证券代码：002271 证券简称：东方雨虹 公告编号：2024-051 北京东方雨虹防水技术股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 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。 一、股东部分股份质押及解除质押基本情况 北京东方雨虹防水技术股份有限公司（以下简称"公司"）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 被质押及解除质押，具体事项如下： （二）股东部分股份解除质押基本情况 | | 是否为控股股东 | 本次解除质押 | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 或第一大股东及 | 股份数量 | 持股份 | 总股本 | 起始日 | 解除日期 | 质权人 | | | 其一致行动人 | （股） | 比例 | 比例 | | | | | 李卫国 | 是 | 10,254,310 | 1.93% | 0.41% | 2021 年 2 月 6 日 | 2024 年 4 | | | | | | ...

东方雨虹23年报解读240422东北_原文 2024年04月22日 15:11 发言人1 00:04 应该说这是第二架马车。第三架马车的话，就是我们的新品类，尤其是商品。特种砂浆粉料这个板 块，应该说从收入规模来说，是仅次于我们防水的这个产品线的。 发言人1 00:16 去年我们沙粉的话形成了第一个里程碑，应该说超过了500万吨的销量。我们一跃成为了国内最大的沙 粉集团，并且是一个全产业链布局的这样的一个沙粉集团。就是从山上到地地面到墙上，涉及到全产业 链全产品体系的这样的一个沙粉集团。 发言人1 00:36 去年的话，我们的沙特集团的收入达到了42亿的收入。和2022年相比的话，增长了超过40%的这样的一 个增幅。今年24年我们对于沙特集团，我们的目标是希望能够做到800万吨的这样的一个销量。如果按 照之前这种吨单价800块钱一吨来算的话，我们相当于今年我们是希望沙粉集团能够做到超过60亿的这 样的一个收入的规模。 发言人1 00:59 我们还有其他的一些品类，比如说我们之前收购了新华零售的这个建筑密封胶。在22年刚生的时候，他 一年只有一个多亿的这个收入。但是去年我们的密封胶应该说达到了五个亿的收入。今年 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 16.65 CNY, maintaining the rating [4]. Core Insights - The company reported a revenue of 32.82 billion CNY in 2023, representing a year-over-year increase of 5.15%, and a net profit of 2.27 billion CNY, up 7.16% year-over-year. The proposed dividend is 6 CNY per 10 shares, with a payout ratio of 66.47%, significantly up from 11.74% the previous year [1][8]. - The retail channel showed strong growth, with revenue reaching 9.29 billion CNY, a 28.11% increase year-over-year, while the engineering channel also performed well with a 22.58% increase [2][3]. - The overall gross margin improved to 27.69%, up 1.92 percentage points year-over-year, attributed to the growth in high-margin retail business and lower raw material costs [3][8]. - The company experienced a significant increase in operating cash flow, which rose by 221.58% year-over-year to 2.10 billion CNY, driven by strong retail performance and a reduction in accounts receivable [8]. Financial Performance Summary - Revenue for 2023 was 32.82 billion CNY, with quarterly growth rates of +18.80%, +3.99%, +5.41%, and -4.76% [2]. - The company’s net profit margin was 6.97%, an increase of 0.18 percentage points year-over-year, and the return on equity (ROE) was 8.24%, up 0.27 percentage points [8]. - The company’s gross profit margin by channel was 39.42% for retail, 23.70% for engineering, and 13.64% for direct sales, with significant improvements in retail and engineering channels [3][8]. - The forecast for revenue from 2024 to 2026 is 36.04 billion CNY, 39.70 billion CNY, and 43.53 billion CNY, with expected net profits of 2.80 billion CNY, 3.20 billion CNY, and 3.64 billion CNY respectively [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 32.823 billion yuan in 2023, representing a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year [3][9] - The retail channel's revenue increased significantly, accounting for 28.29% of total revenue, up 5.06 percentage points year-on-year, while the sand powder business experienced rapid growth with a 40% increase in revenue [3][10] - The company's gross margin improved slightly to 27.69%, with a notable increase in retail channel gross margin to 39.42% [3][14] - Operating cash flow saw a substantial improvement, with a net cash flow from operating activities of 2.103 billion yuan, up 221.58% year-on-year [3][16] Summary by Sections Revenue and Profitability - In 2023, the company achieved total revenue of 32.823 billion yuan, with a year-on-year growth of 5.15%. The net profit attributable to shareholders was 2.273 billion yuan, reflecting a 7.16% increase year-on-year. However, Q4 2023 saw a revenue decline of 4.76% year-on-year [3][9] - The revenue from the waterproof membrane, coatings, and sand powder businesses grew by 6.71%, 13.85%, and 40% respectively [3][10] Channel Performance - The retail channel generated 9.287 billion yuan in revenue, marking a 5.06 percentage point increase in its share of total revenue. The engineering channel's revenue was 12.510 billion yuan, up 22.58% year-on-year, while direct sales revenue decreased by 19.63% [3][10] Margin Analysis - The overall gross margin for 2023 was 27.69%, with a quarterly breakdown showing a decline in Q4 due to year-end settlement factors. The retail channel's gross margin was significantly higher at 39.42% [3][14] Cash Flow - The company reported a net cash flow from operating activities of 2.103 billion yuan, a remarkable increase of 221.58% year-on-year, indicating improved cash flow management and operational efficiency [3][16] Earnings Forecast - The company is expected to achieve net profits of 3.198 billion yuan in 2024 and 3.718 billion yuan in 2025, with a new forecast for 2026 set at 4.205 billion yuan, reflecting a downward adjustment due to market demand weakness and impairment risks [4][17]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company reported a revenue of 32.823 billion yuan for 2023, a year-on-year increase of 5.15%, driven by successful business expansion and an increasing share of retail business [2] - The net profit attributable to shareholders was 2.273 billion yuan, up 7.16% year-on-year, although the fourth quarter saw a revenue decline of 4.76% and a net loss of 80 million yuan due to year-end impairment provisions [2] - The company fulfilled its dividend commitment with a cash dividend of 1.473 billion yuan, resulting in a dividend payout ratio of 65% and a dividend yield of 4% [2] - The company’s comprehensive gross margin improved to 27.69%, an increase of 1.92 percentage points year-on-year, attributed to increased operational scale and a decrease in raw material prices [2] - The company’s net profit margin was 6.97%, slightly up by 0.18 percentage points year-on-year, impacted by increased credit and asset impairment losses [2] Financial Summary - For 2024-2026, the forecasted net profits are 3.220 billion, 3.564 billion, and 4.122 billion yuan respectively, with corresponding P/E ratios of 11.0, 9.9, and 8.6 times [3] - The company’s operating cash flow for 2023 was 2.103 billion yuan, an increase of 1.449 billion yuan year-on-year, with earnings per share projected to rise to 1.28 yuan in 2024 [3][4] - The company’s total assets were reported at 51.174 billion yuan, with total liabilities of 22.467 billion yuan, resulting in a debt-to-asset ratio of 43.9% [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company achieved a revenue of 32.823 billion yuan in 2023, representing a year-on-year growth of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% [4][6]. - The fourth quarter saw a revenue decline of 4.76% to 7.462 billion yuan, with a net profit of -80 million yuan, a significant drop of 117.18% [4][6]. - The company is actively adjusting its strategy to enhance channel integration and increase retail business, which has shown robust growth with a revenue of approximately 9.287 billion yuan, up 28.11% year-on-year, accounting for 28.29% of total revenue [4][6]. - The report highlights a significant improvement in operating cash flow, with a net cash flow of approximately 2.1 billion yuan in 2023, an increase of about 1.445 billion yuan year-on-year [5][6]. Financial Summary - The company’s total assets were reported at 51.174 billion yuan, with a debt-to-asset ratio of 43.9%, down 2.35 percentage points from the beginning of the year [5][8]. - The earnings per share (EPS) for 2023 is projected at 0.90 yuan, with forecasts for 2024, 2025, and 2026 at 1.15, 1.41, and 1.74 yuan respectively [7][8]. - The company’s gross margin for 2023 is estimated at 27.7%, with expectations for gradual improvement in subsequent years [8]. Market Performance - The company’s stock has experienced a significant decline of 49.5% year-on-year, with a current price of 13.54 yuan [2][7]. - The report indicates that the company is well-positioned to recover as the real estate market stabilizes, with adjusted profit forecasts for 2024, 2025, and 2026 at 2.905 billion, 3.563 billion, and 4.371 billion yuan respectively [6][8].

我们大家下午好我是长江电财的分析师张佩那么感谢大家参加由长江电财举办的东方有名的联邦电话会议那么昨天呢公司公布了联邦联邦我们可以看到其实整个渠道结构在不断的优化然后零收占比已经提到了接近30% 其次公司也是在年报进行的大额的减值其实对应收账款的风险释放是比较充分的所以在整个自身的经营拐点逐步走出来以及风险释放比较充分之后我们在这个点建议大家对公司的关注度大幅提升然后接下来我们还是把时间交给公司的董益备总 那贝总要不还是先介绍一下这个年报的一些情况尤其是可能这个大观摩一个简体事实上也比较关注然后这方面可以给我们展开一下然后我们再进入到一个问答环节好的那么谢谢大家那个就是这样就是说我们看到昨天的话我们发布了这个这个2023年的这个年度报告那么 我们看到的话呢就是说去年应该说对于行业来说的话包括对于雨虹所属的行业来说仍然是一个非常难的这个时候就是说整个行业需求啊去年其实是在快速下行的那基本上是去年二到四月份啊那个时候其实有感觉哎好像似乎还有点小阳春其实还不错但是到去年五月份的时候整个需求就断崖式的这种下行对就是说那个整个的这个状态啊应该就是整个行业需求就是很弱的一个状态那么 在这样的一个压力下的话呢应该说确实我觉得 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits for 2024-2026 at 2.816 billion, 3.278 billion, and 3.732 billion respectively, corresponding to PE ratios of 12, 10, and 9 times [1][2]. Core Insights - The company reported a revenue of 32.823 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year. The fourth quarter of 2023 saw a revenue decline of 4.76% year-on-year, with a net loss of 80.17 million yuan [1][2]. - The growth in the mortar powder business is notable, with a 40% increase in revenue, while the engineering business contracted by 26.3%. The waterproof membrane segment generated 13.314 billion yuan, a 6.71% increase, and the coatings segment saw a 13.85% rise in revenue [1][2]. - The retail channel revenue grew by 28.11% year-on-year, while the direct sales channel revenue decreased by 19.63%. The company emphasizes a retail-first strategy to enhance market presence [1][2]. - The company significantly increased its dividend payout ratio to 65%, a 53% increase year-on-year, and is focusing on expanding its overseas operations in Southeast Asia and the Middle East [1][2]. Financial Performance Summary - In 2023, the company achieved a gross margin of 27.69%, up 1.92 percentage points year-on-year, and a net margin of 6.97%, up 0.18 percentage points. The gross margin for Q4 2023 was 23.01%, down 2.54 percentage points year-on-year [1][2]. - The company recorded an operating cash flow of 2.103 billion yuan, a significant increase of 221.56% year-on-year, with a cash collection ratio of 1.02 [1][2]. - The report forecasts revenue growth rates of 5.2%, 10.2%, 10.8%, and 12.1% for 2024 to 2026, with net profit growth rates of 7.2%, 23.9%, 16.4%, and 13.9% respectively [2][4].

Summary of the Conference Call Company Overview - The conference call discusses the performance and strategies of Dongfang Yuhong, a company in the construction materials industry, particularly focusing on waterproofing and related products. Key Points Industry and Market Dynamics - The company has experienced a significant growth rate of over 50% in its product lines, with non-waterproof products now accounting for 50% of total revenue, indicating a shift towards a more diversified product platform [1][2]. - Despite a challenging market environment, the company achieved a 35% revenue growth, with a net profit margin of approximately 20% from its civil construction segment [2][3]. - The number of partners in the engineering channel increased from over 3,000 to around 8,000, with a target of exceeding 10,000 by the end of the year, reflecting a robust growth strategy [4][5]. Financial Performance - The engineering channel's sales revenue grew from 10.2 billion to 12.5 billion, marking a 22% increase, showcasing resilience in a declining market [5][6]. - The company generated a profit of 1.6 billion last year, with retail channels contributing significantly to overall profitability [3][4]. - The company anticipates a revenue target of 36 billion for the current year, adjusted from an initial estimate of 38.2 billion due to cautious market conditions and risk management considerations [14][15]. Product Development and Innovation - The company has launched new product lines, particularly in sand powder, achieving sales of over 5 million tons and generating approximately 4.2 billion in revenue, with a growth rate of 40% [8][9]. - Future sales targets for sand powder are set at 8 million tons, aiming for over 6 billion in revenue, indicating a strong focus on expanding this product line [9][10]. - The company is also enhancing its product offerings in sealants and non-woven fabrics, with significant growth in these segments as well [12][30]. Risk Management and Challenges - The company is facing challenges related to accounts receivable and asset management, with a focus on converting non-liquid assets into cash to mitigate risks associated with market fluctuations [18][20]. - There is a strategic emphasis on reducing inventory levels and managing cash flow effectively, with accounts receivable decreasing significantly year-over-year [22][23]. - The company is cautious about potential losses from asset sales, particularly in light of declining property values, and is proactively managing its financial exposure [20][21]. Strategic Focus - The company is prioritizing partnerships and local market development to enhance its competitive position, leveraging its integrated business model to capture market share [6][7]. - There is a clear intent to focus on high-quality projects and long-term partnerships to drive sustainable growth [8][9]. - The management emphasizes the importance of maintaining a balance between growth and risk management, particularly in the current economic climate [14][15]. Additional Insights - The company is committed to becoming a leader in every product category it operates in, with specific targets for market leadership in various segments [25][26]. - The management is optimistic about future cash flow improvements due to a shift towards smaller clients and direct sales channels, which are expected to enhance financial stability [23][24]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 32.823 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year. The adjusted net profit after excluding non-recurring items was 1.841 billion yuan, reflecting a 2.05% increase year-on-year [5] - The company is facing performance pressure due to impairment losses, but its retail business is showing steady growth. The report anticipates a net profit of 2.84 billion yuan for 2024, representing a year-on-year growth of 24.8% [5][6] - The company is a leader in the industry, and its multi-category expansion is expected to drive long-term growth [5] Financial Summary - In Q4 2023, the company achieved a revenue of 7.462 billion yuan, a quarter-on-quarter decrease of 12.29%, and a net profit of -80 million yuan, a quarter-on-quarter decline of 107.87% [5] - The gross profit margin for 2023 was 27.69%, an increase of 1.92 percentage points year-on-year, while the net profit margin was 6.97%, up 0.18 percentage points year-on-year [5] - The company’s retail business generated revenue of 9.287 billion yuan in 2023, a year-on-year increase of 28.11%, accounting for 28.29% of total revenue [6] - The company’s total market capitalization is 34.1 billion yuan, with a current stock price of 13.54 yuan [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.84 billion yuan, 3.06 billion yuan, and 3.47 billion yuan, respectively, with year-on-year growth rates of 24.8%, 7.9%, and 13.2% [5][7] - The earnings per share (EPS) for 2024-2026 are projected to be 1.13 yuan, 1.22 yuan, and 1.38 yuan, respectively [7] Product and Channel Performance - Revenue from waterproof membranes, waterproof coatings, mortar powder, and engineering construction was 13.314 billion yuan, 9.685 billion yuan, 4.196 billion yuan, and 3.245 billion yuan, respectively, with year-on-year growth rates of 6.71%, 13.85%, 40.00%, and a decline of 26.30% for engineering construction [6] - The company’s engineering channel revenue was 12.510 billion yuan, a year-on-year increase of 22.58%, while direct sales revenue was 10.368 billion yuan, a year-on-year decrease of 19.63% [6]