92左右那如果是这个这个比较比较就是产这个这个订单比较旺盛的情况下其实我干三班岛我能我能干到120%甚至最高最高130%都可以所以呢我实际上现在产能不那么缺啊我刚刚说的这个建卫星工厂呢更多是弥补我的这个西端这块的产能以及他的这个在全国的这种这种产能布局这一块的这个短板所以呢我们从去年来看应该已经布局的基本上比较到位了我们现在全国也有这种卫星工厂都有小10个了 那这种微型工厂其实投入不是很大的就像我刚刚说的一个工厂可能几百万就搞定了实际上就是设备嘛那工厂都是租来的什么的也不用然后人员啊各方面支出也不大所以我们整体来看这个包括24年整个资本支出我估计就很小很小的可能大部分都是一些替改类的或者说一些这种什么更新类的可能会有一些但整体你像我们木头项目安徽的那个厂 包括像什么重庆和福建扩建二期的我们现在基本上都都处于暂停状态了还是说以花小钱办大事的这种这种呃模式先去把一些呃投入小但见效快产出高的这种这种呃这种这种产能先先投出来啊所以整体的支出我估计可能就是千万级别的 嗯嗯明白明白另外就是对于今年24年来看的话咱们这个目前的这种收入的增长展望大概是怎么样的大概是多少的这个增长的目标以及如果说拆分来看的话咱们针对这个C端以 ...

作者保证报告所采用的数据均来自合规渠道；分析逻辑基于作者的职业理解，通过合理判断并得出结论， 力求独立、客观、公正，结论不受任何第三方的授意或影响；作者在过去、现在或未来未就其研究报告 所提供的具体建议或所表述的意见直接或间接收取任何报酬，特此声明。 国信证券投资评级 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|---------------|-------|----------------------------------------| | 投资评级标准 | 类别 | 级别 | 说明 | | 报告中投资建议所涉及的评级（如有）分为股票评 | | 买入 | 股价表现优于市场代表性指数 20%以上 | | 级和行业评级（另有说明的除外）。评级标准为报 告发布日后 6 到 12 个月内的相对市场表现，也即报 | 股票 | 增持 | 股价表现优于市场代表性指数 10%-20%之间 | | 告发布日后的6到12 ...

24 - 11 - 公 司 报 告 2024年05月07日 建材 计提减值拖累业绩，轻装上阵行稳致远 事项： | --- | --- | |------------------------|-------------------| | 行业 | 建材 | | 公司网址 | www.keshun.com.cn | | 大股东 / 持股 | 陈伟忠 /27.03% | | 实际控制人 | 陈伟忠 , 阮宜宝 | | 总股本 ( 百万股 ) | 1,177 | | 流通 A 股 ( 百万股 ) | 900 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 54 | | 流通 A 股市值 ( 亿元 ) | 41 | | 每股净资产 ( 元 ) | 4.34 | | 资产负债率 (%) | 61.6 | | 行情走势图 | | 【平安证券】科顺股份（300737.SZ）*季报点评*多 因素致业绩承压，收现比同比改善*推荐20231102 公司发布2023年报，全年营收79.4亿元，较上年同期调整后增长3.7%，实现 归母净利润-3.4亿元，上年同期调整后为1.8亿元。2024Q1实现营收1 ...

Investment Rating - The report maintains a "Recommend" rating for the company [8][27] Core Views - The company's 2023 revenue reached 7 944 million yuan, a year-on-year increase of 3 7%, but net profit attributable to the parent company was -338 million yuan, a significant decline compared to the previous year [4] - In Q1 2024, revenue decreased by 20 4% year-on-year to 1 490 million yuan, with net profit attributable to the parent company dropping by 9 2% to 50 million yuan [4] - The company's performance was impacted by a substantial provision for impairment losses, totaling 820 million yuan, which increased by 560 million yuan compared to the previous year [4] - Despite the challenges, the company's gross margin improved by 2 2 percentage points to 23 8% in Q1 2024, indicating some operational resilience [4] - The company's collection ratio improved by 4 9 percentage points to 104% in 2023, although the payment ratio also increased by 8 5 percentage points to 109% [14] Financial Performance - The company's total assets in 2023 were 13 781 million yuan, with current assets accounting for 9 815 million yuan and non-current assets at 3 965 million yuan [10] - Total liabilities stood at 8 665 million yuan, with current liabilities at 5 953 million yuan and non-current liabilities at 2 712 million yuan [10] - The company's operating cash flow in 2023 was 180 million yuan, while investment cash flow was -1 768 million yuan, and financing cash flow was 1 665 million yuan [20] - The company's EPS in 2023 was -0 29 yuan, with a P/E ratio of -15 9 times and a P/B ratio of 1 1 times [14][26] Business Segments - In 2023, the company's revenue from waterproof membranes, waterproof coatings, waterproof engineering, and seismic isolation products accounted for 53%, 24%, 19%, and 4% of total revenue, respectively [24] - The gross margins for these segments were 18 2%, 31 6%, 14 2%, and 15%, respectively, with waterproof coatings showing a significant improvement of 5 6 percentage points [24] - The company's distribution business now accounts for over 50% of total revenue, with plans to further expand dealer networks and penetrate rural markets [24] Future Outlook - The company is expected to achieve net profits of 220 million yuan, 346 million yuan, and 418 million yuan in 2024, 2025, and 2026, respectively [14][27] - The company's gross margin is projected to improve gradually, reaching 22 7% by 2026, with net margins expected to recover to 4 9% [14][26] - The company's ROE is forecasted to improve from -6 7% in 2023 to 7 1% by 2026, indicating a potential recovery in profitability [26]

| 证券代码:300737 | 证券简称:科顺股份 公告编号:2024-044 | | --- | --- | | 债券代码:123216 | 债券简称:科顺转债 | 关于回购公司股份比例达 2%暨回购进展的公告 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。 公司于 2024 年 2 月 2 日召开第三届董事会第二十七次会议审议 通过《关于增加回购股份金额的议案》，为提高公司长期投资价值， 进一步增强投资者信心，结合公司资本市场及实际情况,同意公司增 加回购股份金额，将用于回购的资金总额由"不低于人民币 5,000 万 元，不超过人民币 10,000 万元"调整为"不低于人民币 10,000 万元， 不超过人民币 20,000 万元"；审议通过《关于变更回购股份用途的 议案》，同意公司对 2023 年回购计划的回购用途进行调整，由原计 划"用于股权激励计划或可转换公司债券转股"变更为"用于注销并 减少公司注册资本"，该议案尚需提交公司股东大会审议。具体内容 详见公司于 2024 年 2 月 2 日在巨潮资 ...

财务预测摘要 公司报告 | 年报点评报告 减值计提拖累业绩，期待 24 年迎来边际改善 防水涂料&施工稳步增长，原材料降级或带动盈利能力改善 费用控制能力有待提升，现金流仍有改善空间 关注中长期市占率提升，维持"买入"评级 风险提示：原材料价格大幅波动，地产链景气度下行超预期，业务结构调 整进度不及预期。 | --- | --- | --- | --- | --- | --- | |-----------------------------|----------|----------|----------|----------|-----------| | | | | | | | | 营业收入 ( 百万元 ) | 7,660.64 | 7,944.39 | 8,556.66 | 9,182.13 | 10,052.73 | | 增长率 (%) | (1.42) | 3.70 | 7.71 | 7.31 | 9.48 | | EBITDA( 百万元 ) | 1,062.11 | 1,016.48 | 789.18 | 898.12 | 1,108.06 | | 归属母公司净利润 ( 百万元 ) | 178.18 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7][20] Core Views - The company achieved a revenue growth of 3.70% in 2023, driven by the expansion of its distribution business and a steady increase in the share of revenue from distributors. The civil construction segment continues to grow rapidly, while the municipal infrastructure, commercial construction, and renovation sectors also show steady growth [3][9][20] - The company is focusing on channel expansion and risk control for 2024, with plans to enhance the development of C-end distributors and actively pursue central and state-owned enterprise clients. This strategy is expected to improve market share and reduce operational risks [20] Financial Summary - The company's revenue for 2023 was 79.44 billion yuan, with a net profit attributable to shareholders of -3.38 billion yuan, reflecting a significant decline of 289.40% year-on-year. For Q1 2024, revenue decreased by 20.43% to 14.85 billion yuan, with a net profit of 0.53 billion yuan, down 9.20% year-on-year [9][17][18] - The gross margin for 2023 was 21.17%, a slight decrease of 0.04 percentage points, primarily due to a 5.35% decline in asphalt costs. The company reported an asset and credit impairment loss of 8.23 billion yuan, with a loss rate of 10.36%, an increase of 6.94 percentage points [10][11][18] - The projected net profits for 2024-2026 are 1.07 billion yuan, 2.08 billion yuan, and 3.16 billion yuan, respectively, with significant growth rates of 94.97% and 51.89% for 2025 and 2026 [4][20]

证券代码：300737 证券简称：科顺股份 公告编号：2024-041 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 关于举行 2023 年度网上业绩说明会的公告 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"）2023 年年度报 告及摘要已于 2024 年 4 月 30 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（http://www.cninfo.com.cn）。为便于广大投 资者更深入全面地了解公司情况，公司定于 2024 年 5 月 13 日（星期 一）15:00-17:00 在全景网举行 2023 年度网上业绩说明会，本次年 度业绩说明会将采用网络远程的方式举行，投资者可登录全景网"投 资者关系互动平台"（https://ir.p5w.net）参与本次年度业绩说明 会。 出席本次说明会的人员有：董事、总裁方勇先生，董事、董事会 秘书毕双喜先生，董事、财务负责人卢嵩先生，独立董事谭有超先生。 为充分尊重投资者、提升交 ...

Financial Performance - The company reported a net profit attributable to shareholders of -337.60 million yuan, primarily due to credit impairment losses and asset impairment losses totaling 761.74 million yuan[5]. - The company's operating revenue for 2023 was approximately ¥7.94 billion, representing a 3.70% increase compared to ¥7.66 billion in 2022[29]. - The net profit attributable to shareholders for 2023 was approximately -¥337.6 million, a decrease of 289.40% from a profit of ¥178.2 million in 2022[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -¥428.3 million, a decline of 1,091.66% compared to ¥43.1 million in 2022[29]. - The net cash flow from operating activities for 2023 was approximately ¥191.8 million, down 18.47% from ¥235.3 million in 2022[29]. - The total assets at the end of 2023 were approximately ¥13.78 billion, an increase of 9.03% from ¥12.64 billion at the end of 2022[29]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥5.03 billion, a decrease of 10.38% from ¥5.62 billion at the end of 2022[29]. - The basic earnings per share for 2023 was -¥0.29, compared to ¥0.15 in 2022, reflecting a decrease of 293.33%[29]. - The diluted earnings per share for 2023 was also -¥0.29, down 293.33% from ¥0.15 in 2022[29]. - The weighted average return on net assets for 2023 was -6.34%, a decline of 9.65% from 3.31% in 2022[29]. Market Trends and Industry Outlook - The company's main business revenue growth has slowed down, aligning with the overall trend in the construction waterproofing industry, as the real estate sector faces reduced demand[6]. - The total production of waterproof materials in China is projected to be 3.059 billion square meters in 2023, a year-on-year decrease of 11.5%[10]. - The cumulative main business income of large-scale waterproof building materials enterprises nationwide decreased by 6.1% year-on-year, totaling 77.585 billion yuan[10]. - The waterproofing industry in China is projected to see a total output of 3.059 billion square meters in 2023, a decline of 11.5% year-on-year[40]. - The demand for waterproof materials is projected to significantly increase due to ongoing public infrastructure projects, contributing an annual market increment of over 10 billion RMB[47]. - The new mandatory national standard for waterproof engineering, effective from April 1, 2023, specifies clear requirements for design lifespan, material thickness, and construction processes, driving up demand for waterproof materials[48]. - The market concentration in the waterproof industry is anticipated to rise as smaller, low-quality firms face survival pressures, while leading companies with strong brand recognition and quality will benefit[49]. - The construction industry's shift towards centralized procurement is likely to favor leading waterproof material companies, further enhancing market concentration[49]. Strategic Initiatives and Partnerships - The company plans to continue expanding its market presence while focusing on cost reduction and efficiency improvement to stabilize operations[9]. - The company has a long-term strategic partnership with major state-owned enterprises and large non-real estate companies, maintaining its position as a preferred supplier in the industry[9]. - The company has been recognized as the second preferred supplier in the waterproof materials category by the China Real Estate Association for 11 consecutive years[9]. - The company has established long-term strategic partnerships with major enterprises, including China State Construction and Huawei, and has been recognized as a preferred supplier for 12 consecutive years in the top 500 real estate companies in China[70]. - The company has established partnerships with over 3,200 distributors across 31 provinces, enhancing its market presence and distribution efficiency[69]. Research and Development - The company has a research and development team of nearly 500 people and has been recognized as a key high-tech enterprise under the National Torch Program, showcasing its leading innovation capabilities[78]. - The company has launched nearly 60 new projects in 2023, with multiple new products achieving mass production[98]. - The company is investing in R&D, allocating 5% of its revenue towards new technology development[185]. - The company emphasizes continuous R&D investment to innovate and upgrade waterproof materials, collaborating with top universities to enhance core competitiveness[137]. - The company has received 72 patent applications in 2023, with 46 patents granted, including 38 invention patents[99]. Operational Efficiency and Cost Management - The company has maintained a stable operating cash flow for several years, with sufficient monetary funds and credit limits, and a reasonable debt-to-asset ratio[9]. - The company plans to implement comprehensive cost reduction measures and improve supply chain management to stabilize raw material supply and reduce procurement costs[148]. - The company has implemented a centralized procurement model to manage raw material costs effectively, including strategic reserves and futures hedging for key materials[68]. - The company aims to maintain stable profitability amidst fluctuations in upstream raw material prices and intensified market competition[140]. - The company will closely monitor raw material price fluctuations and utilize strategic reserves to mitigate procurement cost risks[152]. Governance and Compliance - The company emphasizes the importance of a strong governance structure to ensure compliance with legal and regulatory requirements[158]. - The board of directors consists of 8 members, including 4 independent directors, complying with legal and regulatory requirements[160]. - The supervisory board is composed of 3 members, including 1 employee representative, adhering to legal and regulatory standards[161]. - The company has established a performance evaluation and incentive mechanism for directors, supervisors, and senior management to enhance governance efficiency[162]. - The company ensures timely, accurate, and complete information disclosure, with designated media for announcements[164]. Employee Management and Development - The total number of employees at the end of the reporting period is 3,854, with 1,574 in the parent company and 2,280 in major subsidiaries[199]. - The professional composition includes 1,266 production personnel, 1,481 sales personnel, 476 technical personnel, 156 financial personnel, and 475 administrative personnel[199]. - The company has established a comprehensive insurance system to provide special benefits and protect employee rights[200]. - The compensation system is based on job value, individual capability, and performance evaluation, allowing for flexible salary adjustments[200]. - A multi-dimensional and long-term incentive mechanism is being gradually established to provide competitive compensation for employees[200].

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,485,098,885.06, a decrease of 20.43% compared to ¥1,866,362,110.59 in the same period last year[3] - Net profit attributable to shareholders was ¥52,732,211.62, down 9.20% from ¥58,075,501.19 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥23,452,583.86, a significant decline of 42.64% from ¥40,883,376.81 in the previous year[3] - Net profit for Q1 2024 was ¥50,994,831.70, a decline of 12.0% from ¥57,843,231.75 in Q1 2023[22] - Total operating costs for Q1 2024 were ¥1,415,365,335.64, down 20.4% from ¥1,776,398,992.20 year-over-year[21] - Research and development expenses for Q1 2024 were ¥47,340,139.46, down 29.0% from ¥66,510,017.76 in the previous year[21] - The company reported a significant increase in other income to ¥17,225,886.03, compared to ¥8,100,282.01 in the same quarter last year[22] Cash Flow - The net cash flow from operating activities was -¥977,142,580.83, representing a decrease of 48.65% compared to -¥657,364,364.24 in the same period last year[3] - Total cash inflow from operating activities was 1,307,846,982.22, down from 1,588,391,348.65, representing a decrease of about 17.6%[26] - Cash outflow from operating activities increased to 2,284,989,563.05 from 2,245,755,712.89, showing a rise of approximately 1.7%[26] - The net cash flow from investing activities was 277,794,328.32, a significant improvement from -116,753,454.47 in the previous period[26] - Cash inflow from investing activities totaled 440,132,662.07, compared to 5,612,876.89, marking a substantial increase[26] - Cash outflow from investing activities rose to 162,338,333.75 from 122,366,331.36, reflecting an increase of about 32.6%[26] - The net cash flow from financing activities was 332,537,963.01, up from 272,150,263.08, indicating an increase of approximately 22.2%[27] - Total cash inflow from financing activities was 670,487,278.63, compared to 593,251,325.45, representing an increase of about 13.0%[27] - The ending balance of cash and cash equivalents was 1,629,493,144.00, up from 1,404,319,707.97, showing an increase of approximately 16.0%[27] - The company reported a cash and cash equivalents net decrease of -366,810,289.50, compared to -502,521,289.11 in the previous period, indicating an improvement[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,381,643,072.15, down 2.89% from ¥13,780,575,635.03 at the end of the previous year[3] - The company's total liabilities decreased to ¥8,247,453,124.14 from ¥8,665,431,418.60 at the beginning of the period, reflecting a reduction of 4.8%[19] - The total current liabilities decreased from CNY 1,515,681,555.95 to CNY 1,408,399,240.85, indicating a reduction of about 7.1%[17] - The total equity attributable to shareholders increased to ¥5,045,266,605.05 from ¥5,033,823,848.47, showing a slight growth of 0.2%[19] Shareholder Information - The company reported a total of 34,431 common shareholders at the end of the reporting period[9] - The largest shareholder, Chen Weizhong, holds 27.03% of the shares, with 318,260,362 shares pledged[9] Share Repurchase - The company repurchased a total of 17,530,700 shares, representing 1.49% of the total share capital, with a total transaction amount of CNY 99,972,614.28[14] - The maximum repurchase price was CNY 6.72 per share, while the minimum was CNY 4.21 per share[14] - The company plans to increase the total repurchase amount from a range of CNY 5,000,000 to CNY 10,000,000 to a new range of CNY 10,000,000 to CNY 20,000,000[13] - The company adjusted the purpose of its share repurchase plan to include cancellation and reduction of registered capital[14] Inventory and Receivables - The inventory increased to CNY 552,155,364.23 from CNY 441,920,060.87, marking an increase of approximately 24.9%[17] - The accounts receivable rose to CNY 4,310,011,888.61 from CNY 4,118,738,675.18, reflecting an increase of about 4.6%[16] Other Information - The company has not made any adjustments to previous accounting data and has not issued new shares or conducted any capital increases during the reporting period[4] - The company has resumed control over its subsidiary Fengze Co., which was previously excluded from the consolidated financial statements[14] - The company continues to focus on cost control and efficiency improvements in response to declining revenues and profits[22]