科顺股份（300737.SZ） 优于大市 2024 年中报点评：积极调整改善盈利，毛利率明显提升 Q2 收入持续承压，业绩同比修复。2024H1 公司实现营收 34.7 亿元，同比 -20.0%，其中防水卷材/防水涂料/防水工程施工分别实现收入 18.2/9.6/5.4 亿元，同比-19.7%/-10.7%/-26.5%，实现归母净利 0.94 亿元，同比+54.9%， 扣非归母净利 0.42 亿元，同比-21.9%，EPS 为 0.08 元/股，并拟 10 派 0.8 元（含税），其中非经常性损益 0.52 亿元，同比增加 0.45 亿元，主因应收 减值计提冲回，及诉讼货款回收对应赔款收入增加营业外收入。Q2 单季实现 营收 19.9 亿元，同比-19.6%，归母净利 0.41 亿元，上年同期为 0.03 亿元， 扣非归母净利 0.18 亿元，同比+47%，受需求下滑及公司基于稳健经营和风 险考虑，主动控制发货影响，收入同比持续承压，同时减值计提有所减少及 先进制造业增值税加计抵减和政府补助带来其他收益增加，业绩同比修复。 毛利率明显改善，费用率同比提升。2024H1 实现综合毛利率 23.5%，同比 +2 ...

| 证券代码:300737 | 证券简称:科顺股份 | 公告编号:2024-095 | | --- | --- | --- | | 债券代码:123216 | 债券简称:科顺转债 | | 科顺防水科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、回购股份方案基本情况 科顺防水科技股份有限公司（以下简称"公司"）于 2023 年 10 月 26 日召开第三届董事会第二十六次会议，审议通过了《关于以集 中竞价交易方式回购公司股份的议案》，公司拟使用自有资金以集中 竞价交易方式回购公司股份，回购总金额不低于人民币 5,000 万元且 不超过人民币 10,000 万元，回购价格不超过人民币 11.00 元/股，回 购股份实施期限为自公司第三届董事会第二十六次会议审议通过本 次回购股份方案之日起不超过 12 个月，本次回购股份拟用于股权激 励计划或可转换公司债券转股。具体内容详见公司于 2023 年 10 月 27 日在巨潮资讯网（www.cninfo.com.cn）披 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved approximately 35 billion yuan in revenue for the first half of 2024, representing a year-on-year decline of 20%, while the net profit attributable to shareholders was about 0.9 billion yuan, showing a year-on-year increase [1][3]. - The demand in the real estate industry is expected to remain low, impacting the waterproofing materials sector significantly [3][6]. - The company’s gross profit margin for the first half of the year was approximately 23.4%, an increase of 2.3 percentage points year-on-year, with improvements in the gross profit margins of waterproofing membranes and coatings [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of approximately 35 billion yuan, down 20% year-on-year, and a net profit of about 0.9 billion yuan, which is an increase compared to the previous year [1]. - The gross profit margin for the first half was around 23.4%, up 2.3 percentage points year-on-year, with specific margins for waterproofing membranes and coatings at 21.0% and 33.9%, respectively [5]. - The second quarter of 2024 saw a revenue of about 20 billion yuan, a 20% decline year-on-year, but the net profit surged by 1527% to approximately 0.4 billion yuan [3]. Market Conditions - The waterproofing materials industry is facing a continuous decline in demand, with production dropping from 4.1 billion square meters in 2021 to 3.1 billion square meters in 2023, a cumulative decrease of 25% [6]. - The company’s revenue growth over the past four quarters has shown a consistent downward trend, reflecting the ongoing weakness in new construction demand in the building industry [6]. Cash Flow and Financial Health - The company’s cash collection ratio improved slightly, with a collection ratio of 0.92 for the first half of 2024, compared to 0.81 in 2022 and 0.83 in 2023 [6]. - However, the net cash flow from operating activities was negative at -1.4 billion yuan for the first half of 2024, primarily due to increased cash payments to suppliers [6]. Future Outlook - The company is expected to achieve net profits of approximately 3.0 billion yuan and 4.5 billion yuan for 2024 and 2025, respectively, with corresponding valuations of 16 and 11 times [6].

[Table_Main] 证券研究报告 | 公司点评 科顺股份(300737.SZ) 2024 年 08 月 28 日 | --- | --- | --- | |-------------------------------|--------------------|-------| | 买入（维持） 科顺股份（ | ）：积极降本增效， | | | 所属行业：建筑材料 / 装修建材 | | | | 当前价格 ( 元 ) ： 4.00 | 毛利率有所改善 | | 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 -46% -34% -23% -11% 0% 11% 科顺股份 沪深300 -57% | --- | --- | --- | --- | |------------------------------------|----------------|----------------|--------------| | -69% 202 ...

Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [1][3] Core Views - The company reported a revenue of 3.471 billion yuan in H1 2024, a year-on-year decrease of 19.96%, while the net profit attributable to shareholders was 93.88 million yuan, an increase of 54.90% year-on-year [2] - The decline in revenue is attributed to reduced demand and risk control measures, with significant drops in revenue from waterproof materials, coatings, and construction services [2] - The gross margin improved year-on-year to 23.45%, up by 2.71 percentage points, due to ongoing optimization of revenue and product structure [2] - Operating cash flow decreased significantly, with a net cash flow from operating activities of -1.431 billion yuan, down 89.71% year-on-year, primarily due to increased cash payments to suppliers [2] - The company declared a cash dividend of 0.8 yuan per 10 shares, resulting in a high dividend payout ratio of 96.10% [2] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 3.471 billion yuan, down 19.96% year-on-year, with a net profit of 93.88 million yuan, up 54.90% year-on-year [2] - The revenue breakdown shows waterproof membranes, coatings, and construction services generating 1.824 billion, 960 million, and 545 million yuan respectively, with declines of 19.71%, 10.71%, and 26.51% [2] Profitability and Costs - The gross margin for H1 2024 was 23.45%, an increase of 2.71 percentage points, with product-specific margins of 21.02%, 33.93%, and 13.78% for membranes, coatings, and construction services respectively [2] - The increase in selling expenses was due to expanded market development efforts in the civil construction sector [2] Cash Flow and Dividends - The net cash flow from operating activities was -1.431 billion yuan, a decrease of 89.71% year-on-year, with a cash payment ratio of 145.65%, up 42.69 percentage points [2] - The company maintained a high dividend payout ratio of 96.10%, distributing 0.8 yuan per 10 shares [2] Future Outlook - The company is expected to benefit from industry standard improvements and increased market share through new production bases and enhanced distribution channels [3] - The profit forecasts for 2024 and 2025 have been adjusted to 199.32 million and 318.40 million yuan respectively, with a new forecast for 2026 at 486 million yuan [3]

Financial Performance - The cumulative main business income of large-scale waterproof building materials enterprises in China is 77.585 billion RMB, down 6.1% year-on-year[3]. - The company's operating revenue for the reporting period was ¥3,470,949,603.98, a decrease of 19.96% compared to the same period last year[15]. - Net profit attributable to shareholders was ¥93,877,220.56, representing an increase of 54.90% year-on-year[15]. - The net cash flow from operating activities was -¥1,430,750,122.92, a decline of 89.71% compared to the previous year[15]. - The total assets at the end of the reporting period amounted to ¥14,149,618,002.37, reflecting a growth of 2.68% from the end of the previous year[15]. - The company achieved operating revenue of 3.47 billion yuan in the reporting period, a decrease of 19.96% compared to the previous year, primarily due to industry cyclical factors and reduced downstream demand[41][42]. - The gross profit margin increased to 23.45%, up 2.71 percentage points year-on-year, attributed to the company's focus on "high-quality development" and effective cost reduction measures[41]. - The company reported a total revenue of 775.85 million yuan, a decrease of 6.1% compared to the previous year[66]. Market and Industry Trends - The total production of waterproof materials in China is projected to be 3.059 billion square meters in 2023, a decrease of 11.5% compared to 2022[3]. - The company operates in the construction waterproofing industry, which is affected by the reduced number of engineering projects in China[3]. - The market for waterproof materials is expected to expand, driven by the ongoing development of downstream application industries[20]. - The proportion of high polymer waterproof membranes is steadily increasing, indicating a shift in product structure within the industry[21]. - The government has strengthened quality supervision in the waterproof industry, raising entry barriers and enhancing industry concentration[24]. Risks and Challenges - The company faces risks related to the fluctuation of raw material prices, which include asphalt and various petrochemical products, potentially impacting profitability[4]. - The company's accounts receivable balance has increased due to business expansion, posing a risk if major debtors experience financial difficulties[5]. - The company has limited bargaining power over the prices of major raw materials, which could affect its cost structure[4]. - The company is facing risks related to raw material price fluctuations, particularly for petroleum-based products, which could impact profitability if prices rise significantly[67]. - The company aims to optimize customer and product structures to mitigate risks from potential declines in downstream demand[66]. Corporate Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has ensured compliance with legal responsibilities[2]. - The company’s legal representative is Chen Weizhong, who oversees the financial reporting process[10]. - The company has established a risk management system to control the scale of hedging business, ensuring it does not affect normal operations[64]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[98]. - The company has successfully implemented a series of environmental management systems to ensure compliance with national and local regulations[100]. Research and Development - The company focuses on both independent and collaborative R&D, with a structured process that includes product design, testing, and mass production[34]. - The company has a total of 1,132 patent applications, including 506 inventions, with 747 valid patents currently held[38]. - The company is dedicated to innovation, optimizing its R&D platform, and enhancing supply chain management to maintain industry competitiveness[106]. Environmental Responsibility - The company has established a comprehensive environmental management system, aiming for ISO14001 and ISO50001 certifications to enhance its green development[80]. - The company is committed to sustainable practices, utilizing biodegradable materials in its products to ensure environmental safety and health[29]. - The company has implemented energy-saving and emission-reduction technologies, contributing to a reduction in greenhouse gas emissions[98]. - The company has actively engaged in community support through volunteer services and donations, focusing on education and poverty alleviation initiatives[101]. Shareholder Information - The company plans to distribute cash dividends of 0 RMB per 10 shares to all shareholders, with no stock dividends or capital reserve transfers[6]. - The company reported a cash dividend of RMB 0.80 per share (before tax), totaling RMB 90,217,470.24, with a total cash distribution (including other methods) of RMB 212,933,723.66[73]. - The company has a total of 1,127,718,378 shares as the basis for profit distribution, with 100% of the cash dividend amount allocated from the total profit distribution[74]. - The largest shareholder, Chen Weizhong, holds 23.21% of the shares, totaling 273,260,362 shares, with 238,695,271 shares being restricted[124]. Financial Instruments and Accounting - The company adheres to the accounting standards for enterprises, ensuring that the financial statements accurately reflect its financial position and operating results[178]. - The company utilizes the effective interest method for subsequent measurement of financial assets and liabilities at amortized cost[193]. - Financial assets are derecognized when the contractual rights to cash flows have expired or when they are transferred and meet derecognition criteria[193]. - The company measures expected credit losses based on the weighted average of credit losses for financial instruments[194]. Employee and Talent Management - The company has been recognized as a "High-skilled Talent Training Base" by the Foshan Human Resources and Social Security Bureau, highlighting its commitment to talent development[37]. - The company has developed a robust employee welfare system, promoting professional development and ensuring employee rights[104]. - The number of employees participating in the employee stock ownership plan is 1,022, holding a total of 36,786,200 shares, which accounts for 3.12% of the company's total equity[77].

证券代码：300737 证券简称：科顺股份 公告编号：2024-089 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 募集资金 2024 年半年度存放与使用情况的专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》和深圳证券交易所印发的 《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》的规定，将本公司募集资金 2024 年半年度存放与使用 情况专项说明如下： 一、募集资金基本情况 税），扣除发行费用后，公司本次募集资金净额为 2,181,313,649.94 元。上述募集资金到位情况业经天健会计师事务所（特殊普通合伙） 验证，并由其出具《验资报告》（天健验〔2023〕422 号）。 （二）募集资金使用和结余情况 截至 2024 年 6 月 30 日，公司实际已累计使用募集资金人民币 80,220.84 万元，其中：2024 年上半年公司以募集资金直接 ...

证券代码：300737 证券简称：科顺股份 公告编号：2024-090 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 关于延长为经销商担保期限的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、前次担保情况概述 保期限。 为进一步推动公司渠道业务的发展，支持下游经销商稳定发展， 从而更加有效地开拓市场，做大做强销售规模，实现公司业务的稳定 增长，董事会同意公司延长对下游经销商担保的期限，担保期限延长 至 2025 年 1 月 26 日起不超过 36 个月，即担保期限为不超过 2028 年 1 月 26 日。 四、监事会意见 公司在风险可控的前提下，为符合资质条件的下游经销商向公司 指定的银行等金融机构贷款延长担保期限，不会对公司产生不利的影 响，不会损害公司和全体股东的利益，符合《公司章程》《深圳证券 交易所创业板股票上市规则》《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》等相关规定的要求。因此， 监事会同意公司为经销商向公司指定的银行等金融 ...

| 证券代码:300737 | 证券简称:科顺股份 | 公告编号:2024-093 | | --- | --- | --- | | 债券代码:123216 | 债券简称:科顺转债 | | 科顺防水科技股份有限公司 关于控股股东的一致行动人部分股份质押的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 科顺防水科技股份有限公司（以下简称"公司"）近日接到控股 股东的一致行动人陈智忠先生通知，获悉陈智忠先生将其所持有本公 司的部分股份办理了质押业务，具体情况如下： 二、股东股份累计质押情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如下： | | | | 本次质押前质 | 本次质押后质 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股比例 | 押股份数量 | 押股份数量 | 持股份 | 总股本 | ...

证券代码：300737 证券简称：科顺股份 公告编号：2024-085 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 第四届董事会第七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 议案内容： 公司按照《公司法》《证券法》等相关法律规定，根据《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》《深圳证券交易所创业板股票上市规则》等规范性文件编制了公 司 2024 年半年度报告及摘要。经审议，董事会认为公司 2024 年半年 度报告真实、准确、完整地反映了公司的财务状况、经营成果以及公 司治理情况，不存在任何虚假记载、误导性陈述或者重大遗漏。具体 内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn） 上的相关公告。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 （二）审议通过《关于公司 2024 年中期利润分配方案的议案》 议案内容 ...