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]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has shown a commitment to channel transformation, resulting in continuous improvement in cash flow [1] - Despite a decline in revenue and net profit, the company is focusing on retail and engineering growth, with a notable increase in cash flow [1] - The company is positioned as a leader in the waterproofing industry, with expectations for marginal improvements in operations [1] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 15.22 billion yuan, a decrease of 9.7% year-on-year, and a net profit attributable to shareholders of 0.94 billion yuan, down 29.3% year-on-year [1] - The operating cash flow for H1 2024 was -1.33 billion yuan, an improvement of 2.62 billion yuan year-on-year [1] - For Q2 2024, revenue was 8.07 billion yuan, a decline of 13.8% year-on-year, with a net profit of 0.60 billion yuan, down 37.2% year-on-year [1] Product and Channel Analysis - Revenue from waterproof membranes, coatings, mortar, and engineering construction in H1 2024 was 6.05 billion, 4.76 billion, 2.13 billion, and 1.26 billion yuan respectively, with declines in waterproof membranes and coatings but growth in mortar [1] - Retail and engineering channels saw revenue growth of 7.7% and 9.1% respectively, while direct sales and other businesses experienced significant declines [1] Profitability and Cost Management - The overall gross margin for H1 2024 was 29.2%, a slight increase of 0.3 percentage points year-on-year [1] - The expense ratio increased to 18.6%, up 2.2 percentage points year-on-year, primarily due to higher advertising, travel, and employee compensation costs [1] - The net profit margin for H1 2024 was 6.1%, down 1.8 percentage points year-on-year [1] Future Outlook - The company is accelerating channel transformation and focusing on project quality while expanding retail channels [1] - The report suggests monitoring for signs of marginal improvement in operations as the company navigates the current industry downturn [1] - Profit forecasts for 2024-2026 have been adjusted to 1.905 billion, 2.435 billion, and 3.003 billion yuan respectively, reflecting anticipated challenges in demand and competition [1]

> 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].

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：20240829 | --- | --- | --- | |----------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | √ | 特定对象调研 □分析师会议 | | 类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | | | 活动参与人员 | | 孙明新、冷威、吴楷迪（中信证券）；王海斌 ...