证券代码：002271 证券简称：东方雨虹 公告编号：2025-038 北京东方雨虹防水技术股份有限公司 关于 2024 年度利润分配预案的公告（调整后） 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、审议程序 北京东方雨虹防水技术股份有限公司（以下简称"公司"）于2025年3月12 日召开第八届董事会第二十九次会议，以11票同意，0票反对，0票弃权的表决结 果审议通过了《关于调整2024年度利润分配预案的议案》。2025年3月10日，公 司董事会接到控股股东李卫国先生提交的《关于提请增加2024年年度股东大会临 时提案的函》，提议对公司2024年度利润分配预案进行调整，并提请公司董事会 将调整后的《2024年度利润分配预案》作为临时提案提交公司2024年年度股东大 会审议。 二、调整后利润分配预案的基本情况 （一）本次利润分配预案基本情况 按照合并报表、母公司报表中可供分配利润孰低的原则确定具体的利润分配 比例，在符合利润分配政策、保障公司长期稳定发展和股东长远利益的前提下， 基于对公司稳健经营和可持续发展的信心，经综合考虑公司可供分配利润规模， 为积 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 24.21 CNY, reflecting a potential upside based on current market conditions [1][12]. Core Insights - The company's annual report exceeded expectations with a cash dividend of 4.42 billion CNY, combined with a mid-year dividend of 1.46 billion CNY, totaling 5.88 billion CNY, which corresponds to an 18% dividend yield. This high dividend is expected to alleviate concerns regarding share pledges [12][13]. - The report highlights improvements in corporate governance through effective asset disposals and channel adjustments, indicating a strengthening execution capability [2][12]. - The company experienced a revenue decline of 14.5% year-on-year, with a reported revenue of 28.06 billion CNY for 2024, and a significant drop in net profit to 108 million CNY, down 95.2% [12][13]. Financial Summary - Revenue for 2023 was 32.82 billion CNY, with projections of 28.06 billion CNY for 2024, followed by a recovery to 30.77 billion CNY in 2025 [4][13]. - The net profit attributable to the parent company for 2023 was 2.27 billion CNY, with a drastic forecasted drop to 108 million CNY in 2024, before rebounding to 2.02 billion CNY in 2025 [4][13]. - The earnings per share (EPS) for 2023 was 0.93 CNY, expected to fall to 0.04 CNY in 2024, and recover to 0.83 CNY in 2025 [4][13]. Market Data - The company's stock price has fluctuated between 9.86 CNY and 17.85 CNY over the past 52 weeks, with a total market capitalization of 32.5 billion CNY [5][12]. - The company has a total equity of 24.93 billion CNY, with a book value per share of 10.23 CNY and a price-to-book ratio of 1.3 [6][12]. Future Outlook - The report anticipates continued focus on retail and new product categories, with expectations for revenue growth and profit recovery in 2025 [12][13]. - The company is expected to accelerate asset disposals in the first half of 2025, which may lead to further improvements in financial health [12][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 28.1 billion yuan in 2024, a year-on-year decrease of 15%. The net profit attributable to shareholders was 110 million yuan, down 95% year-on-year, and the non-recurring net profit decreased by 93% [2][4]. - In the fourth quarter, the company reported revenue of 6.4 billion yuan, also a 15% decline year-on-year, with a net profit of approximately -1.2 billion yuan and a non-recurring net profit of about -1 billion yuan [2][4]. - The company is accelerating its transformation towards retail business, with retail revenue reaching approximately 10.2 billion yuan, a 10% increase year-on-year, accounting for 36.4% of total revenue, up 10 percentage points from 2023 [10]. - The overall revenue from engineering business decreased by 23%, with direct sales revenue dropping by 59%, indicating a significant reduction in direct sales operations [10]. - The company's gross margin for 2024 was approximately 25.8%, down 1.9 percentage points year-on-year, with retail, engineering, and direct sales gross margins at 36.7%, 21.3%, and 14.9% respectively [10]. - The company reported a significant improvement in cash flow, with a net cash inflow from operating activities of 3.5 billion yuan, a substantial increase year-on-year [10]. - A large-scale dividend was declared, with a total of 7.5 billion yuan in dividends planned for 2024, aimed at reducing the chairman's pledged shares [10]. Financial Summary - The company forecasts total revenue of 27.6 billion yuan for 2025 and 30.2 billion yuan for 2026, with net profits expected to be 1.6 billion yuan and 2.1 billion yuan respectively [13]. - The company's asset-liability ratio is approximately 43%, with significant bank credit available for operational funding [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to achieve a revenue of 28.06 billion in 2024, a year-on-year decrease of 14.5%, with net profit attributable to the parent company dropping to 108 million, a decline of 95% [1]. - The company plans to distribute a total cash dividend of 5.88 billion, resulting in a dividend yield of 18%, enhancing shareholder returns [1]. - The company anticipates net profits of 1.62 billion, 2.22 billion, and 2.63 billion for the years 2025 to 2027, with corresponding PE ratios of 20, 14.6, and 12.4 [1]. Revenue and Profitability - In 2024, the company’s revenue from various segments is projected as follows: waterproof membranes at 11.8 billion, coatings at 8.8 billion, and sand powder at 4.2 billion, with respective year-on-year changes of -11.45%, -8.96%, and -1.06% [2]. - The overall gross margin is expected to decline by 1.89 percentage points to 25.8% due to price adjustments and changes in product mix [2]. - The company’s operating cash flow improved significantly, with a net cash flow from operations of 3.46 billion, an increase of 13.5% year-on-year [4]. Business Segments and Channels - Retail revenue grew by 9.92% to 10.2 billion, while the engineering channel saw a 6.74% increase to 13.4 billion [3]. - The company is expanding its international presence, with new production and R&D bases in Houston and Saudi Arabia, and a logistics base in Malaysia, contributing to an overseas revenue of 880 million, a year-on-year increase of 24.7% [3]. Financial Metrics - The company’s total assets are projected to be 51.17 billion in 2023, with a debt-to-equity ratio of 43.39% [8]. - The earnings per share (EPS) for 2024 is expected to be 0.04, with a PE ratio of 300.45, indicating a significant drop in profitability [6]. - The company’s net profit margin is projected to be 0.27%, a decrease of 6.7 percentage points year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to achieve a revenue of 28.06 billion in 2024, a year-on-year decrease of 14.5%, with net profit attributable to the parent company dropping to 108 million, a decline of 95% [1]. - The company plans to distribute a total cash dividend of 5.88 billion, resulting in a dividend yield of 18%, enhancing shareholder returns [1]. - The company anticipates net profits of 1.62 billion, 2.22 billion, and 2.63 billion for the years 2025 to 2027, with corresponding PE ratios of 20, 14.6, and 12.4 [1]. Revenue and Profitability - In 2024, the company’s revenue from various segments is projected as follows: waterproof membranes (11.8 billion), coatings (8.8 billion), sand powder (4.2 billion), engineering construction (1.6 billion), and others (1.5 billion), with respective year-on-year changes of -11.45%, -8.96%, -1.06%, -51.37%, and -12.94% [2]. - The overall gross margin is expected to decline by 1.89 percentage points to 25.8% due to price adjustments and changes in product mix [2]. - The average price of asphalt raw materials in Q4 2024 was 3,549 yuan/ton, a decrease of 2.73% year-on-year, while the average price in 2025 is expected to be 3,639 yuan/ton, an increase of 3.25% [2]. Cash Flow and Financial Health - The company’s CFO net amount for 2024 is projected at 3.46 billion, reflecting an increase of 13.5% year-on-year, with cash flow from operations showing a significant improvement [4]. - Accounts receivable decreased by 2.23 billion year-on-year to 7.3 billion, indicating improved cash flow management [4]. - The company’s total liabilities are projected to be 22.47 billion in 2024, with a debt-to-equity ratio of 43.39% [8]. Market and Channel Performance - Retail revenue is expected to grow by 9.92% year-on-year to 10.2 billion, while the engineering channel is projected to grow by 6.74% to 13.4 billion [3]. - The company is expanding its international presence with new production and R&D bases in Houston and Saudi Arabia, and a logistics base in Malaysia, contributing to an overseas revenue of 880 million, a year-on-year increase of 24.7% [3].

多因素致业绩承压，现金流明显改善 推荐 ( 维持) 股价:13.34元 行情走势图 公 司 报 告 建材 2025年03月09日 东方雨虹(002271.SZ) 相关研究报告 【平安证券】东方雨虹（002271.SZ）*季报点评*经 营性现金流改善，积极推出回购计划*推荐20241101 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 公司公布2024年年报，全年实现营收280.6亿元，同比下降14.5%，归母净利 润1.1亿元，同比下降95.2%；其中四季度营收63.6亿元，同比下降14.8%，归 母净利润-11.7亿元，上年同期为-0.8亿元。公司拟每10股派发现金红利18.50 元（含税）。 平安观点： 公 司 年 报 点 评 研 究 报 告 杨侃 投资咨询资格编号 S1060514080002 BQV514 投资建议：考虑公司收入增长不及预期、减值压力犹存，下调盈利预测，预计公司2025-2026年归母净利润分别为14.1亿 元、18.8亿元，原预测为22.8亿元、26.0亿元，新增2027年预测为23.0亿元，当 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to external demand pressures and strategic decisions to reduce direct sales, while retail and engineering channels showed growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.806 billion, a decrease of 14.5% year-on-year, with net profit attributable to shareholders dropping by 95.2% to 110 million [2]. - The fourth quarter saw revenue of 636 million, down 14.8% year-on-year, with a net loss attributable to shareholders of 1.17 billion [2][3]. - Operating cash flow for the year was 3.46 billion, an increase of 64.4% year-on-year [2]. Group 2: Revenue Breakdown - Retail channel revenue increased by 9.9% to 1.021 billion, accounting for 36.4% of total revenue, driven by product iteration and deeper channel penetration [3]. - Engineering channel revenue grew by 6.7% to 1.335 billion, supported by the promotion of a partner mechanism and product diversification [3]. - Direct sales revenue plummeted by 58.8% to 428 million as the company continued to shrink this segment [3]. Group 3: Profitability and Costs - The company's gross margin for 2024 was 25.8%, down 1.9 percentage points, primarily due to price adjustments and changes in product mix [4]. - The sales expense ratio increased to 10.3%, while management and R&D expense ratios rose to 6.4% and 2.1%, respectively, reflecting the impact of revenue decline [4]. - The net profit margin for the year was 0.3%, a decrease of 6.7 percentage points, influenced by asset impairment losses totaling 1.8 billion [4]. Group 4: Future Outlook - For 2025, the company anticipates improved governance and reduced pledge risks due to high dividends, alongside effective asset disposals that may alleviate remaining impairment risks [5]. - The company expects revenue stabilization and potential growth driven by the civil construction group and continued improvements in operational quality [5]. - Cost reduction and efficiency enhancement measures are anticipated to improve expense ratios, with remaining impairment risks expected to be released within the year [5].

Group 1: Industry Insights - The petrochemical and transportation sectors are expected to see continuous improvement in supply and demand, with a positive outlook on the profitability of viscose filament yarns [3] - The semiconductor materials sector is poised for growth due to an increase in fab investments, with the number of 300mm wafer fabs in mainland China projected to rise from 29 in 2024 to 71 by 2027, indicating a significant opportunity for domestic material companies [4] - The agricultural chemicals and private refining sectors are also expected to perform well, alongside the vitamin and methionine segments [3] Group 2: Company Performance - Alibaba Group plans to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking the largest investment in this area by a private company in China [5] - Hongsoft Technology is anticipated to benefit from the rapid development of edge AI, with projected revenue of 820 million yuan in 2024, representing a 22% year-on-year increase, and a net profit of 180 million yuan, up 98% [7] - China National Offshore Oil Corporation (CNOOC) has made significant breakthroughs in oil and gas exploration in the Beibu Gulf, with a capital expenditure budget of 125 to 135 billion yuan for 2025 [8] - Andisu's revenue for 2024 is expected to reach 15.5 billion yuan, a year-on-year increase of 18%, with net profit soaring by 2,209% to 1.2 billion yuan [9] - Dongfang Yuhong reported a decline in revenue and net profit for 2024, with total revenue of 2.806 billion yuan, down 14.5%, and a net profit of 110 million yuan, down 95.2% [10]

2025 年 3 月 5 日 公司研究 报表纾压，迎接新程 ——东方雨虹（002271.SZ）2024 年年报点评 要点 事件：东方雨虹发布 24 年年报，24 年实现营收/归母净利/扣非归母净利 280.6/1.1/1.2 亿元，同比-14.5%/-95.2%/-93.3%。Q4 实现营收/归母净利/扣非 归母净利 63.6/-11.7/-9.8 亿元，同比-14.8%/-10.9 亿元/-6.4 亿元。24 年经营 性净现金流 34.6 亿，同比+64.4%。应收账款/其他应收款为 73.4/22.0 亿元，同 比-23.3%/-46.0%。此次拟每股派发 1.85 元（含税），对应公告日股息率 14.6%。 主动压降直销拖累整体收入，零售及工程逆势增长：24 年收入同比-14.5%，主 要系外部需求承压，风控加强下主动放弃回款不良的直销项目以及去施工化所 致。分渠道看，零售渠道实现营收 102.1 亿元，同比+9.9%，占整体收入比重提 升 8.1pcts 至 36.4%；其中民建集团实现营收 93.7 亿元，同比+14.6%，主要系 产品持续迭代以及深化渠道下沉所致。工程渠道实现营收 133.5 亿元 ...

渠道变革显成效,经营性现金流改善 2025 年 3 月 4 日 | | | 推荐 维持评级 分析师 贾亚萌 ☎：010-80927680 网: jiayameng_yj@chinastock.com.cn 分析师登记编码：S0130523060001 | 市场数据 | 2025-3-3 | | --- | --- | | 股票代码 | 002271 | | A 股收盘价(元) | 13.08 | | 上证指数 | 3.316 | | 总股本(万股) | 243,631 | | 实际流通 A 股(万股) | 196,234 | | 流通 A 股市值(亿元) | 256 | 公司点评报告 ·建材行业 2025-3-3 相对沪深 300 表现图 东方雨虹 沪深300 30% 10% -10% -30% 资料来源:中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 事件:东方雨虹发布 2024年年报。2024年公司实现营业收入 280.56 亿元, 同比下降 14.52%;归母净利润 1.08亿元,同比下降 95.24%;扣 ...