东方雨虹：Q2业绩承压，渠道变革持续推进

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company experienced revenue decline of 9.7% year-on-year in the first half of 2024, with total revenue reaching 15.22 billion yuan. The net profit attributable to shareholders decreased by 29.3% to 0.94 billion yuan [1]. - The company is undergoing a channel transformation, focusing on retail and engineering channels while reducing direct sales. The mortar products have shown significant growth despite overall industry pressure [1]. - The gross margin for the first half of 2024 was 29.2%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin decreased by 1.8 percentage points to 6.1% [2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 8.07 billion yuan, down 13.8% year-on-year, and a net profit of 0.6 billion yuan, down 37.2% [1]. - The revenue breakdown shows waterproofing materials at 6.05 billion yuan (down 15.8%), coatings at 4.76 billion yuan (down 8.2%), and mortar products at 2.13 billion yuan (up 11.8%) [1]. - The retail channel generated 5.44 billion yuan in revenue, up 7.7%, while the engineering channel saw revenue of 6.7 billion yuan, up 9.1% [1]. Cost and Margin Analysis - The sales gross margin for the first half of 2024 was 29.2%, with a net profit margin of 6.1%. The gross margin for Q2 was 28.8%, down 0.3 percentage points year-on-year [2]. - The increase in gross margin is attributed to a higher proportion of retail sales, which have better margins, offsetting the impact of declining industry demand [2]. Cash Flow and Receivables - As of June 30, 2024, the company's receivables decreased by 12.9% year-on-year to 15.31 billion yuan, with a positive cash flow of 0.56 billion yuan in Q2 [2]. - The operating cash flow for the first half of 2024 was -1.33 billion yuan, an improvement of 2.62 billion yuan year-on-year [2]. Investment Outlook - The company is expected to improve operational quality through channel restructuring and expansion of non-waterproof businesses, despite ongoing declines in new construction and weak downstream demand [2]. - The profit forecast for 2024-2026 is adjusted to 1.675 billion yuan, 2.339 billion yuan, and 2.699 billion yuan, with corresponding P/E ratios of 15.9, 11.4, and 9.8 [2].