东方雨虹（002271）：收入延续下降，渠道积极转型

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 6 billion yuan in Q1, a year-on-year decline of 17%, with a net profit attributable to shareholders of 190 million yuan, down 45% year-on-year [2][4]. - The company is expected to achieve net profits of approximately 1.47 billion yuan and 1.83 billion yuan in 2025 and 2026, respectively, corresponding to valuations of 18 and 15 times [6]. Revenue Performance - The company's revenue has shown a continuous decline over the past five quarters, with growth rates of -5%, -14%, -24%, -25%, and -17% [10]. - The decline in revenue is attributed to weak demand in the real estate sector and poor performance in retail business, with the company's market share in waterproof materials reaching a high level [10]. Profitability Analysis - The gross margin for Q1 was approximately 23.7%, a decrease of 5.9 percentage points year-on-year, primarily due to the impact of an ongoing price war [10]. - The net profit margin for Q1 was about 3.2%, down 1.6 percentage points year-on-year, indicating that profitability has not fully stabilized [10]. Industry Context - The waterproofing industry is under significant pressure, with a total production of waterproof materials in 2024 expected to be 2.538 billion square meters, a year-on-year decline of 17% [10]. - The competitive landscape has intensified, leading to a substantial decline in profitability across the industry [10]. Strategic Focus - The company has been focusing on three key areas: accounts receivable management, overseas expansion, and team optimization [10]. - The company aims to enhance product quality, improve service capabilities, and penetrate lower-tier markets to increase market share in various product categories [10].