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研報掘金丨光大證券:東方雨虹盈利彈性仍存,維持“買入”評級
格隆匯 03-05 15:23

光大證券研報指出,東方雨虹(002271.SZ)24年實現營收/歸母淨利/扣非歸母淨利280.6/1.1/1.2億元,同比-14.5%/-95.2%/-93.3%。主動壓降直銷拖累整體收入,零售及工程逆勢增長。展望25年,一是高額分紅使實控人質押風險大幅改善,公司治理風險顯著降低;二是公司資產處置堅決有力、報表充分紓壓,剩餘尾部減值風險有望在年內全部釋放;三是經過數年改革,渠道銷售模式主導下經營質量持續提升,民建集團在擴品類、渠道下沉推動下或繼續驅動增長,而低基數下直銷業務收縮空間有限。故年內看,收入端有望企穩向上,且25年公司強化降本提效,費用率有望改善;尾部減值風險釋放後,盈利彈性仍存。公司作爲防水龍頭,渠道變革相對徹底,有望率先走出行業底部,維持“買入”評級。

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