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研報掘金丨平安證券:維持東方雨虹“推薦”評級,行業壓力最大時刻或已過去
格隆匯 03-10 16:02

平安證券研報指出,多因素導致東方雨虹(002271.SZ)全年業績承壓。2024年歸母淨利潤1.1億元,同比下降95.2%。受房地產市場低迷等影響,防水行業下遊需求不足,期內公司營收同比下滑14.5%;行業競爭激烈導致價格承壓,疊加產品結構調整,2024年毛利率同比下滑1.9pct至25.8%,其中四季度毛利率僅14.4%。儘管盈利預測下調,但考慮行業層面,防水新規帶動行業提標擴容,地產新開工亦持續築底,行業壓力最大時刻或已過去;公司層面積極變革渠道,憑藉品牌、資金、渠道優勢加速發展工程渠道、零售領域,未來經營質量將逐步提升;新品類業務拓展亦成效顯現,疊加公司股價調整較多,因此維持“推薦”評級。

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