Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][15]. Core Views - The company reported a revenue of 13.569 billion yuan in the first half of 2025, a year-on-year decline of 10.84%, and a net profit attributable to shareholders of 564 million yuan, down 40.16% year-on-year [2]. - The report highlights an increase in the proportion of revenue from channel sales and a significant push in overseas expansion [2]. - The company is focusing on enhancing its brand perception among end consumers through the launch of a new service brand targeting the C-end market [2]. Financial Performance Summary - Revenue and Net Profit: The company’s total revenue is projected to grow from 28.056 billion yuan in 2024 to 35.858 billion yuan in 2027, with a compound annual growth rate (CAGR) of 11.3% [4]. - Earnings Per Share (EPS): The EPS is expected to increase from 0.05 yuan in 2024 to 0.89 yuan in 2027, reflecting a significant recovery after a projected drop in 2025 [4]. - Profitability Ratios: The gross margin is expected to improve from 25.8% in 2024 to 28.6% in 2027, indicating better cost management and pricing strategies [9]. Revenue Breakdown - Sales Channels: In the first half of 2025, retail and engineering channels contributed 51 billion yuan and 63 billion yuan to revenue, respectively, with channel sales accounting for 84.06% of total revenue [2]. - Product Categories: Revenue from waterproof membranes, coatings, and mortar products showed declines, but new product categories demonstrated resilience with a 46.97% increase in revenue from engineering construction [2]. Strategic Initiatives - Global Expansion: The company is accelerating its overseas supply chain and channel development, with significant operations established in the US, Saudi Arabia, Malaysia, and Canada [2]. - New Service Brand: The launch of the "Yuhong" brand aims to enhance consumer engagement and drive collaboration with manufacturers [2]. Investment Recommendations - The report projects EPS for 2025-2027 at 0.58, 0.70, and 0.89 yuan per share, with corresponding price-to-earnings (PE) ratios of 19x, 16x, and 13x [2][4]. - A target price of 14.5 yuan per share is set based on a 25x PE for 2025, reflecting the company's potential for recovery and growth despite current market challenges [2].

| 其 | | | | | | 晨会纪要 | | --- | --- | --- | --- | --- | --- | --- | | 他 研 | 2025 年 | 09 月 | 05 日 | | | 开源晨会 0905 | | 究 | | | | | | ——晨会纪要 | | | 沪深300 | | 及创业板指数近1年走势 | | | 吴梦迪（分析师） | | | | 沪深300 | | | 创业板指 | wumengdi@kysec.cn 证书编号：S0790521070001 | | | 120% 90% | | | | | 观点精粹 | | | 60% 30% | | | | | 总量视角 | | 晨 | 0% | | | | | 【固定收益】债券市场收益率下行趋势或改变——固收专题-20250904 | | 会 纪 | -30% 2024-09 | 2025-01 | | 2025-05 | | 行业公司 | | 要 | 数据来源：聚源 | | | | | 【食品饮料】中报综述：传统消费微光渐明，新消费繁花正盛——行业投资策略 | | | | 昨日涨跌幅前五行业 | | | | -20250904 ...

人民财讯9月4日电，近日，东方雨虹（002271）与中建三局石膏板、轻钢龙骨品类2025战略集采合作签 约仪式在武汉进行。东方雨虹将充分发挥在石膏板领域"技术研发-智能制造-场景服务"的全产业链优 势，中建三局则依托规划设计、投资开发、基建设施、房建总包"四位一体"及覆盖全国的工程集采网络 与数字化供应链管理优势，共同构建"需求牵引供给、供给创造需求"的动态平衡机制。 ...

格隆汇9月4日｜开源证券研报指出，东方雨虹2025H1实现归母净利润5.6亿元，同比-40.2%；单Q2看， 公司实现归母净利润3.7亿元，环比+93.4%。2025H1公司业绩承压。分产品看，2025H1公司防水卷材/ 涂料/砂浆粉料/工程施工业务分别实现收入55.1/39.5/20.0/8.5亿元，同比-8.8%/-17.1%/-6.2%/-32.3%，海 外布局加速，2025H1境内/境外分别实现收入129.9/5.8亿元，同比-12.3%/+42.1%，休斯敦生产研发物流 基地项目建设持续推进，天鼎丰中东生产基地项目正式动工并快速推进建设进度，天鼎丰加拿大生产研 发物流基地正式开工启建，马来西亚生产研发物流基地产线顺利完成首次试生产。2025H1公司资产负 债率为47.55%，长期处于较低水平，凸显长期投资价值。考虑到稳地产政策支持房地产企稳回升，公 司持续建设海外布局，维持"买入"评级。 ...

天眼查工商信息显示，9月3日，宁波市鄞开雨虹建材科技有限公司成立，法定代表人为吴飞，注册资本 1000万人民币，经营范围包括隔热和隔音材料销售、建筑工程机械与设备租赁、建筑工程用机械销售 等。股东信息显示，该公司由宁波长丰新农村开发建设有限公司、东方雨虹、宁波奕恒商贸有限公司共 同持股。 ...

2025.09. 04 本文字数：1660，阅读时长大约3分钟 作者 | 第一财经 周斌 A股上市公司中报披露收官后，外资机构二季度末持仓动向也随之浮现。 Wind数据显示，截至今年二季度末， QFII（合格境外机构投资者）合计重仓1145家A股公司，持股市值超1400亿元。 从持仓市值来看，进入QFII持仓市值前十的个股分别是宁波银行、南京银行、生益科技、上海银行、紫金矿业、西安银行、京东方A、豪威集团 （603501.SH）、九号公司-WD（689009.SH）、东方雨虹。 其中，持仓市值最高的宁波银行为361.63亿元。其次是南京银行，为231.94亿元。生益科技为95.5亿元。另外，京东方A的持仓市值较上期减少 5482.93万元至14.68亿元。 从持仓动向来看，今年二季度QFII新进个股813只，增持个股173只，减持126只个股，还有33只个股的持股数量保持不变。 从重仓股的行业分布来看，二季度QFII对机械、硬件设备、化工、电气设备等板块的调仓动作明显，银行、纺织服装、有色金属等获得增持数量较 多，同时新进了工业贸易与综合、电信服务板块，而煤炭、建材等板块则整体遭到不同程度减持。 QFII新进 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

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 ...

建材行业策略周报 建筑材料 证券研究报告 行业投资策略周报 / 2025.09.01 投资评级:看好(维持) 最近 12 月市场表现 -4% 6% 17% 28% 39% 49% 建筑材料 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 陈琳云 SAC 证书编号：S0160524120005 chenly03@ctsec.com 相关报告 | 1. 《AI 服务器渗透加速，特种电子布需求 | | --- | | 放量》 2025-09-01 | | 2. 《建材行业策略周报》 2025-08-24 | | 3. 《建材行业策略周报》 2025-08-17 | H1 业绩分化，关注消费建材和水泥补涨 核心观点 ❖ 风险提示：宏观环境波动风险、行业竞争加剧、地产及基建开工不及预期。 请阅读最后一页的重要声明！ ❖ 消费建材 H1 业绩分化，三棵树展现强 alpha：1H2025 业绩分化，涂 料行业竞争格局优化、公司 alpha 显著，三棵树业绩好于其他细分行业企业。 2Q2025 地产仍有承压，1-7 月地产竣工/销售面积同比-16.5 ...

Market Overview - On September 1, the renovation and building materials sector rose by 0.01% compared to the previous trading day, with Kexin New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in the Sector - Kexin New Materials (833580) closed at 17.19, up 17.42% with a trading volume of 142,500 shares and a transaction value of 228 million yuan [1] - Beijing Lier (002392) closed at 8.83, up 9.96% with a trading volume of 540,400 shares and a transaction value of 46.9 million yuan [1] - Other notable gainers include Yabao Ceiling (002718) up 2.85%, and Puren Co. (002225) up 2.26% [1] Top Losers in the Sector - Beixin Building Materials (000786) closed at 26.27, down 1.61% with a trading volume of 178,000 shares [2] - Sankeshu (603737) closed at 47.93, down 1.50% with a trading volume of 55,400 shares [2] - Other notable losers include Zhongtie Assembly (300374) down 1.29%, and Ruitai Technology (002066) down 0.92% [2] Capital Flow Analysis - The renovation and building materials sector experienced a net outflow of 171 million yuan from institutional investors, while retail investors saw a net inflow of 101 million yuan [2] - Speculative funds had a net inflow of 69.83 million yuan into the sector [2]