Core Viewpoint - The company experienced a decline in revenue for 2024, with a 14% year-on-year decrease, while net profit showed a significant increase of 113% year-on-year, indicating a potential improvement in operational efficiency despite challenging market conditions [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.8 billion, a 14% decrease year-on-year, with a net profit of approximately 44 million, reflecting a 113% increase year-on-year [1]. - The first quarter of 2024 saw revenue of 1.4 billion, down 6% year-on-year, and a net profit of 40 million, down 23% year-on-year [1]. - The company's gross margin improved to approximately 21.8% for 2024, up 0.6 percentage points year-on-year, primarily due to stable sales prices and reduced unit costs [3]. Group 2: Market Conditions - The waterproofing industry remains under significant pressure in 2024, with total production of waterproof materials in China declining by 17% year-on-year, and a cumulative decline of 38% compared to the historical peak in 2021 [2]. - The company's main business revenue decreased by 12%, with specific declines in waterproof membrane revenue (15%), waterproof coating revenue (6%), and engineering construction revenue (17%) [2]. Group 3: Strategic Initiatives - The company has implemented a multi-brand distribution strategy targeting different market segments, establishing long-term partnerships with over 3,200 distributors [2]. - In 2024, the company began exploring overseas markets, contributing approximately 2% to total revenue [2]. - Some fundraising projects have been postponed, with the company extending the timeline for certain expansion projects to the end of 2028 due to declining terminal demand and production efficiency improvements [4]. Group 4: Cash Flow and Debt Management - The company's operating cash flow has shown gradual improvement, with a cash collection ratio of 1.08 in the past three years, indicating better revenue structure [3]. - By the end of 2024, accounts receivable and notes amounted to 4.1 billion, slightly down from the end of 2023, while the net cash flow from operating activities was 320 million [3].

科顺股份 20250428 摘要 • 科顺股份 2024 年调整业务结构，主动放弃低毛利和长账期项目，地产和 市政基建收入下降，但海外、B 端、经销及工商项目收入占比提升，整体 毛利率和现金流改善，净利润扭亏为盈至 4,000 多万元，现金流增至 3 亿 多元。 • 2025 年一季度，科顺股份收入降幅收窄至 6%，C 端和海外业务分别增长 30%和 60%，毛利率达近两年较高水平 24.几，现金流大幅改善至负 3 亿 多元。公司计划民建保持 40%高增长，公建经销实现正增长，直销稳中略 增，市政基建严格风控。 • 科顺股份海外市场虽基数小，但增长迅速，2024 年增长 60%至 2.7 亿元。 董事长直接管理海外业务，加强人员配置、市场推广和产品投放。2025 年计划在东南亚设产能，与当地伙伴合资，预计海外市场增长接近 80%。 • 工程板块中，工商类项目毛利率最高，地产项目次之，市政项目毛利率最 低且账期长。2025 年一季度毛利率改善主要归因于收入和产品结构优化， 沥青降价预计二季度显现成本优势，沥青价格每下降 10%可提升毛利率约 2.2~2.3 个百分点。 Q&A 请介绍科顺股份 2024 年年报及 ...

毛利率下行，叠加大额减值拖累，业绩显著承压：24 年公司毛利率为19.9%，同比-2.2pcts，主要系需 求疲软、竞争加剧。期间费用率23.6%，同比+5.3pcts；其中销售/ 管理/ 研发/ 财务费用率分别为 8.8%/6.4%/5.9%/2.6%， 同比+1.6/+2.4/+0.0/+1.3pcts，其中销售费用提升主要系广告宣传费用增加所 致，管理费用提升主要系24 年新设子公司投入运营、抵债资产折旧及处置费用增加所致，财务费用提 升主要系报告期内借款费用化利息增加、存单到期利息收入减少所致。此外，24年信用减值损失4.8亿 元，同比+242.9%。最终销售净利率-22.9%，同比-23.9pcts。24 年经营性净现金流-1.4 亿元，同比-3.3 亿元，主要系以房抵债增加致使收到现金减少。 单Q4 毛利率为8.1%，同比-7.8pcts。期间费用率25.1%，同比+6.1pcts；其中销售/ 管理/ 研发/ 财务费用 率分别为13.4%/4.6%/5.4%/1.8% ， 同比+6.6/-0.4/-0.7/+0.6pcts。加上Q4 信用减值损失4.1 亿元，最终销 售净利率-89.8%，同比-8 ...

| 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 佛山顺德区顺控兴诚投资合伙企业(有限合伙) | 7900.00 | 9.26 | 不变 | | 阮宜宝 | 7580.67 | 8.89 | 不变 | | 陈智忠 | 5329.11 | 6.25 | 不变 | | 科顺防水科技股份有限公司-第一期员工持股计划 | 3678.62 | 4.31 | 不变 | | 陈伟忠 | 3456.51 | 4.05 | 不变 | | 景顺长城中国回报混合A | 2707.21 | 3.17 | -676.16 | | 景顺资源垄断混合A | 2280.45 | 2.67 | -360.74 | | 陈作留 | 1898.96 | 2.23 | 不变 | | 陈华忠 | 1895.43 | 2.22 | 不变 | | 基本养老保险基金一二零二组合 | 1149.58 | 1.35 | 不变 | 三、分红送配方案情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年 ...

Core Viewpoint - Kairun Co., Ltd. is seeking new growth opportunities through a cross-border acquisition of Suzhou Jiazhi Optoelectronics Technology Co., Ltd. amid ongoing losses in its waterproof materials business [1][2] Group 1: Acquisition Details - Kairun plans to acquire 51% of Suzhou Jiazhi for a cash consideration of 483 million yuan, with a three-year cumulative performance commitment of 240 million yuan [1] - The valuation of Suzhou Jiazhi is assessed at 953 million yuan, indicating significant value addition compared to its book net assets [1] - Suzhou Jiazhi, established in 2017, specializes in optical and mechanical testing and production solutions for the display panel, new energy, and semiconductor industries, serving clients like Huawei and OPPO [1] Group 2: Financial Performance and Projections - Suzhou Jiazhi's net profits for 2022 to 2024 are projected at 11.12 million yuan, 58.12 million yuan, and 46.40 million yuan, showing considerable volatility [1] - Kairun's performance commitment requires Suzhou Jiazhi to achieve net profits of no less than 55 million yuan, 75 million yuan, and 111 million yuan from 2025 to 2027, with an average annual growth rate of approximately 40% [1][2] Group 3: Industry Context and Challenges - Kairun has faced continuous losses in its waterproof materials segment, with projected losses of 410 million to 496 million yuan in 2024 due to the real estate sector's downturn [2] - The lack of synergy between the waterproof materials and optoelectronics sectors raises concerns about Kairun's ability to integrate resources and achieve the projected performance [2] - The acquisition is part of a broader capital operation, with the controlling shareholder set to transfer 14.49% of Kairun's shares to the seller, raising potential concerns about the stability of the company's control [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to external demand pressures and strategic decisions to reduce direct sales, while retail and engineering channels showed growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.806 billion, a decrease of 14.5% year-on-year, with net profit attributable to shareholders dropping by 95.2% to 110 million [2]. - The fourth quarter saw revenue of 636 million, down 14.8% year-on-year, with a net loss attributable to shareholders of 1.17 billion [2][3]. - Operating cash flow for the year was 3.46 billion, an increase of 64.4% year-on-year [2]. Group 2: Revenue Breakdown - Retail channel revenue increased by 9.9% to 1.021 billion, accounting for 36.4% of total revenue, driven by product iteration and deeper channel penetration [3]. - Engineering channel revenue grew by 6.7% to 1.335 billion, supported by the promotion of a partner mechanism and product diversification [3]. - Direct sales revenue plummeted by 58.8% to 428 million as the company continued to shrink this segment [3]. Group 3: Profitability and Costs - The company's gross margin for 2024 was 25.8%, down 1.9 percentage points, primarily due to price adjustments and changes in product mix [4]. - The sales expense ratio increased to 10.3%, while management and R&D expense ratios rose to 6.4% and 2.1%, respectively, reflecting the impact of revenue decline [4]. - The net profit margin for the year was 0.3%, a decrease of 6.7 percentage points, influenced by asset impairment losses totaling 1.8 billion [4]. Group 4: Future Outlook - For 2025, the company anticipates improved governance and reduced pledge risks due to high dividends, alongside effective asset disposals that may alleviate remaining impairment risks [5]. - The company expects revenue stabilization and potential growth driven by the civil construction group and continued improvements in operational quality [5]. - Cost reduction and efficiency enhancement measures are anticipated to improve expense ratios, with remaining impairment risks expected to be released within the year [5].

文/梧桐小新 近日，北京东方雨虹防水技术股份有限公司（东方雨虹，002271）发布2024年年报，公司2024年实现营业收入280.56亿元，同比下降14.52%，归母净利润1.08亿 元，同比下降95.25%。值得注意的是，在业绩显著下滑的情况下，东方雨虹却计划实施高分红政策，拟向全体股东每10股派发现金红利18.50元（含税），分红总 额高达44.19亿元。 一、一年两度分红，累计总额58.81亿元 根据2024年年报披露，东方雨虹本次利润分配预案为：以公司现有总股本2,436,315,528股扣除公司回购专户上已回购股份47,615,662股和公司尚未完成回购注销的 股权激励限售股30,750股后的总股本2,388,669,116股为基数，向全体股东每10股派发现金红利18.50元（含税），送红股0股（含税），不以公积金转增股本。此次 分红，公司将派发现金红利44.19亿元。 此外，根据公告显示，2024年上半年，公司已实施了每10股派发现金红利6元（含税）的中期分红方案，合计分红14.62亿元。2024年度累计现金分红总额为58.81 亿元。 二、2024年净利润下降逾95%，为近13年最低 东方雨虹 ...