Group 1: Financial Performance - The company achieved a net profit of 44.071 million yuan in 2024, a 113.05% increase compared to the previous year [6] - Operating cash flow increased by 64.52% year-on-year in 2024 [2] - The company has implemented measures to optimize its financial structure, including improved accounts receivable management and cost reduction strategies, resulting in a 0.9 percentage point increase in gross margin [2] Group 2: Business Strategy - The company is focusing on diversifying its channels, with the real estate procurement ratio currently below 15% [1] - Future growth will be driven by expanding non-real estate business, particularly in large infrastructure projects and overseas markets, especially in Southeast Asia [7] - The company plans to enhance its product offerings and reduce costs to improve profitability [7] Group 3: Market Conditions - The decline in crude oil prices positively impacts the company's profitability by reducing the cost of key raw materials like asphalt [4] - The waterproofing industry is expected to see significant demand due to government policies promoting housing renovations and infrastructure projects, with a projected increase in waterproofing needs [9] - The company is well-positioned to capitalize on the growing demand in the maintenance market for older buildings [9] Group 4: Risk Management - The company has established systems to prevent the misuse of funds by major shareholders, including strict approval processes for related transactions [8] - Independent directors regularly review compliance with these systems to ensure shareholder interests are protected [8] - The company maintains a strong liquidity position with approximately 3.4 billion yuan in cash as of the end of 2024, indicating no funding pressure [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33] Core Views - The company has actively adjusted its business structure to control risks, leading to a steady improvement in profitability and quality. Despite revenue pressure, the significant reduction in credit impairment losses has contributed to turning a profit [3][8][33] - The company reported a revenue of 6.83 billion yuan in 2024, a year-on-year decrease of 14.0%, with a net profit attributable to shareholders of 44 million yuan, compared to a loss of 338 million yuan in the previous year [8][33] - The company plans to distribute a dividend of 0.3 yuan per share for 2024, with total dividends amounting to 422 million yuan [8] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.4 billion yuan, down 6.1% year-on-year, with a net profit of 41 million yuan, a decrease of 23.2% [8] - The gross margin for 2024 was 21.8%, an increase of 0.6 percentage points year-on-year, benefiting from lower raw material prices and internal cost reduction efforts [2][3] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 320 million yuan in 2024, up 64.5% year-on-year [3][28] Financial Forecasts - The company’s earnings per share (EPS) are projected to be 0.18, 0.30, and 0.42 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 25.4, 15.4, and 11.1 [33][34] - The total revenue is expected to slightly increase to 6.86 billion yuan in 2025, with a projected growth rate of 0.5% [34] Cash Flow and Risk Management - The company has strengthened its cash collection and risk control measures, leading to a continuous recovery in cash flow. The accounts receivable and notes totaled 4.09 billion yuan at the end of 2024, a decrease of 70 million yuan year-on-year [3][28] - The asset-liability ratio stood at 64.6%, reflecting a manageable level of debt [3][28]

Core Viewpoint - The company experienced a decline in revenue for 2024, with a 14% year-on-year decrease, while net profit showed a significant increase of 113% year-on-year, indicating a potential improvement in operational efficiency despite challenging market conditions [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.8 billion, a 14% decrease year-on-year, with a net profit of approximately 44 million, reflecting a 113% increase year-on-year [1]. - The first quarter of 2024 saw revenue of 1.4 billion, down 6% year-on-year, and a net profit of 40 million, down 23% year-on-year [1]. - The company's gross margin improved to approximately 21.8% for 2024, up 0.6 percentage points year-on-year, primarily due to stable sales prices and reduced unit costs [3]. Group 2: Market Conditions - The waterproofing industry remains under significant pressure in 2024, with total production of waterproof materials in China declining by 17% year-on-year, and a cumulative decline of 38% compared to the historical peak in 2021 [2]. - The company's main business revenue decreased by 12%, with specific declines in waterproof membrane revenue (15%), waterproof coating revenue (6%), and engineering construction revenue (17%) [2]. Group 3: Strategic Initiatives - The company has implemented a multi-brand distribution strategy targeting different market segments, establishing long-term partnerships with over 3,200 distributors [2]. - In 2024, the company began exploring overseas markets, contributing approximately 2% to total revenue [2]. - Some fundraising projects have been postponed, with the company extending the timeline for certain expansion projects to the end of 2028 due to declining terminal demand and production efficiency improvements [4]. Group 4: Cash Flow and Debt Management - The company's operating cash flow has shown gradual improvement, with a cash collection ratio of 1.08 in the past three years, indicating better revenue structure [3]. - By the end of 2024, accounts receivable and notes amounted to 4.1 billion, slightly down from the end of 2023, while the net cash flow from operating activities was 320 million [3].

科顺股份 20250428 摘要 • 科顺股份 2024 年调整业务结构，主动放弃低毛利和长账期项目，地产和 市政基建收入下降，但海外、B 端、经销及工商项目收入占比提升，整体 毛利率和现金流改善，净利润扭亏为盈至 4,000 多万元，现金流增至 3 亿 多元。 • 2025 年一季度，科顺股份收入降幅收窄至 6%，C 端和海外业务分别增长 30%和 60%，毛利率达近两年较高水平 24.几，现金流大幅改善至负 3 亿 多元。公司计划民建保持 40%高增长，公建经销实现正增长，直销稳中略 增，市政基建严格风控。 • 科顺股份海外市场虽基数小，但增长迅速，2024 年增长 60%至 2.7 亿元。 董事长直接管理海外业务，加强人员配置、市场推广和产品投放。2025 年计划在东南亚设产能，与当地伙伴合资，预计海外市场增长接近 80%。 • 工程板块中，工商类项目毛利率最高，地产项目次之，市政项目毛利率最 低且账期长。2025 年一季度毛利率改善主要归因于收入和产品结构优化， 沥青降价预计二季度显现成本优势，沥青价格每下降 10%可提升毛利率约 2.2~2.3 个百分点。 Q&A 请介绍科顺股份 2024 年年报及 ...

Investment Rating - The investment rating for the company is "Recommended" [1][10] Core Views - The company has shown continuous improvement in gross margin and is actively engaging in dividend distribution and share buybacks to reward the market [1][10] - The company reported a revenue of 6.83 billion yuan in 2024, a year-on-year decrease of 14.0%, but managed to turn a profit with a net profit of 0.4 billion yuan [5][10] - The gross margin improved by 0.6 percentage points to 21.8% in 2024, attributed to stable sales prices and reduced operating costs through technological innovation [8][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 68.3 billion yuan, down 14.0% year-on-year, while the net profit was 0.4 billion yuan, marking a turnaround from losses [5][10] - The fourth quarter of 2024 saw a revenue decline of 0.6% to 16.9 billion yuan, with a net profit of -0.8 billion yuan [5] - For Q1 2025, revenue decreased by 6.1% to 14.0 billion yuan, and net profit fell by 23.2% to 0.4 billion yuan [5] Margin and Cost Management - The gross margin for 2024 was 21.8%, an increase of 0.6 percentage points, due to stable sales prices and reduced costs [8][10] - The company has focused on transforming retail channels and expanding engineering channels amidst a declining demand in the waterproofing industry [8][10] Cash Flow and Shareholder Returns - The company generated a net cash flow from operating activities of 3.2 billion yuan in 2024, an increase from 1.9 billion yuan in the previous year [9] - A total of 7.8 billion yuan is planned for dividends and share buybacks in 2024, with a cash dividend of 3 yuan per 10 shares [9][10] Future Outlook - The company is expected to see a recovery in net profit, with projections of 2.0 billion yuan in 2025 and 3.3 billion yuan in 2026 [10] - The gross margin is anticipated to improve further, supported by a decline in raw material costs due to falling oil prices [8][10]

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 ...

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 5.74 [7][8]. Core Insights - The company achieved a revenue of RMB 6.829 billion in 2024, a year-on-year decrease of 14.04%, while the net profit attributable to shareholders was RMB 44.07 million, an increase of 113.05% year-on-year [1]. - The overall gross margin showed a slight recovery, reaching 21.77% in 2024, up by 0.60 percentage points year-on-year, with the gross margins for waterproof rolls, coatings, and projects at 19.23%, 33.67%, and 11.42% respectively [2]. - The company is actively promoting the transfer of debt-receivable properties to ensure asset safety, with a net value of these properties increasing by 107% year-on-year to RMB 5.31 billion by the end of 2024 [3]. Summary by Sections Revenue and Profitability - In 2024, the revenue from waterproof rolls, coatings, and projects was RMB 35.55 billion, RMB 17.87 billion, and RMB 12.14 billion respectively, reflecting declines of 15.38%, 5.68%, and 17.45% year-on-year [2]. - The company’s comprehensive gross margin for Q1 2025 was 24.43%, benefiting from a slight decrease in costs and efficiency improvements [2]. Financial Performance - The company’s expense ratio increased to 19.49% in 2024, up by 2.91 percentage points year-on-year, primarily due to reduced revenue scale affecting dilution capacity [3]. - The net cash flow from operating activities for 2024 was RMB 316 million, a year-on-year increase of 64.5% [3]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are adjusted to RMB 0.23, RMB 0.33, and RMB 0.41 respectively, reflecting a downward revision of 12% and 21% for 2025 and 2026 [4]. - The company is assigned a price-to-earnings (PE) ratio of 25 times for 2025, with a target price of RMB 5.74, down from the previous estimate of RMB 6.56 [4].

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]