研报掘金丨西部证券：维持东方雨虹“买入”评级，目标价17.73元

Group 1 - The domestic waterproofing industry is experiencing accelerated clearing and optimization, with leading companies increasing their market share as prices recover from a low point [1] - Under multiple pressures such as downstream demand adjustments, regulatory upgrades, and stricter environmental standards, waterproofing prices have bottomed out, leading to the exit of small and medium-sized enterprises and a concentration of market share among top companies [1] - Oriental Yuhong, as the industry leader, has strengthened its market position, with its market share increasing from 15.8% in 2019 to 22.0% in 2024 [1] Group 2 - The company is expected to benefit in the short term from industry profit recovery and improved operational quality, while in the medium to long term, it will gain new growth potential from expanding product categories and accelerating overseas strategies [1] - A target price of 17.73 CNY per share is set for 2025, based on a 25 times price-to-earnings ratio, maintaining a "buy" rating for the company [1]