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 ...

文/梧桐小新 近日，北京东方雨虹防水技术股份有限公司（东方雨虹，002271）发布2024年年报，公司2024年实现营业收入280.56亿元，同比下降14.52%，归母净利润1.08亿 元，同比下降95.25%。值得注意的是，在业绩显著下滑的情况下，东方雨虹却计划实施高分红政策，拟向全体股东每10股派发现金红利18.50元（含税），分红总 额高达44.19亿元。 一、一年两度分红，累计总额58.81亿元 根据2024年年报披露，东方雨虹本次利润分配预案为：以公司现有总股本2,436,315,528股扣除公司回购专户上已回购股份47,615,662股和公司尚未完成回购注销的 股权激励限售股30,750股后的总股本2,388,669,116股为基数，向全体股东每10股派发现金红利18.50元（含税），送红股0股（含税），不以公积金转增股本。此次 分红，公司将派发现金红利44.19亿元。 此外，根据公告显示，2024年上半年，公司已实施了每10股派发现金红利6元（含税）的中期分红方案，合计分红14.62亿元。2024年度累计现金分红总额为58.81 亿元。 二、2024年净利润下降逾95%，为近13年最低 东方雨虹 ...

证券研究报告·公司点评报告·装修建材 东方雨虹（002271） 2024 年报点评：渠道优化效果显现，现金流 改善明显 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 32823 | 28056 | 29666 | 32529 | 35708 | | 同比（%） | 5.15 | (14.52) | 5.74 | 9.65 | 9.77 | | 归母净利润（百万元） | 2,273.33 | 108.17 | 1,625.39 | 2,482.32 | 3,107.22 | | 同比（%） | 7.16 | (95.24) | 1,402.58 | 52.72 | 25.17 | | EPS-最新摊薄（元/股） | 0.93 | 0.04 | 0.67 | 1.02 | 1.28 | | P/E（现价&最新摊薄） | 13.84 | 290.76 | 19.35 | 12.67 | 10.12 | [Table_ ...

业务模式的积极变化带来了经营现金流量表的显著改善，尽管公 司 2024 年营业收入较上年下降约 48 亿元，但 2024 年公司经营活动产 生的现金流量净额提升至 34.57 亿元，同比增长 64.39%；收现比达到 1.05，与上年同期相比持续提升；应销比（应收账款/销售收入）也有 所下降，截至 2024 年期末，公司各项应收指标，包括应收账款、应收 票据、其他应收款的规模较上年同期均呈现较为明显的下降趋势。 另一方面，由于公司 2024 年收入规模下降，导致成本费用无法得 到有效摊薄，公司毛利率有所下降，同时费用率上升。2025 年，公司 会严格管控费用支出，提升人均效能和运营效率，降低费用率。同时， 我们相信，在渠道变革、业务转型已见成效的今年，在所有的经营决策 都将以正向的现金流作为重要的考量指标的今年，公司的经营质量仍 将延续持续改善趋势。 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：20250228 | 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 | | | ...

这将违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢好的各位读者大家下午好欢迎大家在这个时间段介入我们方证建材团队对东方宇宏24年年报的一个解读我们今天也是很荣幸的邀请到了公司的总秘贝总来给我们做年报的一个介绍其实我们可以看到宇宏24年的年报的里子还是非常扎实的尤其就体现在 公司零售和工程渠道实现了一个行业逆势的稳步增长以及现金流出现了一个同比64.38%的一个大幅的改善并且受限比还有特别是分红也是大幅超越了一个市场的预期所以这份报表的话我们认为也是公司在转型阶段一个非常重要的一个里程碑那么接下来就有请董立飞总来给我们介绍一下演报的一个情况 然后我们会开放一个提问的环节当然这次电话会也有其他的麦芳小伙伴在线也可以我们一起来提问来去讨论一下这份年报费总您可以开始了对好的那么感谢大家参加今天的交流因为我们看一下其实宇红昨天晚上我们发布的去年的年报其实还是能够感觉到什么呢 一个是应该说行业的这种环境或者行业的需求端压力还是非常巨大的因为我记得宇红当时我们在去年年初董事会制定的预算我们当时披露出来是360亿但我们看最终的话确实与我们的预算那么相差甚远应该说确实是我们去年年初的话在制定预算的时候我觉得是对整体 ...

东方雨虹 20250301 摘要 • 东方雨虹积极转型，显著降低地产集采依赖，从 2021 年的超 140 亿元降 至 2024 年的 12-13 亿元，同时收缩施工业务，以优化经营质量和解决应 收账款问题，2024 年施工业务收入降至 15 亿元。 • 受去地产化和去施工化影响，直销板块收入大幅下降，2024 年仅为 40 多 亿元，同比下降超过 50%，导致公司整体收入规模下降 14%，至 280 亿 元。但零售渠道表现强劲，收入突破百亿，同比增长 10%。 • 民用建材集团通过市场渗透率提升和产品线扩展实现增长，C 端销售额同 比增长 14%至 15%，达到 93.7 亿元，卷材维修增长显著，同时特种纱、 墙面辅材和胶粘剂等新品类也成为收入增长的重要引擎。 • 小 B 端合伙人渠道逆势增长，收入达到 133 亿元，尽管行业整体需求下滑， 但合伙人数量倍增，显示出市场份额提升带来的优势。公司业务结构转型 显著，C 端业务占比上升至 85%，直销业务占比降至 15%。 • 商业模式转变显著改善财务指标，应收账款等科目显著下降，销售费用率 降低，收现比上升，经营现金流净额同比提升 60%以上，达到 34 亿多 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.60 RMB [8][9]. Core Insights - The company reported a revenue of 28.06 billion RMB for 2024, a year-over-year decrease of 14.52%, and a net profit attributable to shareholders of 108 million RMB, down 95.24% year-over-year [1]. - The company is actively optimizing its revenue structure, with a notable decline in gross margin in Q4 attributed to increased sales rebates [2]. - The company has a strong cash flow position, with operating cash flow of 3.46 billion RMB for the year, up 64.4% year-over-year, and a cash dividend distribution rate of 4085% [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 28.06 billion RMB, with a significant decline in net profit to 108 million RMB [1]. - The revenue breakdown for key segments includes waterproof membranes (11.79 billion RMB), coatings (8.82 billion RMB), mortar powder (4.15 billion RMB), and waterproof construction services (1.58 billion RMB), all showing year-over-year declines [2]. - The overall gross margin for the year was 25.8%, a decrease of 1.9 percentage points compared to the previous year [2]. Cost Structure - The company experienced a rise in operating expense ratio to 19.3%, up 3.3 percentage points year-over-year, with increases in sales, management, and R&D expenses [3]. - The net profit margin for 2024 was 0.39%, down 6.5 percentage points year-over-year [3]. Cash Flow and Dividends - The operating cash flow for the year was 3.46 billion RMB, with a cash collection ratio of 105.5% [4]. - The company plans to distribute a cash dividend of 18.50 RMB per 10 shares, indicating a strong commitment to returning value to shareholders [4]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 0.68 RMB, 1.01 RMB, and 1.21 RMB respectively, reflecting adjustments due to ongoing impairment risks [5]. - The target price of 15.60 RMB corresponds to a PE ratio of 23 times for 2025, aligning with the average PE of comparable companies [5].