公 司 报 告 2025年10月19日 三棵树(603737.SH) 业绩增长亮眼，毛利率与现金流改善 推荐 ( 维持) 股价:46.28元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.3treesgroup.com | | 大股东/持股 | 洪杰/67.02% | | 实际控制人 | 洪杰 | | 总股本(百万股) | 738 | | 流通A股(百万股) | 738 | | 流通B/H股(百万股) | | | 总市值(亿元) | 341 | | 流通A股市值(亿元) | 341 | | 每股净资产(元) | 4.40 | | 资产负债率(%) | 75.8 | 行情走势图 杨侃 投资咨询资格编号 S1060514080002 BQV514 相关研究报告 【平安证券】三棵树（603737.SH）*首次覆盖报告* 民族涂料龙头，零售转型突围*推荐20250909 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 公司发布2025年三季报，前三季度实现营收93.9亿元，同比增长2.7% ...

建材行业策略周报 建筑材料 证券研究报告 行业投资策略周报 / 2025.10.19 投资评级:看好(维持) 最近 12 月市场表现 -9% -3% 4% 10% 16% 23% 建筑材料 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 陈琳云 SAC 证书编号：S0160524120005 chenly03@ctsec.com 相关报告 | 1. 《建筑材料 3Q2025 年季报前瞻》 | | --- | | 2025-10-13 | | 2. 《建材行业策略周报》 2025-10-07 | | 3. 《建材行业策略周报》 2025-09-29 | 资金高切低+格局优化，推荐消费建材板块 核心观点 请阅读最后一页的重要声明！ ❖ 资金"高低切换"叠加细分行业格局优化，消费建材板块值得关注。资 金端，近期资金流向防御板块，中美关税摩擦后续或为常态，市场资金向与国 内经济周期深度绑定的内需型板块转移。建材板块以内需为主导，或为资金 避险选择的方向之一。基本面端，消费建材细分行业竞争格局正在改善，龙头 集中度有望提升。在涂料龙头企业发布提 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report emphasizes the expected increase in domestic demand driven by the 14th Five-Year Plan and renewed tariff conflicts, suggesting a focus on sectors with strong price-driving capabilities and industry self-discipline [6] - Cement prices have shown a slight decline, while float glass prices continue to rise, indicating mixed market conditions [2] - The report highlights the resilience of companies like Sanke Tree and the potential for growth in new business areas such as fire safety technology and specialty electronic fabrics [6][7] Summary by Sections Cement Market - The national average cement price is 347 RMB/ton, down 0.7% from the previous week, with price increases observed in Hunan, Guangxi, and Shaanxi [2][24] - The report notes that the average shipment rate for key cement enterprises is 45.2%, indicating a slight increase [24] Float Glass and Photovoltaic Glass - The average price of float glass is 1300.97 RMB/ton, up 0.87% from the previous week, while photovoltaic glass prices remain stable [2] - The report mentions that the price of 2.0mm coated photovoltaic glass is around 13 RMB/sqm, unchanged from the previous week [2] Real Estate Transactions - In the 42nd week, new home transaction area in 30 major cities was 211.75 million sqm, down 20% year-on-year but up 107.52% month-on-month [3][19] - The report indicates that second-hand home transactions in 15 monitored cities also improved month-on-month, with a 14% year-on-year increase in cumulative transaction area [3][19] Recommended Companies - Companies recommended include Huaxin Cement and Conch Cement, benefiting from cost and scale advantages [6] - The report also highlights the strong performance of Sanke Tree, which achieved a revenue of 9.39 billion RMB, up 2.7% year-on-year, and a net profit increase of 81.2% [6][7] - Fire safety leader Qingniao Fire is recommended due to its upcoming commercialization of fire robots and compliance with new national standards [6][7] - The report suggests investment in China Jushi and China National Materials Technology, which are expected to benefit from high demand for specialty electronic fabrics [6][7]

业绩简评 2025 年 10 月 17 日，公司披露 2025 年三季报，25Q1-3 收入 93.9 亿元，同比+2.7%，归母净利润 7.4 亿元，同比+81.2%，扣非净利 润 5.65 亿元，同比+126.4%。其中，单 Q3 收入 35.8 亿元，同比 +5.6%，归母净利润 3.1 亿元，同比+54%，扣非净利润 2.7 亿元， 同比+60.1%，Q3 净利率 8.3%，同比+2.4pct，扣非净利率 7.6%， 同比+2.6pct。三季度经营利润符合预期。 经营分析 C 端零售转型加速、防水主动收缩。25Q1-3 家装墙面漆、工程墙 面漆、基材与辅材、防水卷材收入分别为 24.9、29.0、28.5、7.2 亿元，分别同比+12%、-3%、+11%、-29%，单 Q3 收入增速分别为 +18%、-3%、+13%、-29%。剔除主动收缩的防水业务后，25Q1-3 涂 料及基辅材收入同比+6.2%，单 Q3 收入同比+8.1%，C 端零售转型 继续加速，其中三大新业态（马上住、美丽乡村、艺术漆）依然是 主要增长引擎。 毛利率环比继续提升、减值速度加快。由于渠道结构调整和高毛 利新业态的快速增长，单 ...

零售快速放量，业绩持续兑现 三棵树(603737) 证券研究报告 装修建材 / 公司点评 / 2025.10.19 投资评级:增持(维持) 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 12476 | 12105 | 12754 | 13582 | 14436 | | 收入增长率(%) | 10.03 | -2.97 | 5.36 | 6.49 | 6.29 | | 归母净利润(百万元) | 174 | 332 | 1084 | 1341 | 1597 | | 净利润增长率(%) | -47.33 | 91.27 | 226.69 | 23.68 | 19.10 | | EPS(元) | 0.33 | 0.63 | 1.47 | 1.82 | 2.16 | | PE | 144.27 | 67.62 | 31.49 | 25.46 | 21.38 | | ROE(%) | 7.10 | ...

重要新闻提示 证监会修订《上市公司治理准则》，2026年1月1日起施行 三部门调整海南离岛旅客免税购物政策，11月1日起实施 多只龙头股前三季度净利润大增。神通科技净利增584.07%；三棵树净利增81.22%，拟10派5元 财经新闻 1. 10月17日，北京市西城区委副书记、区长郅海杰在2025金融街论坛年会新闻发布会上表示，经国务院 批复，2025金融街论坛年会由北京市人民政府与中国人民银行、国家金融监督管理总局、中国证券监督 管理委员会、新华通讯社、国家外汇管理局共同主办。开幕式拟于10月27日下午举行，由北京市市长殷 勇主持，北京市委书记尹力致辞，5家共同主办单位主要负责人作主题演讲。 2. 财政部10月17日消息，为稳步推进海南自由贸易港建设，进一步满足消费者多元化购物需求，财政 部、海关总署、税务总局联合印发公告，调整海南离岛旅客免税购物政策，并定于11月1日起实施。 一是扩大离岛免税商品范围，增加宠物用品、可随身携带的乐器、微型无人机、小家电等商品。优化后 的离岛免税商品由45大类提高至47大类。 7. 根据中证数据日前披露的融资融券月度数据，9月市场新开融资融券账户20.54万户，创今年以来新 ...

Group 1 - The core point of the news is that Sanke Tree (603737.SH) reported its Q3 2025 results, revealing that institutional investors hold a total of 86.68 million shares, accounting for 11.75% of the company's total equity, with a slight decrease of 0.03 percentage points from the previous quarter [1] Group 2 - In the public fund sector, one fund, the Chemical ETF, increased its holdings by 0.54%, while two funds, Nord Value Advantage Mixed and Southern CSI 500 ETF, saw a slight decrease in their holdings [2] - Among social security funds, one fund, the National Social Security Fund 404 Combination, reduced its holdings, while two new funds, the National Social Security Fund 503 Combination and the National Social Security Fund 413 Combination, disclosed their holdings in Sanke Tree [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 其他不涉及实质性内容的非重要修订，如条款序号的相应调整等，未在上述表格中一一对比列示。除前 述修订和调整外，《公司章程》的其他条款不变。 证券代码：603737 证券简称：三棵树 公告编号：2025-063 ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权益分派实施公告中明 确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持每股分配比例不变，相应调整分 配总额，并将在相关公告中披露。 一、利润分配方案内容 （一）利润分配方案的具体内容 三棵树涂料股份有限公司 2025年前三季度利润分配方案的公告 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： ●每股分配比例： 每股派发现金红利0.50元（含税），不以资本公积金转增股本，不送红股。 截至2025年9月30日，三棵树涂料股份有限公司（以下简称"公司"）母公司报表期末未分配利润为人民 币1,029,539,192.54元（未经审计）。经董事会决议，公司拟以实施权益分派股权 ...

Core Viewpoint - The company has announced the cancellation of its supervisory board and the revision of its articles of association and related rules, which will be submitted for shareholder approval [8][9]. Financial Data - The financial statements for the third quarter are unaudited, and the company has confirmed the accuracy and completeness of the financial information provided [3][7]. - The report indicates that there were no significant changes in the financial indicators or accounting data during the reporting period [5]. Corporate Governance - The company will have its audit committee assume the responsibilities previously held by the supervisory board, and one employee director will be added to the board [8][9]. - The supervisory board's term will end upon the approval of the proposal by the shareholders [8]. Compliance and Disclosure - The board of directors and senior management have guaranteed the truthfulness and completeness of the quarterly report, taking legal responsibility for any misstatements or omissions [2][8].

Core Insights - The company reported a revenue of 3,575,488,482.99 yuan for the third quarter of 2025, representing a year-on-year growth of 5.62% [2] - The net profit attributable to shareholders for the same period was 307,773,727.05 yuan, showing a significant year-on-year increase of 53.64% [2] Financial Performance - Revenue for Q3 2025: 3,575.49 million yuan, up 5.62% year-on-year [2] - Net profit for Q3 2025: 307.77 million yuan, up 53.64% year-on-year [2]