Investment Rating - The investment rating for the company is "Recommended" [1][10] Core Views - The company has shown continuous improvement in gross margin and is actively engaging in dividend distribution and share buybacks to reward the market [1][10] - The company reported a revenue of 6.83 billion yuan in 2024, a year-on-year decrease of 14.0%, but managed to turn a profit with a net profit of 0.4 billion yuan [5][10] - The gross margin improved by 0.6 percentage points to 21.8% in 2024, attributed to stable sales prices and reduced operating costs through technological innovation [8][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 68.3 billion yuan, down 14.0% year-on-year, while the net profit was 0.4 billion yuan, marking a turnaround from losses [5][10] - The fourth quarter of 2024 saw a revenue decline of 0.6% to 16.9 billion yuan, with a net profit of -0.8 billion yuan [5] - For Q1 2025, revenue decreased by 6.1% to 14.0 billion yuan, and net profit fell by 23.2% to 0.4 billion yuan [5] Margin and Cost Management - The gross margin for 2024 was 21.8%, an increase of 0.6 percentage points, due to stable sales prices and reduced costs [8][10] - The company has focused on transforming retail channels and expanding engineering channels amidst a declining demand in the waterproofing industry [8][10] Cash Flow and Shareholder Returns - The company generated a net cash flow from operating activities of 3.2 billion yuan in 2024, an increase from 1.9 billion yuan in the previous year [9] - A total of 7.8 billion yuan is planned for dividends and share buybacks in 2024, with a cash dividend of 3 yuan per 10 shares [9][10] Future Outlook - The company is expected to see a recovery in net profit, with projections of 2.0 billion yuan in 2025 and 3.3 billion yuan in 2026 [10] - The gross margin is anticipated to improve further, supported by a decline in raw material costs due to falling oil prices [8][10]

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].

证券研究报告 科顺股份 (300737 CH) 毛利率小幅修复，股息率大幅提升 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 其他建材 | 科顺股份 2024 年实现营收 68.29 亿元（yoy-14.04%），归母净利 4407.10 万元（yoy+113.05%）。符合公司此前发布的业绩预告。1Q25 公司实现收 入 13.95 亿元，同比-6.06%，归母净利 4050 万元，同比-23.19%，我们推 测或主因 1Q25 以来整体开复工节奏偏缓，使用靠近开工端的防水材料类需 求仍承压，但预计随着专项债陆续到位，外部关税扰动下，基建投资、内需 提振加码，有望推动公司需求回暖，维持"增持"。 收入受新开工不佳扰动，毛利率呈现小幅修复趋势 2024 年 公 司 防 水 卷 材 / 防 水 涂 料 / 防 水 工 程 业 务 分 别 实 现 收 入 35.55/17.87/12.14 亿元，同比-15.38%/-5.68%/-17.45%，我们推测卷材业 务收入同比下降或受新开工不佳导致产品需求偏弱、行业 ...

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 5.74 [7][8]. Core Insights - The company achieved a revenue of RMB 6.829 billion in 2024, a year-on-year decrease of 14.04%, while the net profit attributable to shareholders was RMB 44.07 million, an increase of 113.05% year-on-year [1]. - The overall gross margin showed a slight recovery, reaching 21.77% in 2024, up by 0.60 percentage points year-on-year, with the gross margins for waterproof rolls, coatings, and projects at 19.23%, 33.67%, and 11.42% respectively [2]. - The company is actively promoting the transfer of debt-receivable properties to ensure asset safety, with a net value of these properties increasing by 107% year-on-year to RMB 5.31 billion by the end of 2024 [3]. Summary by Sections Revenue and Profitability - In 2024, the revenue from waterproof rolls, coatings, and projects was RMB 35.55 billion, RMB 17.87 billion, and RMB 12.14 billion respectively, reflecting declines of 15.38%, 5.68%, and 17.45% year-on-year [2]. - The company’s comprehensive gross margin for Q1 2025 was 24.43%, benefiting from a slight decrease in costs and efficiency improvements [2]. Financial Performance - The company’s expense ratio increased to 19.49% in 2024, up by 2.91 percentage points year-on-year, primarily due to reduced revenue scale affecting dilution capacity [3]. - The net cash flow from operating activities for 2024 was RMB 316 million, a year-on-year increase of 64.5% [3]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are adjusted to RMB 0.23, RMB 0.33, and RMB 0.41 respectively, reflecting a downward revision of 12% and 21% for 2025 and 2026 [4]. - The company is assigned a price-to-earnings (PE) ratio of 25 times for 2025, with a target price of RMB 5.74, down from the previous estimate of RMB 6.56 [4].

Core Viewpoint - The company reported a turnaround in profitability for 2024, with a significant increase in cash dividends, indicating potential long-term investment value [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 6.829 billion yuan, a year-on-year decrease of 14.04%, while net profit attributable to shareholders was 44 million yuan, marking a return to profitability [1] - The company's non-recurring net profit was -253 million yuan, with a year-on-year loss reduction of 40.93% [1] - For Q1 2025, the company reported revenue and net profit attributable to shareholders of 1.395 billion yuan and 41 million yuan, respectively, reflecting year-on-year declines of 6.06% and 23.19% [1] Group 2: Margin and Cost Management - The company's gross margin for 2024 was 21.77%, an increase of 0.60 percentage points year-on-year, while the expense ratio was 19.49%, up 2.64 percentage points [3] - In Q1 2025, the gross margin and expense ratio were 24.43% and 18.32%, respectively, showing improvements in profitability and cost control [3] - The company reduced asset and credit impairment losses to 310 million yuan in 2024, a decrease of 513 million yuan year-on-year, contributing to a net profit margin of 0.46%, up 4.78 percentage points [3] Group 3: Market Dynamics and Future Outlook - The company’s revenue from waterproofing materials, coatings, and construction services in 2024 was 3.56 billion, 1.79 billion, and 1.21 billion yuan, respectively, with year-on-year changes of -15.4%, -5.7%, and -17.5% [2] - The gross margins for these segments were 19.2%, 33.7%, and 11.4%, with slight improvements in the materials sales business due to a focus on profit and favorable raw material price trends [2] - The company is expected to enhance its market share in the waterproofing industry, with projected net profits for 2025-2027 of 210 million, 300 million, and 420 million yuan, respectively [4]

现金分红大幅提升，盈利能力&现金流稳步向好 24 年减值冲回较多利润，现金分红大比例提升 公司报告 | 年报点评报告 科顺股份（300737） 证券研究报告 公司发布 24 年报&25 年一季报，24 年公司实现营业收入 68.29 亿元，同比 -14.04%，实现归母净利润 0.44 亿元，同比扭亏为盈，扣非归母净利润-2.53 亿元，亏损同比收窄 40.93%。单季度看，25Q1 公司收入、归母净利润分 别为 13.95、0.41 亿元，同比分别-6.06%、-23.19%，24 年公司利润实现转 正，我们判断一方面由于 24 年公司毛利率有一定程度的改善，另一方面则 由于公司单项计提的应收款项减值准备转回增加导致非经常性损益显著增 加，信用减值损失同比显著减少，冲回了较多利润。24 年公司计划现金分 红金额（含 24H1 中期分红）合计达 4.22 亿元，现金分红比例高达 957%， 截至 4 月 24 日收盘对应股息率高达 8.07%，关注公司中长期投资价值。 原材料价格下行或给盈利能力提供支撑 分业务来看，24 年公司防水卷材、防水涂料、防水工程施工分别实现营收 35.6、17.9、12.1 亿元， ...

Core Viewpoint - Company Keshun Co., Ltd. announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 3 yuan per 10 shares, which amounts to a total cash payout of 333 million yuan, representing 755.58% of its net profit, with a dividend yield of 5.81% based on the average trading price for the year [2][3]. Company Distribution History - The company has a history of six cash distributions since its listing, with the latest being 3 yuan per 10 shares for 2024, totaling 333 million yuan and a yield of 5.81% [2][3]. - Previous distributions include: - 0.8 yuan per 10 shares in June 2024, totaling 8.9 million yuan, with a yield of 1.56% - 0.5 yuan per 10 shares in December 2022, totaling 5.8 million yuan, with a yield of 0.41% - 1.5 yuan per 10 shares in December 2020, totaling 9.5 million yuan, with a yield of 0.75% - 0.5 yuan per 10 shares in December 2018, totaling 3.1 million yuan, with a yield of 0.35% - 0.5 yuan per 10 shares in December 2017, totaling 3.1 million yuan [3]. Financial Performance - For the fiscal year 2024, Keshun Co., Ltd. reported a revenue of 6.829 billion yuan, a year-on-year decrease of 14.04% - The net profit reached 44.071 million yuan, showing a significant year-on-year increase of 113.05% - Basic earnings per share were reported at 0.04 yuan, with a weighted average return on equity of 0.89% [2][3]. Industry Context - In the building materials sector, Keshun Co., Ltd. is among 38 companies that announced their 2024 distribution plans - The highest cash distribution in the sector was reported by Conch Cement, with a payout of 3.747 billion yuan, followed by Dongfang Yuhong and Beixin Building Materials, with payouts of 2.221 billion yuan and 1.461 billion yuan, respectively [4][5].

证券代码：300737 证券简称：科顺股份 公告编号：2025-025 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 关于召开2024年年度股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 各位股东： 兹定于 2025 年 5 月 16 日 14:00 召开科顺防水科技股份有限公司 2024 年年度股东大会，现将有关事项通知如下： 一、会议召开基本情况 （一）股东大会届次 本次会议为公司 2024 年年度股东大会 （二）召集人 本次股东大会的召集人：公司董事会 （三）会议召开的合法性、合规性 经公司第四届董事会第十三次会议审议通过，决定召开 2024 年 年度股东大会，本次股东大会的召开符合有关法律、行政法规、部门 规章、规范性文件及《公司章程》的规定。 （四）会议召开日期和时间 现场会议召开时间：2025 年 5 月 16 日 14:00 网络投票日期和时间：通过深圳证券交易所系统进行网络投票的 时间为：2025年5月16日9:15—9:25，9:30—11:30 ...

科顺防水科技股份有限公司 第四届监事会第六次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：300737 证券简称：科顺股份 公告编号：2025-010 债券代码：123216 债券简称：科顺转债 一、会议召开情况 科顺防水科技股份有限公司（以下简称"公司"）第四届监事会 第六次会议于 2025 年 4 月 24 日在公司会议室以现场和通讯方式召开， 会议通知已于 2025 年 4 月 14 日发出。本次会议应出席的监事 3 人， 实际出席并参与表决的监事 3 人，会议由监事会主席黎粤洋先生主持， 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的有 关规定。 二、会议表决情况 经参会监事审议，依法表决，本次会议审议通过了以下议案： （一）审议通过《关于 2024 年度监事会工作报告的议案》 公司监事会主席黎粤洋先生代表监事会作 2024 年度监事会工作 报 告 ， 具 体 内 容 详 见 公 司 同 日 披 露 于 巨 潮 资 讯 网 （http://www.cninf ...