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； ...

Investment 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]

证券研究报告 | 2025年09月02日 公司持续优化收入结构和降本控费，盈利能力呈改善趋势，反内卷带动 头部企业积极提价，后续仍有提升空间，考虑供给格局持续优化，公司 作为头部企业未来有望进一步受益，同时公司已启动海外设厂计划，并 于报告期内完成马来西亚生产基地建设，海外市场有望逐步贡献增量。 考虑国内整体需求持续疲软，下调盈利预测，预计 25-27 年 EPS 为 0.13/0.24/0.34 元 / 股 （ 0.18/0.30/0.42 元 / 股 ） ， 对 应 PE 为 38.2/21.5/15.2x，预计随着增长逐步回归正轨，盈利有望进一步修复， 维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,944 | 6,829 | 6,501 | 7,056 | 7,732 | | (+/-%) | 3.7% | -14.0% | -4.8% | 8.5% | 9.6% | | 净利润(百万元) | -338 | 44 | ...

证券研究报告 | 2025年09月02日 科顺股份（300737.SZ） 优于大市 2025 中报点评：毛利率同比修复， 步改善盈利 收入同比承压，减值计提影响利润。2025H1 公司实现营收 32.2 亿元，同比 -7.2%，其中防水卷材/防水涂料/防水工程施工分别实现收入 16.5/8.7/5.6 亿元，同比-9.8%/-9.2%/+2.4%，实现归母净利润 0.47 亿元，同比-50.0%， 扣非归母净利润-0.14 亿元，同比-132.9%，EPS 为 0.04 元/股，并拟 10 派 0.5 元（含税），其中非经常性损益 0.61 亿元，同比增加 0.09 亿元，主因 应收减值计提冲回。Q2 单季度实现营收 18.3 亿元，同比-8.1%，归母净利润 0.06 亿元，同比-84.3%，扣非归母净利润-0.36 亿元，同比-300.0%，受下 游需求下滑以及公司主动调整业务结构、收紧信用体系影响，收入同比下滑， 同时减值计提同比仍有一定增加，业绩同步承压。 毛利率延续改善，费用摊薄有所减弱。2025H1 实现综合毛利率 24.7%，同比 +1.2pp，其中 Q1、Q2 单季度毛利率分别为 24.4%/ ...

每经AI快讯，东方雨虹（SZ 002271，收盘价：11.76元）8月29日晚间发布关于公司控股股东部分股份 解除质押的公告。公告称，公司近日接到公司控股股东、实际控制人李卫国先生函告，获悉李卫国先生 所持有本公司的部分股份办理了解除质押手续。 公告显示，本次解除质押股份数量为600万股。 截至本公告日，李卫国及其一致行动人李兴国累计质押股数约为3.78亿股，合计占其所持股份比例为 70.22%。 2025年1至6月份，东方雨虹的营业收入构成为：防水材料销售占比69.71%，砂浆粉料占比14.71%，其 他占比8.39%，防水工程施工业占比6.26%，其他业务占比0.94%。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 截至发稿，东方雨虹市值为281亿元。 （记者 王可然） ...

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33] Core Views - The company has actively adjusted its business structure to control risks, leading to a steady improvement in profitability and quality. Despite revenue pressure, the significant reduction in credit impairment losses has contributed to turning a profit [3][8][33] - The company reported a revenue of 6.83 billion yuan in 2024, a year-on-year decrease of 14.0%, with a net profit attributable to shareholders of 44 million yuan, compared to a loss of 338 million yuan in the previous year [8][33] - The company plans to distribute a dividend of 0.3 yuan per share for 2024, with total dividends amounting to 422 million yuan [8] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.4 billion yuan, down 6.1% year-on-year, with a net profit of 41 million yuan, a decrease of 23.2% [8] - The gross margin for 2024 was 21.8%, an increase of 0.6 percentage points year-on-year, benefiting from lower raw material prices and internal cost reduction efforts [2][3] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 320 million yuan in 2024, up 64.5% year-on-year [3][28] Financial Forecasts - The company’s earnings per share (EPS) are projected to be 0.18, 0.30, and 0.42 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 25.4, 15.4, and 11.1 [33][34] - The total revenue is expected to slightly increase to 6.86 billion yuan in 2025, with a projected growth rate of 0.5% [34] Cash Flow and Risk Management - The company has strengthened its cash collection and risk control measures, leading to a continuous recovery in cash flow. The accounts receivable and notes totaled 4.09 billion yuan at the end of 2024, a decrease of 70 million yuan year-on-year [3][28] - The asset-liability ratio stood at 64.6%, reflecting a manageable level of debt [3][28]

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]