证券代码：300737 证券简称：科顺股份 公告编号：2024-124 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 第四届董事会第十一次会议决议公告 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 第十一次会议于 2024 年 12 月 26 日在公司会议室以现场和通讯方式 召开，会议通知已于 2024 年 12 月 24 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 议案内容： 为加强公司市值管理工作，切实推动公司投资价值提升，增强投 资者回报，维护投资者利益，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司信息披露管理办法》《上市公司监管 指引第 10 号——市值管理》等法律法规、规范性文件和《科顺防 ...

| 证券代码:300737 | 证券简称:科顺股份 | 公告编号:2024-123 | | --- | --- | --- | | 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、实际控制人及其一致行动人部分股 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"）近日接到控 股股东、实际控制人陈伟忠先生和阮宜宝女士及其一致行动人陈智 忠先生的通知，获悉陈伟忠先生将其所持有本公司的部分股份办理 了质押及解除质押业务，阮宜宝女士将其所持有本公司的部分股份 办理了解除质押业务，陈智忠先生将其所持有本公司的部分股份办 理了质押业务。具体情况如下： 一、股东股份质押及解除质押的基本情况 | | 是否为控 | | 占其 | 占公 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 司 ...

证券时报e公司讯，企查查APP显示，近日，江门市银洲湖科顺建筑材料有限公司成立，法定代表人为 冯碧华，注册资本100万元，经营范围包含：光伏设备及元器件销售；生态环境材料制造；水环境污染 防治服务等。 企查查股权穿透显示，该公司由科顺股份等共同持股。 ...

证券时报e公司讯，深圳阳光采购平台发布《关于特区建工集团参股设立防水建材类高新材料合资公司 可行性研究服务邀请函》。 特区建工集团拟以参股方式，与圣戈班（中国）投资有限公司、科顺股份(300737)及深圳市罗湖投资控 股有限公司合作设立防水建材类高新材料合资公司。 由于本项目为集团产业链拓展项目，且属于与非国有经济主体合资合作无实际控制权的项目，具有一定 的专业性，特区建工集团拟通过邀请询价采购方式选聘专业中介机构对该事项开展可行性研究。 ...

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company's net profit attributable to the parent company increased by 53 94% YoY in the first three quarters of 2024, driven by improved gross margins and cost reductions [1][2] - Revenue declined by 17 7% YoY due to pressure from downstream real estate demand, with new construction area down 22 2% YoY [2] - Gross margin improved by 1 8 percentage points YoY to 23% in the first three quarters of 2024, with potential for further improvement if raw material prices continue to decline [2] - The company's market share is expected to increase as the industry undergoes consolidation, and its competitive advantages are significant [3] Financial Performance - Revenue for the first three quarters of 2024 was RMB 5 136 billion, down 17 7% YoY, while net profit attributable to the parent company was RMB 126 million, up 53 94% YoY [1] - In Q3 2024, revenue was RMB 1 665 billion, down 12 56% YoY, and net profit attributable to the parent company was RMB 32 million, up 51 22% YoY [1] - The company's EPS for 2024-2026 is forecasted to be RMB 0 14, RMB 0 28, and RMB 0 40 per share, respectively, with corresponding P/E ratios of 39x, 21x, and 14x [3] Cost and Expense Analysis - The company's gross margin improved due to lower raw material costs, with modified asphalt prices in East China, South China, and Southwest China down 4%, 1%, and 7% YoY, respectively, in Q4 2024 [2] - The company's expense ratio increased by 2 4 percentage points YoY to 18% in the first three quarters of 2024, with sales, management, and financial expense ratios rising by 1 2, 0 9, and 0 5 percentage points, respectively [3] Industry and Market Position - The company is a leading player in the waterproofing industry, with significant competitive advantages [3] - The industry is expected to undergo consolidation, which could further enhance the company's market share [3]

证券代码：300737 证券简称：科顺股份 公告编号：2024-122 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 关于第一期员工持股计划存续期展期的公告 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。 公司第一期员工持股计划资产管理机构由"中国人寿资产管理有 限公司"变更为公司自行管理，账户由"中国人寿资管－广发银行－ 国寿资产－科顺优势甄选 2156 保险资产管理产品"变更为"科顺防 水科技股份有限公司－第一期员工持股计划"。具体内容详见公司于 2024 年 3 月 15 日在巨潮资讯网（www.cninfo.com.cn）披露的相关 公告。 截至本公告披露日，第一期员工持股计 划持有公司股票 36,786,200 股，占公司目前总股本的 3.31%。 二、员工持股计划存续期延长情况 第一期员工持股计划存续期即将届满，根据《公司第一期员工持 股计划（草案）》的有关规定，基于对公司未来持续发展的信心，维 护第一期员工持股计划持有人的利益，切实发挥员工持股计划实施的 目的和激励作用 ...

证券代码：300737 证券简称：科顺股份 公告编号：2024-121 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 关于不向下修正"科顺转债"转股价格的公告 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。 特别提示： 1、自 2024 年 10 月 17 日至 2024 年 11 月 12 日，公司股票已出 现任意连续三十个交易日中至少有十五个交易日的收盘价格低于当 期转股价的 85%的情形，触发"科顺转债"转股价格的向下修正条款。 2、公司第四届董事会第十次会议审议通过了《关于不向下修正 "科顺转债"转股价格的议案》，公司董事会决定不向下修正"科顺 转债"的转股价格，且自本次董事会审议通过次日起未来六个月内（自 2024 年 11 月 13 日至 2025 年 5 月 12 日），如再次触发"科顺转债" 转股价格向下修正条款，亦不提出向下修正方案。下一触发转股价格 修正条件的期间从 2025 年 5 月 13 日重新起算，若再次触发"科顺转 债"转股价格向下修正条款，届时公司 ...

证券代码：300737 证券简称：科顺股份 公告编号：2024-120 债券代码：123216 债券简称：科顺转债 （一）审议通过《关于不向下修正"科顺转债"转股价格的议案》 议案内容： 自 2024 年 10 月 17 日至 2024 年 11 月 12 日，公司股票已有十五 个交易日的收盘价低于"科顺转债"当期转股价格 7.02 元/股的 85%， 即 5.97 元/股的情形，触发转股价格向下修正条件。 鉴于"科顺转债"距离存续届满期尚远，且综合考虑公司的基本 情况、市场环境、股价走势等因素，以及对公司长期稳健发展与内在 科顺防水科技股份有限公司 第四届董事会第十次会议决议公告 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 第十次会议于 2024 年 11 月 12 日在公司会议室以现场和通讯方式召 开，会议通知已于 2024 年 11 月 11 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 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company, Keshun Co., Ltd. (科顺股份), is a leading player in the waterproofing industry with significant competitive advantages. It has a comprehensive product range and a well-established distribution network, covering over 20,000 points across major economic regions in China [5][8] - In the first three quarters of 2024, the company reported total revenue of 5.14 billion yuan, a year-on-year decrease of 17.7%, while net profit attributable to shareholders reached 130 million yuan, an increase of 53.9% year-on-year. The revenue decline is narrowing, indicating potential recovery [2][17] - The company is focusing on expanding its dealer network and enhancing its market presence, particularly in emerging sectors such as affordable housing and urban renewal, which are expected to drive future revenue growth [2][10] Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 1.67 billion yuan, down 12.6% year-on-year, with a net profit of 30 million yuan, up 51.2% year-on-year. The overall revenue decline is showing signs of stabilization [2][17] - The gross margin improved by 1.9 percentage points to 23.0% in the first three quarters of 2024, driven by market expansion and product optimization efforts [2][18] - The company’s accounts receivable increased by 14.4% to 4.73 billion yuan, primarily due to the consolidation of a subsidiary and credit extensions to certain channel customers [2][18] Market Strategy - The company is actively developing its dealer network and targeting high-quality clients in state-owned enterprises, particularly in infrastructure and industrial construction sectors [2][10] - It is also leveraging new media platforms for marketing and responding to national policies like the Belt and Road Initiative to expand its international market presence [2][10] - The focus on urban renewal and old community renovations is expected to create new demand for waterproofing materials, benefiting the company as a leading player in the industry [10][13] Industry Outlook - The waterproofing industry is characterized by a high concentration of small enterprises, with significant room for consolidation as regulatory standards increase [13][20] - Recent government policies aimed at stabilizing the real estate market and promoting urban renewal are anticipated to support a recovery in downstream demand for waterproofing materials [10][17] - The company is expected to benefit from these trends, with projected revenue growth rates of 10.2% and net profit growth rates of 50.3% for 2025-2026 [2][20]

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company reported a revenue of 5.136 billion yuan for Q3 2024, a decrease of 17.7% year-on-year, while the net profit attributable to shareholders was 126 million yuan, an increase of 54.0% year-on-year [3]. - The revenue decline is improving due to structural adjustments in the business and the gradual recovery of shipments from Fengze [3]. - The gross margin improved year-on-year to 22.19%, an increase of 0.84 percentage points, despite a slight decrease from the previous quarter [3]. - The report anticipates that the overall revenue will continue to maintain a risk control strategy throughout the year [3]. Financial Summary - Revenue for 2022 was 7,661 million yuan, with a forecasted decrease to 6,837 million yuan in 2024, followed by a recovery to 7,399 million yuan in 2025 and 8,134 million yuan in 2026 [1]. - The net profit attributable to shareholders was 178 million yuan in 2022, with a significant loss of 338 million yuan in 2023, expected to recover to 167 million yuan in 2024, and further increase to 243 million yuan in 2025 and 329 million yuan in 2026 [1]. - The earnings per share (EPS) is projected to be 0.15 yuan in 2024, 0.22 yuan in 2025, and 0.29 yuan in 2026 [1]. Target Price - The target price has been raised to 7.00 yuan, up from the previous forecast of 6.56 yuan [5]. Market Position - The company is expected to maintain high growth in the waterproof civil construction sector, while the engineering distribution is slightly declining but with a narrowing decrease [3]. Cost and Profitability - The company’s gross margin is expected to remain stable due to product structure optimization and cost improvements, despite a slight decrease in capacity utilization [3]. - The report indicates that the company has made significant progress in handling credit impairments, with a reduction of approximately 12.7 million yuan in credit impairment losses for Q3 [3]. Valuation Metrics - The current price-to-earnings (P/E) ratio is 36.66, with projections of 39.23 for 2024, 26.89 for 2025, and 19.85 for 2026 [1]. - The price-to-book (P/B) ratio is currently at 1.3 [7]. Shareholder Equity - The total shareholder equity is reported at 4,965 million yuan, with a net asset value per share of 4.43 yuan [7]. Debt and Leverage - The net debt ratio stands at 35.98%, indicating a moderate level of leverage [7]. Conclusion - The report suggests that while the company faces challenges, the adjustments in business structure and recovery in certain segments present potential investment opportunities [3][5].