证券代码：603737 证券简称：三棵树 公告编号：2024-063 2024 年 11 月 6 日，公司与上海浦东发展银行股份有限公司莆田分行（以下 简称"浦发银行莆田分行"）签署了《最高额保证合同》，为三棵树材料提供最高 债权限额人民币 8,000 万元的连带责任保证担保。 三棵树涂料股份有限公司 关于为子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司与上海浦东发展银行股份有限公司成都分行（以下简称"浦发银行成都 分行"）签署了《最高额保证合同》，为四川三棵树提供最高债权限额人民币 3,000 万元的连带责任保证担保。 ● 被担保人名称：三棵树涂料股份有限公司（以下简称"公司"）下属全资子 公司福建三棵树建筑材料有限公司（以下简称"三棵树材料"）、四川三棵树涂料 有限公司（以下简称"四川三棵树"）。 ● 本次担保金额及已实际为其提供的担保余额：公司本次为三棵树材料担保 本金金额为人民币8,000万元，为四川三棵树担保本金金额分别为人民币3,000万 元和人民币15,000万元。截至 ...

Investment Rating - The report does not specify a clear investment rating for the company Core Views - The company, SanKeShu (603737), is a leading domestic paint manufacturer facing temporary performance pressure, with a 2.8% year-on-year decline in total revenue to 9.15 billion yuan and a 26.0% drop in net profit attributable to shareholders to 410 million yuan for the first three quarters of 2024 [1][2] - Despite the challenges, the company has improved its market share in key product segments, with significant revenue growth in home decoration wall paint (+14.1%) and waterproof membranes (+13.0%) [2][4] - The company is expected to benefit from favorable policies in the real estate sector, which may lead to a recovery in downstream demand and a potential rebound in sales prices [4][11] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 9.15 billion yuan, down 2.8% year-on-year, and a net profit of 410 million yuan, down 26.0% [1] - The third quarter alone saw revenue of 3.39 billion yuan, a decrease of 7.9% year-on-year, with net profit at 200 million yuan, down 17.9% [1] Product Performance - Revenue growth varied by product: home decoration wall paint at 2.23 billion yuan (+14.1%), engineering wall paint at 2.98 billion yuan (-12.5%), base materials and auxiliary materials at 1.88 billion yuan (+4.2%), and waterproof membranes at 1.00 billion yuan (+13.0%) [2] - Sales prices for key products faced pressure, with engineering wall paint down 10.0% and base materials down 21.1% [2] Profitability - The gross margin decreased by 2.7 percentage points to 28.7% due to declining sales prices [3] - The net profit margin fell by 1.5 percentage points to 4.4%, indicating pressure on profitability [3] Market Position and Strategy - The company is focusing on enhancing its brand and marketing channels, aiming for a high-end retail transformation and expanding into potential markets such as rural revitalization and e-commerce [4][11] - The company has a strong competitive advantage in the paint industry, with a comprehensive product matrix and a focus on core business areas [4][8] Future Outlook - The company anticipates a compound annual growth rate (CAGR) of 11.2% in revenue and 76.5% in net profit from 2024 to 2026, driven by a recovery in downstream demand and stabilization of sales prices [4][21] - The report highlights the potential for growth in the context of urban renewal and old community renovations, supported by government policies [4][13]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The retail business is developing steadily, and cash flow performance is impressive [1] - The company achieved a revenue of 91.5 billion yuan in Q3 2024, a year-on-year decrease of 2.8%, with a net profit attributable to the parent company of 2.0 billion yuan, down 42.8% year-on-year [1] - The company is expected to continue benefiting from the growth in retail channels and the increasing penetration of mid-to-high-end products, particularly in the repainting market for existing and second-hand homes [1] Summary by Relevant Sections Financial Performance - Revenue (million yuan): - 2022A: 11,338 - 2023A: 12,476 - 2024E: 12,483 - 2025E: 14,070 - 2026E: 16,064 - Net profit (million yuan): - 2022A: 330 - 2023A: 174 - 2024E: 554 - 2025E: 743 - 2026E: 940 - Earnings per share (yuan): - 2023A: 0.33 - 2024E: 1.05 - 2025E: 1.41 - 2026E: 1.78 [1][2] Market Trends - The retail business is thriving, with a continuous optimization of product structure. The revenue from home decoration wall paint has grown against the trend, mainly benefiting from price increases [1] - The company’s gross profit margin and net profit margin are approximately 28.7% and 4.4%, respectively, showing improvement in profitability [1] Future Outlook - The company is expected to maintain growth in its paint business, supported by the expansion of retail channels and the enhancement of product offerings [1] - The report adjusts profit forecasts based on recent market conditions and the company's development plans, indicating a positive outlook for the upcoming years [1][2]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 57.15 CNY, compared to the current stock price of 45.41 CNY [4]. Core Views - The company reported a revenue of 9.146 billion CNY for the first three quarters of 2024, a year-over-year decrease of 2.81%, and a net profit of 410 million CNY, down 26.00% year-over-year [1][2]. - The decline in revenue is attributed to weak demand in the real estate sector, particularly affecting the engineering paint segment, while retail business showed strong growth [2][3]. - The company has maintained a good growth momentum in retail, with home decoration wall paint revenue increasing by 14.14% year-over-year [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.385 billion CNY, a decrease of 7.87% year-over-year, and a net profit of 200 million CNY, down 17.89% year-over-year [1][2]. - The overall gross margin for the first three quarters was 28.66%, a decline of 2.67 percentage points year-over-year, primarily due to rising raw material costs and falling prices for engineering paints [3]. - Operating cash flow for the period increased significantly by 53.24% year-over-year, reaching 916 million CNY [6]. Revenue Breakdown - The revenue from home decoration wall paint was 2.228 billion CNY, with a year-over-year increase of 14.14%, while engineering wall paint revenue was 2.979 billion CNY, down 12.51% year-over-year [2]. - Adhesives revenue grew by 16.17% year-over-year to 651 million CNY, and waterproof materials revenue increased by 13.02% year-over-year to 1.002 billion CNY [2]. Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 13.127 billion CNY, 14.422 billion CNY, and 15.797 billion CNY for 2024, 2025, and 2026, respectively, representing year-over-year growth rates of 5.22%, 9.87%, and 9.54% [6]. - Net profit forecasts for the same years are 582 million CNY, 669 million CNY, and 816 million CNY, with significant growth anticipated in 2024 at 235.61% year-over-year [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has shown a significant improvement in cash flow, despite a decline in revenue and net profit due to a downturn in real estate sales and increased industry competition [2] - The average selling prices of certain products have rebounded, contributing positively to the company's financial performance [2][3] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 9.146 billion yuan, a year-on-year decrease of 2.81%, and a net profit attributable to shareholders of 410 million yuan, down 26.00% year-on-year [2] - The Q3 revenue was 3.385 billion yuan, a quarter-on-quarter decrease of 8.37%, while the net profit attributable to shareholders was 200 million yuan, an increase of 22.96% quarter-on-quarter [2] - The company expects net profits for 2024-2026 to be 640 million, 720 million, and 840 million yuan respectively, with year-on-year growth rates of 271.0%, 12.5%, and 16.5% [2][5] Product Performance Summary - Revenue from various product categories for Q1-Q3 2024 includes: - Home decoration wall paint: 2.228 billion yuan (+14.14% YoY) - Engineering wall paint: 2.979 billion yuan (-12.51% YoY) - Adhesives: 651 million yuan (+16.17% YoY) - Base materials and auxiliary materials: 1.879 billion yuan (+4.18% YoY) - Waterproof membranes: 1.002 billion yuan (+13.02% YoY) [3] - The average selling prices for home decoration wall paint and adhesives have increased significantly, contributing to a stable gross margin [3] Cost and Cash Flow Summary - The gross margin for Q1-Q3 2024 was 28.66%, a decrease of 2.67 percentage points year-on-year [4] - The operating cash flow for Q1-Q3 2024 was 916 million yuan, an increase of 53.24% year-on-year, with a cash collection ratio of 104.43% [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 9.146 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.81%, with a net profit attributable to shareholders of 410 million yuan, down 26.0% year-on-year [4] - The company is optimizing its retail structure, showing enhanced competitiveness in the consumer segment, particularly in the home improvement market [4][5] - The company is expected to achieve revenues of 12.45 billion yuan and 14.07 billion yuan in 2024 and 2025, respectively, with a projected net profit of 540 million yuan and 770 million yuan for the same years [5][7] Financial Performance - The company’s gross margin for Q3 was 28.68%, a decrease of 3.1 percentage points year-on-year, but stable compared to the previous quarter [5] - The company’s operating cash flow for the first three quarters was 916 million yuan, an increase of 53.24% year-on-year [5] - The company’s debt-to-asset ratio stands at 80.9% [4][9] Revenue Breakdown - For the first three quarters of 2024, the revenue from home improvement wall paint was 2.228 billion yuan, up 14.14% year-on-year, while the revenue from engineering wall paint was 2.979 billion yuan, down 12.51% year-on-year [4] - The average price of home improvement paint increased by 10.62% quarter-on-quarter, while the price of engineering paint decreased by 3.32% [4] Earnings Forecast - The company is projected to have an EPS of 1.03 yuan in 2024 and 1.47 yuan in 2025, with corresponding P/E ratios of 43X and 30X [5][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance continues to be under pressure, with a year-on-year revenue decline of 2.81% to 9.146 billion yuan and a net profit drop of 26.00% to 410 million yuan [1] - The report anticipates a potential turning point in the industry chain, as the real estate market is expected to stabilize, leading to a recovery in demand for building materials [2] - The company has optimized its distribution channels in recent years, positioning itself to benefit from market recovery [2] Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 9.146 billion yuan, with a Q3 revenue of 3.385 billion yuan, reflecting a year-on-year decline of 7.87% [1] - The main product revenue breakdown shows: - Home decoration wall paint revenue of 2.228 billion yuan, up 14.14% year-on-year - Engineering wall paint revenue of 2.979 billion yuan, down 12.51% year-on-year - Base materials and auxiliary materials revenue of 1.879 billion yuan, up 4.18% year-on-year - Waterproof membrane revenue of 1.002 billion yuan, up 13.02% year-on-year [1] - The overall gross margin for the first three quarters was 28.66%, a decrease of 2.67 percentage points year-on-year [1] - The operating cash flow for the first three quarters increased by 53.24% year-on-year to 916 million yuan, mainly due to reduced cash payments for goods and services [1] Earnings Forecast and Valuation - The forecast for the company's net profit for 2024-2026 is 620 million yuan, 864 million yuan, and 1.095 billion yuan, respectively, with corresponding EPS of 1.18, 1.64, and 2.08 yuan [2] - The current stock price corresponds to a PE ratio of 38, 27, and 21 times for 2024, 2025, and 2026, respectively, maintaining an "Accumulate" rating [2]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4] Core Views - The company reported a revenue of 9.146 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.81%, with a net profit attributable to shareholders of 410 million yuan, down 26.00% year-on-year [1] - The report highlights improvements in cash flow quality, with operating cash flow net amounting to 916 million yuan, a year-on-year increase of 53.24% [2] - The company is expected to see net profits of 550 million yuan, 731 million yuan, and 850 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 41, 31, and 26 times [2][3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.385 billion yuan, a year-on-year decrease of 7.87%, while the net profit attributable to shareholders was 200 million yuan, an increase of 17.89% year-on-year [1] - The gross profit margin for the first three quarters was 28.66%, down 2.67 percentage points year-on-year, while the net profit margin was 4.44%, down 1.48 percentage points year-on-year [1] - The report indicates that retail and auxiliary material businesses performed well, with sales volume for home decoration wall paint and adhesives increasing by 13.76% and 17.26% year-on-year respectively [2] Cost and Expense Analysis - The report notes that the total expense ratio for the first three quarters was 24.01%, an increase of 1.26 percentage points year-on-year, with sales and management expenses rising by 4.10% and 3.69% respectively [2] - Raw material costs showed significant fluctuations in Q3, with wall paint and waterproof roll material prices adjusting considerably [2] Cash Flow and Receivables - The company has seen a reduction in accounts receivable and impairment scales, with accounts receivable and bills totaling 4.291 billion yuan, down 12.53% year-on-year [2] - The cash and cash equivalents at the end of the period were 2.112 billion yuan, an increase of 15.74% year-on-year [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4][6][15]. Core Views - The company has experienced revenue growth driven by price increases in its products, particularly in the home decoration paint segment, while diversifying its product categories [2][4]. - Despite a decline in net profit year-on-year, the company is expected to improve its market share through enhanced channel development and cost control measures, with a projected net profit of 6.5 billion, 8.4 billion, and 10.0 billion for 2024-2026 [4][5]. Financial Performance Summary - In Q3, the company reported a net profit of 200 million yuan, a year-on-year decrease of 17.89%, with total revenue for the first three quarters at 914.6 million yuan, down 2.81% year-on-year [1]. - The gross profit margin for the first three quarters was 28.66%, a decrease of 2.67 percentage points year-on-year, while the net profit margin was 4.44%, down 1.48 percentage points [3]. - The company achieved a significant improvement in operating cash flow, with a net cash flow of 916 million yuan for the first three quarters, an increase of 318 million yuan year-on-year [3][10]. Revenue and Profit Forecast - The company is projected to achieve revenues of 12.48 billion, 14.09 billion, 15.61 billion, and 17.21 billion yuan from 2023 to 2026, with growth rates of 10.03%, 12.90%, 10.84%, and 10.26% respectively [5][11]. - The forecasted net profit for the same period is 173.54 million, 651.62 million, 839.27 million, and 1,004.60 million yuan, reflecting a significant recovery in profitability [5][11]. Market Position and Strategy - The company is focusing on expanding its high-end product offerings and optimizing its distribution channels, which is expected to create new growth opportunities in the paint sector, particularly in the renovation of existing homes [2][4]. - The company’s asset-liability ratio stands at 79.98%, indicating a stable financial structure, while the cash flow situation has shown marked improvement [3][9].

三棵树涂料股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603737 证券简称：三棵树 三棵树涂料股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法 律责任。 ●公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季 度报告中财务信息的真实、准确、完整。 ●第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|------------------|-------------------------------------|------------------|------------------- ...