东方雨虹(002271)：Q3收入同比转正 利润率拐点临近

Core Insights - The company reported a revenue of 20.6 billion yuan for the first three quarters of 2025, a year-on-year decline of 5.1%, with a net profit attributable to shareholders of 810 million yuan, down 36.6% year-on-year [1] - In Q3 alone, the company achieved a revenue of 7.03 billion yuan, reflecting an 8.5% year-on-year growth, but the net profit attributable to shareholders decreased by 26.6% to 250 million yuan [1] - The company is facing pressure on profit margins despite optimizing expense ratios, with a gross margin of 25.2% and a net margin of 3.8% for the first three quarters, both showing declines compared to the previous year [1] Financial Performance - The gross margin for the first three quarters was 25.2%, down 3.9 percentage points year-on-year, while the net margin was 3.8%, down 2.0 percentage points year-on-year [1] - The company managed to reduce its expense ratio to 16.6%, a decrease of 2.0 percentage points year-on-year, indicating effective cost control [1] - In Q3, the gross margin was 24.8%, down 4.1% year-on-year, and the net margin was 3.4%, down 1.7% year-on-year [1] Cash Flow and Receivables - As of the end of Q3 2025, the company had cash assets totaling 4.46 billion yuan and interest-bearing debt of 8.98 billion yuan, with short-term borrowings amounting to 6.15 billion yuan [2] - The total accounts receivable decreased by 23.7% year-on-year to 10.77 billion yuan, while operating cash flow improved significantly, with a net cash flow of 420 million yuan, an increase of 910 million yuan year-on-year [2] International Expansion - The company is accelerating its overseas expansion, with ongoing projects in Houston, Saudi Arabia, Canada, and Malaysia, and has completed the acquisition of 100% of the Chilean building materials supermarket Construmart S.A. [2] - This acquisition is expected to enhance the company's market presence in Chile and Latin America, supporting its internationalization efforts [2] Investment Outlook - The company is focusing on channel transformation and consolidating its waterproofing business while actively exploring new growth avenues in sand powder and overseas markets [2] - Due to declining waterproofing demand and intense industry competition, the profit forecast for 2025-2027 has been adjusted, with expected net profits of 890 million yuan, 1.301 billion yuan, and 1.452 billion yuan, corresponding to PE ratios of 35, 24, and 22 times [2]