科顺股份2024年半年报点评：防水结构调整推进，毛利率实现修复

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company released its 2024 semi-annual report, with performance in line with expectations. The waterproof structure adjustment continues to advance, leading to structural improvement and cost reduction, which aids in the recovery of gross margin. The amortization has weakened, and the expense ratio has improved, with a significant enhancement in cash collection ratio. The company also announced a mid-term dividend for the first time [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 3.471 billion yuan, a decrease of 19.96% year-on-year. The net profit attributable to the parent company was 94 million yuan, an increase of 54.90% year-on-year. The non-recurring net profit was 42 million yuan, a decrease of 21.90% year-on-year. For Q2 2024, revenue was 1.986 billion yuan, down 19.61% year-on-year, while net profit increased by 1527% to 41 million yuan [4][5]. - The company adjusted its EPS forecasts for 2024-2026 to 0.19, 0.30, and 0.39 yuan, respectively, and lowered the target price to 6.65 yuan based on a PE of 35X for comparable companies [4]. Business Operations - The waterproof business generated revenue of 3.329 billion yuan in H1 2024, a decrease of approximately 18.6%. The declines in revenue were attributed to cyclical industry factors, reduced downstream demand, and the company's cautious approach to controlling shipments to high-risk customers. However, retail is expected to maintain a high growth rate [4]. - The gross margin for H1 2024 was 23.45%, an increase of 2.71 percentage points year-on-year, benefiting from continuous optimization of revenue and product structure, as well as cost reduction measures in management, formulation, and production [4]. Cash Flow and Dividends - The cash collection ratio improved significantly, reaching 92.50% in H1 2024, an increase of 9.99 percentage points year-on-year. The company also increased cash payments to suppliers, reducing the proportion of bill settlements, which led to a significant increase in cash payments for raw material procurement [4]. - The company announced a mid-term dividend of 0.8 yuan per 10 shares, with a payout ratio of 96%, totaling approximately 90.21 million yuan [4].