Workflow
东方雨虹(002271):现金回款向好,质押风险或释放

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.60 RMB [8][9]. Core Insights - The company reported a revenue of 28.06 billion RMB for 2024, a year-over-year decrease of 14.52%, and a net profit attributable to shareholders of 108 million RMB, down 95.24% year-over-year [1]. - The company is actively optimizing its revenue structure, with a notable decline in gross margin in Q4 attributed to increased sales rebates [2]. - The company has a strong cash flow position, with operating cash flow of 3.46 billion RMB for the year, up 64.4% year-over-year, and a cash dividend distribution rate of 4085% [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 28.06 billion RMB, with a significant decline in net profit to 108 million RMB [1]. - The revenue breakdown for key segments includes waterproof membranes (11.79 billion RMB), coatings (8.82 billion RMB), mortar powder (4.15 billion RMB), and waterproof construction services (1.58 billion RMB), all showing year-over-year declines [2]. - The overall gross margin for the year was 25.8%, a decrease of 1.9 percentage points compared to the previous year [2]. Cost Structure - The company experienced a rise in operating expense ratio to 19.3%, up 3.3 percentage points year-over-year, with increases in sales, management, and R&D expenses [3]. - The net profit margin for 2024 was 0.39%, down 6.5 percentage points year-over-year [3]. Cash Flow and Dividends - The operating cash flow for the year was 3.46 billion RMB, with a cash collection ratio of 105.5% [4]. - The company plans to distribute a cash dividend of 18.50 RMB per 10 shares, indicating a strong commitment to returning value to shareholders [4]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 0.68 RMB, 1.01 RMB, and 1.21 RMB respectively, reflecting adjustments due to ongoing impairment risks [5]. - The target price of 15.60 RMB corresponds to a PE ratio of 23 times for 2025, aligning with the average PE of comparable companies [5].