科顺股份：2024年半年报点评：收入端承压、盈利端改善，中期分红率较高

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]