建材行业跟踪报告：防水收入下滑，毛利率弱复苏

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The waterproof materials sector experienced a revenue decline in Q1 to Q3 of 2024, with a slight recovery in gross margin. The total revenue for three listed waterproof material companies reached approximately 28.65 billion yuan, a year-on-year decrease of 14.9% [3][4]. - The net profit for the waterproof materials sector in Q1 to Q3 of 2024 totaled 1.35 billion yuan, reflecting a significant year-on-year decline of 46.5%, with Oriental Yuhong being the main contributor to the sector's profitability [3]. - In Q3 of 2024, the revenue for the waterproof materials sector accelerated its decline, totaling about 8.74 billion yuan, a year-on-year decrease of approximately 21.9% [4]. Summary by Relevant Sections Revenue and Profitability - In Q1 to Q3 of 2024, the gross margin for the waterproof materials sector slightly improved by 0.4 percentage points to 27.7%, while the net profit margin decreased by 5.8 percentage points to about 3.6% [3][4]. - The total net profit for the waterproof materials sector in Q3 of 2024 was 320 million yuan, a year-on-year decrease of 70.0% [4]. Financial Metrics - The asset-liability ratio for the waterproof materials sector increased to approximately 50.4% by the end of Q3 2024, up 3.0 percentage points from the end of Q3 2023 [4]. - The operating cash flow for the waterproof materials sector was about 560 million yuan, showing a transition from outflow to inflow year-on-year [4]. Accounts Receivable Management - The accounts receivable turnover days for the waterproof materials sector improved to 171 days, compared to 173 days in Q3 2023, indicating better risk management in accounts receivable [4].