2025.07. 10 本文字数：2189，阅读时长大约3分钟 作者 | 第一财经 马一凡 不盲目扩张及过度负债，坚决抵制违法转包、违规分包、围标串标，坚决抵制"内卷式"竞争——近 日，33家建筑工程行业巨头发布倡议书联手"反内卷"，对行业积弊坚决"说不"。 有建筑行业资深从业者表示，建筑工程业过去长期存在低价中标、带资承包、垫资施工、超长账期的 问题，如今行业联手"反内卷"有利于优胜劣汰、提升长远经营质量。 此外，作为上下游产业的建筑材料行业近期也有一系列"反内卷"动作，如水泥行业将切实推动熟料生 产线备案产能与实际产能的统一，推动行业转型升级；防水建材多家头部企业发出"涨价函"，以缓解 成本上行和利润微薄问题。 抵制行业乱象 7月7日，国务院国资委党委和全国工商联党组共同在北京举办高质量党建引领建筑行业高质量发展 主题活动暨行业倡议发布会。 除了建筑工程行业，近期作为建筑上下游的建材行业也有不少细分行业或企业响应"反内卷"号召。 在这场会议上，33家建筑类中央企业、地方国企以及民营企业基层党组织联合发出一份《关于号召 建筑行业党组织和广大党员在营造风清气正行业环境中走在前作表率的倡议书》（以下简称"倡议 ...

Group 1 - The construction industry has faced intense competition leading to low profit margins and unsustainable practices, prompting 33 major companies to jointly issue an initiative against "involution" [1][2] - The initiative emphasizes the need for the industry to focus on core responsibilities, enhance competitiveness, and resist illegal practices such as subcontracting and false bidding [2][3] - The construction sector has historically prioritized scale over quality, resulting in high output but low profitability, with issues like low-price bidding and excessive debt prevalent [3][6] Group 2 - The cement industry is responding to the "anti-involution" call by pushing for alignment between registered and actual production capacities, aiming for structural optimization and transformation [5][6] - Major waterproof material companies have announced price increases ranging from 1% to 13% to address rising costs and thin profit margins, indicating a shift towards better profitability [6][7] - The recent "anti-involution" movement has led to a rally in the A-share construction and materials sectors, with expectations of profit recovery for companies involved [6][7]

近年来，房地产行业景气度不佳，装修建材板块的表现整体乏善可陈，伴随市场的持续调整，机会也开 始孕育。 眼下来看，房地产行业确实不可能回到过去的行情，但不可否认，过去受地产拖累的上下游行业随着长 时间处在底部，如今伴随经济的复苏和市场出清，正逐步摆脱房地产的影响，迎来新的转机。 对东方雨虹来说，这种业务模式、渠道结构的积极变化不仅从根源上解决了应收账款问题，而且能够持 续改善公司经营现金流。而良好的经营现金净流量也是其能够进行高比例分红最核心的基石及利润分配 的源泉。 如今来看，伴随阵痛过去，东方雨虹的增长新引擎也已经启动。 一方面是，砂粉等多元业务的崛起。 近日，笔者留意到东方雨虹在互动易平台上回答了投资者一系列相关问题，展现了公司清晰的战略规 划，不妨透过这些问答和公司财报亮点挖掘其背后的投资机会。 1、存量时代，战略转型打开新成长机遇 当前，中国住宅装修需求已彻底转向存量房主导，新房驱动的黄金时代一去不复返。 过去十年，东方雨虹凭借大B端集采模式快速扩张，但随着行业步入深度调整，特别是一众房企暴雷 等，也让这一模式遭遇压力。可以看到，面对这一行业趋势，公司也开始主动收缩直销业务，转向C端 零售和小B工程渠 ...

国泰海通建材鲍雁辛-周观点：供给端重现预期，需求端关注升级 （国泰海通 建材行业 鲍雁辛 18676684351）20250706 本文汇报 1、周观点：供给端重现预期，需求端关注升级 7 月 1 日以来，建材行业关注度突然迎来了较高的提升。Q2 建材行业关注度显著回落的 原因在于，2024 年末需求端政策的提振，似乎在 Q2 迎来了较为明显的需求强度减弱，且 在需求政策上，市场对 7 月重要会议并没有特别多的预期。但是在供给端，7 月建材出现 了许多边际上超预期的变化。 首先从政策性角度来看，水泥和玻璃行业都迎来了"反内卷"的预期催化。水泥行业目 前产业预期的政策思路还是以"限制超产"为主，但是前期大家对产能置换的进度，以 及后续监管政策的力度等担心的因素，后续可能会有改善的预期。玻璃行业主要催化来 自于光伏玻璃的自主减产，以及浮法玻璃领域受到了河北钢铁减产的映射等影响，主要 是预期映射为主。后续行业能否有更多的督查办法和执行进度是进一步观察的关键。 从市场化改善角度来看，消费建材罕见迎来了防水行业的联合提价。防水行业是过去 5 年中出清最彻底和行业，行业集中度可能已经达到了罕见的高位，CR3 我们估计有一 ...

本文汇报 1、周观点：供给端重现预期，需求端关注升级2、消费建材：格局改善的逻辑开始兑现3、水泥：价格 调整有底，不改同比占优趋势4、建筑玻璃：供需僵持，价格低位震荡 5、光伏玻璃：步入现金亏损区间，冷修提速 6、玻纤：主流电子纱稳中偏强，特种电子布产业趋势关注度高7、碳纤维：风电需求环比有所修复， Q2 迎来盈利改善的确定向较高1、周观点：供给端重现预期，需求端关注升级7 月1 日以来，建材行业 关注度突然迎来了较高的提升。Q2 建材行业关注度显著回落的原因在于，2024 年末需求端政策的提 振，似乎在Q2 迎来了较为明显的需求强度减弱，且在需求政策上，市场对7 月重要会议并没有特别多 的预期。但是在供给端，7 月建材出现了许多边际上超预期的变化。 需求端市场更关注产业的新变化。2025 年5 月以来AI 需求预期加速催化，主要来自于AI 产业链上，终 端云厂商资本开支计划提升、tokens 用量高增、芯片订单饱满、PCB 盈利高位等各个环节景气相互印 证，缓解了市场前期对于AI 基建过剩的担忧，重塑了未来市场对AI 需求的预期曲线，趋势向上明确。 低介电布目前一代、二代和三代（Q 布）升级路径明确，下游C ...

证券研究报告|公司点评报告 ► 盈利能力依旧承压，25Q1 费用管控取得显著成效。去年公司整体毛利率为 25.8%，同比下降 1.9pct。 分渠道看，零售/工程渠道/直销毛利率分别为 36.70%/-2.26pct、21.29%/-2.41pct、14.89%/-8.88pct。全年 期间费用率 19.3%，同比提升 3.3pct。公司已于去年开始进行人员优化；25Q1 公司期间费用率同比-3.4pct 至 17%，其中销售/管理/研发费用分别同比-28%/-34%/-22%，内部降本增效效果显著。 请仔细阅读在本报告尾部的重要法律声明 [Table_Title] 25Q1 内控见效，渠道优化+风险释放迎接新 征程 [Table_Title2] 东方雨虹(002271) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002271 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 18.0/9.75 | | 目标价格： | | 总市值(亿) | 266.82 | | 最新收盘价： | 11.17 | 自由流通市值( ...

Core Viewpoint - The company reported steady growth in Q1 2025, driven by its two main business segments, with significant contributions from both domestic and international markets [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 6.246 billion yuan, a year-on-year increase of 5.09% and a quarter-on-quarter increase of 14.45% [1]. - The net profit attributable to shareholders was 842 million yuan, reflecting a year-on-year growth of 2.46% and a quarter-on-quarter growth of 67.82% [1]. - The net profit after deducting non-recurring items was 819 million yuan, with a year-on-year increase of 3.53% and a quarter-on-quarter increase of 67.36% [1]. Business Segments - The waterproofing business generated revenue of 1.054 billion yuan in Q1 2025, up 10.54% year-on-year, with a net profit of 43 million yuan, an increase of 19.89% [2]. - The coatings business saw significant growth, with Q1 2025 revenue reaching 908 million yuan, a remarkable year-on-year increase of 111.44%, and a net profit of 44 million yuan, up 48.17% [2]. - International business performance was strong, with overseas revenue increasing by 73% year-on-year and net profit rising by 143.08% [2]. Profitability and Cost Management - The gross profit margin for Q1 2025 was 28.94%, showing a year-on-year increase of 0.30 percentage points and a quarter-on-quarter increase of 1.96 percentage points [3]. - The operating expense ratio was 13.69%, with a slight year-on-year increase of 0.26 percentage points [3]. - The net profit margin for Q1 2025 was 13.68%, reflecting a year-on-year decrease of 0.27 percentage points but a quarter-on-quarter increase of 4.01 percentage points [3]. Strategic Developments - The company plans to invest in a new industrial coatings production base in Anqing, Anhui, with an annual capacity of 20,000 tons, aimed at expanding its market presence in Central and Southwest China [4]. - The "one body, two wings" strategy is expected to enhance the company's competitive position and contribute to revenue growth from both the waterproofing and coatings segments [4]. - The company continues to strengthen its leading position in the gypsum board market, further solidifying its market share [4].

证券代码：002271 证券简称：东方雨虹 北京东方雨虹防水技术股份有限公司投资者关系活动记录表 | 投资者关系活动 | √特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 活动参与人员 | 鲍雁辛、花健祎、巫恺洋、潘莹练（国泰海通）；孙丹童（文渊资本）； | | | 刘俊诚、冯喜建（博时基金）；戴钢（鹏华基金）；张珂、WensiXIE | | | （Dragonstone Capital）；田超平（循远资产）；杨伊淳（明河投资）； | | | 叶智深（淡水泉）；熊宏婷 Jamie（萨默塞特资产）；方家逸（锦绣中和 | | | 投资）；徐婕（长江证券资产）；赵文龙（中国人寿资产）；黄向前（深 | | | 圳市尚诚资产）；史国财、夏俊杰（仁桥资产）；苏华立（睿郡资产）； | | | 李峙屹（富国基金）；吴亮（沣杨资产）；张涛、欧阳俊明（相生资产）； | | | 鄭宗傑（国泰证券投资信托）；刘厚胜（清和泉资本）；苏谋东（万家基 | | | 金）；段胜辉（泰康资产）；陈方泽（P ...

Core Viewpoint - The company demonstrated strong revenue growth and improved profitability in Q1 2025, with a focus on expanding its automotive business and leveraging new opportunities in the market [1][2]. Financial Performance - Q1 2025 revenue reached 840 million, a year-on-year increase of 27.2% - Net profit attributable to shareholders was 53 million, up 30.3% year-on-year - Non-recurring profit was 52 million, reflecting a 30.5% year-on-year growth [1]. Profitability Analysis - Gross margin for Q1 was 17.5%, showing a slight decline of 0.2 percentage points year-on-year, primarily due to product mix effects - The period expense ratio was 9.2%, an increase of 1.4 percentage points year-on-year, with management and R&D expense ratios decreasing by 0.3 and 1.3 percentage points respectively - Other income increased by 4.34 million due to enhanced VAT input tax deductions, while asset impairment losses rose by 6.22 million due to increased inventory write-downs [2]. Business Development - The company is expanding its automotive sealing business, leveraging existing customer resources from sunroof sealing strips to enter the complete vehicle sealing systems market - Collaborations with major automotive manufacturers such as GAC, SAIC, Changan, Great Wall, and Li Auto are underway, indicating a potential growth trajectory for the complete vehicle sealing segment [2]. Strategic Partnerships - The company has developed a new short edge frame product for photovoltaic modules, which reduces aluminum material usage and costs - A long-term supply agreement with LONGi Green Energy for 8GW of short edge frame products is expected to drive significant growth from June 2025 to June 2027 [3]. R&D and Innovation - The company is continuously investing in R&D through various platforms, including national-level postdoctoral research stations and joint research labs with universities - New product developments include lightweight designs for convertible vehicles and waterproof sealing solutions for major infrastructure projects [4]. Investment Outlook - Projected net profits for 2025 and 2026 are estimated at 210 million and 300 million, corresponding to P/E ratios of 29 and 21 times [5].

Core Viewpoint - The company held its 2024 annual performance briefing, addressing various investor inquiries and highlighting its operational status and future strategies. Financial Performance - The company's net profit attributable to shareholders decreased by 33.49% compared to the previous year, primarily due to increased market competition, higher sales expenses, and goodwill impairment [7][10][18]. - Cash and cash equivalents decreased by 45.43% from the beginning of the year, mainly due to increased cash dividends and investments in financial products [4][8]. - Non-recurring gains and losses amounted to 35.77 million yuan, primarily from government subsidies and investment income from joint ventures [11]. Corporate Governance - The company has established a robust internal control system in compliance with relevant laws and regulations, enhancing operational standards and protecting shareholder interests [3][6]. - The independent directors actively participated in various meetings and site visits to understand the company's operations and provide constructive feedback [3][10]. Dividend Policy - The company plans to maintain a stable dividend policy, adhering to its articles of association and shareholder return plans for 2024-2026, considering various factors such as cash flow and shareholder expectations [2][27]. Market and Industry Dynamics - The market demand remains weak, with no significant improvement observed [6][10]. - The plastic pipe industry is experiencing intensified competition, with many small enterprises facing increased pressure, while leading brands are expanding their market share [21][28]. Research and Development - In 2024, the company focused on innovation and product development, filing 234 patents and receiving multiple honors, including being recognized as a "National Technology Innovation Demonstration Enterprise" [15][19]. Future Outlook - The company aims for a revenue target of 6.58 billion yuan in 2025, with a focus on sustainable development and high-quality growth [33][39]. - The international business is progressing steadily, with overseas revenue increasing by 26.65% year-on-year [24][39].