经营活动现金流同比改善。2025H1 公司经营活动产生的现金流量净额为-5.61 亿元，上年同期为-14.3 亿元，经营性现金流有所改善，主要系公司收现比有所提升，同时公司优化供应商付款方式、减少采购 支出所致。公司中期拟每10 股派发现金股利0.5 元（含税），分红率118%。 盈利预测与投资评级：公司作为防水头部企业，在行业下行压力下积极调整优化渠道和客户结构，同时 降本增效和风险管控，提升经营质量和盈利能力，公司年中进行了部分渠道和产品的提价，预计有望对 下半年的盈利修复产生积极影响；另外公司积极探索第二增长曲线，公告与专业投资机构设立产业并购 基金，主要投资于新材料、新科技等领域，推动公司转型升级。考虑到信用减值损失的影响，我们调整 公司2025-2026年并新增2027 年归母净利润预测为1.68/2.73/3.26 亿元（2025-2026 年前值为3.18/4.86 亿 元），对应PE 分别为34X/21X/18X。考虑到地产需求降幅有望收窄及公司主动调价和调整渠道结构， 公司盈利能力和经营质量有望改善，维持公司评级为"增持"评级。 风险提示：下游房地产行业波动的风险；原材料价格剧烈波动的风险； ...

固收：转债下跌后的应对策略 20250902 摘要 转债估值已回调，若股市震荡或上行，部分转债性价比凸显，或优于三 月末，尤其 90-100 平价区间股性强转债，当前价格约 125 元，与年初 机器人/AI 行情相近，具备反弹潜力。 高溢价率转债回调幅度大，主要集中于前期热门和新增基金涌入领域。 股性转债溢价率已脱离极值，债性转债仍偏贵。剩余期限三年内、余额 大于 50 亿的大票资产估值压缩明显，或存投资机会。 中国制造业中上游周期产业（钢铁、光伏等）及新兴消费领域景气度改 善，若股市向好且成交量维持在 2.5-3 万亿，将利好底部资产定价，转 债或有反弹空间，但需关注增量资金动向。 选择转债应关注低估值因子、低拥挤度、偏股性（无强赎压力、低溢价 率）资产，以及钢铁、光伏等反内卷细分行业，这些行业预期乐观但转 债溢价率偏低，有望表现出色。 文泰公司是功率半导体龙头，汽车业务占比 60%，半导体业务毛利率 37%，净利率 15%。受益于汽车行业需求增长和欧洲汽车补库周期， 预计三季度经营改善，文泰转债价格相对便宜，同平价溢价率较低，预 计未来有较强的向上预期。 Q&A 近期转债市场出现下跌，您对这一现象有何看法 ...

内容概要：自粘卷材是一种新型防水材料，具有低温柔性、自愈性、及粘结性能好的特点，可常温施 工、施工速度快、符合环保要求。随着城市综合管廊、新基建及水利工程建设规模扩大，自粘卷材凭借 施工便捷性成为首选方案。从产量来看，2015年中国自粘卷材行业产量达到4.02亿平方米，到了2024年 行业产量增长至14.77亿平方米。预计未来随着科技的不断进步，自粘卷材的性能不断提升，如抗老 化、抗紫外线、抗渗透等性能的优化，使得其应用范围更加广泛，进一步推动行业产量增长。 相关上市企业：东方雨虹（002271）、科顺股份（300737）、凯伦股份（300715）、三棵树 （603737）、北新建材（000786）、中国建筑（601668）、华润置地（01109）、中国中铁 （601390）、中国铁建（601186）、高新发展（000628）等。 相关企业：深圳市卓宝科技股份有限公司、寿光市世邦防水材料有限公司、浙江宏成建材有限公司、山 东科信防水材料有限公司、潍坊市华美新型防水材料有限公司、山东跃旭防水材料有限公司、潍坊骏泰 防水材料有限公司、广东金皮夫防水科技有限公司等。 关键词：自粘卷材行业产业链、自粘卷材行业产量、石 ...

事件：科顺股份发布2025 年中报，25H1 实现营收/归母净利/扣非归母净利32.2/0.5/-0.1 亿元，同 比-7.2%/-50%/转亏。经营性净现金流-5.6 亿元，同比+8.9亿元。单Q2 实现营收/归母净利/扣非归母净利 18.3/0.1/-0.4 亿元，同比-8.1%/-84.3%/转亏，经营性净现金流-1.8 亿元，同比+2.8 亿元。公司拟每股派 发0.05 元（含税），对应公告日股息率1.0%。 需求疲软背景下，经营持续调整。 行业需求疲软背景下，公司主动调整业务结构，稳定产品价格体系，收紧信用政策，加强客户风险前置 管理，推动高质量发展。单Q2 收入同比-8.1%，相较Q1降幅扩大。分产品看，25H1 防水卷材/防水涂 料/工程施工实现营收16.5/8.7/5.6亿元，同比-9.8%/-9.2%/+2.4%；减隔震类产品/其他主营业务实现营收 0.6/0.8亿元，同比+39.4%/-14.6%。 收入结构优化+强化降本提效，毛利率改善。 25H1 公司毛利率24.7%，同比+1.2pcts，主要系公司持续优化收入结构，不断开发高端市场和优质项 目，毛利率较高的海外业务、零售业务实现快速 ...

格隆汇9月1日丨飞鹿股份(300665.SZ)于投资者互动平台表示，引水隧道对于防水材料的抗渗性要求很 高，当前公司具有防水板等防水材料可以应用于引水隧洞建设。对于雅鲁藏布江墨脱水电工程项目，公 司正积极开展前期市场调研工作。 ...

格隆汇9月1日丨飞鹿股份(300665.SZ)于投资者互动平台表示，公司自主研发的防水材料能用于水利水 坝建筑物表面的防水防护处理，防渗材料能用于水利水坝建筑物的防渗漏处理，防腐产品可应用于钢结 构部分。 对于雅鲁藏布江墨脱水电工程项目，目前公司正在积极开展前期市场调研工作，公司参与的 具体业务项目信息请以公司根据信息披露法规要求披露的定期报告及公告为准。 ...

Core Viewpoint - The company reported a decline in revenue for H1 2025, but a significant increase in net profit, indicating a mixed performance amid ongoing industry price competition [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.22 billion yuan, a year-over-year decrease of 7.23%, while net profit attributable to shareholders was 46.96 million yuan, up 49.98% year-over-year [1]. - The second quarter saw revenue of 1.83 billion yuan, down 8.10% year-over-year but up 30.83% quarter-over-quarter [1]. - The comprehensive gross margin for H1 2025 was 24.68%, an increase of 1.23 percentage points year-over-year, attributed to an optimized revenue structure and increased high-end market sales [2]. Group 2: Revenue Structure and Cost Management - Revenue from waterproof membranes and coatings decreased by 9.79% and 9.15% respectively, while construction business revenue increased by 2.36% [2]. - The company’s operating expenses ratio was 18.06%, up 0.74 percentage points year-over-year, with sales expenses increasing due to enhanced market development efforts [2]. - Financial expenses decreased by 49.56% year-over-year, primarily due to reduced interest expenses [2]. Group 3: Strategic Initiatives - The company established a 240 million yuan investment in a 481 million yuan industrial merger fund to target cutting-edge technology sectors, aiming to drive innovation and efficiency [3]. - The company is focusing on the renovation of old residential areas to capture demand in the home decoration materials market, reinforcing its leading position in the waterproof materials sector [3]. Group 4: Profit Forecast and Valuation - The company revised down its net profit forecasts for 2025-2027 by 27.65%, 10.23%, and 4.31% to 184 million, 330 million, and 433 million yuan respectively [4]. - The target price was adjusted to 5.81 yuan, based on a 35 times PE valuation for 2025, reflecting a higher valuation average among comparable companies [4].

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 5.81 [7][9]. Core Views - The company reported a revenue of RMB 3.22 billion for H1 2025, a year-on-year decrease of 7.23%, and a net profit attributable to shareholders of RMB 46.96 million, down 49.98% year-on-year. The second quarter saw a revenue of RMB 1.83 billion, a year-on-year decline of 8.10% but a quarter-on-quarter increase of 30.83% [1][7]. - The decline in revenue is attributed to ongoing price competition in the industry and slow recovery in pricing by leading companies. However, with the narrowing decline in new construction area, demand for waterproof materials is expected to stabilize [1][2]. Summary by Sections Revenue and Profitability - The revenue structure for H1 2025 showed a decline in sales of waterproof rolls and coatings by 9.79% and 9.15% respectively, while construction services increased by 2.36%. The overall gross margin improved to 24.68%, up 1.23 percentage points year-on-year, due to optimized revenue structure and increased sales in high-end markets [2][3]. - The company’s gross margin for waterproof materials was 28.17%, an increase of 2.70 percentage points year-on-year, while the margin for construction services was 7.67%, down 6.11 percentage points [2]. Financial Health - The company’s expense ratio for H1 2025 was 18.06%, up 0.74 percentage points year-on-year, with a significant reduction in financial expenses by 49.56% due to decreased interest payments. The net profit margin was 1.46%, down 1.25 percentage points year-on-year [3]. - The company’s asset-liability ratio stood at 69.4%, an increase of 5.5 percentage points year-on-year, while accounts receivable decreased by 7.48% to RMB 4.36 billion [3]. Strategic Initiatives - The company has established an industrial merger and acquisition fund with a total scale of RMB 481 million to invest in cutting-edge technology, aiming to drive innovation and improve efficiency. This move is in response to the market's shift towards renovation and upgrading of existing housing stock [4]. - The company is focusing on a strategy prioritizing civil construction, which is expected to capture the demand for renovation materials in the home decoration market, thereby reinforcing its leading position in the waterproof materials sector [4]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been revised downwards by 27.65%, 10.23%, and 4.31% respectively, with expected profits of RMB 184.29 million, RMB 330.45 million, and RMB 432.95 million [5][12]. - The company is assigned a PE ratio of 35 times for 2025, leading to an upward adjustment of the target price to RMB 5.81 [5].

Group 1 - The core point of the article is that Keshun Co., Ltd. (SZ 300737) held its 16th meeting of the 4th board of directors on August 28, 2025, to review the semi-annual report and summary for 2025 [1] - For the first half of 2025, Keshun's revenue composition was as follows: waterproof materials accounted for 78.2%, waterproof engineering construction accounted for 17.31%, and other businesses accounted for 4.49% [1]

Core Viewpoint - Karen Co., Ltd. (300715) reported a mixed performance in its 2025 mid-year financial results, with a decline in total revenue but a significant increase in net profit and profitability metrics [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.148 billion yuan, a decrease of 5.92% year-on-year [1] - Net profit attributable to shareholders reached 25.81 million yuan, an increase of 232.48% year-on-year [1] - Gross margin improved slightly to 22.75%, up 0.48% year-on-year, while net margin surged to 3.69%, reflecting a 477.66% increase [1] - The company reported a significant increase in earnings per share (EPS) to 0.07 yuan, a rise of 250.00% year-on-year [1] Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 159 million yuan, accounting for 13.83% of revenue, down 16.3% year-on-year [1] - Selling expenses decreased by 25.63% due to reduced employee compensation [9] - Administrative expenses fell by 15.53% due to lower office, travel, and business entertainment costs [10] - Financial expenses decreased by 22.93% as a result of reduced interest expenses [11] Cash Flow and Asset Management - Operating cash flow per share improved to 0.13 yuan, a year-on-year increase of 116.63% [1] - The company experienced a 29.13% decrease in cash and cash equivalents, attributed to the cash acquisition of a 51% stake in Jiazhi Color [1] - Contract assets increased by 37.18% due to increased waterproof engineering and the consolidation of Jiazhi Color [2] - Inventory surged by 200.7% as a result of the consolidation of Jiazhi Color's inventory [2] Debt and Liabilities Overview - Interest-bearing liabilities decreased by 24.03% to 2.019 billion yuan [1] - Contract liabilities rose by 92.26% due to increased uncompleted waterproof engineering payments and the consolidation of Jiazhi Color [5] - Lease liabilities increased significantly by 308.7% due to increased operating lease agreements [6] Business Model and Historical Performance - The company's business model relies heavily on marketing-driven strategies, which require careful examination of underlying factors [14] - Historical performance shows a median Return on Invested Capital (ROIC) of 11.07%, with three years of losses since its listing [13]