科顺股份（300737）：下滑收敛，经营优化

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 6.8 billion yuan in 2024, a year-on-year decline of 14%, while the net profit attributable to shareholders is projected to be approximately 44 million yuan, a year-on-year increase of 113%. However, the non-recurring net profit is expected to be around -250 million yuan [2][4]. - In the first quarter, the company achieved a revenue of 1.4 billion yuan, a year-on-year decline of 6%, with a net profit of 40 million yuan, down 23% year-on-year, and a non-recurring net profit of approximately 20 million yuan, a decline of 4% year-on-year [2][4]. - The waterproof materials industry is under significant pressure in 2024, with a total production of waterproof materials in China expected to decline by 17% year-on-year [11]. Summary by Sections Revenue and Profitability - The company's revenue is expected to decline by 14% in 2024, with the main business revenue decreasing by 12%. Specifically, the revenue from waterproof membranes is expected to drop by 15%, waterproof coatings by 6%, and engineering construction by 17% [11]. - The gross profit margin for 2024 is projected to be around 21.8%, an increase of 0.6 percentage points year-on-year, primarily due to stable sales prices and reduced unit costs [11]. - The first quarter gross profit margin improved to approximately 24.4%, reflecting a significant improvement compared to the previous year [11]. Cash Flow and Financial Health - The company's operating cash flow has shown gradual improvement, with a cash collection ratio of 1.08 in the past three years. The net cash flow from operating activities for 2024 is expected to be 320 million yuan [11]. - The company has delayed some fundraising projects, with 8 billion yuan of the raised funds already utilized as of 2024 [11]. Future Outlook - The company is expected to achieve net profits of approximately 330 million yuan and 500 million yuan in 2025 and 2026, respectively, corresponding to valuation multiples of 16 and 11 times [11].