本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 22 日 东 方雨虹(002271.SZ) 证券研究报告 零售端+现金流表现亮眼，分红同比大 其他装饰材料 投资评级 买入-A 幅提升，减值计提拖累业绩增速 维持评级 6个月目标价 16.65元 事件：公司发布 2023 年年报，实现营业收入 328.23 亿元 股价 (2024-04-19) 13.54元 （yoy+5.15%），实现归母净利润 22.73 亿元（yoy+7.16%），实现 扣非归母净利润 18.41 亿元（yoy+2.05%）。拟每 10 股派息 6 元 交易数据 （含税），股利支付率达66.47%，较上年（11.74%）同比大幅提升 总市值(百万元) 34,100.01 54.73pct。 流通市值(百万元) 27,021.03 总股本(百万股) 2,518.46 零售端布局现成效，砂浆粉料新业务快速成长。 流通股本(百万股) 1,995.64 2023 年公司实现营收 328.23 亿元（yoy+5.15%），其中 Q1-Q4 公 12个月价格区间 13.54/31.63元 司各季度营收分别同比+1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 32.823 billion yuan in 2023, representing a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year [3][9] - The retail channel's revenue increased significantly, accounting for 28.29% of total revenue, up 5.06 percentage points year-on-year, while the sand powder business experienced rapid growth with a 40% increase in revenue [3][10] - The company's gross margin improved slightly to 27.69%, with a notable increase in retail channel gross margin to 39.42% [3][14] - Operating cash flow saw a substantial improvement, with a net cash flow from operating activities of 2.103 billion yuan, up 221.58% year-on-year [3][16] Summary by Sections Revenue and Profitability - In 2023, the company achieved total revenue of 32.823 billion yuan, with a year-on-year growth of 5.15%. The net profit attributable to shareholders was 2.273 billion yuan, reflecting a 7.16% increase year-on-year. However, Q4 2023 saw a revenue decline of 4.76% year-on-year [3][9] - The revenue from the waterproof membrane, coatings, and sand powder businesses grew by 6.71%, 13.85%, and 40% respectively [3][10] Channel Performance - The retail channel generated 9.287 billion yuan in revenue, marking a 5.06 percentage point increase in its share of total revenue. The engineering channel's revenue was 12.510 billion yuan, up 22.58% year-on-year, while direct sales revenue decreased by 19.63% [3][10] Margin Analysis - The overall gross margin for 2023 was 27.69%, with a quarterly breakdown showing a decline in Q4 due to year-end settlement factors. The retail channel's gross margin was significantly higher at 39.42% [3][14] Cash Flow - The company reported a net cash flow from operating activities of 2.103 billion yuan, a remarkable increase of 221.58% year-on-year, indicating improved cash flow management and operational efficiency [3][16] Earnings Forecast - The company is expected to achieve net profits of 3.198 billion yuan in 2024 and 3.718 billion yuan in 2025, with a new forecast for 2026 set at 4.205 billion yuan, reflecting a downward adjustment due to market demand weakness and impairment risks [4][17]

公 司 研 证券研究报告 究 ＃industryId＃ 其他建材 ＃investSuggestion＃ ＃ ＃东dy 方Com 雨pa 虹ny＃ （ 0 02271） investSug ＃title＃ 增持 ( 维ges持tion ）Ch 000009 渠道结构优化，分红率大幅提升 ange＃ ＃createT ime1＃ 2024年 04月 19日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ su公mm司ar披y＃露 2023年报：全年实现营收328.23亿元，同比+5.15%，主要系报 司 告期公司各项业务拓展顺利，多元并进，零售业务占比逐步提升；实现归 市场数据日期 2024-04-18 母净利润22.73亿元，同比+7.16%；其中，四季度实现营收74.62亿元， 点 收盘价（元） 14.04 同比-4.76%，归母净利润-0.80亿元，同比-117.18%，主要系年末减值计 评 总股本（百万股） 2518.46 提所致。公司履行分红承诺，现金分红14.73亿元，分红率和股息率分别 报 流通股本（百万股） 1995.64 达到65%、4%。 告 净资产（百万元） 28374.01 ⚫ 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company achieved a revenue of 32.823 billion yuan in 2023, representing a year-on-year growth of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% [4][6]. - The fourth quarter saw a revenue decline of 4.76% to 7.462 billion yuan, with a net profit of -80 million yuan, a significant drop of 117.18% [4][6]. - The company is actively adjusting its strategy to enhance channel integration and increase retail business, which has shown robust growth with a revenue of approximately 9.287 billion yuan, up 28.11% year-on-year, accounting for 28.29% of total revenue [4][6]. - The report highlights a significant improvement in operating cash flow, with a net cash flow of approximately 2.1 billion yuan in 2023, an increase of about 1.445 billion yuan year-on-year [5][6]. Financial Summary - The company’s total assets were reported at 51.174 billion yuan, with a debt-to-asset ratio of 43.9%, down 2.35 percentage points from the beginning of the year [5][8]. - The earnings per share (EPS) for 2023 is projected at 0.90 yuan, with forecasts for 2024, 2025, and 2026 at 1.15, 1.41, and 1.74 yuan respectively [7][8]. - The company’s gross margin for 2023 is estimated at 27.7%, with expectations for gradual improvement in subsequent years [8]. Market Performance - The company’s stock has experienced a significant decline of 49.5% year-on-year, with a current price of 13.54 yuan [2][7]. - The report indicates that the company is well-positioned to recover as the real estate market stabilizes, with adjusted profit forecasts for 2024, 2025, and 2026 at 2.905 billion, 3.563 billion, and 4.371 billion yuan respectively [6][8].

我们大家下午好我是长江电财的分析师张佩那么感谢大家参加由长江电财举办的东方有名的联邦电话会议那么昨天呢公司公布了联邦联邦我们可以看到其实整个渠道结构在不断的优化然后零收占比已经提到了接近30% 其次公司也是在年报进行的大额的减值其实对应收账款的风险释放是比较充分的所以在整个自身的经营拐点逐步走出来以及风险释放比较充分之后我们在这个点建议大家对公司的关注度大幅提升然后接下来我们还是把时间交给公司的董益备总 那贝总要不还是先介绍一下这个年报的一些情况尤其是可能这个大观摩一个简体事实上也比较关注然后这方面可以给我们展开一下然后我们再进入到一个问答环节好的那么谢谢大家那个就是这样就是说我们看到昨天的话我们发布了这个这个2023年的这个年度报告那么 我们看到的话呢就是说去年应该说对于行业来说的话包括对于雨虹所属的行业来说仍然是一个非常难的这个时候就是说整个行业需求啊去年其实是在快速下行的那基本上是去年二到四月份啊那个时候其实有感觉哎好像似乎还有点小阳春其实还不错但是到去年五月份的时候整个需求就断崖式的这种下行对就是说那个整个的这个状态啊应该就是整个行业需求就是很弱的一个状态那么 在这样的一个压力下的话呢应该说确实我觉得 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits for 2024-2026 at 2.816 billion, 3.278 billion, and 3.732 billion respectively, corresponding to PE ratios of 12, 10, and 9 times [1][2]. Core Insights - The company reported a revenue of 32.823 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year. The fourth quarter of 2023 saw a revenue decline of 4.76% year-on-year, with a net loss of 80.17 million yuan [1][2]. - The growth in the mortar powder business is notable, with a 40% increase in revenue, while the engineering business contracted by 26.3%. The waterproof membrane segment generated 13.314 billion yuan, a 6.71% increase, and the coatings segment saw a 13.85% rise in revenue [1][2]. - The retail channel revenue grew by 28.11% year-on-year, while the direct sales channel revenue decreased by 19.63%. The company emphasizes a retail-first strategy to enhance market presence [1][2]. - The company significantly increased its dividend payout ratio to 65%, a 53% increase year-on-year, and is focusing on expanding its overseas operations in Southeast Asia and the Middle East [1][2]. Financial Performance Summary - In 2023, the company achieved a gross margin of 27.69%, up 1.92 percentage points year-on-year, and a net margin of 6.97%, up 0.18 percentage points. The gross margin for Q4 2023 was 23.01%, down 2.54 percentage points year-on-year [1][2]. - The company recorded an operating cash flow of 2.103 billion yuan, a significant increase of 221.56% year-on-year, with a cash collection ratio of 1.02 [1][2]. - The report forecasts revenue growth rates of 5.2%, 10.2%, 10.8%, and 12.1% for 2024 to 2026, with net profit growth rates of 7.2%, 23.9%, 16.4%, and 13.9% respectively [2][4].

Summary of the Conference Call Company Overview - The conference call discusses the performance and strategies of Dongfang Yuhong, a company in the construction materials industry, particularly focusing on waterproofing and related products. Key Points Industry and Market Dynamics - The company has experienced a significant growth rate of over 50% in its product lines, with non-waterproof products now accounting for 50% of total revenue, indicating a shift towards a more diversified product platform [1][2]. - Despite a challenging market environment, the company achieved a 35% revenue growth, with a net profit margin of approximately 20% from its civil construction segment [2][3]. - The number of partners in the engineering channel increased from over 3,000 to around 8,000, with a target of exceeding 10,000 by the end of the year, reflecting a robust growth strategy [4][5]. Financial Performance - The engineering channel's sales revenue grew from 10.2 billion to 12.5 billion, marking a 22% increase, showcasing resilience in a declining market [5][6]. - The company generated a profit of 1.6 billion last year, with retail channels contributing significantly to overall profitability [3][4]. - The company anticipates a revenue target of 36 billion for the current year, adjusted from an initial estimate of 38.2 billion due to cautious market conditions and risk management considerations [14][15]. Product Development and Innovation - The company has launched new product lines, particularly in sand powder, achieving sales of over 5 million tons and generating approximately 4.2 billion in revenue, with a growth rate of 40% [8][9]. - Future sales targets for sand powder are set at 8 million tons, aiming for over 6 billion in revenue, indicating a strong focus on expanding this product line [9][10]. - The company is also enhancing its product offerings in sealants and non-woven fabrics, with significant growth in these segments as well [12][30]. Risk Management and Challenges - The company is facing challenges related to accounts receivable and asset management, with a focus on converting non-liquid assets into cash to mitigate risks associated with market fluctuations [18][20]. - There is a strategic emphasis on reducing inventory levels and managing cash flow effectively, with accounts receivable decreasing significantly year-over-year [22][23]. - The company is cautious about potential losses from asset sales, particularly in light of declining property values, and is proactively managing its financial exposure [20][21]. Strategic Focus - The company is prioritizing partnerships and local market development to enhance its competitive position, leveraging its integrated business model to capture market share [6][7]. - There is a clear intent to focus on high-quality projects and long-term partnerships to drive sustainable growth [8][9]. - The management emphasizes the importance of maintaining a balance between growth and risk management, particularly in the current economic climate [14][15]. Additional Insights - The company is committed to becoming a leader in every product category it operates in, with specific targets for market leadership in various segments [25][26]. - The management is optimistic about future cash flow improvements due to a shift towards smaller clients and direct sales channels, which are expected to enhance financial stability [23][24]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 32.823 billion yuan in 2023, a year-on-year increase of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% year-on-year. The adjusted net profit after excluding non-recurring items was 1.841 billion yuan, reflecting a 2.05% increase year-on-year [5] - The company is facing performance pressure due to impairment losses, but its retail business is showing steady growth. The report anticipates a net profit of 2.84 billion yuan for 2024, representing a year-on-year growth of 24.8% [5][6] - The company is a leader in the industry, and its multi-category expansion is expected to drive long-term growth [5] Financial Summary - In Q4 2023, the company achieved a revenue of 7.462 billion yuan, a quarter-on-quarter decrease of 12.29%, and a net profit of -80 million yuan, a quarter-on-quarter decline of 107.87% [5] - The gross profit margin for 2023 was 27.69%, an increase of 1.92 percentage points year-on-year, while the net profit margin was 6.97%, up 0.18 percentage points year-on-year [5] - The company’s retail business generated revenue of 9.287 billion yuan in 2023, a year-on-year increase of 28.11%, accounting for 28.29% of total revenue [6] - The company’s total market capitalization is 34.1 billion yuan, with a current stock price of 13.54 yuan [2] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.84 billion yuan, 3.06 billion yuan, and 3.47 billion yuan, respectively, with year-on-year growth rates of 24.8%, 7.9%, and 13.2% [5][7] - The earnings per share (EPS) for 2024-2026 are projected to be 1.13 yuan, 1.22 yuan, and 1.38 yuan, respectively [7] Product and Channel Performance - Revenue from waterproof membranes, waterproof coatings, mortar powder, and engineering construction was 13.314 billion yuan, 9.685 billion yuan, 4.196 billion yuan, and 3.245 billion yuan, respectively, with year-on-year growth rates of 6.71%, 13.85%, 40.00%, and a decline of 26.30% for engineering construction [6] - The company’s engineering channel revenue was 12.510 billion yuan, a year-on-year increase of 22.58%, while direct sales revenue was 10.368 billion yuan, a year-on-year decrease of 19.63% [6]

[Table_Page] 年报点评|装修建材 证券研究报告 [东Table_方Title] 雨虹（002271.SZ） [公Tab司le_I评nves级t] 买入 当前价格 14.04元 渠道转型持续见效，减值拖累业绩 合理价值 19.60元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-19 ⚫ 公司发布2023年报，全年收入328亿元，同比+5.15%，归母净利润 [相Tab对le_P市icQ场uote表] 现 22.73亿元，同比+7.16%，扣非净利润18.41亿元，同比+2.05%。其 中，单4季度收入75亿元，同比-4.76%，归母净利润-0.8亿元，同比 0% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -12% -117%，扣非净利润-3.31亿元，同比-217%。 -24% ⚫ 渠道转型持续见效，23年4季度零售降速、增长承压。分品类来看， -36% 23年防水卷材、涂料、砂粉、工程施工收入分别同比+6.71%、+13.85%、 -48% -60% +40%、-26.3%，材料销售同比增长，公司主动收缩施 ...

公司报告 | 年报点评报告 东方雨虹（002271） 证券研究报告 2024年04月 19日 投资评级 零售端韧性凸显，全年现金流大幅改善 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 14.04元 业绩短暂承压，经营质量明显改善 公司23 年实现营收328.2亿，同比+5.2%，归母、扣非净利润为22.7、18.4 目标价格 18.92元 亿，同比+7.16%、+2.05%；Q4 单季实现营收74.6亿，同比-4.76%，归母、 扣非净利润为-0.8、-3.3亿，Q4 业绩负增长主要受毛利率下滑以及减值损 基本数据 失拖累。全年非经常性损益为4.3亿，同比增加1.15亿。23 年公司计划现 A股总股本(百万股) 2,518.46 金分红14.7亿（含税），分红比例为65%，对应 4月18日股息率为4.2%。 流通A股股本(百万股) 1,995.64 考虑到地产下行压力较大，我们下调公司盈利预测，预计24-26年公司归 A股总市值(百万元) 35,359.24 母净利润为28、32.3、37.2亿（前值24、25 年为37/45亿），认可给予公 流通A股市值(百万元) 28,018.85 ...