科顺防水科技股份有限公司（以下简称"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了《关于变更回购 股份用途的议案》，于 2024 年 5 月 24 日召开第四届董事会第二次会 议审议通过了《关于回购注销部分限制性股票的议案》，上述议案经 2024 年 6 月 27 日 2024 年第一次临时股东大会审议通过。公司本次 注销回购股份共 38,708,663 股，占本次注销前公司总股本的 3.2879%。 经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次 38,708,663 股回购股份注销事宜已办理完成。具体内容详见公司于 2024 年 9 月 26 日在巨潮资讯网（www.cninfo.com.cn）披露的相关 公告。 证券代码：300737 证券简称：科顺股份 公告编号：2024-100 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 关于控股股东及其一致行动人持股比例 被动增加超过 1%的公告 公司控股股东陈伟忠及其一致行动人保证向公司提供的信息内容真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 本公司及全体董事保证本公告内容与 ...

| 证券代码:300737 | 证券简称:科顺股份 | 公告编号:2024-097 | | --- | --- | --- | | 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 关于控股股东部分股份质押及解除质押的公告 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。 1、本次股份质押基本情况 2、本次股份解除质押基本情况 | | 是否为控股股东 | 本次质押数 | 占其所持 | 占公司总 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 或第一大股东及 | 量（股） | 股份比例 | 股本比例 | 起始日 | 解除日期 | 质权人 | | | 其一致行动人 | | （%） | （%） | | | | | 陈伟忠 | 是 | 15,400,000 | 5.64 | 1.31 | 2023 年 8 月 24 日 2023 年 | | 国泰君安证券 | | | | | | | | 2024 ...

北京市中伦（深圳）律师事务所 关于科顺防水科技股份有限公司 2024 年第三次临时股东大会的 法律意见书 法律意见书 二〇二四年九月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing o • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于科顺防水科技股份有限公司 致：科顺防水科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东 大会规则》（下称"《股东大会规则》"）等有关法律法规的规定及公司现行章 程（下称"《公司章程》"）的有关规定，北京市中伦（深圳）律师事务所（下 称"本所"）接受科 ...

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。 特别提示： 1.本次股东大会有否决议案的情形，提案 1.00《关于董事会提 议向下修正"科顺转债"转股价格的议案》未经表决通过； 证券代码：300737 证券简称：科顺股份 公告编号：2024-096 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 2024 年第三次临时股东大会决议公告 2.本次股东大会不涉及变更以往股东大会决议的情形； 3.为尊重中小投资者利益，提高中小投资者对公司股东大会决议 事项的参与度，本次股东大会对中小投资者进行单独计票，中小投资 者是指除上市公司董事、监事、高级管理人员以及单独或者合计持有 公司 5%以上股份的股东以外的其他股东。 一、会议召开和出席情况 (一)会议召开情况 1.会议召开日期、时间 （1）现场会议召开时间：2024 年 9 月 12 日下午 15:00 （2）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：2024 年 9 月 12 日 9:15—9:25，9:30—11 ...

证券代码： 300737 证券简称：科顺股份 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投资者关系活动记录表 | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | ☑ 其他（ | 广东辖区上市公司投资者关系管理月活动投资者 | | | 集体接待日） | | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2024 年 9 | （周四） 下午 14:30~16:30 | | 地点 | | 公司通过全景网"投资者关系互动平台"（ https://ir ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company released its 2024 semi-annual report, with performance in line with expectations. The waterproof structure adjustment continues to advance, leading to structural improvement and cost reduction, which aids in the recovery of gross margin. The amortization has weakened, and the expense ratio has improved, with a significant enhancement in cash collection ratio. The company also announced a mid-term dividend for the first time [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 3.471 billion yuan, a decrease of 19.96% year-on-year. The net profit attributable to the parent company was 94 million yuan, an increase of 54.90% year-on-year. The non-recurring net profit was 42 million yuan, a decrease of 21.90% year-on-year. For Q2 2024, revenue was 1.986 billion yuan, down 19.61% year-on-year, while net profit increased by 1527% to 41 million yuan [4][5]. - The company adjusted its EPS forecasts for 2024-2026 to 0.19, 0.30, and 0.39 yuan, respectively, and lowered the target price to 6.65 yuan based on a PE of 35X for comparable companies [4]. Business Operations - The waterproof business generated revenue of 3.329 billion yuan in H1 2024, a decrease of approximately 18.6%. The declines in revenue were attributed to cyclical industry factors, reduced downstream demand, and the company's cautious approach to controlling shipments to high-risk customers. However, retail is expected to maintain a high growth rate [4]. - The gross margin for H1 2024 was 23.45%, an increase of 2.71 percentage points year-on-year, benefiting from continuous optimization of revenue and product structure, as well as cost reduction measures in management, formulation, and production [4]. Cash Flow and Dividends - The cash collection ratio improved significantly, reaching 92.50% in H1 2024, an increase of 9.99 percentage points year-on-year. The company also increased cash payments to suppliers, reducing the proportion of bill settlements, which led to a significant increase in cash payments for raw material procurement [4]. - The company announced a mid-term dividend of 0.8 yuan per 10 shares, with a payout ratio of 96%, totaling approximately 90.21 million yuan [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][15] Core Views - The company is actively adjusting to improve profitability, with a significant increase in gross margin. Despite a continued revenue decline in Q2, the net profit has shown a year-on-year recovery [1][5] - The company is expected to benefit from a continuously improving supply structure as the industry accelerates its clearing process. The company is positioned as a leading player and is likely to gain further advantages in the future [1][12] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 3.47 billion yuan, a year-on-year decrease of 20.0%. The revenue breakdown includes waterproof membranes (1.82 billion yuan, -19.7%), waterproof coatings (0.96 billion yuan, -10.7%), and waterproof engineering construction (0.54 billion yuan, -26.5%). The net profit attributable to shareholders was 94 million yuan, an increase of 54.9% year-on-year [1][5] - The gross margin for H1 2024 was 23.5%, up 2.3 percentage points year-on-year. The gross margins for waterproof membranes, coatings, and engineering construction were 21.0%, 33.9%, and 13.8%, respectively [1][5][12] Cash Flow and Receivables - The company reported a net cash flow from operating activities of -1.43 billion yuan in H1 2024, a decrease in net outflow of 680 million yuan compared to the same period last year. The cash collection ratio improved to 0.92, while the cash payment ratio was 1.46 [1][10] - As of H1 2024, the total accounts receivable and notes receivable amounted to 4.73 billion yuan, a decrease of 990 million yuan year-on-year, indicating improved collection efforts [1][10][12] Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected to be 0.18, 0.28, and 0.39 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 23.7, 15.0, and 10.8 times [1][12][13]

| 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 ...

[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]