Keshun(SZ:300737)2022-12-03 09:48Group 1: Company Overview - The company has been in operation for 22 years, facing various opportunities and challenges along the way, and aims to create greater value for society and shareholders in the future [6] - The company focuses on waterproof materials sales and engineering construction, with plans to increase investment in repair services [6] Group 2: Financial Performance - In 2017, the operating cash flow accounted for approximately 50% of net profit, influenced by customer accounts receivable pressure [3] - The company's engineering construction revenue accounted for about 10% of total revenue in 2017, with a direct sales to distribution ratio of approximately 6:4 [5] Group 3: Market Conditions and Strategies - The tightening of funds in the real estate sector due to macroeconomic control has put pressure on the company's accounts receivable [3] - The company has started to adjust prices for some coating products in May 2018 due to rising raw material costs [5] Group 4: Competitive Advantages - The company has significant advantages over competitors, including a strong management team with extensive industry experience and products that exceed national standards in certain areas [4] - The company has a high supply share with many strategic partners, although specific percentages are not publicly disclosed [4]