科顺股份：行业需求承压，毛利率底部回升

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of approximately 7.94 billion yuan in 2023, representing a year-on-year growth of 4%, while the net profit attributable to shareholders was approximately -340 million yuan, a decline of 289% year-on-year [8]. - In Q1 2024, the company achieved a revenue of 1.49 billion yuan, a year-on-year decrease of 20%, with a net profit of approximately 50 million yuan, down 9% year-on-year [8]. - The company demonstrated resilience with revenue growth against industry headwinds, as the waterproofing industry faced a significant decline in demand, with total production down 11.5% year-on-year [8]. - The gross margin showed signs of recovery, reaching approximately 21.2% in 2023, with a notable increase in the gross margin for waterproof coatings, which rose by 5.6 percentage points [8]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 79.44 billion yuan, with a gross profit of 16.82 billion yuan, resulting in a gross margin of 21% [19]. - The company’s operating profit was -442 million yuan, with a net profit of -343 million yuan [19]. - For 2024, the expected net profits are approximately 400 million yuan and 610 million yuan for 2025, corresponding to valuation multiples of 18 and 12 times, respectively [11]. Industry Context - The waterproofing industry is under pressure, with a significant decline in overall market size due to falling prices and reduced demand [8]. - The company has adapted its channel strategy, increasing its dealer network to over 3,200 partners across 31 provinces, with dealer revenue now accounting for over 50% of total revenue [8]. Cash Flow and Receivables - The company has shown continuous improvement in cash collection ratios over the past three years, with a cash collection ratio of 1.04 in 2023 [9]. - As of the end of 2023, accounts receivable and notes were approximately 4.16 billion yuan, a decrease of about 700 million yuan year-on-year [9].