东方雨虹：公司信息更新报告：大额回购彰显信心，政策催化行业底部回暖

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated confidence through a significant share buyback, with policies catalyzing a recovery at the industry bottom [2][4] - For the first three quarters of 2024, the company reported a revenue of 21.699 billion yuan, a year-on-year decrease of 14.44%, and a net profit attributable to shareholders of 1.277 billion yuan, down 45.73% year-on-year [2] - The company is a leading player in the waterproof materials sector, with steady development in retail and channel businesses, and proactive transformation efforts [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.480 billion yuan, a quarter-on-quarter decrease of 19.69%, and a net profit of 334 million yuan, down 43.91% quarter-on-quarter [2] - The gross margin for Q1-Q3 2024 was 29.13%, a year-on-year increase of 0.07 percentage points, indicating strong cost control and improvement in retail business [3] - The company plans to repurchase shares with a total fund of no less than 500 million yuan and no more than 1 billion yuan, with a maximum repurchase price of 19.30 yuan per share [4] Financial Forecasts - The forecasted net profit for 2024-2026 is 1.597 billion yuan, 2.034 billion yuan, and 2.353 billion yuan respectively, with year-on-year changes of -29.7%, +27.4%, and +15.7% [2] - The projected earnings per share (EPS) for 2024-2026 are 0.63 yuan, 0.81 yuan, and 0.93 yuan respectively [2] - The company’s total revenue is expected to be 30.928 billion yuan in 2024, with a year-on-year decrease of 5.8% [4]