科顺股份(300737)：下滑收敛 经营优化

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].