科顺股份：减值冲回较多利润，盈利能力延续改善

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting an expected return of over 20% within the next six months [5][15]. Core Views - The company has shown a trend of improving profitability, with a significant increase in net profit for Q3 2024, attributed to a reduction in credit impairment losses and a recovery of previously recognized impairment losses [2][4]. - The gross margin for the first three quarters of 2024 is reported at 23.0%, an increase of 1.85 percentage points year-on-year, primarily due to declining raw material prices [3][4]. - The report expresses optimism regarding the stabilization of the real estate market, which is expected to benefit the company by enhancing its market share in the waterproofing industry [5]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 5.136 billion yuan, a year-on-year decrease of 17.7%, while the net profit attributable to shareholders was 126 million yuan, an increase of 53.94% [2]. - The company’s net profit margin for Q1-Q3 2024 stands at 2.33%, up 1.05 percentage points year-on-year [4]. - The cash flow from operations for Q1-Q3 2024 was reported at -1.504 billion yuan, indicating a cash outflow increase of 655 million yuan year-on-year [4][10]. Cost and Expense Analysis - The company’s expense ratio for Q1-Q3 2024 was 17.96%, an increase of 2.39 percentage points year-on-year, with sales, management, and financial expenses all showing absolute increases [4]. - The report notes that the company has made provisions for asset and credit impairment losses totaling 159 million yuan, which is a reduction of 144 million yuan compared to the previous year [4]. Market Outlook - The report highlights the potential for continued improvement in gross margins if the downward trend in raw material prices persists, particularly in the asphalt market [3]. - The anticipated recovery in the real estate sector, supported by government measures, is expected to positively impact the company's performance in the coming years [5].