东方雨虹：转型加快，分红加大-20250311

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 28.1 billion yuan in 2024, a year-on-year decrease of 15%. The net profit attributable to shareholders was 110 million yuan, down 95% year-on-year, and the non-recurring net profit decreased by 93% [2][4]. - In the fourth quarter, the company reported revenue of 6.4 billion yuan, also a 15% decline year-on-year, with a net profit of approximately -1.2 billion yuan and a non-recurring net profit of about -1 billion yuan [2][4]. - The company is accelerating its transformation towards retail business, with retail revenue reaching approximately 10.2 billion yuan, a 10% increase year-on-year, accounting for 36.4% of total revenue, up 10 percentage points from 2023 [10]. - The overall revenue from engineering business decreased by 23%, with direct sales revenue dropping by 59%, indicating a significant reduction in direct sales operations [10]. - The company's gross margin for 2024 was approximately 25.8%, down 1.9 percentage points year-on-year, with retail, engineering, and direct sales gross margins at 36.7%, 21.3%, and 14.9% respectively [10]. - The company reported a significant improvement in cash flow, with a net cash inflow from operating activities of 3.5 billion yuan, a substantial increase year-on-year [10]. - A large-scale dividend was declared, with a total of 7.5 billion yuan in dividends planned for 2024, aimed at reducing the chairman's pledged shares [10]. Financial Summary - The company forecasts total revenue of 27.6 billion yuan for 2025 and 30.2 billion yuan for 2026, with net profits expected to be 1.6 billion yuan and 2.1 billion yuan respectively [13]. - The company's asset-liability ratio is approximately 43%, with significant bank credit available for operational funding [10].