东方雨虹：收入业绩承压，现金流改善显著

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 21.699 billion yuan, down 14.44% year-on-year, and net profit attributable to shareholders at 1.277 billion yuan, down 45.73% year-on-year [3][4] - The company plans to repurchase shares with a budget of 500 million to 1 billion yuan [3] - The cash flow situation has improved significantly, with operating net cash flow for Q3 at 0.835 billion yuan, compared to a negative 0.82 billion yuan in the same period last year [4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 6.48 billion yuan, down 23.84% year-on-year, and net profit of 334 million yuan, down 67.23% year-on-year [3][4] - The gross margin for Q3 was 28.9%, a decrease of 0.5 percentage points year-on-year, while the net margin was 5.1%, down 6.9 percentage points year-on-year [4] - The company’s total revenue for 2024 is projected to be 29.144 billion yuan, a decrease of 11.2% year-on-year, with a net profit of 1.663 billion yuan, down 26.8% year-on-year [5][6] Financial Ratios and Projections - The company’s PE ratio for 2024 is projected to be 20.55, while for 2025 it is expected to be 14.86 [6] - The asset-liability ratio is currently at 43.9% and is expected to decrease to 42.9% in 2024 [6][8] - The company’s revenue growth rate is expected to recover to 9.5% in 2025 after a decline in 2024 [6][8]