证券代码：002271 证券简称：东方雨虹 公告编号：2024-096 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 本次担保实际发生前，公司对深圳工程公司的担保余额为 0 万元，因此，深 圳工程公司剩余可用担保额度仍为 50,000 万元。本次担保实际发生后，公司对 深圳工程公司的担保金额为 3,000 万元，剩余可用担保额度为 47,000 万元。 二、被担保人基本情况 1、公司名称：深圳东方雨虹防水工程有限公司； 2、成立日期：2015 年 11 月 6 日； 3、注册地址：深圳市福田区沙头街道天安社区滨河大道与泰然九路交汇东 北角处万科滨海置地大厦十八层 01、02、03、04 号； 4、法定代表人：李勇； 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"或"保证人"）向 招商银行股份有限公司深圳分行（以下简称"招商银行深圳分行"）签署《最高 额不可撤销担保书》，公司为招商银行深圳分行与公司全资子公司深圳东方雨虹 防水工程有限公司（以下简称 ...

北京市金杜（无锡）律师事务所 关于北京东方雨虹防水技术股份有限公司 2024 年第一次临时股东大会的法律意见书 致：北京东方雨虹防水技术股份有限公司 北京市金杜（无锡）律师事务所（以下简称本所）接受北京东方雨虹防水 技术股份有限公司（以下简称公司）的委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规 则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效 的法律、行政法规、规范性文件和现行有效的《北京东方雨虹防水技术股份有 限公司章程》（以下简称《公司章程》）有关规定，指派律师出席了公司于 2024 年 9 月 13 日召开的 2024 年第一次临时股东大会（以下简称本次股东大 会），并就本次股东大会的相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 经公司 2023 年年度股东大会审议通过的《公司章程》； 2. 公司 2024 年 8 月 29 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨东方雨虹（002271.SZ） [Table_Title] 下行期的结构调整 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 范超 张佩 SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 请阅读最后评级说明和重要声明 东方雨虹（002271.SZ） cjzqdt11111 2024-09-03 [Table_Title2] 下行期的结构调整公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 相关研究 [Table_Summary2] 事件描述 东方雨虹 2024 年上半年实现收入约 152 亿元，同比下降 10%，归属净利润约 9.4 亿元，同比 下降 29%，扣非净利润同比下降 32%。2024Q2 收入约 81 亿元，同比下降 14%，归属净利润 约 6.0 亿元，同比下降 37%，扣非净利润同比下降 43%。 事件评论 经 ...

公司报告 | 半年报点评 营收&利润承压下滑，零售端仍保持较好增长韧性 东方雨虹（002271） 证券研究报告 2024 年 09 月 03 日 投资评级 行业 建筑材料/装修建材 6 个月评级 买入（维持评级） 当前价格 10.41 元 目标价格 元 行业需求下行收入承压下滑，看好公司中长期成长，维持"买入"评级 公司 24H1 实现营收 152.18 亿，同比-9.69%，归母、扣非净利润为 9.43、 8.36 亿，同比-29.31%、-32.74%；Q2 单季实现营收 80.69 亿，同比-13.77%， 归母、扣非净利润为 5.96、5.26 亿，同比-37.23%、-42.75%。收入受需求 下滑以及去施工化趋势有所承压，费用未能有效摊薄影响利润增速。上半 年公司现金分红为 14.6 亿，大额现金分红提升股东回报。考虑到地产下滑 压力较大，我们下调公司盈利预测，预计公司 24-26 年归母净利润为 20、 23、26.6 亿（前值 28.2、32.4、37.4 亿），维持"买入"评级。 H1 毛利率同比小幅改善，砂粉品类有望成为新新增长曲线 分产品来看，24H1 卷材/涂料/砂浆粉料实现营收 60 ...

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]

公司研究 坚定渠道变革，现金流持续改善 ——东方雨虹（002271.SZ）2024 年中报点评 要点 事件：东方雨虹发布 2024 年中报，24H1 实现营收/归母净利润/扣非归母净利 润 152.2/9.4/8.4 亿元，同比-9.7%/-29.3%/-32.7%。24H1 经营性净现金流-13.3 亿元，同比+26.2亿元。单Q2实现营收/归母净利润/扣非归母净利润80.7/6.0/5.3 亿元，同比-13.8%/-37.2%/-42.8%，经营性净现金流 5.6 亿元，同比+7.0 亿元。 公司拟每股派发 0.6 元（含税），对应公告日股息率 6.0%。 坚定渠道变革，零售与工程稳健增长。分产品看，24H1 防水卷材/涂料/砂浆粉 料/工程施工实现营收 60.5/47.6/21.3/12.6 亿元，同比 -15.8%/-8.2%/+11.8%/-8.2%；砂粉科技集团依托公司零售渠道网点布局，继 续快速增加砂粉产品覆盖范围；同时工程端依托各销区"销技供产服"一体化公 司，新增 6 家供应基地，充分提升响应速度和服务质量。其他主营收入/其他业 务收入为 7.7/2.5 亿元，同比-2.1%/-39.9%。 ...

> 开源证券 建筑材料/装修建材 公 司 研 究 东方雨虹（002271.SZ） 2024 年 09 月 01 日 渠道转型稳步发展，零售业务显韧性 ——公司信息更新报告 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 日期 2024/8/30 | --- | --- | |-------------------------|------------| | | | | 当前股价 ( 元 ) | 10.90 | | 一年最高最低 ( 元 ) | 30.75/9.96 | | 总市值 ( 亿元 ) | 265.56 | | 流通市值 ( 亿元 ) | 210.61 | | 总股本 ( 亿股 ) | 24.36 | | 流通股本 ( 亿股 ) | 19.32 | | 近 3 个月换手率 (%) | 134.3 | 股价走势图 东方雨虹 沪深300 -80% -60% -40% -20% 0% 20% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《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 《品类渠道驱动零售高速增长，国 ...

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].