Investment Rating - Maintains an "Overweight" rating for the company [1] Core Views - The company's retail and engineering channels have improved, optimizing revenue structure and enhancing gross margin [1] - The company achieved high shareholder returns for the first time in 2023, and this trend is expected to continue [1] - Revenue structure optimization is evident, with competitive advantages improving against the trend [1] - The company plans to distribute dividends of 1.47 billion yuan in 2023, with a dividend payout ratio of 50%, the highest in recent years [1] - The company's national factory layout is complete, and capital expenditures are expected to decrease significantly, improving cash flow and shareholder returns in the long term [1] Financial Performance - 2023 revenue: 32.823 billion yuan, a year-on-year increase of 5.15% [1] - 2023 net profit attributable to shareholders: 2.273 billion yuan, a year-on-year increase of 7.16% [1] - Q1 2024 revenue: 7.149 billion yuan, a year-on-year decrease of 4.61% [1] - Q1 2024 net profit attributable to shareholders: 348 million yuan, a year-on-year decrease of 9.81% [1] - 2024-2026 EPS forecasts: 1.28 yuan, 1.46 yuan, and 1.62 yuan, respectively [1] - Target price adjusted to 25.92 yuan, corresponding to a 2024 PE of 20x [1] Revenue Structure and Gross Margin - Retail channel growth remains resilient, while direct sales have dragged down performance [1] - Mortar products are estimated to maintain high growth, with significant contributions from civil construction [1] - Q1 2024 gross margin: 29.68%, a year-on-year increase of 1.02 percentage points, driven by improved product mix and higher-margin retail products [1] - Structural improvements are expected to continue, with pricing stabilizing and cost advantages from winter storage [1] Shareholder Returns and Business Model - The company's high shareholder return trend is expected to continue due to business model adjustments [1] - The company's national factory layout is complete, and capital expenditures are expected to decrease significantly, improving cash flow and shareholder returns in the long term [1] Industry Comparison - Comparable companies include Kosun (300737 SZ), Kailun (300715 SZ), and Weixing New Materials (002372 SZ) [3] - Average PE ratios for 2024 and 2025 are 21.8x and 16.7x, respectively [3] Historical Performance - 52-week stock price range: 12.99-30.91 yuan [1] - Total market capitalization: 37.752 billion yuan [1] - Average daily trading volume: 50.71 million shares, with an average daily trading value of 795.89 million yuan [1]

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking the first coverage [1][3]. Core Views - The waterproofing industry faced pressure in 2023, but the company's retail business saw rapid revenue growth, achieving 9.287 billion yuan, a year-on-year increase of 28.11%, which accounted for 28.29% of total revenue [1][3]. - The company has expanded its retail business significantly, with a dealer network of nearly 5,000 and over 220,000 distribution points by the end of 2023 [1]. - The company's cash flow improved significantly, with net cash flow from operating activities reaching 2.103 billion yuan, a year-on-year increase of 221.58% [1][3]. Financial Performance Summary - In 2023, the company achieved total operating revenue of 32.823 billion yuan, a year-on-year growth of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% [1][4]. - The company forecasts operating revenues of 36.262 billion yuan, 39.643 billion yuan, and 43.672 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.908 billion yuan, 3.267 billion yuan, and 3.605 billion yuan [4][6]. - The projected P/E ratios for 2024, 2025, and 2026 are 11.6, 10.3, and 9.3, respectively [3][4]. Business Segment Insights - The retail business's gross margin in 2023 was 39.42%, an increase of 4.63 percentage points year-on-year [1]. - The company's mortar powder business generated 4.196 billion yuan in revenue in 2023, showing significant growth [1][3]. - The company is actively expanding its overseas business, establishing offices in multiple countries, including Vietnam, Malaysia, and the United States [1].

证券代码：002271 证券简称：东方雨虹 公告编号：2024-061 北京东方雨虹防水技术股份有限公司 关于控股股东、实际控制人减持计划期限届满暨实施结果的公告 控股股东、实际控制人李卫国先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 注：上表中占目前剔除公司回购专用账户中的股份数量后总股本指以截至本公告披露日 公司总股本2,518,464,191股剔除回购专用账户中的股份数量63,324,024股后的总股本 2,455,140,167股。 本次减持股份来源为首次公开发行股票并上市前已持有的股份（包括首次公 开发行股票后资本公积转增股本部分）。本次减持前，公司于2020年3月20日在 指定信息披露媒体巨潮资讯网（http://www.cninfo.com.cn）披露了《简式权益 变动报告书》，李卫国先生及其一致行动人李兴国先生自前述2020年3月20日前 次披露《简式权益变动报告书》之日起至本公告披露日累计减持（均为通过深圳 证券交易所大宗交易方式减持股份）比例为4.1658%。 | | | | 本次 ...

从直销到渠道，化风险提盈利 东方雨虹（002271.SZ）/建 证券研究报告/公司点评 2024 年5 月1日 筑材料 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：14.65 指标 2022A 2023A 2024E 2025E 2026E 营业收入（亿元） 312.14 328.23 362.94 421.74 498.77 分析师：孙颖 增长率yoy% -2.26% 5.15% 10.58% 16.20% 18.27% 执业证书编号：S0740519070002 归母净利润（亿元） 21.21 22.73 29.87 36.07 43.01 Email：sunying@zts.com.cn 增长率yoy% -49.55% 7.16% 31.38% 20.77% 19.24% 每股收益（元） 0.84 0.90 1.18 1.43 1.71 分析师：韩宇 净资产收益率 7.80% 7.92% 12.77% 13.95% 15.21% 执业证书编号：S0740522040003 P/E 17.4 16.2 1 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Viewpoints - The release of substantial favorable policies for real estate is expected to support short-term valuations in the building materials sector and improve mid-term demand. The logic for supply-side clearing in the industry is becoming clearer, as the consumer building materials market has rapidly shifted from an incremental market to a stock market, putting operational pressure on small and medium enterprises and facilitating market share gains for leading companies [3][4][6]. Industry Perspectives - Continuous optimization of real estate policies in core cities is observed. For instance, Beijing's housing loan policies have been adjusted to favor first-time buyers, and Chengdu has lifted restrictions on housing purchases. Additionally, Shenzhen is launching a "sell old for new" housing initiative [4][24]. - The price increase of glass fiber is gradually being realized, with companies like China Jushi showing improved profit expectations despite a decline in revenue and net profit in Q1 2024. The company has implemented price adjustments for its products, which are expected to have a significant positive effect [5][25]. - Short-term focus on affordable housing is crucial for the development of the real estate sector, with plans to add 6.5 million affordable rental housing units across 21 provinces during the 14th Five-Year Plan period, potentially benefiting construction and building materials companies [6][26]. - Long-term urban renewal initiatives are anticipated to supplement demand for consumer building materials, with significant investments expected from city village renovations and related infrastructure projects [9][27]. - New materials are highlighted as key investment opportunities, particularly in pharmaceutical glass and electronic yarn, driven by increasing demand and favorable market conditions [10][29]. Market Review - The building materials index has seen a decline of 0.45%, while the broader market indices have shown positive performance. Specific sub-sectors such as consumer building materials and glass have experienced varying degrees of price changes [30][32]. - The average price of high-standard cement has decreased by 0.18% to 361.45 CNY per ton, with regional price fluctuations noted. The cement inventory ratio stands at 67.46%, indicating a slight decrease [45][46]. - The average price of float glass has decreased by 0.9% to 1721 CNY per ton, with an increase in inventory levels. The market is experiencing mixed demand dynamics across different regions [51][53].

建材 公 2024年04月29日 司 报 东方雨虹(002271.SZ) 告 高基数拖累业绩，毛利率环比回升 推荐 ( 维持 ) 事项： 公司公布2024年一季报，实现营收71.5亿元，同比下滑4.6%，归母净利润3.5 股价:13.79元 亿元，同比下滑9.8%。 公 主要数据 平安观点： 行业 建材 司 公司网址 www.yuhong.com.cn 高基数拖累业绩，毛利率环比回升。受上年基数较高叠加行业 ...

截至本公告披露日，李卫国先生及其一致行动人李兴国先生所持质押股份情 况如下： | | | | 本次质 | 本次质 | | | | 已质押股份情况 | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股 | 押前质 | 押后质 | 占其所 | 占公司 | 已质押股 份限售和 | 占已质 | 未质押 股份限 | | | 股东 | | | 押股份 | 押股份 | 持股份 | 总股本 | | | | 占未质 | | 名称 | （股） | 比例 | | | | | 冻结、标 | 押股份 | 售和冻 | 押股份 | | | | | 数量 | 数量 | 比例 | 比例 | | | | | | | | | | | | | 记数量 | 比例 | 结数量 | 比例 | | | | | （股） | （股） | | | | | | | | | | | | | | | （股） | | （股） | | 证券代码：002271 证券简称：东方雨虹 公告编号：2024-059 北京东方雨虹防水技术股份有限公 ...

证券研究报告 | 2024年04月26日 东方雨虹（002271.SZ） 买入 2024 年一季报点评：收入利润略有承压，毛利率同环比提升 核心观点 公司研究·财报点评 需求偏弱叠加相对高基数，收入利润均有小幅下滑。2024Q1公司实现营业 建筑材料·装修建材 收入71.5亿元，同比-4.6%，归母净利润3.5亿元，同比-9.8%，扣非 证券分析师：任鹤 证券分析师：陈颖 归母净利润3.1亿元，同比-4.4%，EPS为0.14元/股，受复工节奏偏慢、 010-88005315 0755-81981825 renhe@guosen.com.cn chenying4@guosen.com.cn 需求表现持续偏弱以及同期相对高基数影响，收入利润同比均有小幅下 S0980520040006 S0980518090002 滑，23Q1-23Q4收入增速分别为+18.8%/+4.0%/+5.4%/-4.8%，收入端高 基础数据 基数压力有望逐步改善。 投资评级 买入(维持) 合理估值 毛利率同环比提升，费用率有所增长。2024Q1实现综合毛利率29.7%，同 收盘价 13.26元 总市值/流通市值 33395/26462 ...

北京东方雨虹防水技术股份有限公司 关于公司控股股东进行股票质押式回购交易的公告 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。 北京东方雨虹防水技术股份有限公司（以下简称"公司"）近日接到公司控 股股东、实际控制人李卫国先生函告，获悉李卫国先生所持有本公司的部分股份 被质押，具体事项如下： 证券代码：002271 证券简称：东方雨虹 公告编号：2024-058 | 股东 | 是否为控 股股东或 | 本次质押数 | 占其所 | 占公司 | 是否 | 是否 为补 | 质押起始 | 质押到期 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 东及其一 | 量（股） | 持股份 比例 | 总股本 比例 | 为限 售股 | 充质 | 日 | 日 | 质权人 | 用途 | | | 致行动人 | | | | | 押 | | | | | | | 是 | 3,500,000 2,500,000 2,150,000 | 0.66% 0.47% 0.41% ...

公司研 究 证 券研究 报 告 其他装饰材料 2024年04月25日 东 方雨虹（002271）2024年一季报点评 强 推 （维持） 目标价：17.4元 Q1 收入业绩微降，现金流改善明显 当前价：12.99元 事项： 华创证券研究所  东方雨虹发布 2024 年一季报：公司 2024Q1 实现营业收入 71.49 亿，同比- 证券分析师：王彬鹏 4.61%，归母净利润 3.48 亿，同比-9.81%，扣非后归母净利润 3.1 亿，同比- 4.39%。 邮箱：wangbinpeng@hcyjs.com 评论： 执业编号：S0360519060002 证券分析师：鲁星泽  行业景气度维持低位，Q1 收入业绩微降：公司 2024Q1 实现营业收入 71.49 亿，同比-4.61%，归母净利润3.48亿，同比-9.81%，扣非后归母净利润3.1亿， 电话：021-20572575 同比-4.39%。我们认为收入及业绩下滑主要系Q1基建、地产的开工情况偏弱， 邮箱：luxingze@hcyjs.com 截至3月末，地产新开工面积1.73亿平，同比下降28%，Q1水泥产量3.37亿 执业编号：S036052012 ...