Keshun(SZ:300737) Soochow Securities·2025-09-03 03:00Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company is experiencing revenue pressure, but there is an improvement in gross margin and operational quality [8] - The company is actively adjusting its business structure and enhancing customer risk management in response to declining demand and increased competition [8] - The company has implemented price increases for certain channels and products, which is expected to positively impact profitability in the second half of the year [8] - The company is exploring a second growth curve by establishing an industrial merger and acquisition fund focused on new materials and technologies [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 3.22 billion yuan, a year-on-year decrease of 7.23%, with a net profit attributable to shareholders of 47 million yuan, down 49.98% year-on-year [8] - The gross margin for H1 2025 was 24.68%, an increase of 1.23 percentage points year-on-year, driven by optimization of revenue and product structure [8] - The company reported a net cash flow from operating activities of -561 million yuan in H1 2025, an improvement from -1.43 billion yuan in the same period last year [8] - The company plans to distribute a cash dividend of 0.5 yuan per share (including tax), with a dividend payout ratio of 118% [8] Earnings Forecast and Valuation - The company’s projected net profit for 2025-2027 is adjusted to 168 million, 273 million, and 326 million yuan respectively, with corresponding P/E ratios of 34X, 21X, and 18X [8] - The company’s revenue is expected to decline by 14.04% in 2024, followed by a decrease of 4.99% in 2025, before recovering in subsequent years [9]