东方雨虹：经营性现金流改善，积极推出回购计划

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company reported a revenue of 21.7 billion yuan for Q3 2024, a year-on-year decline of 14.4%, with a net profit attributable to shareholders of 1.28 billion yuan, down 45.7% year-on-year [3][4] - The decline in revenue is attributed to weak downstream demand and the company's cautious approach in managing high-risk customer shipments [4] - Operating cash flow has significantly improved, with a net cash flow from operating activities increasing by 42.7 billion yuan to -4.9 billion yuan, primarily due to enhanced collection efforts [4] - The company plans to repurchase shares worth between 500 million to 1 billion yuan, reflecting confidence in its stock price [4] Financial Summary - For the first three quarters, the company’s revenue decreased by 14.4% year-on-year, with a gross margin remaining stable at 29.1% [4] - The company expects net profits for 2024-2026 to be 1.84 billion yuan, 2.28 billion yuan, and 2.6 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 [5] - The company’s total assets are projected to be 49.53 billion yuan in 2024, with a debt ratio of 42.9% [7] - The report indicates a stable gross margin trend, with expectations for gradual improvement in operational quality due to channel reforms and new product developments [5][9]