证券代码：002271 证券简称：东方雨虹 公告编号：2024-110 北京东方雨虹防水技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 | 序号 | 股东名称 | 持股数量（股） | 占 无 限 售 条 件 股 份 总 数 的 比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 香港中央结算有限公司 | 317,672,228 | 16.44 | | 2 | 李卫国 | 102,303,222 | 5.29 | | 3 | 德弘美元基金管理公司－德弘美元基金二 | 45,969,375 | 2.38 | | 期 | | | | | 4 | 中国工商银行股份有限公司－华泰柏瑞沪 | 38,163,177 | 1.98 | | 深 | 300 交易型开放式指数证券投资基金 | | | | 5 | 中国建设银行股份有限公司－易方达沪深 300 交易型开放式指数发起式证券投资基 | 25,161,653 | 1.30 | | 金 | | | | | 6 | 全国社保基金四零三组合 | 20,176,169 | 1.04 | | 7 | 许利民 | 18 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [5]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue down 14.44% year-on-year and net profit down 45.73% year-on-year [1]. - Despite the challenging market conditions, the company is transitioning its sales model from a focus on large real estate clients to a more diversified approach targeting small businesses and individual consumers, which has improved operational quality [1]. - The company is positioned as a leader in the waterproofing industry, with ongoing optimization of its channel structure and a focus on international expansion, which is expected to provide growth opportunities despite current demand pressures [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.699 billion, net profit of 1.277 billion, and net profit excluding non-recurring items of 1.099 billion, reflecting year-on-year declines of 14.44%, 45.73%, and 49.41% respectively [1]. - The third quarter alone saw revenue of 6.480 billion, net profit of 0.334 billion, and net profit excluding non-recurring items of 0.263 billion, with year-on-year declines of 23.84%, 67.23%, and 71.69% respectively [1]. - The overall gross margin for the first three quarters was 29.13%, with a slight year-on-year increase of 0.07 percentage points [1]. Business Transformation - The company has shifted its sales strategy to focus on small businesses and individual consumers, with these segments now accounting for 80% of revenue, while revenue from large real estate clients has decreased by over 60% [1]. - The cash flow from operating activities for the first three quarters increased by 89.66% year-on-year, with a cash collection ratio of 1.15 in the third quarter [1]. Market Position and Future Outlook - The company is leveraging its market leadership in the waterproofing sector to enhance its channel structure and expand into new product categories, achieving revenue growth in challenging market conditions [1]. - The report anticipates that the company will benefit from industry supply adjustments, channel optimization, and international market expansion, providing a favorable growth outlook despite current demand pressures [1].

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company reported a revenue of 21.7 billion yuan for Q3 2024, a year-on-year decline of 14.4%, with a net profit attributable to shareholders of 1.28 billion yuan, down 45.7% year-on-year [3][4] - The decline in revenue is attributed to weak downstream demand and the company's cautious approach in managing high-risk customer shipments [4] - Operating cash flow has significantly improved, with a net cash flow from operating activities increasing by 42.7 billion yuan to -4.9 billion yuan, primarily due to enhanced collection efforts [4] - The company plans to repurchase shares worth between 500 million to 1 billion yuan, reflecting confidence in its stock price [4] Financial Summary - For the first three quarters, the company’s revenue decreased by 14.4% year-on-year, with a gross margin remaining stable at 29.1% [4] - The company expects net profits for 2024-2026 to be 1.84 billion yuan, 2.28 billion yuan, and 2.6 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 [5] - The company’s total assets are projected to be 49.53 billion yuan in 2024, with a debt ratio of 42.9% [7] - The report indicates a stable gross margin trend, with expectations for gradual improvement in operational quality due to channel reforms and new product developments [5][9]

公司报告 | 季报点评 收入利润短暂承压，现金流明显改善，股票回购彰显价值 收入小幅承压，利润持续筑底 公司 24Q1-3 实现收入 217 亿，同比-14.4%，归母、扣非净利润分别为 12.77、 10.99 亿，同比-45.7%、-49.4%；Q3 单季实现收入 64.8 亿，同比-23.8%， 归母、扣非净利润分别为 3.34、2.63 亿，同比-67.2%、-71.7%；前三季度 非经常性损益为 1.79 亿，同比-0.03 亿。三季度利润大幅下滑我们判断主 要系毛利率小幅下滑，费用率提升，减值损失增加以及政府补助减少所致。 成本端小幅下滑，看好公司毛利率改善 24Q1-3 公司毛利率为 29.1%，同比+0.07pct，Q3 单季毛利率为 28.92%， 同比-0.46pct。24Q3 沥青原材料均价 3553 元/吨，同比下滑 6.17%，进入 24 年 10 月份以来沥青均价在 3586 元/吨，较去年同期价格小幅下滑约 6.45%，成本端来看，我们预计 Q4 公司毛利率仍有改善空间，同时我们看 好公司业务结构改善以及零售占比提升。 费用率未能有效摊薄，现金流大幅改善 24Q1-3 期间费用率 ...

证券研究报告·公司点评报告·装修建材 东方雨虹（002271） 2024 年三季报点评：季度收入承压，渠道调 整优化效果持续显现 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|-------|---------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 31214 | 32823 | 28708 | 30836 | 33038 | | 同比（ % ） | (2.26) | 5.15 | (12.54) | 7.41 | 7.14 | | 归母净利润（百万元） | 2121 | 2273 | 1624 | 2306 | 2761 | | 同比（ % ） | (49.55) | 7.16 | (28.57) | 41.97 | 19.76 | | EPS- 最新摊薄（元 / 股） | 0.87 | 0.93 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-109 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 1、北京东方雨虹防水技术股份有限公司（以下简称"公司"）与上海浦东 发展银行股份有限公司杭州分行（以下简称"浦发银行杭州分行"）签署《最高 额保证合同》，公司为浦发银行杭州分行与公司全资子公司杭州东方雨虹建筑材 料有限公司（以下简称"杭州东方雨虹"）之间签订的主合同项下一系列债务提 供连带责任保证。保证期间为自各笔债权合同债务履行期届满之日起至该债权合 同约定的债务履行期届满之日后三年止。前述担保的最高债权本金余额为不超过 等值人民币 22,000 万元。 2、公司与中国民生银行股份有限公司上海分行（以下简称"民生银行上海 分行"）签署《最高额保证合同》，公司为民生银行上海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"）之间主合同 项下发生的一系列债务提供连带责任保证，保证期间为债务履行期限届满日起三 ...

2024 年 10 月 30 日 公司研究 积极清理包袱，现金流改善趋势不变 ——东方雨虹（002271.SZ）2024 年三季报点评 要点 事件：东方雨虹发布 2024 年三季报，24Q1-3 实现营收/归母净利润/扣非归母净 利润 217.0/12.8/11.0 亿元，同比-14.4%/-45.7%/-49.4%，经营性净现金流-4.9 亿元，同比+42.7亿元。单Q3实现营收/归母净利润/扣非归母净利润64.8/3.3/2.6 亿元，同比-23.8%/-67.2%/-71.7%，经营性净现金流 8.4 亿元，同比+16.6 亿元。 毛利率微降，费投加大叠加减值损失拖累净利率，现金流继续改善。24Q1-3 综 合毛利率 29.1%，同比+0.1pcts。期间费用率为 18.6%，同比+2.7pcts；销售/ 管理/研发/财务费用率为 10.3%/5.6%/1.9%/0.7%，同比 +1.8/+0.4/+0.4/+0.2pcts。此外信用减值损失 6.3 亿元，同比+0.1 亿元，最终销 售净利率为 5.8%，同比-3.5pcts。公司坚持零售优先、合伙人优先以及去地产 化，渠道变革下 24Q1-3 现金流 ...

隐证券 建筑材料/装修建材 公 司 研 究 东方雨虹（002271.SZ） 2024 年 10 月 30 日 大额回购彰显信心，政策催化行业底部回暖 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/10/29 | | 当前股价(元 ) | 13.90 | | 一年最高最低(元 ) | 25.30/9.75 | | 总市值(亿元 ) | 338.65 | | 流通市值(亿元 ) | 268.58 | | 总股本(亿股 ) | 24.36 | | 流通股本(亿股 ) | 19.32 | | 近 3 个月换手率 (%) | 205.86 | 股价走势图 -80% -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 东方雨虹 沪深300 数据来源：聚源 相关研究报告 《渠道转型稳步发展，零售业务显韧 性—公司信息更新报告》-2024.9.1 《减值拖累业绩，零售业务稳健增长 —公司信息更新报告》-2024.4.19 开 源 证 券 证 券 ...

Core Viewpoint - The company is expanding its overseas operations by establishing subsidiaries in various countries and building sales teams to enhance its market presence [1] Group 1: Overseas Expansion - The company is setting up subsidiaries in several countries to facilitate overseas sales [1] - Production bases are being developed in Houston, USA; Saudi Arabia; and Malaysia, with progress being made in these locations [1] - The company is actively seeking opportunities for overseas investments and acquisitions, focusing on targets with strong local retail channels to improve market access [1] Group 2: Product Pricing and Profitability - The company has implemented measures such as technological improvements and formula optimization to reduce costs while maintaining product quality [1] - As a result of cost reductions, some waterproof product prices have been lowered, benefiting end customers [1] - The company's overall gross profit margin for the first three quarters of the year remains stable at 29.13%, comparable to the same period last year [1]

证券研究报告：建筑材料 | 公司点评报告 2024 年 10 月 29 日 公司基本情况 最新收盘价（元） 14.03 总股本/流通股本（亿股）24.36 / 19.32 总市值/流通市值（亿元）342 / 271 52 周内最高/最低价 25.10 / 9.86 资产负债率(%) 43.9% 市盈率 15.42 第一大股东 李卫国 股票投资评级 买入|维持 个股表现 -59% -53% -47% -41% -35% -29% -23% -17% -11% -5% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 东方雨虹 建筑材料 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 东方雨虹(002271) 收入业绩承压，现金流改善显著 事件 公司发布 24 年三季报，前三季度实现收入 216.99 亿元，同比 -14.44%，归母净利润 12.77 亿元，同比-45.73%，扣非归母净利润 10.99 亿，同比-49.41%，其中 Q3 实现收入 64.8 亿 ...