Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 6.8 billion yuan in 2024, a year-on-year decline of 14%, while the net profit attributable to shareholders is projected to be approximately 44 million yuan, a year-on-year increase of 113%. However, the non-recurring net profit is expected to be around -250 million yuan [2][4]. - In the first quarter, the company achieved a revenue of 1.4 billion yuan, a year-on-year decline of 6%, with a net profit of 40 million yuan, down 23% year-on-year, and a non-recurring net profit of approximately 20 million yuan, a decline of 4% year-on-year [2][4]. - The waterproof materials industry is under significant pressure in 2024, with a total production of waterproof materials in China expected to decline by 17% year-on-year [11]. Summary by Sections Revenue and Profitability - The company's revenue is expected to decline by 14% in 2024, with the main business revenue decreasing by 12%. Specifically, the revenue from waterproof membranes is expected to drop by 15%, waterproof coatings by 6%, and engineering construction by 17% [11]. - The gross profit margin for 2024 is projected to be around 21.8%, an increase of 0.6 percentage points year-on-year, primarily due to stable sales prices and reduced unit costs [11]. - The first quarter gross profit margin improved to approximately 24.4%, reflecting a significant improvement compared to the previous year [11]. Cash Flow and Financial Health - The company's operating cash flow has shown gradual improvement, with a cash collection ratio of 1.08 in the past three years. The net cash flow from operating activities for 2024 is expected to be 320 million yuan [11]. - The company has delayed some fundraising projects, with 8 billion yuan of the raised funds already utilized as of 2024 [11]. Future Outlook - The company is expected to achieve net profits of approximately 330 million yuan and 500 million yuan in 2025 and 2026, respectively, corresponding to valuation multiples of 16 and 11 times [11].

Core Viewpoint - The construction and building materials industry is facing new opportunities and challenges amid a complex economic environment, with Keshun Waterproof Technology Co., Ltd. (Keshun) demonstrating strong performance in its 2024 annual report, achieving profitability and significant improvements in cash flow and gross margin [1][3]. Financial Performance - Keshun reported a revenue of 6.83 billion yuan in 2024, a decrease of 14.04% compared to 2023, but achieved a net profit attributable to shareholders of 44.07 million yuan, marking a 113.05% increase from the previous year [2][3]. - The company’s gross margin improved to 21.77%, an increase of 0.9 percentage points year-on-year, reflecting effective cost control and operational efficiency [4][6]. Cash Flow Improvement - The net cash flow from operating activities reached 316 million yuan, a 64.52% increase from the previous year, indicating enhanced operational efficiency [6][7]. - The company also reported a significant increase in cash flow from investment activities, which rose by 149.02% year-on-year to 867 million yuan [6]. Business Strategy and Development - Keshun is focusing on high-quality development and strategic transformation, optimizing its distribution channels, and enhancing brand building in the civil building materials sector [3][8]. - The company has expanded its retail strategy, achieving a 78% year-on-year increase in sales in the C-end market, with over 50,000 distribution points established [8][9]. - Keshun is diversifying its business into waterproof engineering construction and building renovation, which are becoming important growth drivers [8][9]. International Expansion - The company is actively pursuing international market opportunities, aiming to shift from product export to brand export, and has made significant progress in overseas business development [9][10]. - Keshun has established strategic partnerships with over 20 state-owned enterprises in the construction sector, enhancing its competitive edge and cash flow [9][10]. Future Outlook - Keshun has outlined a clear strategic plan for the next 5 to 10 years, focusing on increasing its international market share and enhancing its global competitiveness [10].

证券研究报告 科顺股份 (300737 CH) 毛利率小幅修复，股息率大幅提升 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 其他建材 | 科顺股份 2024 年实现营收 68.29 亿元（yoy-14.04%），归母净利 4407.10 万元（yoy+113.05%）。符合公司此前发布的业绩预告。1Q25 公司实现收 入 13.95 亿元，同比-6.06%，归母净利 4050 万元，同比-23.19%，我们推 测或主因 1Q25 以来整体开复工节奏偏缓，使用靠近开工端的防水材料类需 求仍承压，但预计随着专项债陆续到位，外部关税扰动下，基建投资、内需 提振加码，有望推动公司需求回暖，维持"增持"。 收入受新开工不佳扰动，毛利率呈现小幅修复趋势 2024 年 公 司 防 水 卷 材 / 防 水 涂 料 / 防 水 工 程 业 务 分 别 实 现 收 入 35.55/17.87/12.14 亿元，同比-15.38%/-5.68%/-17.45%，我们推测卷材业 务收入同比下降或受新开工不佳导致产品需求偏弱、行业 ...

证券研究报告 科顺股份(300737 CH) 本报告来源于"慧博投研",请勿外传! 24 年科顺股份期间费用率为 19.49%,同比+2.91pct,其中销售/管理/研发 /财务费用率分别为 9.1%/5.3%/4.0%/1.1%,同比+1.4/+1.4/+0.01/+0.1pct, 费用绝对值波动不大,主要系收入规模下降导致摊薄能力削弱。24 年信用 减值损失 2.68 亿元,减值金额同比下降64.8%,截至24年底,其他非流 动资产中抵债房产净值为 5.31 亿元,同比+107%,公司积极推动抵债资产 过户保障资产安全。24 年末资产负债率 64.55%,同比+1.67pct。全年实 现经营性净现金流 3.16 亿元,同比+64.5%,收现比/付现比分别为 105.5%/142.3%,同比+3.67/-3.86pct,现金回款向好。2024年合计分红 0.38元/股,分红率达 957.06%,以 4月 24日收盘价计股息率约为 8.1%。 盈利预测与估值 考虑到行业价格竞争仍在持续，1Q25需求暂未有修复迹象,我们下调价格 及销量假设,调整公司 2025-2027 年 EPS 分别至 0.23/0.33/ ...

Core Viewpoint - The company reported a turnaround in profitability for 2024, with a significant increase in cash dividends, indicating potential long-term investment value [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 6.829 billion yuan, a year-on-year decrease of 14.04%, while net profit attributable to shareholders was 44 million yuan, marking a return to profitability [1] - The company's non-recurring net profit was -253 million yuan, with a year-on-year loss reduction of 40.93% [1] - For Q1 2025, the company reported revenue and net profit attributable to shareholders of 1.395 billion yuan and 41 million yuan, respectively, reflecting year-on-year declines of 6.06% and 23.19% [1] Group 2: Margin and Cost Management - The company's gross margin for 2024 was 21.77%, an increase of 0.60 percentage points year-on-year, while the expense ratio was 19.49%, up 2.64 percentage points [3] - In Q1 2025, the gross margin and expense ratio were 24.43% and 18.32%, respectively, showing improvements in profitability and cost control [3] - The company reduced asset and credit impairment losses to 310 million yuan in 2024, a decrease of 513 million yuan year-on-year, contributing to a net profit margin of 0.46%, up 4.78 percentage points [3] Group 3: Market Dynamics and Future Outlook - The company’s revenue from waterproofing materials, coatings, and construction services in 2024 was 3.56 billion, 1.79 billion, and 1.21 billion yuan, respectively, with year-on-year changes of -15.4%, -5.7%, and -17.5% [2] - The gross margins for these segments were 19.2%, 33.7%, and 11.4%, with slight improvements in the materials sales business due to a focus on profit and favorable raw material price trends [2] - The company is expected to enhance its market share in the waterproofing industry, with projected net profits for 2025-2027 of 210 million, 300 million, and 420 million yuan, respectively [4]

现金分红大幅提升，盈利能力&现金流稳步向好 24 年减值冲回较多利润，现金分红大比例提升 公司报告 | 年报点评报告 科顺股份（300737） 证券研究报告 公司发布 24 年报&25 年一季报，24 年公司实现营业收入 68.29 亿元，同比 -14.04%，实现归母净利润 0.44 亿元，同比扭亏为盈，扣非归母净利润-2.53 亿元，亏损同比收窄 40.93%。单季度看，25Q1 公司收入、归母净利润分 别为 13.95、0.41 亿元，同比分别-6.06%、-23.19%，24 年公司利润实现转 正，我们判断一方面由于 24 年公司毛利率有一定程度的改善，另一方面则 由于公司单项计提的应收款项减值准备转回增加导致非经常性损益显著增 加，信用减值损失同比显著减少，冲回了较多利润。24 年公司计划现金分 红金额（含 24H1 中期分红）合计达 4.22 亿元，现金分红比例高达 957%， 截至 4 月 24 日收盘对应股息率高达 8.07%，关注公司中长期投资价值。 原材料价格下行或给盈利能力提供支撑 分业务来看，24 年公司防水卷材、防水涂料、防水工程施工分别实现营收 35.6、17.9、12.1 亿元， ...

Core Viewpoint - Company Keshun Co., Ltd. announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 3 yuan per 10 shares, which amounts to a total cash payout of 333 million yuan, representing 755.58% of its net profit, with a dividend yield of 5.81% based on the average trading price for the year [2][3]. Company Distribution History - The company has a history of six cash distributions since its listing, with the latest being 3 yuan per 10 shares for 2024, totaling 333 million yuan and a yield of 5.81% [2][3]. - Previous distributions include: - 0.8 yuan per 10 shares in June 2024, totaling 8.9 million yuan, with a yield of 1.56% - 0.5 yuan per 10 shares in December 2022, totaling 5.8 million yuan, with a yield of 0.41% - 1.5 yuan per 10 shares in December 2020, totaling 9.5 million yuan, with a yield of 0.75% - 0.5 yuan per 10 shares in December 2018, totaling 3.1 million yuan, with a yield of 0.35% - 0.5 yuan per 10 shares in December 2017, totaling 3.1 million yuan [3]. Financial Performance - For the fiscal year 2024, Keshun Co., Ltd. reported a revenue of 6.829 billion yuan, a year-on-year decrease of 14.04% - The net profit reached 44.071 million yuan, showing a significant year-on-year increase of 113.05% - Basic earnings per share were reported at 0.04 yuan, with a weighted average return on equity of 0.89% [2][3]. Industry Context - In the building materials sector, Keshun Co., Ltd. is among 38 companies that announced their 2024 distribution plans - The highest cash distribution in the sector was reported by Conch Cement, with a payout of 3.747 billion yuan, followed by Dongfang Yuhong and Beixin Building Materials, with payouts of 2.221 billion yuan and 1.461 billion yuan, respectively [4][5].

证券代码：300737 证券简称：科顺股份 公告编号：2025-025 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 关于召开2024年年度股东大会的通知 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。 各位股东： 兹定于 2025 年 5 月 16 日 14:00 召开科顺防水科技股份有限公司 2024 年年度股东大会，现将有关事项通知如下： 一、会议召开基本情况 （一）股东大会届次 本次会议为公司 2024 年年度股东大会 （二）召集人 本次股东大会的召集人：公司董事会 （三）会议召开的合法性、合规性 经公司第四届董事会第十三次会议审议通过，决定召开 2024 年 年度股东大会，本次股东大会的召开符合有关法律、行政法规、部门 规章、规范性文件及《公司章程》的规定。 （四）会议召开日期和时间 现场会议召开时间：2025 年 5 月 16 日 14:00 网络投票日期和时间：通过深圳证券交易所系统进行网络投票的 时间为：2025年5月16日9:15—9:25，9:30—11:30 ...

科顺防水科技股份有限公司 第四届监事会第六次会议决议公告 本公司及监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。 证券代码：300737 证券简称：科顺股份 公告编号：2025-010 债券代码：123216 债券简称：科顺转债 一、会议召开情况 科顺防水科技股份有限公司（以下简称"公司"）第四届监事会 第六次会议于 2025 年 4 月 24 日在公司会议室以现场和通讯方式召开， 会议通知已于 2025 年 4 月 14 日发出。本次会议应出席的监事 3 人， 实际出席并参与表决的监事 3 人，会议由监事会主席黎粤洋先生主持， 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的有 关规定。 二、会议表决情况 经参会监事审议，依法表决，本次会议审议通过了以下议案： （一）审议通过《关于 2024 年度监事会工作报告的议案》 公司监事会主席黎粤洋先生代表监事会作 2024 年度监事会工作 报 告 ， 具 体 内 容 详 见 公 司 同 日 披 露 于 巨 潮 资 讯 网 （http://www.cninf ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-009 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 第四届董事会第十三次会议决议公告 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、会议召开情况 科顺防水科技股份有限公司（以下简称"公司"）第四届董事会 第十三次会议于 2025 年 4 月 24 日在公司会议室以现场和通讯方式 召开，会议通知已于 2025 年 4 月 14 日发出。本次会议应出席的董事 7 人，实际出席并参与表决的董事 7 人，会议由董事长陈伟忠先生主 持，公司监事和其他高级管理人员列席了会议。本次会议的召开符合 《中华人民共和国公司法》和《公司章程》的有关规定。 二、会议表决情况 经参会董事审议，依法表决，本次会议审议通过了以下议案： （一）审议通过《关于 2024 年度总裁工作报告的议案》 议案内容： 与会董事认真听取并审议了公司总裁方勇先生代表管理层所作 的《2024 年度总裁工作报告》，董事会认为：该报告真实、客观地反 映了公司 2 ...