研报掘金丨开源证券：东方雨虹持续建设海外布局，维持“买入”评级

Core Viewpoint - The report from Kaiyuan Securities indicates that Dongfang Yuhong's net profit attributable to shareholders for the first half of 2025 is 560 million yuan, a year-on-year decrease of 40.2% [1] Financial Performance - In Q2 2025, the company achieved a net profit of 370 million yuan, reflecting a quarter-on-quarter increase of 93.4% [1] - For H1 2025, revenue from various product segments is as follows: waterproof membranes 5.51 billion yuan (down 8.8%), coatings 3.95 billion yuan (down 17.1%), mortar powder 2.00 billion yuan (down 6.2%), and engineering construction 850 million yuan (down 32.3%) [1] Geographic Revenue Breakdown - In H1 2025, domestic revenue was 12.99 billion yuan (down 12.3%), while overseas revenue reached 580 million yuan (up 42.1%) [1] Project Developments - The construction of the Houston production, research, and logistics base is ongoing, and the Tian Ding Feng Middle East production base project has officially commenced and is progressing rapidly [1] - The Tian Ding Feng Canada production, research, and logistics base has officially started construction, and the Malaysia production and research logistics base has successfully completed its first trial production [1] Financial Health - The company's asset-liability ratio stands at 47.55%, indicating a long-term low level, which highlights its long-term investment value [1] Market Outlook - With supportive real estate policies expected to stabilize the real estate sector, the company continues to expand its overseas presence and maintains a "buy" rating [1]