证券代码：300737 证券简称：科顺股份 公告编号：2024-047 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 5、经核查，在股票异常波动期间，公司控股股东、实际控制人 未买卖公司股票； 关于公司股票交易异常波动的公告 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、股票交易异常波动的具体情况 科顺防水科技股份有限公司（以下简称"公司"）股票连续 3 个 交易日（2024 年 5 月 15 日、2024 年 5 月 16 日、2024 年 5 月 17 日） 收盘价格涨幅偏离值累计超过 30%，根据《深圳证券交易所交易规则》 的相关规定，属于股票交易异常波动情况。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司董事会通过书面方式对控股股 东、实际控制人就相关事项进行了核查，现对有关核实情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了与公司相关且市场关注度较 高的信息； 3、近期公司经营情况正常，内外部经营环 ...

证券代码：300737 证券简称：科顺股份 公告编号：2024-046 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2023年年度股东大会的提示性公告 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"）第三届董事会 第二十九次会议审议通过《关于提请召开公司 2023 年年度股东大会 的议案》，公司定于 2024 年 5 月 21 日下午 14:00 召开公司 2023 年年 度股东大会。公司已于 2024 年 4 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn）披露了《关于召开 2023 年年度股东 大会通知的公告》（公告编号：2024-043）。为保护广大投资者的合法 权益，方便各位股东行使股东大会表决权，现将会议有关事项再次提 示如下： 一、会议召开基本情况 （一）股东大会届次 本次会议为公司 2023 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 ...

Group 1: Company Performance and Market Position - The company's market value has shrunk by 80% over the past two years, leading to management's deep reflection and commitment to improve performance for investors [2] - The company reported a net profit of 52.73 million yuan in Q1 2024, indicating a potential recovery from previous losses [6] - The company has recognized credit impairment losses totaling 7.62 billion yuan and asset impairment losses of 0.61 billion yuan, primarily due to the ongoing downturn in the real estate market [4] Group 2: Investor Relations and Communication - The company aims to enhance investor relations by increasing communication through various channels, including performance briefings and investor receptions [1] - The management acknowledges the need for improved market visibility and is committed to strengthening brand image and operational performance [1] Group 3: Risk Management and Financial Strategy - The company has implemented measures to assess and manage bad debt risks associated with accounts receivable, focusing on improving collection processes and reducing overdue accounts [2] - The company plans to maintain a strict policy of reducing accounts receivable and enhancing cash flow efficiency [4] Group 4: Research and Development Initiatives - The company is actively developing new materials and optimizing existing products to enhance market competitiveness, including exploring upstream raw material technologies [3] - The company emphasizes the integration of technology and innovation in its operations, aiming to develop high-performance, environmentally friendly waterproof materials [6] Group 5: Future Outlook and Strategic Plans - The company is focused on expanding its market share by enhancing distribution channels and targeting state-owned enterprises and high-quality clients [7] - The company plans to accelerate its globalization strategy, particularly in Southeast Asia and regions aligned with the Belt and Road Initiative [6]

Summary of Conference Call Transcript Company and Industry Involved - The discussion revolves around a manufacturing company involved in the production of goods, with a focus on capacity and operational efficiency. Core Points and Arguments - The company is currently operating at a capacity of approximately 120% to 130% under strong order conditions, indicating robust demand for its products [1] - The establishment of satellite factories is aimed at addressing capacity shortfalls in the western region and improving national production layout [1] - The company has successfully set up nearly 10 satellite factories across the country, suggesting a strategic expansion to enhance production capabilities [1] Other Important but Possibly Overlooked Content - The mention of satellite factories highlights the company's proactive approach to scaling operations and meeting market demand, which may present potential investment opportunities [1]

Investment Rating - The investment rating for the company is "Buy" [8][48]. Core Views - The company reported a slight revenue growth of 3.7% year-on-year in 2023, achieving a revenue of 7.94 billion yuan, but faced a net loss attributable to shareholders of 338 million yuan, primarily due to significant credit impairment losses [21][48]. - The company is expected to improve its profitability as it has released some of the impairment risks, and with ongoing cost control measures, profitability is anticipated to recover [48]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 7.94 billion yuan, with a year-on-year increase of 3.7%. However, the net profit attributable to shareholders was -338 million yuan, a significant decline from the previous year's profit of 178 million yuan [21][48]. - The first quarter of 2024 saw a revenue of 1.49 billion yuan, down 20.4% year-on-year, with a net profit of 53 million yuan, a decrease of 9.2% [21][48]. Profitability Metrics - The gross margin for the company in 2023 was 21.2%, remaining stable year-on-year, while the operating expense ratio increased slightly to 16.9% [28][31]. - The company reported a net margin of 3.4% in Q1 2024, an improvement of 2.2 percentage points year-on-year [31]. Cash Flow and Balance Sheet - The net cash flow from operating activities for 2023 was 190 million yuan, a decrease of 18.5% year-on-year. In Q1 2024, the company experienced a net cash outflow of 980 million yuan [45][51]. - As of the end of 2023, the total accounts receivable and other receivables amounted to 4.99 billion yuan, a decrease of 580 million yuan year-on-year [45]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected to be 0.26, 0.34, and 0.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17.7, 13.7, and 11.3 times [48].

Investment Rating - The investment rating for the company is "Recommended" [5][10]. Core Views - The company reported a revenue of 7.94 billion yuan in 2023, a year-on-year increase of 3.7%, but incurred a net loss attributable to shareholders of 0.34 billion yuan, compared to a profit of 0.18 billion yuan in the previous year [4][10]. - In Q1 2024, the company achieved a revenue of 1.49 billion yuan, a year-on-year decrease of 20.4%, with a net profit of 0.05 billion yuan, down 9.2% year-on-year [4][10]. - The company has fully recognized impairment losses, which is expected to alleviate market concerns regarding accounts receivable [4][10]. Financial Summary - The company’s total market capitalization is 5.4 billion yuan, with a circulating A-share market value of 4.1 billion yuan [3]. - The company’s total share capital is 1,177 million shares, with a net asset per share of 4.34 yuan [3]. - The asset-liability ratio stands at 61.6% [3]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2024 and 2025 is 0.22 billion yuan and 0.35 billion yuan, respectively, with a new forecast for 2026 at 0.42 billion yuan [10]. - The current market capitalization corresponds to a price-to-earnings ratio (P/E) of 24 times for 2024, 16 times for 2025, and 13 times for 2026 [10]. Product and Channel Performance - The revenue breakdown for 2023 shows that waterproof membranes accounted for 53%, waterproof coatings for 24%, waterproof engineering construction for 19%, and seismic isolation products for 4% [7]. - The company plans to continue expanding its dealer network, which currently accounts for over 50% of revenue, to penetrate untapped markets and enhance sales strategies [7]. Cash Flow and Operational Efficiency - The operating cash flow ratio improved by 4.9 percentage points to 104% in 2023, while the cash payment ratio increased by 8.5 percentage points to 109% [7]. - The net cash flow from operating activities for Q1 2024 was -0.98 billion yuan, a decline of 0.32 billion yuan year-on-year [7].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [3][12][13]. Core Insights - The company experienced a significant decline in net profit due to high impairment losses in 2023, but there are expectations for marginal improvement in 2024 as market conditions stabilize [9][12]. - The waterproofing materials and construction segments showed steady growth, with a potential for improved profitability due to declining raw material prices [2][10]. - The company has opportunities to enhance its market share in the waterproofing industry, particularly following recent favorable policies in the real estate sector [12][10]. Financial Performance Summary - In 2023, the company reported revenue of 7,944.39 million yuan, a year-on-year increase of 3.7%, but a net profit attributable to shareholders of -337.60 million yuan, reflecting a significant decline of 289.47% [9][24]. - The gross margin for the waterproofing materials segment was 21.2% in 2023, slightly down from the previous year, but there is an expectation for improvement in 2024 due to lower raw material costs [11][10]. - The company's cash flow from operations was 1.92 billion yuan in 2023, a decrease of 0.43 billion yuan from the previous year, primarily due to increased cash payments for raw material purchases [11][23]. Market Position and Future Outlook - The waterproofing industry remains fragmented, and the company is expected to leverage its channel advantages to increase market share following new regulations [12][10]. - Forecasted net profits for 2024, 2025, and 2026 are 2.1 billion yuan, 3.0 billion yuan, and 3.9 billion yuan respectively, indicating a recovery trajectory [12][24]. - The company’s ability to control costs and improve cash flow remains a critical area for future performance enhancement [2][11].

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]