东方雨虹(002271.SZ)：转型红利释放，静待价值重估时刻

Core Viewpoint - The real estate industry is experiencing a downturn, but opportunities are emerging as related sectors begin to recover from the prolonged impact of real estate [1] Group 1: Strategic Transformation and Growth Opportunities - The shift in demand towards existing homes has led to a strategic transformation for the company, moving from a B-end procurement model to focusing on C-end retail and small B engineering channels [2] - In 2024, the combined revenue from retail (C-end) and engineering (small B) channels is projected to reach 23.562 billion, accounting for 83.98% of total revenue [2] - The company is actively optimizing its customer structure and channel transformation, indicating a long-term strategic shift rather than a short-term tactic [2] Group 2: Financial Performance and Cash Flow Improvement - The company has significantly reduced its accounts receivable issues and improved operating cash flow, which is crucial for sustaining high dividend payouts [3] - In 2024, the operating net cash flow reached 3.457 billion, a substantial increase of 64.39% year-on-year [9] - The company has maintained a high dividend yield of nearly 14%, reflecting its financial health and commitment to shareholder returns [10] Group 3: New Growth Engines - The rise of diverse businesses, particularly the mortar powder segment, is contributing to new revenue streams, with non-waterproof business revenue accounting for 26.55% in 2024 [5] - The company is accelerating its overseas expansion, with international market revenue reaching 877 million, a year-on-year growth of 24.73% [6] - The establishment of factories in Malaysia and ongoing projects in the U.S. and Saudi Arabia are part of the company's global growth strategy [6] Group 4: Cost Reduction and Efficiency - The company has achieved a significant reduction in expense ratios, with a 3.4 percentage point decrease to 17% in Q1, driven by a 28% drop in sales expenses and a 57% drop in financial expenses [8] - These cost-cutting measures are expected to enhance profitability and strengthen the company's core competitiveness in the long term [8] Group 5: Future Outlook - The company is positioned at a critical juncture, transitioning from operational to growth and valuation phases, warranting attention to its value growth potential [11] - Short-term focus should be on the benefits of cost reduction, while mid-term attention should be on the explosive growth potential in overseas markets [12][13] - Long-term strategies include building platform barriers through diversified operations, with the mortar powder business emerging as a second core business [12]