转型与出海战略加持，东方雨虹交出第三季度增收答卷

Core Viewpoint - The latest financial results of Oriental Yuhong, a leading waterproofing company, show a revenue of 20.601 billion yuan and a net profit of 810 million yuan for the first three quarters of the year, with a significant improvement in cash flow and a strategic focus on retail and international expansion [4][5][6]. Financial Performance - For the first nine months, Oriental Yuhong achieved a revenue of 20.601 billion yuan and a net profit of 810 million yuan, indicating a narrowing decline compared to the previous half-year report [5][9]. - In the third quarter alone, the company reported a revenue of 7.032 billion yuan, reflecting a year-on-year growth of 8.51% [6][9]. - The net cash flow from operating activities reached 416 million yuan by the end of the third quarter, marking a year-on-year increase of 184.56% [7][9]. Industry Context - The construction materials industry is facing pressure due to a deep adjustment in the real estate sector, yet Oriental Yuhong maintains its leading position [8][9]. - Among over 30 A-share companies in the construction materials sector that have reported their third-quarter results, approximately half have experienced declines in revenue and profit, while Oriental Yuhong's performance remains strong [9]. Strategic Initiatives - To counter the industry's downturn, Oriental Yuhong has been transforming its business model, emphasizing a "retail-first" strategy and expanding its C-end retail operations [12][13]. - The company is accelerating its global expansion, with significant developments in overseas operations, including the acquisition of Chilean building materials company Construmart S.A. for approximately 880 million yuan [13][16]. - The acquisition will enhance Oriental Yuhong's retail presence in South America, allowing its products to be featured in 32 Construmart stores [16]. Market Outlook - Several securities firms have issued buy and hold ratings for Oriental Yuhong, citing support from real estate stabilization policies and the company's ongoing international expansion [10][11]. - The company's overseas revenue reached 576 million yuan in the first half of the year, representing a year-on-year growth of 42.16% [13]. Community Engagement - Oriental Yuhong is actively participating in national strategies for high-quality real estate development and rural revitalization, contributing to the establishment of standards for quality housing [18][19]. - The company is involved in various technical exchanges and initiatives aimed at promoting sustainable urban and rural development [20][21].