东方雨虹（002271）：业绩呈现边际改善信号

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The report indicates that the company's performance shows signs of marginal improvement, with a positive revenue growth in the third quarter of 2025, despite a year-on-year decline in the first three quarters [7] - The company is recognized as a leader in the waterproof materials industry in China, and it is believed to be entering a sustainable high-quality development phase after strategic adjustments [7] Financial Summary - Total market capitalization is 30,575.36 million yuan, with a circulating market capitalization of 24,511.76 million yuan [3] - The company reported a total revenue of 32,823 million yuan for 2023, with a projected decline to 28,056 million yuan in 2024, followed by a slight recovery in subsequent years [6] - The net profit attributable to shareholders is forecasted to be 2,273 million yuan in 2023, dropping significantly to 108 million yuan in 2024, but rebounding to 1,131 million yuan in 2025 [6] - The earnings per share (EPS) is expected to be 0.95 yuan in 2023, decreasing to 0.05 yuan in 2024, and then recovering to 0.47 yuan in 2025 [6] - The company's return on equity (ROE) is projected to be 8.01% in 2023, dropping to 0.43% in 2024, and gradually increasing to 7.56% by 2027 [6] Performance Analysis - In the third quarter of 2025, the company achieved a revenue of 7,032 million yuan, reflecting a year-on-year increase of 8.51%, while the net profit attributable to shareholders was 2,450 million yuan, down 26.58% year-on-year [7] - The gross profit margin for the third quarter was reported at 24.80%, showing a decline compared to the previous year [7] - The company has improved its cash flow management, with net cash flow from operating activities increasing by 184.56% year-on-year [7]