研報掘金丨國盛證券:維持東方雨虹“買入”評級,海外業務加速佈局
國盛證券研報指出,東方雨虹2025年上半年歸母淨利潤5.6億元,同比下滑40.2%,其中單Q2實現歸母淨利潤3.4億元,同比下滑36.2%。民建業務展現韌性,海外業務加速佈局。公司休斯敦、沙特阿拉伯達曼、加拿大、馬來西亞基地均在有序推進中,同時公司收購香港建材零售企業萬昌五金建材有限公司、香港專業建材直銷公司康寶香港有限公司100%股權,擬收購智利建材超市企業ConstrumartS.A.100%股權,海外佈局持續加速。公司渠道轉型持續推進,鞏固防水主業,同時積極拓展砂粉、海外等新新增長曲線,但考慮到防水需求仍在下滑中,行業競爭激烈,並且應收賬款等存在減值風險,下調公司的盈利預測,維持“買入”評級。
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