股东持股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002271 证券简称：东方雨虹 公告编号：2024-112 北京东方雨虹防水技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量总和。 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件股份 总数的比例（%） | | --- | --- | --- | --- | | 1 | 香港中央结算有限公司 | 328,379,179 | 16.99 | | 2 | 李卫国 | 102,303,222 | 5.29 | | 3 | 德弘美元基金管理公司－德弘美元基金二 期 | 45,969,375 | 2.38 | | 4 | 中国工商银行股份有限公司－华泰柏瑞沪 | 38,285,577 | 1.98 | | | 深 300 交易型开放式指数证券投资基金 | | | | 5 | 中国建设银行股份有限公司－易方达沪深 300交易型开放式指数发起式证券投资基金 | 25,007,153 | 1.29 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing pressure on its performance, with a notable decline in revenue and net profit for the first three quarters of 2024. However, there are signs of improvement in operational quality, particularly in cash flow management [4][5] - The company is actively pursuing channel transformation and global expansion to seek new growth points, with a significant portion of revenue coming from engineering and retail channels [2][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 21.699 billion yuan, a year-on-year decrease of 14.44%. The net profit attributable to shareholders was 1.277 billion yuan, down 45.73% year-on-year [4] - In Q3 2024 alone, the company reported a revenue of 6.480 billion yuan, a decline of 23.84% year-on-year and 19.69% quarter-on-quarter. The net profit for this quarter was 334 million yuan, reflecting a year-on-year decrease of 67.23% and a quarter-on-quarter decrease of 43.91% [4] - The operating cash flow for the first three quarters was -492 million yuan, which is an improvement of 89.66% compared to the same period last year, indicating better cash collection and operational quality [4] Revenue and Profit Forecast - The revenue forecasts for 2024-2026 have been adjusted to 29.062 billion yuan, 30.856 billion yuan, and 34.369 billion yuan respectively, down from previous estimates. The net profit forecasts for the same period are now 1.566 billion yuan, 2.137 billion yuan, and 2.645 billion yuan [5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21.7, 15.9, and 12.9 for the years 2024, 2025, and 2026 respectively [5] Market Position and Strategy - The company is focusing on enhancing its channel development strategy and expanding its international presence through various initiatives, including establishing overseas companies and warehouses, and pursuing international research and development [2][4] - The engineering and retail channels accounted for 79.76% of total revenue in the first half of 2024, showing an 8.44% year-on-year growth, indicating a shift towards these sales models [2]

证券代码：002271 证券简称：东方雨虹 公告编号：2024-111 截至目前，李卫国先生及其一致行动人李兴国先生所持质押股份情况如下： | | | | 本次质 | 本次质 | | | | 已质押股份情况 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 押前质 | 押后质 | 占其所 | 占公司 | 已质押股 | | 未质押 | | | 股东 | 持股数量 | 持股 | | | | | 份限售和 | 占已质 | 股份限 | 占未质 | | | | | 押股份 | 押股份 | 持股份 | 总股本 | | | | | | 名称 | （股） | 比例 | | | | | 冻结、标 | 押股份 | 售和冻 | 押股份 | | | | | 数量 | 数量 | 比例 | 比例 | | | | | | | | | | | | | 记数量 | 比例 | 结数量 | 比例 | | | | | （股） | （股） | | | | | | | | | | | | | | | （股） | | （股） ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-110 北京东方雨虹防水技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 | 序号 | 股东名称 | 持股数量（股） | 占 无 限 售 条 件 股 份 总 数 的 比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 香港中央结算有限公司 | 317,672,228 | 16.44 | | 2 | 李卫国 | 102,303,222 | 5.29 | | 3 | 德弘美元基金管理公司－德弘美元基金二 | 45,969,375 | 2.38 | | 期 | | | | | 4 | 中国工商银行股份有限公司－华泰柏瑞沪 | 38,163,177 | 1.98 | | 深 | 300 交易型开放式指数证券投资基金 | | | | 5 | 中国建设银行股份有限公司－易方达沪深 300 交易型开放式指数发起式证券投资基 | 25,161,653 | 1.30 | | 金 | | | | | 6 | 全国社保基金四零三组合 | 20,176,169 | 1.04 | | 7 | 许利民 | 18 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [5]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue down 14.44% year-on-year and net profit down 45.73% year-on-year [1]. - Despite the challenging market conditions, the company is transitioning its sales model from a focus on large real estate clients to a more diversified approach targeting small businesses and individual consumers, which has improved operational quality [1]. - The company is positioned as a leader in the waterproofing industry, with ongoing optimization of its channel structure and a focus on international expansion, which is expected to provide growth opportunities despite current demand pressures [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.699 billion, net profit of 1.277 billion, and net profit excluding non-recurring items of 1.099 billion, reflecting year-on-year declines of 14.44%, 45.73%, and 49.41% respectively [1]. - The third quarter alone saw revenue of 6.480 billion, net profit of 0.334 billion, and net profit excluding non-recurring items of 0.263 billion, with year-on-year declines of 23.84%, 67.23%, and 71.69% respectively [1]. - The overall gross margin for the first three quarters was 29.13%, with a slight year-on-year increase of 0.07 percentage points [1]. Business Transformation - The company has shifted its sales strategy to focus on small businesses and individual consumers, with these segments now accounting for 80% of revenue, while revenue from large real estate clients has decreased by over 60% [1]. - The cash flow from operating activities for the first three quarters increased by 89.66% year-on-year, with a cash collection ratio of 1.15 in the third quarter [1]. Market Position and Future Outlook - The company is leveraging its market leadership in the waterproofing sector to enhance its channel structure and expand into new product categories, achieving revenue growth in challenging market conditions [1]. - The report anticipates that the company will benefit from industry supply adjustments, channel optimization, and international market expansion, providing a favorable growth outlook despite current demand pressures [1].

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company reported a revenue of 21.7 billion yuan for Q3 2024, a year-on-year decline of 14.4%, with a net profit attributable to shareholders of 1.28 billion yuan, down 45.7% year-on-year [3][4] - The decline in revenue is attributed to weak downstream demand and the company's cautious approach in managing high-risk customer shipments [4] - Operating cash flow has significantly improved, with a net cash flow from operating activities increasing by 42.7 billion yuan to -4.9 billion yuan, primarily due to enhanced collection efforts [4] - The company plans to repurchase shares worth between 500 million to 1 billion yuan, reflecting confidence in its stock price [4] Financial Summary - For the first three quarters, the company’s revenue decreased by 14.4% year-on-year, with a gross margin remaining stable at 29.1% [4] - The company expects net profits for 2024-2026 to be 1.84 billion yuan, 2.28 billion yuan, and 2.6 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 [5] - The company’s total assets are projected to be 49.53 billion yuan in 2024, with a debt ratio of 42.9% [7] - The report indicates a stable gross margin trend, with expectations for gradual improvement in operational quality due to channel reforms and new product developments [5][9]

公司报告 | 季报点评 收入利润短暂承压，现金流明显改善，股票回购彰显价值 收入小幅承压，利润持续筑底 公司 24Q1-3 实现收入 217 亿，同比-14.4%，归母、扣非净利润分别为 12.77、 10.99 亿，同比-45.7%、-49.4%；Q3 单季实现收入 64.8 亿，同比-23.8%， 归母、扣非净利润分别为 3.34、2.63 亿，同比-67.2%、-71.7%；前三季度 非经常性损益为 1.79 亿，同比-0.03 亿。三季度利润大幅下滑我们判断主 要系毛利率小幅下滑，费用率提升，减值损失增加以及政府补助减少所致。 成本端小幅下滑，看好公司毛利率改善 24Q1-3 公司毛利率为 29.1%，同比+0.07pct，Q3 单季毛利率为 28.92%， 同比-0.46pct。24Q3 沥青原材料均价 3553 元/吨，同比下滑 6.17%，进入 24 年 10 月份以来沥青均价在 3586 元/吨，较去年同期价格小幅下滑约 6.45%，成本端来看，我们预计 Q4 公司毛利率仍有改善空间，同时我们看 好公司业务结构改善以及零售占比提升。 费用率未能有效摊薄，现金流大幅改善 24Q1-3 期间费用率 ...

证券研究报告·公司点评报告·装修建材 东方雨虹（002271） 2024 年三季报点评：季度收入承压，渠道调 整优化效果持续显现 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|-------|---------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 31214 | 32823 | 28708 | 30836 | 33038 | | 同比（ % ） | (2.26) | 5.15 | (12.54) | 7.41 | 7.14 | | 归母净利润（百万元） | 2121 | 2273 | 1624 | 2306 | 2761 | | 同比（ % ） | (49.55) | 7.16 | (28.57) | 41.97 | 19.76 | | EPS- 最新摊薄（元 / 股） | 0.87 | 0.93 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-109 北京东方雨虹防水技术股份有限公司 关于为下属公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）本次担保基本情况 1、北京东方雨虹防水技术股份有限公司（以下简称"公司"）与上海浦东 发展银行股份有限公司杭州分行（以下简称"浦发银行杭州分行"）签署《最高 额保证合同》，公司为浦发银行杭州分行与公司全资子公司杭州东方雨虹建筑材 料有限公司（以下简称"杭州东方雨虹"）之间签订的主合同项下一系列债务提 供连带责任保证。保证期间为自各笔债权合同债务履行期届满之日起至该债权合 同约定的债务履行期届满之日后三年止。前述担保的最高债权本金余额为不超过 等值人民币 22,000 万元。 2、公司与中国民生银行股份有限公司上海分行（以下简称"民生银行上海 分行"）签署《最高额保证合同》，公司为民生银行上海分行与公司控股子公司 上海东方雨虹防水技术有限责任公司（以下简称"上海技术公司"）之间主合同 项下发生的一系列债务提供连带责任保证，保证期间为债务履行期限届满日起三 ...

2024 年 10 月 30 日 公司研究 积极清理包袱，现金流改善趋势不变 ——东方雨虹（002271.SZ）2024 年三季报点评 要点 事件：东方雨虹发布 2024 年三季报，24Q1-3 实现营收/归母净利润/扣非归母净 利润 217.0/12.8/11.0 亿元，同比-14.4%/-45.7%/-49.4%，经营性净现金流-4.9 亿元，同比+42.7亿元。单Q3实现营收/归母净利润/扣非归母净利润64.8/3.3/2.6 亿元，同比-23.8%/-67.2%/-71.7%，经营性净现金流 8.4 亿元，同比+16.6 亿元。 毛利率微降，费投加大叠加减值损失拖累净利率，现金流继续改善。24Q1-3 综 合毛利率 29.1%，同比+0.1pcts。期间费用率为 18.6%，同比+2.7pcts；销售/ 管理/研发/财务费用率为 10.3%/5.6%/1.9%/0.7%，同比 +1.8/+0.4/+0.4/+0.2pcts。此外信用减值损失 6.3 亿元，同比+0.1 亿元，最终销 售净利率为 5.8%，同比-3.5pcts。公司坚持零售优先、合伙人优先以及去地产 化，渠道变革下 24Q1-3 现金流 ...