Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1][8] Core Views - The company has shown a significant improvement in gross margin due to a decline in raw material costs, with a gross margin of 22% in 2023, up by 2.51 percentage points year-on-year. However, profit was impacted by impairment provisions totaling 163 million yuan [2][16] - The company is expanding its distribution channels and developing new products, which has led to steady revenue growth. The revenue for 2023 reached 2.801 billion yuan, a year-on-year increase of 31.63% [7][16] - The company is focusing on differentiated competition in high polymer waterproof membranes and increasing R&D investment to enhance technical capabilities. The demand for these products is expected to grow significantly [8] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 2.801 billion yuan, with a year-on-year growth of 31.63%. The net profit attributable to shareholders was 22.64 million yuan, up 114.24% year-on-year [7][16] - The gross margin for waterproof membranes was 23.54%, an increase of 3.17 percentage points year-on-year, while the gross margin for waterproof coatings was 28.37%, up by 8.94 percentage points [2] - The company reported a significant increase in operating cash flow, reaching 192 million yuan in 2023, a 315% increase year-on-year [17] Revenue and Profit Forecast - The revenue forecast for 2024 is 3.381 billion yuan, with a projected year-on-year growth of 20.73%. The net profit forecast for 2024 is 75.83 million yuan, representing a growth of 235% [7][8] - The company has adjusted its net profit forecasts for 2024 and 2025 to 76 million yuan and 137 million yuan, respectively, due to slower recovery in downstream demand [8] Market Position and Strategy - The company is leveraging its nationwide distributor network to sell products to end-users in construction and civil engineering sectors. It has developed new products like "CSPV" and a steel-plastic composite board system for commercial photovoltaic roofing applications [7][8] - The company is expected to benefit from the increasing demand for high polymer waterproof membranes as industry standards rise [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [18][19][22]. Core Insights - The company has significantly improved its profitability, with a notable increase in gross margin and a reduction in expense ratios, leading to a substantial enhancement in overall profitability [17]. - The company is actively expanding its distribution channels while strategically reducing orders from high-risk real estate clients, optimizing its revenue structure [10]. - The development of a new steel-plastic composite board system is expected to fill a gap in roofing system solutions, presenting a potential new growth avenue for the company [2]. Financial Performance Summary - In 2023, the company achieved revenue of 2.801 billion yuan, a year-on-year increase of 31.6%, and returned to profitability with a net profit of 23 million yuan [1]. - The company's operating cash flow saw a significant increase of 315% year-on-year, reaching 1.9 billion yuan [1]. - The gross margin for 2023 was reported at 22%, reflecting a 2.5 percentage point increase compared to the previous year, primarily due to lower raw material costs [17]. Revenue and Profitability Forecast - The company’s net profit forecasts for 2024 and 2025 have been adjusted upward by 11% to 1.75 billion yuan and 2.06 billion yuan, respectively, with a new forecast for 2026 set at 2.23 billion yuan [18]. - The report anticipates continued resilience in growth due to the gradual recovery of real estate demand and the implementation of new waterproofing regulations [18].

Financial Performance - The company's revenue for Q1 2024 was ¥528,000,491.36, representing a 4.13% increase compared to ¥507,036,038.28 in the same period last year[5] - Net profit attributable to shareholders decreased by 77.10% to ¥7,870,130.65 from ¥34,367,138.27 year-on-year[5] - Total operating revenue for Q1 2024 reached ¥528,000,491.36, an increase of 4.3% compared to ¥507,036,038.28 in Q1 2023[20] - Net profit for Q1 2024 was ¥8,887,572.38, a decrease of 74.5% from ¥34,757,287.53 in Q1 2023[21] - Total comprehensive income for the first quarter was CNY 8,887,572.38, a decrease from CNY 34,757,287.53 in the previous period[22] - Net profit attributable to the parent company was CNY 7,870,130.65, down from CNY 34,367,138.27 year-over-year[22] - Basic and diluted earnings per share were both CNY 0.02, compared to CNY 0.09 in the same period last year[22] Cash Flow and Financial Position - The net cash flow from operating activities was negative at -¥260,587,566.09, a significant decline of 1,698.76% compared to ¥16,299,395.61 in the previous year[11] - Cash inflow from operating activities totaled CNY 617,441,481.35, while cash outflow was CNY 878,029,047.44, resulting in a net cash outflow[25] - Cash flow from investing activities was negative CNY 61,128,098.37, compared to negative CNY 92,327,079.21 in the previous period[25] - Cash flow from financing activities resulted in a net outflow of CNY 155,456,196.32, contrasting with a net inflow of CNY 138,835,467.42 last year[25] - The ending cash and cash equivalents balance was CNY 158,104,732.31, down from CNY 473,903,542.81 at the end of the previous period[25] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥6,221,520,331.24, down 4.64% from ¥6,524,396,837.53 at the end of the previous year[5] - Current liabilities totaled ¥2,772,204,969.95, down 2.9% from ¥2,855,337,255.22 in the previous year[19] - Long-term borrowings decreased to ¥989,761,399.25 from ¥1,178,813,858.70, a reduction of 16.0%[19] - The total liabilities decreased to ¥3,818,940,759.63 from ¥4,090,958,886.34, a decline of 6.6%[19] - The equity attributable to shareholders of the parent company was ¥2,387,969,797.77, down from ¥2,425,220,721.41, a decrease of 1.5%[19] Expenses - Management expenses surged by 94.21% to ¥36,869,638.52, primarily due to the operation of newly established subsidiaries[10] - The company reported a financial expense of ¥15,600,617.04, an increase of 35.5% compared to ¥11,517,361.21 in the previous year[21] - Research and development expenses for Q1 2024 were ¥31,688,326.00, slightly up from ¥30,282,381.38 in Q1 2023[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,555[13] - The largest shareholder, Karen Holdings Investment Co., Ltd., holds 33.76% of shares, totaling 129,926,419 shares, with 116,167,219 shares pledged[13] - The number of shares held by the top ten unrestricted shareholders includes Karen Holdings with 78,059,200 shares and Lu Lijun with 31,262,000 shares[13] - The total number of restricted shares held by major shareholders decreased from 22,763,400 to 22,073,850 shares, with a total of 1,455,000 shares released from restrictions during the period[15] - The company has a total of 12,308,898 shares held in its repurchase account as of the end of the reporting period[13] Inventory and Receivables - The company's inventory increased by 65.71% to ¥220,579,315.73, attributed to higher raw material stocking[9] - Accounts receivable decreased from ¥2,025,278,366.66 to ¥1,981,246,752.28, a decline of about 2.2%[17] - Inventory increased significantly from ¥133,112,414.42 to ¥220,579,315.73, marking a rise of approximately 65.7%[17] - The company’s prepayments increased from ¥74,316,566.14 to ¥129,448,751.87, reflecting an increase of approximately 74.4%[17] - The company’s financial assets include other receivables totaling ¥167,289,286.87, slightly up from ¥163,247,075.79[17] Reporting and Audit - The company did not undergo an audit for the first quarter report[26] - The report was released on April 23, 2024, by the board of directors[27]

证券代码：300715 证券简称：凯伦股份 公告编号:2024-061 江苏凯伦建材股份有限公司 经与会监事审议，形成了如下决议： （一）审议通过《公司 2024 年第一季度报告的议案》 经审核，监事会认为董事会编制和审核公司《2024 年第一季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登于中国证监会指定的创业板信息披露网站巨潮资讯 网（www.cninfo.com.cn）的相关公告。 第五届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 江苏凯伦建材股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日以书 面送达方式发出召开第五届监事会第七次会议的通知，并于 2024 年 4 月 22 日在 公司会议室以现场会议方式召开。会议应到监事 3 名，实到监事 3 名,本次会议 由监事会主席胡晓丽女士主持。本次会议符合《中华人民共和国公司法》、《公司 章程》等有关规定，会议合法 ...

（一）审议通过《公司 2024 年第一季度报告的议案》 证券代码：300715 证券简称：凯伦股份 公告编号:2024-060 江苏凯伦建材股份有限公司 第五届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏凯伦建材股份有限公司（以下简称"公司"或"本公司"）第五届董事 会第八次会议于 2024 年 4 月 22 日在公司会议室以现场结合通讯的方式召开，会 议通知以专人送达、电子邮件相结合的方式于 2024 年 4 月 17 日向各位董事发出， 本次会议应参加董事 7 名，实际参加董事 7 名，会议由董事长钱林弟先生主持， 公司监事及高级管理人员列席了会议。本次会议的召开符合《公司法》等有关法 律、法规及《公司章程》的规定。 二、董事会会议审议情况 经与会董事审议，形成了如下决议： 经审议，董事会认为：公司《2024 年第一季度报告》的编制程序、报告内 容、格式符合相关文件的规定；报告内容真实、准确、完整地反映了公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会 ...

证券简称：凯伦股份 CANLON 证券代码：300715 凯伦 =11=11=11 it il - il - il - il - f 出 F LIST 江拉凯伦建机投份有限公司 JIANGSU CANLON BUILDING MATERIALS CO.,LTD 地址：江苏省苏州市吴江区七都镇亨通大道8号 邮编： 215234 电话：0512-6310 2888 传真: 0512-6380 7088 https：//www.canlon.com.cn 2023 凯伦股份社会责任报告 CORPORATE SOCIAL RESPONSIBILITY REPORT 时间范围: 发布周期: 本报告为年度报告。 基本内容: 称谓说明: "公司"和"我们"表述。 报告范围: 凯伦股份及旗下所属子公司。 数据来源: 报告获取方式: 融合防水,迭代创新 中国建筑防水行业首家创业板上市公司 . | | | | | | || | | | | | | | | . 报告编制说明 报告时间跨度为2023年1月1日至2023年12月31日，部分内容溯及以往年份。 本报告的编辑本着"真实、客观、透明"的原则，详细披露了凯伦股份2023年经营 ...

目 录 一、控股股东及其他关联方非经营性资金占用及清偿情况的专项审计说 明………………………………………………………………… 第 1—2 页 二、控股股东及其他关联方非经营性资金占用及清偿情况表……… 第 3 页 第 1 页 共 3 页 控股股东及其他关联方非经营性资金占用及 清偿情况的专项审计说明 天健审〔2024〕2848 号 江苏凯伦建材股份有限公司全体股东： 我们接受委托，审计了江苏凯伦建材股份有限公司（以下简称凯伦股份公司） 2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后 附的凯伦股份公司管理层编制的 2023 年度《控股股东及其他关联方非经营性资 金占用及清偿情况表》（以下简称资金占用情况表）。 一、对报告使用者和使用目的的限定 本报告仅供凯伦股份公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为凯伦股份公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解凯伦股份公司 ...

江苏凯伦建材股份有限公司 董事会 2024 年 4 月 20 日 江苏凯伦建材股份有限公司 董事会对独立董事独立性评估的专项意见 根据证监会《上市公司独立董事管理办法》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》等要求，江苏凯伦建材股份有限 公司（以下简称"公司"）董事会，就公司在任独立董事朱冬青先生、蔡昭昀女 士、梁叶秀女士的独立性情况进行评估并出具如下专项意见： 经核查独立董事朱冬青先生、蔡昭昀女士、梁叶秀女士的任职经历以及签署 的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他 可能妨碍其进行独立客观判断的关系，因此，公司独立董事符合《上市公司独立 董事管理办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》中对独立董事独立性的相关要求。 ...

证券代码：300715 证券简称：凯伦股份 公告编号:2024-050 江苏凯伦建材股份有限公司 关于 2023 年度募集资金存放与使用情况的专项报告 | 项 目 | | 序号 | 金 额 | | --- | --- | --- | --- | | 募集资金净额 | | A | 484,338,077.15 | | 截至期初累计发生额 | 项目投入 | B1 | 150,150,704.11 | | | 利息收入净额 | B2 | 242,976.19 | | | 补充流动资金 | B3 | 334,338,077.15 | | | 募集资金专户注销结余资 | B4 | 92,272.08 | | | 金结转 | | | | 本期发生额 | 项目投入 | C1 | | | | 利息收入净额 | C2 | | | | 补充流动资金 | C3 | | | | 募集资金专户注销结余资 金结转 | C4 | | | | 项目投入 | D1=B1+C1 | 150,150,704.11 | | | 利息收入净额 | D2=B2+C2 | 242,976.19 | | 截至期末累计发生额 | 补充流动资金 | D3=B3 ...

江苏凯伦建材股份有限公司 董事会审计委员会对会计师事务所 （二） 聘任程序 公司第四届董事会第二十次会议、第四届监事会第十五次会议和 2022 年度 股东大会审议通过了《关于续聘 2023 年度审计机构的议案》，同意聘任天健会计 师事务所为公司 2023 年度审计机构。独立董事对上述议案发表了事前认可意见 及同意的独立意见。 二、2023 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范及公司 2023 年年报工作安排，天健会计师事务所对公司 2023 年度财务报告及 2023 年 12 月 31 日的财务报告内部控制的有效性进行了审计，同时对公司非经 营性资金占用及其他关联资金往来情况等进行核查并出具了专项报告。经审计， 天健会计师事务所认为公司财务报表在重大方面按照企业会计准则的规定编制， 真实、客观、公允地反映了公司经营成果、财务状况和现金流量；公司保持了有 效的财务报告内部控制。天健会计师事务所出具了标准无保留意见的审计报告。 在执行审计工作的过程中，天健会计师事务所和相关审计人员的独立性、审计工 作小组的人员构成、审计计划、风险判断、风险及舞弊的测试 ...