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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][4]. Core Views - The company experienced a slight decline in revenue and a significant drop in profits, but cash flow has improved markedly, and the stock buyback plan reflects confidence in the company's long-term value [1][4]. - The company’s gross margin is expected to improve due to a slight decrease in costs, with a focus on enhancing business structure and increasing retail proportion [2][4]. - The report highlights that the company’s expense ratio has not effectively diluted due to declining revenue, but operating cash flow has shown significant improvement [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 21.7 billion, a year-on-year decrease of 14.4%, with net profit attributable to the parent company at 1.277 billion, down 45.7% [1]. - The gross margin for the first three quarters was 29.1%, a slight increase of 0.07 percentage points year-on-year, while the third quarter gross margin was 28.92%, a decrease of 0.46 percentage points [2]. - The expense ratio for the first three quarters was 18.56%, an increase of 2.73 percentage points year-on-year, with the third quarter expense ratio at 18.49%, up 3.84 percentage points [3]. - The company’s operating cash flow for the first three quarters was -492 million, a decrease in outflow by 4.27 billion year-on-year, with a significant inflow of 835 million in the third quarter [3]. Stock Buyback Plan - The company announced a stock buyback plan with a total fund of no less than 500 million and no more than 1 billion RMB, with a buyback price not exceeding 19.30 RMB per share, representing 1.06%-2.13% of the total share capital [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 21.699 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.44%, with a net profit attributable to shareholders of 1.277 billion yuan, down 45.73% year-on-year. In Q3 alone, revenue was 6.48 billion yuan, a decline of 23.84% year-on-year, and net profit was 334 million yuan, down 67.23% year-on-year [2] - The company is facing pressure on quarterly revenue, but continues to optimize its channel structure in response to changing demand. The direct sales channel is expected to see a significant decline, while retail and engineering distribution channels maintain slight growth [2] - Gross margin remains relatively stable at 28.92% in Q3, with a slight year-on-year decrease. However, the expense ratio has increased significantly, reaching 18.5% in Q3, up 3.8 percentage points year-on-year, primarily due to the larger decline in revenue and relatively rigid sales and management expenses [2] - Operating cash flow has improved, with a net cash inflow of 839 million yuan in Q3, compared to a net outflow of 4.76 billion yuan in the same period last year. The company has made significant efforts in receivables collection, resulting in a notable decrease in accounts receivable and notes [3] - The company is actively adjusting its organizational structure to cover untapped markets and expand into non-real estate projects, which is expected to enhance operational quality. The market share in the waterproofing sector continues to rise, and there is potential for growth in non-real estate and non-waterproofing segments [3] Financial Forecasts - The company has revised its net profit forecasts for 2024-2026 to 1.62 billion, 2.31 billion, and 2.76 billion yuan respectively, down from previous estimates of 1.93 billion, 2.65 billion, and 3.15 billion yuan. The corresponding P/E ratios are projected to be 21X, 15X, and 12X [3]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is actively cleaning up historical burdens, leading to an improving cash flow trend despite a decline in revenue and profit [3][4]. - The company is focusing on channel transformation and expanding retail channels, with significant contributions from the civil construction group [3]. - The company is diversifying its product offerings beyond waterproofing, with positive performance in categories like sand powder and tile adhesive [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 21.7 billion yuan, a year-on-year decrease of 14.4%, and a net profit attributable to shareholders of 1.28 billion yuan, down 45.7% [1]. - The operating cash flow for the same period was -490 million yuan, an improvement of 4.27 billion yuan year-on-year [2]. - The gross margin for the first three quarters was 29.1%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin was 5.8%, down 3.5 percentage points [2][3]. Quarterly Performance - In Q3 2024, the company achieved revenue of 6.48 billion yuan, a decrease of 23.8% year-on-year, with a net profit of 330 million yuan, down 67.2% [1][3]. - The gross margin for Q3 was 28.9%, a decline of 0.5 percentage points year-on-year, while the net profit margin was 5.1%, down 6.9 percentage points [3]. - The operating cash flow for Q3 was 840 million yuan, an increase of 1.66 billion yuan year-on-year [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised down to 1.628 billion yuan, 2.228 billion yuan, and 2.706 billion yuan, reflecting year-on-year declines of 15%, 9%, and 10% respectively [4]. - The company is expected to achieve a lighter operational structure in the coming year due to its efforts in cleaning up real estate-related burdens and successful channel transformations [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated confidence through a significant share buyback, with policies catalyzing a recovery at the industry bottom [2][4] - For the first three quarters of 2024, the company reported a revenue of 21.699 billion yuan, a year-on-year decrease of 14.44%, and a net profit attributable to shareholders of 1.277 billion yuan, down 45.73% year-on-year [2] - The company is a leading player in the waterproof materials sector, with steady development in retail and channel businesses, and proactive transformation efforts [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.480 billion yuan, a quarter-on-quarter decrease of 19.69%, and a net profit of 334 million yuan, down 43.91% quarter-on-quarter [2] - The gross margin for Q1-Q3 2024 was 29.13%, a year-on-year increase of 0.07 percentage points, indicating strong cost control and improvement in retail business [3] - The company plans to repurchase shares with a total fund of no less than 500 million yuan and no more than 1 billion yuan, with a maximum repurchase price of 19.30 yuan per share [4] Financial Forecasts - The forecasted net profit for 2024-2026 is 1.597 billion yuan, 2.034 billion yuan, and 2.353 billion yuan respectively, with year-on-year changes of -29.7%, +27.4%, and +15.7% [2] - The projected earnings per share (EPS) for 2024-2026 are 0.63 yuan, 0.81 yuan, and 0.93 yuan respectively [2] - The company’s total revenue is expected to be 30.928 billion yuan in 2024, with a year-on-year decrease of 5.8% [4]

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 21.699 billion yuan, down 14.44% year-on-year, and net profit attributable to shareholders at 1.277 billion yuan, down 45.73% year-on-year [3][4] - The company plans to repurchase shares with a budget of 500 million to 1 billion yuan [3] - The cash flow situation has improved significantly, with operating net cash flow for Q3 at 0.835 billion yuan, compared to a negative 0.82 billion yuan in the same period last year [4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 6.48 billion yuan, down 23.84% year-on-year, and net profit of 334 million yuan, down 67.23% year-on-year [3][4] - The gross margin for Q3 was 28.9%, a decrease of 0.5 percentage points year-on-year, while the net margin was 5.1%, down 6.9 percentage points year-on-year [4] - The company’s total revenue for 2024 is projected to be 29.144 billion yuan, a decrease of 11.2% year-on-year, with a net profit of 1.663 billion yuan, down 26.8% year-on-year [5][6] Financial Ratios and Projections - The company’s PE ratio for 2024 is projected to be 20.55, while for 2025 it is expected to be 14.86 [6] - The asset-liability ratio is currently at 43.9% and is expected to decrease to 42.9% in 2024 [6][8] - The company’s revenue growth rate is expected to recover to 9.5% in 2025 after a decline in 2024 [6][8]

整体的这样行业的这么一个平均水平的实现了逆势的一个增长但是我们确实也看到了就是说因为宇和文化的这些年我们其实出于这种风控的考虑我们确实也放弃了很多一些地产的大客户的生意包括相应的这样的一些合同订单所以我们看到整个地产的大B端的这个收入的话呢那么也从当年的这个高点140多亿的收入那么今天的话前三季度我们已经降到了十个亿出头的这个规模了那么所以说这一块的话呢应该说 那么去年前三季度我们来对地产大逼端的生意的话这个收入大概在接近30亿左右的这个规模那么现在来看的话呢整个地产大逼的话呢那么确实前三季度的这种快速下降那么确实对我们的直销端的收入还是造成一个比较大的一个压力的那么同时的话呢去年开始 与红出别对于整个应收账团的管控的一些考虑我们希望提高我们的营运资金的这种周转的速度效率所以说其实我们也逐渐的摒弃了一些资金占用时间比较长的施工的一些业务尤其是我们要求北上广深以外的这种省级的一级化公司 那么再去承接新的项目的话只能发展合伙人去落地更多的是做材料销售而不是去做施工做包容包料那么所以我们看到在这种去施工化的这样一个业务结构转型的过程中的话确实我们的施工收入也是在快速下降的那么前三季度我们整个的施工收入也是从去年前三 ...

证券代码： 002271 证券简称：东方雨虹 北京东方雨虹防水技术股份有限公司投资者关系活动记录表 编号：20241029 | --- | --- | --- | |----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...