ORIENTAL YUHONG(002271) 天风证券·2025-03-10 16:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to achieve a revenue of 28.06 billion in 2024, a year-on-year decrease of 14.5%, with net profit attributable to the parent company dropping to 108 million, a decline of 95% [1]. - The company plans to distribute a total cash dividend of 5.88 billion, resulting in a dividend yield of 18%, enhancing shareholder returns [1]. - The company anticipates net profits of 1.62 billion, 2.22 billion, and 2.63 billion for the years 2025 to 2027, with corresponding PE ratios of 20, 14.6, and 12.4 [1]. Revenue and Profitability - In 2024, the company’s revenue from various segments is projected as follows: waterproof membranes at 11.8 billion, coatings at 8.8 billion, and sand powder at 4.2 billion, with respective year-on-year changes of -11.45%, -8.96%, and -1.06% [2]. - The overall gross margin is expected to decline by 1.89 percentage points to 25.8% due to price adjustments and changes in product mix [2]. - The company’s operating cash flow improved significantly, with a net cash flow from operations of 3.46 billion, an increase of 13.5% year-on-year [4]. Business Segments and Channels - Retail revenue grew by 9.92% to 10.2 billion, while the engineering channel saw a 6.74% increase to 13.4 billion [3]. - The company is expanding its international presence, with new production and R&D bases in Houston and Saudi Arabia, and a logistics base in Malaysia, contributing to an overseas revenue of 880 million, a year-on-year increase of 24.7% [3]. Financial Metrics - The company’s total assets are projected to be 51.17 billion in 2023, with a debt-to-equity ratio of 43.39% [8]. - The earnings per share (EPS) for 2024 is expected to be 0.04, with a PE ratio of 300.45, indicating a significant drop in profitability [6]. - The company’s net profit margin is projected to be 0.27%, a decrease of 6.7 percentage points year-on-year [4].