东方雨虹（002271）：渠道收入占比提升，海外布局再加码

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][15]. Core Views - The company reported a revenue of 13.569 billion yuan in the first half of 2025, a year-on-year decline of 10.84%, and a net profit attributable to shareholders of 564 million yuan, down 40.16% year-on-year [2]. - The report highlights an increase in the proportion of revenue from channel sales and a significant push in overseas expansion [2]. - The company is focusing on enhancing its brand perception among end consumers through the launch of a new service brand targeting the C-end market [2]. Financial Performance Summary - Revenue and Net Profit: The company’s total revenue is projected to grow from 28.056 billion yuan in 2024 to 35.858 billion yuan in 2027, with a compound annual growth rate (CAGR) of 11.3% [4]. - Earnings Per Share (EPS): The EPS is expected to increase from 0.05 yuan in 2024 to 0.89 yuan in 2027, reflecting a significant recovery after a projected drop in 2025 [4]. - Profitability Ratios: The gross margin is expected to improve from 25.8% in 2024 to 28.6% in 2027, indicating better cost management and pricing strategies [9]. Revenue Breakdown - Sales Channels: In the first half of 2025, retail and engineering channels contributed 51 billion yuan and 63 billion yuan to revenue, respectively, with channel sales accounting for 84.06% of total revenue [2]. - Product Categories: Revenue from waterproof membranes, coatings, and mortar products showed declines, but new product categories demonstrated resilience with a 46.97% increase in revenue from engineering construction [2]. Strategic Initiatives - Global Expansion: The company is accelerating its overseas supply chain and channel development, with significant operations established in the US, Saudi Arabia, Malaysia, and Canada [2]. - New Service Brand: The launch of the "Yuhong" brand aims to enhance consumer engagement and drive collaboration with manufacturers [2]. Investment Recommendations - The report projects EPS for 2025-2027 at 0.58, 0.70, and 0.89 yuan per share, with corresponding price-to-earnings (PE) ratios of 19x, 16x, and 13x [2][4]. - A target price of 14.5 yuan per share is set based on a 25x PE for 2025, reflecting the company's potential for recovery and growth despite current market challenges [2].