Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term growth despite current challenges [1][6]. Core Views - The company experienced a revenue decline of 9.69% year-on-year in H1 2024, with total revenue reaching 15.218 billion. Net profit attributable to the parent company decreased by 29.31% to 0.943 billion [1]. - The retail segment shows resilience with a 7.66% increase in revenue, driven by the construction sector, while the engineering and direct sales channels faced declines [3]. - The company is optimistic about the sand powder category, which is expected to become a new growth curve, supported by an expanded retail network and new supply bases [2]. Revenue and Profit Summary - H1 2024 revenue was 15.218 billion, down 9.69% year-on-year. Q2 alone saw a revenue of 8.069 billion, a 13.77% decline [1]. - The company’s net profit for H1 2024 was 0.943 billion, reflecting a 29.31% decrease, with Q2 net profit at 0.596 billion, down 37.23% [1]. Margin and Cost Analysis - The overall gross margin improved slightly to 29.2% in H1 2024, up 0.32 percentage points year-on-year, with Q2 gross margin at 28.81% [2]. - The company’s expense ratio increased by 2.16 percentage points to 18.60%, impacting net profit margins [4]. Channel Performance - Retail revenue reached 5.438 billion in H1 2024, up 7.66%, while engineering revenue was 6.699 billion, up 9.07%. Direct sales revenue fell significantly by 46.01% to 2.828 billion [3]. - The retail channel, primarily focused on civil construction, saw a 13.23% revenue increase, with nearly 5,000 distributors and 300,000 distribution points [3]. Financial Forecast - The company’s net profit forecast for 2024-2026 has been adjusted to 2.0 billion, 2.3 billion, and 2.66 billion respectively, down from previous estimates [1]. - The projected revenue for 2024 is 31.628 billion, reflecting a 3.64% decline from 2023 [5]. Cash Flow and Financial Health - The company reported a cash outflow of 1.328 billion in H1 2024, an improvement compared to the previous year [4]. - Accounts receivable increased by 2.575 billion to 12.14 billion, with short-term receivables accounting for 64% [4]. Valuation Metrics - The company’s P/E ratio is projected to be 12.76 for 2024, with a P/B ratio of 0.86 and an EV/EBITDA of 3.78 [5][11].

Investment Rating - The report maintains an "Outperform" rating for Oriental Yuhong (002271 SZ) [1][4][11] Core Views - Revenue and profits are under pressure due to declining demand and ongoing channel transformation [1][5] - Channel transformation continues, with accelerated expansion in non-waterproof products and overseas markets [1][7] - Gross margin increased slightly, while expense ratio rose [8] - Q2 operating cash flow turned positive, but impairment provisions still weighed on performance [10] Financial Performance - 2024H1 revenue was RMB 15 22 billion, down 9 7% YoY, with net profit attributable to shareholders of RMB 940 million, down 29 3% YoY [1][5] - Q2 revenue was RMB 8 07 billion, down 13 8% YoY, with net profit attributable to shareholders of RMB 596 million, down 37 2% YoY [1][5] - 2024H1 gross margin was 29 2%, up 0 3pp YoY, while expense ratio increased by 2 2pp to 18 6% [8] - 2024H1 operating cash flow was -RMB 1 33 billion, an improvement from -RMB 3 94 billion in the same period last year, with Q2 turning positive at RMB 560 million [10] Channel and Product Breakdown - Retail/engineering/direct sales channels contributed RMB 5 44/6 70/2 83 billion, up 7 7%/9 1%/-46 0% YoY, accounting for 35 7%/44 0%/18 6% of total revenue [1][7] - Waterproofing rolls/coatings/mortar powder/engineering construction revenue was RMB 6 05/4 76/2 13/1 26 billion, with mortar powder growing 11 7% YoY [1][7] - Domestic/overseas revenue was RMB 14 81/405 million, down 10 1%/up 6 5% YoY [1][7] Future Projections - 2024-2026 EPS is forecasted at RMB 0 79/1 01/1 21 per share, with PE ratios of 13 8/10 7/9 0x [11] - 2024-2026 revenue is projected at RMB 30 728/33 174/35 960 million, with net profit of RMB 1 925/2 473/2 953 million [2][12] - ROE is expected to be 6 5%/7 9%/8 8% for 2024-2026 [2][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has experienced a decline in waterproof materials revenue, while the mortar powder business continues to grow. In the first half of 2024, the company achieved operating revenue of 15.218 billion yuan, a year-on-year decrease of 9.69%. Specifically, the waterproof materials segment generated revenue of 10.808 billion yuan, down 12.62% year-on-year, with a gross margin of 32.13%, an increase of 0.45 percentage points. Conversely, the mortar powder segment reported revenue of 2.128 billion yuan, up 11.76% year-on-year, with a gross margin of 27.46%, a decrease of 0.76 percentage points [1][2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total operating revenue of 15.218 billion yuan, a decline of 9.69% year-on-year. The net profit attributable to shareholders was 943 million yuan, down 29.31% year-on-year [1]. - The company’s revenue from engineering and retail channels reached 12.138 billion yuan, accounting for 79.76% of total revenue, an increase of 8.44% year-on-year [1]. Revenue Breakdown - The waterproof materials business generated 10.808 billion yuan in revenue, a decrease of 12.62% year-on-year, while the mortar powder business achieved 2.128 billion yuan, reflecting an increase of 11.76% year-on-year [1]. - The engineering channel revenue was 6.699 billion yuan, up 9.07% year-on-year, and the retail channel revenue was 5.438 billion yuan, up 7.66% year-on-year, indicating a continuous increase in the proportion of revenue from engineering and retail channels [1]. Future Outlook - The company is accelerating its global expansion, seeking a third growth curve through international research, establishing overseas companies, and expanding overseas channels. The projected revenue growth rates for 2024-2026 are -9.05%, 5.79%, and 11.35%, respectively, with expected revenues of 29.852 billion yuan, 31.579 billion yuan, and 35.164 billion yuan [1][3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's performance is under pressure in the short term, but channel optimization is ongoing [5] - The company reported a revenue of 15.218 billion yuan for the first half of 2024, a year-on-year decrease of 9.69%, and a net profit attributable to shareholders of 943 million yuan, down 29.31% year-on-year [1][2] - The company plans to distribute a cash dividend of 6 yuan per 10 shares to all shareholders [1] Financial Summary - Revenue (million yuan): 31,214 in 2022, 32,823 in 2023, expected 30,098 in 2024, 33,048 in 2025, and 36,485 in 2026 [1] - Net profit attributable to shareholders (million yuan): 2,121 in 2022, 2,273 in 2023, expected 1,874 in 2024, 2,236 in 2025, and 2,643 in 2026 [1] - Year-on-year growth rates for revenue: -2.3% in 2022, 5.2% in 2023, -8.3% in 2024, 9.8% in 2025, and 10.4% in 2026 [1] - Year-on-year growth rates for net profit: -49.5% in 2022, 7.2% in 2023, -17.6% in 2024, 19.3% in 2025, and 18.2% in 2026 [1] - The company's gross margin for the first half of the year was 29.22%, with a net profit margin of 6.11% [2] Business Performance - The company's retail business revenue reached 5.438 billion yuan in the first half of 2024, a year-on-year increase of 7.66%, accounting for 35.74% of total revenue [2] - The company has established over 1,200 service centers and community service stations across 31 provinces and municipalities in China [5] - The company is actively expanding its overseas presence, having set up local companies in multiple countries including Vietnam, Malaysia, and the United States [5]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has shown a commitment to channel transformation, resulting in continuous improvement in cash flow [1] - Despite a decline in revenue and net profit, the company is focusing on retail and engineering growth, with a notable increase in cash flow [1] - The company is positioned as a leader in the waterproofing industry, with expectations for marginal improvements in operations [1] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 15.22 billion yuan, a decrease of 9.7% year-on-year, and a net profit attributable to shareholders of 0.94 billion yuan, down 29.3% year-on-year [1] - The operating cash flow for H1 2024 was -1.33 billion yuan, an improvement of 2.62 billion yuan year-on-year [1] - For Q2 2024, revenue was 8.07 billion yuan, a decline of 13.8% year-on-year, with a net profit of 0.60 billion yuan, down 37.2% year-on-year [1] Product and Channel Analysis - Revenue from waterproof membranes, coatings, mortar, and engineering construction in H1 2024 was 6.05 billion, 4.76 billion, 2.13 billion, and 1.26 billion yuan respectively, with declines in waterproof membranes and coatings but growth in mortar [1] - Retail and engineering channels saw revenue growth of 7.7% and 9.1% respectively, while direct sales and other businesses experienced significant declines [1] Profitability and Cost Management - The overall gross margin for H1 2024 was 29.2%, a slight increase of 0.3 percentage points year-on-year [1] - The expense ratio increased to 18.6%, up 2.2 percentage points year-on-year, primarily due to higher advertising, travel, and employee compensation costs [1] - The net profit margin for H1 2024 was 6.1%, down 1.8 percentage points year-on-year [1] Future Outlook - The company is accelerating channel transformation and focusing on project quality while expanding retail channels [1] - The report suggests monitoring for signs of marginal improvement in operations as the company navigates the current industry downturn [1] - Profit forecasts for 2024-2026 have been adjusted to 1.905 billion, 2.435 billion, and 3.003 billion yuan respectively, reflecting anticipated challenges in demand and competition [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4][5] Core Insights - The company is experiencing steady development in channel transformation, with retail business showing resilience. Despite a decline in revenue and profit, the company is optimistic about future growth due to ongoing projects and new material advancements [4][5]. - The company reported a 20.85% year-on-year decrease in revenue for H1 2024, totaling 12.199 billion yuan, and a 56.87% decline in net profit, amounting to 1.299 billion yuan [4]. - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 2.71 billion, 3.10 billion, and 3.39 billion yuan respectively, reflecting a significant decrease in 2024 but a recovery in subsequent years [4][5]. Financial Performance Summary - For H1 2024, the company achieved revenues of 60.41 billion yuan in Q2, with a quarter-on-quarter decline of 1.9%. The net profit for Q2 was 4.32 billion yuan, down 50.24% from the previous quarter [4]. - The company’s revenue breakdown for H1 2024 shows waterproof membranes, coatings, mortar, and engineering construction generating revenues of 6.05 billion, 4.76 billion, 2.13 billion, and 1.26 billion yuan respectively, with varying year-on-year changes [5]. - The gross margin for H1 2024 was 29.22%, a slight increase from the previous year, with retail channels showing the highest gross margin at 40.82% [5]. Future Outlook - The company has 10 million tons of coal mines under construction, which are expected to contribute to future production capacity. Additionally, advancements in new energy materials such as sodium-ion batteries and photovoltaic components are progressing well [4][5]. - The company is actively expanding its overseas presence, with international revenues reaching 405 million yuan in H1 2024, a year-on-year increase of 6.46% [5].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company experienced revenue decline of 9.7% year-on-year in the first half of 2024, with total revenue reaching 15.22 billion yuan. The net profit attributable to shareholders decreased by 29.3% to 0.94 billion yuan [1]. - The company is undergoing a channel transformation, focusing on retail and engineering channels while reducing direct sales. The mortar products have shown significant growth despite overall industry pressure [1]. - The gross margin for the first half of 2024 was 29.2%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin decreased by 1.8 percentage points to 6.1% [2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 8.07 billion yuan, down 13.8% year-on-year, and a net profit of 0.6 billion yuan, down 37.2% [1]. - The revenue breakdown shows waterproofing materials at 6.05 billion yuan (down 15.8%), coatings at 4.76 billion yuan (down 8.2%), and mortar products at 2.13 billion yuan (up 11.8%) [1]. - The retail channel generated 5.44 billion yuan in revenue, up 7.7%, while the engineering channel saw revenue of 6.7 billion yuan, up 9.1% [1]. Cost and Margin Analysis - The sales gross margin for the first half of 2024 was 29.2%, with a net profit margin of 6.1%. The gross margin for Q2 was 28.8%, down 0.3 percentage points year-on-year [2]. - The increase in gross margin is attributed to a higher proportion of retail sales, which have better margins, offsetting the impact of declining industry demand [2]. Cash Flow and Receivables - As of June 30, 2024, the company's receivables decreased by 12.9% year-on-year to 15.31 billion yuan, with a positive cash flow of 0.56 billion yuan in Q2 [2]. - The operating cash flow for the first half of 2024 was -1.33 billion yuan, an improvement of 2.62 billion yuan year-on-year [2]. Investment Outlook - The company is expected to improve operational quality through channel restructuring and expansion of non-waterproof businesses, despite ongoing declines in new construction and weak downstream demand [2]. - The profit forecast for 2024-2026 is adjusted to 1.675 billion yuan, 2.339 billion yuan, and 2.699 billion yuan, with corresponding P/E ratios of 15.9, 11.4, and 9.8 [2].

Financial Performance - In the first half of 2024, the company achieved operating revenue of 15.218 billion CNY, a decrease of 9.69% compared to the same period last year [2] - Retail and engineering channels accounted for 79.76% of total revenue, with a year-on-year growth of 8.44% [2] - Retail business revenue reached 5.438 billion CNY, growing by 7.66% year-on-year, while the engineering channel generated 6.699 billion CNY, up by 9.07% [2] - Direct sales revenue declined by 46.01% due to a shift in business structure and risk management strategies [2] Profitability and Costs - The company's gross margin for the first half of 2024 was 29.22%, slightly up from the previous year despite a decrease in revenue [2] - Net profit attributable to shareholders decreased by 29.31%, primarily due to an increase in expense ratio [3] - The company plans to enhance cost control and improve operational efficiency to reduce expenses [3] Cash Flow and Dividends - Net cash flow from operating activities increased by 66.33% year-on-year, with the second quarter turning positive [2] - The company has accumulated undistributed profits of over 15 billion CNY, indicating capacity for higher cash dividends [3] Market Strategy and Growth - The company aims to capture market share by rapidly developing retail business and new product categories [3] - The number of distributors for the civil construction group has reached nearly 5,000, with distribution points close to 300,000 [4] - The sand powder business achieved revenue of 2.128 billion CNY, growing by 11.76% year-on-year [4] International Expansion - The company is focusing on expanding its overseas market through local distributor development and establishing production bases [5] - Future sales models will prioritize C-end and small B-end businesses to improve cash flow [5] Cost Reduction Strategies - The company is implementing technological innovations and process improvements to reduce production costs [5] - Strategies include seasonal procurement and self-supply of certain raw materials to further lower costs [5]

证券代码：002271 证券简称：东方雨虹 公告编号：2024-093 北京东方雨虹防水技术股份有限公司 关于公司控股股东进行股票质押式回购交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京东方雨虹防水技术股份有限公司（以下简称"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 被质押，具体事项如下： | 股东 | 是否为控 股股东或 第一大股 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否 为补 | 质押起始 | 质押到期 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一 | 量（股） | 比例 | 比例 | 售股 | 充质 | 日 | 日 | | 用途 | | | 致行动人 | | | | | 押 | | | | | | 李卫国 | 是 | 1,400,000 1,600,000 | 0.26% 0.30% | 0.06% 0.0 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-094 北京东方雨虹防水技术股份有限公司 关于为下属公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）本次担保基本情况 北京东方雨虹防水技术股份有限公司（以下简称"公司"）与上海银行股份 有限公司市南分行（以下简称"上海银行市南分行"）签署《最高额保证合同》， 公司为上海银行市南分行与公司控股子公司上海东方雨虹防水技术有限责任公 司（以下简称"上海技术公司"）主合同项下所形成的债权提供连带责任保证。 保证期间为主合同项下每笔债务履行期届满之日起三年。前述担保的主债权余额 最高不超过人民币 20,000 万元。 （二）担保审议情况 公司分别于 2024 年 4 月 18 日召开的第八届董事会第二十一次会议、2024 年 5 月 13 日召开的 2023 年年度股东大会审议通过了《关于为下属公司向银行等 金融机构申请综合授信提供担保的议案》，同意公司及公司全资、控股子公司为 下属公司向银行等金融机构申请综合授信提供总额不超过人民币 260 亿元的担 保，其 ...