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研報掘金丨國聯證券:予偉星新材“買入”評級 認爲公司兼具價值和成長特徵
格隆匯 02-19 16:39

國聯證券研報指出,偉星新材(002372.SZ)是國內PPR管道龍頭,深耕家裝零售領域造就持續增長、高盈利水平、高運營效率的經營模式,“星管家”打造“產品+服務”商業模式,公司品牌建設效果持續顯現。“同心圓”拓品類成效顯著、渠道持續完善,新階段的“系統集成”戰略進一步拓展公司增長天花板。公司上市14年歸母淨利增長超7倍,累計自由現金流爲淨利潤的76%,累計分紅佔淨利潤比例77%,是裝修建材消費品化的標杆。投資角度,認爲公司兼具價值和成長特徵。絕對估值法測得公司每股價值爲17.09元/股,可比公司2025 年平均PE 17.1 倍,綜合絕對估值和相對估值,給予公司“買入”評級。

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