科顺股份战略转型显成效，盈利能力与现金流双提升

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].