【私募调研记录】星石投资调研东方雨虹

Group 1 - The core focus of Dongfang Yuhong in 2024 is on cost control, stabilizing waterproofing, expanding product categories, and adopting a light asset model [1] - The company plans to enhance service capabilities, implement flat management, deepen channels, and maintain its leading position in waterproofing and other categories by 2025 [1] - Dongfang Yuhong is actively advancing asset monetization related to construction compensation housing, having processed some in 2024 and planning to address remaining issues this year [1] Group 2 - The company has rich experience in overseas business, focusing on supply chain systems and channel development, with trade, investment, and mergers & acquisitions as key growth drivers [1] - The Sand Powder Group has significant advantages in channels, supply chains, and costs, leveraging the sales channels of the Minjian Group with over 60 sand powder factories nationwide [1] - The Minjian repair product category is experiencing rapid growth, with increased sales in the waterproofing main category and market share improvements, while expanding product categories through the wall auxiliary material brand "Wall Bei Li" [1] Group 3 - The company maintains a good net profit margin during the expansion of product categories and aims to sustain profitability through improved labor efficiency and strengthened cost control [1] - The retail of Deaiwei coatings maintains high-end quality, requiring continuous improvement in channel layout and supply chain optimization to match leading enterprises [1] - The management structure of Deaiwei will be integrated into the Sand Powder Group for better operational efficiency [1]