伟星股份——内外因助推全球份额持续提升

（以下内容从天风证券《伟星股份——内外因助推全球份额持续提升》研报附件原文摘录）
　　Zhejiang Weixing Industrial Development (002003 CH) 内外因助推全球份额持续提升 Looking at share growth in an expanding market pie as macro factors realign the competitive structure BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 中高端市场进一步集中，持续看好份额提升趋势 受疫情、用工、环保等多方因素影响，行业内长尾企业生存愈加艰难；优质品牌客户对供应商在规模、服务、交期、研发等方面提出更高要求，由此加速业内中小企业退出，中高端市场集中度有望进一步提升。我们持续看好伟星凭借优质产品和服务、全球化布局、智能制造推进等优势继续提升行业份额。 Weixing and other mid-to-high-end market players continue to increase share Long-tail companies in the apparel accessories business are battling for survival amid the escalation pandemic, labor, environmental protection and other challenges. And quality brand customers continue to raise their demand requirements in terms of scale, service and delivery, as well as R&D. As SMEs exit the business, we expect the mid to high-end segment to keep tightening market concentration. Hence, we remain optimistic that Weixing will keep expanding its market share, based on the competitive advantages of quality products and services, global network and smart manufacturing. 全球化战略拓展国际客户，响应全球一二线品牌及奢牌需求 全球化战略推进，国际业务增速加快，公司优化现有客户结构，全方面拓展全球品牌客户。提高生产制造水平，使公司产品、技术、品质响应一二线品牌和奢侈品牌需求。大力推进海外营销网络建立，在欧美及东南亚主要地区建立本土化营销团队，招聘本土专业人才负责当地市场开拓及服务。 Strategic push to expand global customer segment: 1st & 2nd-tier, luxury brands In advancing its globalization strategy, Weixing’s international business is growing faster. It is optimizing its customer structure by expanding all aspects of its global brand segment: to fulfill the demands of first and second-tier brands and luxury brands, it enhanced production and manufacturing standards to optimize its products, technology and quality. Its vigorous global marketing network buildout involves setting up local marketing teams in the major regions of Europe, US and Southeast Asia, and recruiting local professionals to run its local markets and services. 智能制造拉链产线推进颇有成效，其他产线有望复制推广 ①生产方面，AI智能检验系统代替肉眼，产品检验更为精准稳定，提升生产效率与产品品质稳定性；②流程方面，借助信息化管理工具，极大便利客户与工厂之间信息传递；③设计方面，打造设计协同平台，公司设计师与客户服装设计师直接进行产品理念及设计风格沟通，优化客户体验。拉链产品线运用取得良好成效，未来将在纽扣及其他产线复制推广。 Smart manufacturing success in zippers to be replicated in other production lines 1)Production: replaces naked-eye inspection, its AI smart inspection system allows more accurate and stable product inspection, resulting in more efficient production and better stability in product quality. 2)Processes: information management tools facilitate information relay between the factory and customers. 3)Design: to optimize the customer’s experience, it set up a collaboration platform for Weixing’s and customers’ designers to communicate directly on product concepts and design styles. The application of smart manufacturing to its zipper line has yielded good results and the company plans to replicate this in buttons and other lines in the future. 拓品类促协同，大辅料战略打开成长空间 服饰辅料时尚特征明显、品类繁多，公司基于下游服装品牌对辅料综合采购需求，在原有辅料品类基础上，新拓展塑胶、织带、绳带、标牌等兼顾功能性和时尚性要求的其他辅料新品类，帮助客户实现一站式采购，同时提升规模效应及渠道复用，过去公司纽扣订单快速增长有力印证一站式辅料供应链的战略发展趋势。新品类在服饰、箱包等领域应用广泛，市场容量较大。公司织带业务呈高增态势，中长期成为公司重点培育品类之一。 Category expansion improves synergy; large-capacity potential of new categories The prominent traits of the apparel accessories business are fashion and range. To fulfill downstream apparel brands’ procurement demand for a full suite of accessories, Weixing has developed new categories including plastics, ribbons, woven ties and tag to augment its traditional categories. Weixing focuses on both function and fashion to provide customers with a one-stop procurement point, while enabling scale and channel iteration. A testament to the success of its one-stop accessories supply chain strategy is the rapid growth of its button orders. The new categories have wide applications in apparel, bags and other areas, with large market capacities. The ribbon business is also growing quickly and we believe it will be one of Weixing’s key drivers in the medium to long term. 投资建议/Investment Ideas 维持盈利预测，维持买入评级。随着国际客户拓展、智能制造推进，我们预计公司拉链产品竞争力与市场份额持续提升，不断拓宽辅料品类打开成长空间。我们预计公司22-24年归母净利分别为6.1、7.7、9.8亿元，PE分别为18.8、14.8、11.7x。 Valuation and risks We maintain our earnings forecast for Weixing and our BUY rating. As its international customers grow, alongside its smart manufacturing advancement, we expect its zipper business to keep rising in competitiveness and market share. We believe apparel accessory categories will keep increasing and market growth potential will rise. We expect net profit of RMB610m/774m/979m in 2022/23/24E, with PE at 18.8x/14.8x/11.7x. 风险提示：原材料价格波动；人效提升不及预期；全球竞争加剧等风险。 Risks include: raw material price fluctuations; lower labor productivity growth than expected; and intensifying global competition. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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