商誉减值计提超过7000万元，两项合计对净利润影响接近2.4亿元。这部分损失约占全年净利润 缩减额的六成，暴露出企业在投资布局与并购整合中的潜在风险。 公司2024年保持研发投入，并加速海外产能布局。越南、临海等地新建工业园陆续投产，固定资产规模 同比增长逾四成。但短期内，这些投入尚未转化为有效产出，反而推高了当期运营成本。 伟星新材称，2025年公司营业收入目标力争达到65.80亿元，成本及费用力争控制在53.50亿元左右。 4月15日晚间，浙江伟星新型建材股份有限公司（以下简称"伟星新材（002372）"或"公司"）发布2024 年度报告。报告期内，公司实现营业总收入62.67亿元，同比下降1.75%，净利润9.53亿元，同比下降 33.49%，基本每股收益为0.61元，基本每股收益、稀释每股收益较上年同期减少32.22%。公司拟向全体 股东每10股派发现金红利5.00元(含税)。 伟星新材在年报中称，受房地产、基建投资需求下降的冲击，建材行业工程类竞品纷纷挤入零售赛道， 品牌建材跨界布局，叠加消费需求与 ...