Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has experienced a decline in waterproof materials revenue, while the mortar powder business continues to grow. In the first half of 2024, the company achieved operating revenue of 15.218 billion yuan, a year-on-year decrease of 9.69%. Specifically, the waterproof materials segment generated revenue of 10.808 billion yuan, down 12.62% year-on-year, with a gross margin of 32.13%, an increase of 0.45 percentage points. Conversely, the mortar powder segment reported revenue of 2.128 billion yuan, up 11.76% year-on-year, with a gross margin of 27.46%, a decrease of 0.76 percentage points [1][2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total operating revenue of 15.218 billion yuan, a decline of 9.69% year-on-year. The net profit attributable to shareholders was 943 million yuan, down 29.31% year-on-year [1]. - The company’s revenue from engineering and retail channels reached 12.138 billion yuan, accounting for 79.76% of total revenue, an increase of 8.44% year-on-year [1]. Revenue Breakdown - The waterproof materials business generated 10.808 billion yuan in revenue, a decrease of 12.62% year-on-year, while the mortar powder business achieved 2.128 billion yuan, reflecting an increase of 11.76% year-on-year [1]. - The engineering channel revenue was 6.699 billion yuan, up 9.07% year-on-year, and the retail channel revenue was 5.438 billion yuan, up 7.66% year-on-year, indicating a continuous increase in the proportion of revenue from engineering and retail channels [1]. Future Outlook - The company is accelerating its global expansion, seeking a third growth curve through international research, establishing overseas companies, and expanding overseas channels. The projected revenue growth rates for 2024-2026 are -9.05%, 5.79%, and 11.35%, respectively, with expected revenues of 29.852 billion yuan, 31.579 billion yuan, and 35.164 billion yuan [1][3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's performance is under pressure in the short term, but channel optimization is ongoing [5] - The company reported a revenue of 15.218 billion yuan for the first half of 2024, a year-on-year decrease of 9.69%, and a net profit attributable to shareholders of 943 million yuan, down 29.31% year-on-year [1][2] - The company plans to distribute a cash dividend of 6 yuan per 10 shares to all shareholders [1] Financial Summary - Revenue (million yuan): 31,214 in 2022, 32,823 in 2023, expected 30,098 in 2024, 33,048 in 2025, and 36,485 in 2026 [1] - Net profit attributable to shareholders (million yuan): 2,121 in 2022, 2,273 in 2023, expected 1,874 in 2024, 2,236 in 2025, and 2,643 in 2026 [1] - Year-on-year growth rates for revenue: -2.3% in 2022, 5.2% in 2023, -8.3% in 2024, 9.8% in 2025, and 10.4% in 2026 [1] - Year-on-year growth rates for net profit: -49.5% in 2022, 7.2% in 2023, -17.6% in 2024, 19.3% in 2025, and 18.2% in 2026 [1] - The company's gross margin for the first half of the year was 29.22%, with a net profit margin of 6.11% [2] Business Performance - The company's retail business revenue reached 5.438 billion yuan in the first half of 2024, a year-on-year increase of 7.66%, accounting for 35.74% of total revenue [2] - The company has established over 1,200 service centers and community service stations across 31 provinces and municipalities in China [5] - The company is actively expanding its overseas presence, having set up local companies in multiple countries including Vietnam, Malaysia, and the United States [5]

公司研究 坚定渠道变革，现金流持续改善 ——东方雨虹（002271.SZ）2024 年中报点评 要点 事件：东方雨虹发布 2024 年中报，24H1 实现营收/归母净利润/扣非归母净利 润 152.2/9.4/8.4 亿元，同比-9.7%/-29.3%/-32.7%。24H1 经营性净现金流-13.3 亿元，同比+26.2亿元。单Q2实现营收/归母净利润/扣非归母净利润80.7/6.0/5.3 亿元，同比-13.8%/-37.2%/-42.8%，经营性净现金流 5.6 亿元，同比+7.0 亿元。 公司拟每股派发 0.6 元（含税），对应公告日股息率 6.0%。 坚定渠道变革，零售与工程稳健增长。分产品看，24H1 防水卷材/涂料/砂浆粉 料/工程施工实现营收 60.5/47.6/21.3/12.6 亿元，同比 -15.8%/-8.2%/+11.8%/-8.2%；砂粉科技集团依托公司零售渠道网点布局，继 续快速增加砂粉产品覆盖范围；同时工程端依托各销区"销技供产服"一体化公 司，新增 6 家供应基地，充分提升响应速度和服务质量。其他主营收入/其他业 务收入为 7.7/2.5 亿元，同比-2.1%/-39.9%。 ...

> 开源证券 建筑材料/装修建材 公 司 研 究 东方雨虹（002271.SZ） 2024 年 09 月 01 日 渠道转型稳步发展，零售业务显韧性 ——公司信息更新报告 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 日期 2024/8/30 | --- | --- | |-------------------------|------------| | | | | 当前股价 ( 元 ) | 10.90 | | 一年最高最低 ( 元 ) | 30.75/9.96 | | 总市值 ( 亿元 ) | 265.56 | | 流通市值 ( 亿元 ) | 210.61 | | 总股本 ( 亿股 ) | 24.36 | | 流通股本 ( 亿股 ) | 19.32 | | 近 3 个月换手率 (%) | 134.3 | 股价走势图 东方雨虹 沪深300 -80% -60% -40% -20% 0% 20% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《减值拖累业绩，零售业务稳健增长 —公司信息更新报告》-2024.4.19 《品类渠道驱动零售高速增长，国 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company experienced revenue decline of 9.7% year-on-year in the first half of 2024, with total revenue reaching 15.22 billion yuan. The net profit attributable to shareholders decreased by 29.3% to 0.94 billion yuan [1]. - The company is undergoing a channel transformation, focusing on retail and engineering channels while reducing direct sales. The mortar products have shown significant growth despite overall industry pressure [1]. - The gross margin for the first half of 2024 was 29.2%, a slight increase of 0.3 percentage points year-on-year, while the net profit margin decreased by 1.8 percentage points to 6.1% [2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 8.07 billion yuan, down 13.8% year-on-year, and a net profit of 0.6 billion yuan, down 37.2% [1]. - The revenue breakdown shows waterproofing materials at 6.05 billion yuan (down 15.8%), coatings at 4.76 billion yuan (down 8.2%), and mortar products at 2.13 billion yuan (up 11.8%) [1]. - The retail channel generated 5.44 billion yuan in revenue, up 7.7%, while the engineering channel saw revenue of 6.7 billion yuan, up 9.1% [1]. Cost and Margin Analysis - The sales gross margin for the first half of 2024 was 29.2%, with a net profit margin of 6.1%. The gross margin for Q2 was 28.8%, down 0.3 percentage points year-on-year [2]. - The increase in gross margin is attributed to a higher proportion of retail sales, which have better margins, offsetting the impact of declining industry demand [2]. Cash Flow and Receivables - As of June 30, 2024, the company's receivables decreased by 12.9% year-on-year to 15.31 billion yuan, with a positive cash flow of 0.56 billion yuan in Q2 [2]. - The operating cash flow for the first half of 2024 was -1.33 billion yuan, an improvement of 2.62 billion yuan year-on-year [2]. Investment Outlook - The company is expected to improve operational quality through channel restructuring and expansion of non-waterproof businesses, despite ongoing declines in new construction and weak downstream demand [2]. - The profit forecast for 2024-2026 is adjusted to 1.675 billion yuan, 2.339 billion yuan, and 2.699 billion yuan, with corresponding P/E ratios of 15.9, 11.4, and 9.8 [2].

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 编号：20240829 | --- | --- | --- | |----------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 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 | | 孙明新、冷威、吴楷迪（中信证券）；王海斌 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-093 北京东方雨虹防水技术股份有限公司 关于公司控股股东进行股票质押式回购交易的公告 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。 北京东方雨虹防水技术股份有限公司（以下简称"公司"）近日接到公司控 股股东、实际控制人李卫国先生函告，获悉李卫国先生所持有本公司的部分股份 被质押，具体事项如下： | 股东 | 是否为控 股股东或 第一大股 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否 为补 | 质押起始 | 质押到期 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一 | 量（股） | 比例 | 比例 | 售股 | 充质 | 日 | 日 | | 用途 | | | 致行动人 | | | | | 押 | | | | | | 李卫国 | 是 | 1,400,000 1,600,000 | 0.26% 0.30% | 0.06% 0.0 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-094 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 北京东方雨虹防水技术股份有限公司（以下简称"公司"）与上海银行股份 有限公司市南分行（以下简称"上海银行市南分行"）签署《最高额保证合同》， 公司为上海银行市南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"）主合同项下所形成的债权提供连带责任保证。 保证期间为主合同项下每笔债务履行期届满之日起三年。前述担保的主债权余额 最高不超过人民币 20,000 万元。 （二）担保审议情况 公司分别于 2024 年 4 月 18 日召开的第八届董事会第二十一次会议、2024 年 5 月 13 日召开的 2023 年年度股东大会审议通过了《关于为下属公司向银行等 金融机构申请综合授信提供担保的议案》，同意公司及公司全资、控股子公司为 下属公司向银行等金融机构申请综合授信提供总额不超过人民币 260 亿元的担 保，其 ...

证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 研究助理 市场表现 东方雨虹 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|----------------|--------------| | -71% 2023-08 \n沪深 300 对比 | 2023-12 \n1M | 2024-04 \n2M | 2024-08 \n3M | | 绝对涨幅 | -17.92 | -15.72 | -32.56 | | (%) 相对涨幅 (%) | -14.06 | -10.41 | -23.37 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《东方雨虹（002271.SZ）：Q1 业绩 符合预期，静待行业触底企稳》， 2024.4.23 2.《东方雨虹（002271.SZ）：减值拖累 当期业绩，零售业务延续高增》， 2024.4.19 3.《东方雨虹（002271.SZ）：Q3 业绩 符合预期，经营质量持续改善》， ...

北京东方雨虹防水技术股份有限公司 BEIJING ORIENTAL YUHONG WATERPROOF TECHNOLOGY CO., LTD. 2024 年半年度报告 证券代码：002271 证券简称：东方雨虹 二〇二四年八月 北京东方雨虹防水技术股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李卫国、主管会计工作负责人徐玮及会计机构负责人(会计主 管人员)玉烨声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中如有涉及未来计划等前瞻性陈述，不构成公司对投资者 的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异。 | --- | |-------------------------------------------------------------------------| | | | 截至目前，公司不存在 ...