[Table_Main] 证券研究报告 | 公司点评 三棵树(603737.SH) 2024年04月20日 买入（维持） 三棵树（603737.SH）：费用上涨及计提减值影 所属行业：建筑材料/装修建材 响全年业绩，24Q1 高基数下维持增长 当前价格(元)：30.69 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024年4月19日，公司发布2023年年度报告及24年第一季度报告：  邮箱：yanguang＠tebon.com.cn 王逸枫 1）全年来看：2023年公司实现营收约124.76亿元，同比+10.03%，实现归母净 资格编号：S0120524010004 利润约1.74亿元，同比-47.33%，实现扣非归母净利润约0.44亿元，同比-80.13%。 邮箱：wangyf6＠tebon.com.cn 公司拟每10股派发现金红利1.60元（含税），合计现金分红约0.84亿元，占23 研究助理 年归母净利润比例约48.59%。 2）分季度来看：23Q4公司实现营收约30.65亿元，同比-9.62%（同比增速较上 季度收窄23.03pct），环比-16.58%，实现归母净利 ...

三棵树23年报交流240420厂广发原文 2024年04月20日11:15 发言人100:00 Ready to start. Please remain on the line. 发言人100:13 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line 发言人100:37 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line 发言人101:00 子搬运 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line 号：股市调研 发言人101:24 感谢大家参加本次会议，会议即将开始，请稍后。 发言人301:30 Thanks for ...

Financial Performance - Revenue for 2023 reached 12.48 billion RMB, a 10.03% increase compared to 2022[16] - Net profit attributable to shareholders decreased by 47.33% to 173.54 million RMB in 2023[16] - Operating cash flow increased by 47.29% to 1.41 billion RMB in 2023[16] - Basic earnings per share (EPS) dropped by 47.62% to 0.33 RMB in 2023[17] - Weighted average return on equity (ROE) decreased by 8.28 percentage points to 7.36% in 2023[17] - Q4 2023 revenue was 3.07 billion RMB, with a net loss of 381 million RMB attributable to shareholders[20] - Non-recurring gains and losses in 2023 amounted to 129.51 million RMB, primarily due to government subsidies[21] - Total assets increased by 2.76% to 14.14 billion RMB at the end of 2023[16] - Revenue for the reporting period reached 12.4756846 billion yuan, a year-on-year increase of 10.03%[23] - Net profit attributable to shareholders of the listed company decreased by 47.33% to 173.541 million yuan[23] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by 80.13% to 44.0348 million yuan[23] - Revenue for 2023 reached 12.475 billion yuan, a year-on-year increase of 10.03%[56] - Net profit attributable to shareholders decreased by 47.33% to 175.41 million yuan[56] - Operating cash flow increased by 47.29% to 1.408 billion yuan[57] - Sales expenses rose by 22.75% to 2.124 billion yuan due to increased employee compensation, advertising, and travel expenses[57] - Management expenses increased by 26.55% to 678.3 million yuan, primarily due to higher employee compensation and depreciation[57] - R&D expenses grew by 9.93% to 289.35 million yuan, driven by increased investment in high-end product development[57] - Net cash flow from operating activities increased by 47.29% to 1,408,060,752.22 yuan, primarily due to increased receipt of payments[76] - Net cash flow from investing activities decreased by 491,881,058.31 yuan, mainly due to reduced payments for construction in progress[75] - Net cash flow from financing activities decreased by 354.73%, primarily due to increased repayment of loans and interest[75] - Other income increased by 51.18%, mainly due to increased government subsidies[75] - Monetary funds increased by 60.90% to 171,224.63 million yuan, accounting for 12.11% of total assets, primarily due to increased receipt of payments[77] - Prepaid accounts increased by 74.44% to 14,689.05 million yuan, mainly due to increased payments for raw materials as revenue scale expanded[77] - Contract liabilities increased by 76.65% to 30,521.72 million yuan, primarily due to increased advance payments from customers[77] Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.60 per 10 shares, totaling RMB 84,321,996.96, which accounts for 48.59% of the net profit attributable to the parent company in 2023[4] - 2023 profit distribution plan: proposed cash dividend of RMB 0.16 per share (tax included), totaling RMB 84.32 million, accounting for 48.59% of the net profit attributable to ordinary shareholders[161] Company Information - The company's total share capital is 527,012,481 shares[4] - The company's registered and office address is No. 518, Liyuan North Avenue, Licheng District, Putian City, Fujian Province[12] - The company's website is www.3treesgroup.com and the email address is zqb@skshu.com.cn[12] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 603737[14] - The company's annual report is disclosed in media such as China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[13] - The company's annual report is available on the Shanghai Stock Exchange website at www.sse.com.cn[13] - The company's audit report was issued by Grant Thornton LLP (Special General Partnership) with signed accountants Lin Xintian and Yang Qiujing[15] - The company's industry is classified under "C2641 Paint Manufacturing" according to the "National Economic Industry Classification"[79] - The company's overseas assets amounted to 3,372,620.74 yuan, accounting for 0.02% of total assets[77] Product Development and Innovation - The company developed 278 new product projects and upgraded 696 existing products and cost-reduction projects[28] - The company launched the "Qingyun Stone" product, a dual-carbon inorganic product with fire and water resistance and scratch resistance[28] - The company's Yunhui Guardian Angel Children's Paint features advanced antiviral technology and has passed China's green building materials certification and skin sensitization tests[28] - The company's exterior wall imitation stone paint product line introduced the Zhenyan Stone high-tech imitation stone paint, enhancing the product's high-end transformation[28] - The company signed a cooperation agreement with the team of Academician Xu Zhenghe from Southern University of Science and Technology for the development of high-performance coatings and additives[27] - The company's product portfolio includes waterproofing materials, floor coatings, wood coatings, and building insulation systems, with detailed classifications such as epoxy floor systems, polyurethane floor systems, and inorganic floor systems[36] - The company's main products include wall coatings, wood coatings, adhesives, and waterproofing membranes, with a focus on creating a green building materials integrated system in the engineering field and a "seven-in-one" product solution in the retail sector[83] - The company has developed a comprehensive product line including coatings, waterproofing, insulation, and more, with a focus on green and environmentally friendly solutions such as low-carbon and eco-friendly stone-like materials for exterior walls[45] - In the field of industrial coatings, the company provides environmentally friendly, safe, high-performance, and easy-to-apply protective solutions for industrial plants, steel structures, and other applications, expanding into areas like port machinery, petrochemicals, and new energy wind power[45] - The company has launched multiple green products including Zhenyan Stone, Zhencai Stone, Zhenjin Stone, and various eco-friendly coatings and adhesives, expanding its product line in the industrial coatings sector, particularly for the wind power and new energy vehicle markets[90] - The company has completed several R&D projects, including the development of inorganic non-combustible stone-like paint, organic silicone sealant for interior decoration, and low-VOC grout, with some projects like the Zhenyan Stone multi-color paint still in the formula optimization phase[92] - The company is developing high-performance industrial coatings for new energy vehicles, including fire-resistant coatings for battery packs, noise-reducing coatings, and structural adhesives, aiming to enhance safety and performance in the automotive sector[90] - The company's R&D efforts include the development of low-cost building insulation aerogel products and functional nanomaterials for high-performance formaldehyde-removing coatings, which are currently in the pilot and application promotion stages, respectively[92] - The company is focusing on the development of environmentally friendly products, such as plant-based polyurethane floor coatings and water-based industrial paints, aligning with global trends towards sustainability and eco-conscious manufacturing[90] - The company's R&D projects include the development of reflective insulation integrated panels and low-cost building insulation aerogel products, which are currently in the pilot stage, indicating a strong focus on energy-efficient building materials[92] ESG and Sustainability - The company's ESG rating was upgraded to "A" by MSCI in October 2023[26] - The company was selected as a "Key Enterprise Partner" for the 2023 Green Building Materials Rural Promotion Campaign[26] - The company actively participated in the 2023 green building materials promotion campaign, becoming a "key enterprise partner"[80] - The company invested 38.35 million yuan in environmental protection during the reporting period[169] - The company's wastewater discharge at the Putian plant showed a chemical oxygen demand (COD) concentration of 17 mg/L, well below the standard limit of 500 mg/L[171] - The non-methane total hydrocarbon emission concentration at the Putian plant was 12.82 mg/m³, significantly lower than the standard limit of 100 mg/m³[172] - The actual emission of chemical oxygen demand (COD) at the Putian plant was 0.204 t/a, far below the approved emission limit of 4.534 t/a[174] - The Anhui plant's wastewater discharge showed a chemical oxygen demand (COD) concentration of 135 mg/L, below the standard limit of 500 mg/L[176] - The Anhui plant's non-methane total hydrocarbon emission concentration at the comprehensive workshop north side exhaust port was 1.21 mg/m³, well below the standard limit of 60 mg/m³[178] - The Anhui plant's RTO device exhaust port showed a nitrogen oxide emission concentration of 4 mg/m³, significantly lower than the standard limit of 150 mg/m³[178] - Non-methane total hydrocarbons (NMTHC) emissions at the can manufacturing workshop exhaust port were 16.3 mg/m³, meeting the standard of 60 mg/m³[179] - Benzene emissions at the can manufacturing workshop exhaust port were less than 0.004 mg/m³, meeting the standard of 1 mg/m³[179] - Particulate matter emissions at the waterproofing membrane workshop exhaust port were less than 1.0 mg/m³, meeting the standard of 120 mg/m³[179] - Nitrogen oxide (NOx) emissions at the thermal oil boiler exhaust port were 30 mg/m³, meeting the standard of 150 mg/m³[179] - Sulfur dioxide (SO₂) emissions at the steam boiler exhaust port were less than 3 mg/m³, meeting the standard of 50 mg/m³[179] - Particulate matter emissions at the new home materials workshop south exhaust port were 1.97 mg/m³, meeting the standard of 120 mg/m³[179] - Non-methane total hydrocarbons (NMTHC) emissions at the new home materials workshop west exhaust port were 6.48 mg/m³, meeting the standard of 120 mg/m³[179] - Ammonia emissions at the wastewater treatment station exhaust port were 1.25 mg/m³, meeting the standard of 8.7 mg/m³[181] - Hydrogen sulfide emissions at the wastewater treatment station exhaust port were 0.073 mg/m³, meeting the standard of 0.58 mg/m³[181] - Particulate matter emissions at the waterproofing membrane workshop II north exhaust port were 1.1 mg/m³, meeting the standard of 120 mg/m³[181] - Non-methane total hydrocarbon emissions from the paint workshop south side exhaust outlet were 1.44 mg/m³, meeting the standard[182] - The actual emission of chemical oxygen demand was 4.946 t/a, significantly lower than the approved emission of 23.132 t/a[183] - Nitrogen oxides emissions were 2.047 t/a, well below the approved emission of 7.206 t/a[184] - The pH level of the wastewater discharge from the comprehensive sewage treatment station was 7.4, within the standard range of 6-9[185] - The concentration of suspended solids in the wastewater discharge was 36 mg/L, much lower than the standard limit of 400 mg/L[185] - The concentration of non-methane total hydrocarbons from the stone texture workshop exhaust treatment facility was 4.68 mg/m³, meeting the standard[186] - Benzene concentration from the stone texture workshop exhaust treatment facility was less than 0.0112 mg/m³, well below the standard limit of 1 mg/m³[186] - The actual emission of non-methane total hydrocarbons was 5.940 t/a, significantly lower than the approved emission of 41.873 t/a[184] - The concentration of ammonia nitrogen in the wastewater discharge was 0.77 mg/L, well below the standard limit of 45 mg/L[185] - The concentration of total phosphorus in the wastewater discharge was 0.087 mg/L, much lower than the standard limit of 8 mg/L[185] - The company's emissions of particulate matter from the latex paint workshop were 1.7 mg/m³, meeting the standard of 20 mg/m³[187] - Non-methane total hydrocarbons emissions from the RTO device were 5.205 mg/m³, within the 20 mg/m³ limit[187] - Nitrogen oxide emissions from the first-phase boiler room were 28 mg/m³, below the 150 mg/m³ standard[187] - Particulate matter emissions from the putty powder and diatomite workshop reached 18.9 mg/m³, meeting the standard[187] - The polyurethane waterproof coating workshop emitted 4.76 mg/m³ of non-methane total hydrocarbons, within the 60 mg/m³ limit[188] - The insulation board workshop's dust treatment facility emitted 3.6 mg/m³ of particulate matter, well below the 120 mg/m³ standard[188] - The waterproof membrane workshop's emissions of benzo[a]pyrene were 0.000016 mg/m³, significantly lower than the 0.0003 mg/m³ standard[188] - The third-phase boiler room emitted 24 mg/m³ of nitrogen oxides, meeting the 150 mg/m³ standard[189] - The fourth-phase stone texture coating workshop emitted 1.09 mg/m³ of non-methane total hydrocarbons, within the 60 mg/m³ limit[189] - The hazardous waste warehouse emitted 0.038 mg/m³ of non-methane total hydrocarbons, well below the 60 mg/m³ standard[189] - The company's wastewater discharge at the plant area meets standards with a chemical oxygen demand (COD) of 132.56 mg/L, well below the limit of 300 mg/L[193] - Non-methane total hydrocarbon (NMTH) emissions from the 1 filter dust collector are 5.309 mg/m³, significantly lower than the 60 mg/m³ limit[194] - The actual emission of chemical oxygen demand (COD) is 1.699 t/a, which is below the approved emission limit of 22.762 t/a[191] - Ammonia nitrogen emissions from the plant area wastewater discharge are 1.95 mg/L, well within the 30 mg/L limit[193] - The actual emission of nitrogen oxides is 1.258 t/a, significantly lower than the approved limit of 5.060 t/a[191] - The company's emissions of non-methane total hydrocarbons (NMTH) are 0.231 t/a, far below the approved limit of 2.814 t/a[196] - The ammonia emission from the wastewater treatment station is 0.00036 kg/h, well below the 4.9 kg/h limit[198] - The company's total phosphorus emissions from the plant area wastewater discharge are 0.19 mg/L, significantly lower than the 5 mg/L limit[193] - The actual emission of ammonia nitrogen is 0.170 t/a, which is below the approved emission limit of 2.306 t/a[191] - The company's emissions of non-methane total hydrocarbons (NMTH) from the 2 bag filter are 4.68 mg/m³, well within the 60 mg/m³ limit[194] - Latitude of the company's location is 30°55′30.79″[200] - Odor concentration measured at 536, meeting the standard GB14554-93[200] - Hydrogen sulfide concentration measured at 0.037, meeting the standard of 0.33kg/h[200] Supply Chain and Operations - The company has achieved a comprehensive layout of five major regional comprehensive factories in the east, west, south, north, and central regions, optimizing transportation distances and reducing costs[30] - The company's supply chain has undergone continuous digital and intelligent transformation, enhancing internal lean management and customer satisfaction[30] - The company has launched 28 digital transformation projects, including ERP system upgrades, intelligent warehouses, and new order platforms[32] - The company has organized over 50 internal and external benchmarking exchanges and new technology learning sessions[32] - The company's rural stone-like paint business has grown rapidly, with an increasing number of stores[29] - The company has expanded its e-commerce channels on platforms like Taobao, JD.com, Douyin, and Kuaishou, rapidly growing its new retail model[29] - The company has optimized its channel structure, focusing on state-owned enterprises, urban construction, and industrial factories, while expanding into small B-end application scenarios[29] - The company has established a "3+X" delivery system, identifying and planning comprehensive factory layouts to build a multi-factory, full-category supply chain network[30] - The company has upgraded its "Immediate Living" service system, enhancing consumer membership and profile management, and providing a full-chain service management system[31] - The company has promoted the transformation from a single paint manufacturer to a comprehensive service provider offering "paint + service consulting + construction services"[31] - The company operates with a self-procurement model, including methods like bidding, price comparison, and small-scale procurement, and employs a production model based on sales orders[37] - The company's production model is based on order-driven production, with annual and monthly production plans adjusted according to customer orders[86] - The company's sales model includes direct sales and distribution for engineering customers, and a dealer model for household consumers[86] - The company's downstream applications for wood coatings include the wooden furniture industry, wood flooring industry, and decoration industry, with a similar business model to architectural coatings[86] - The company's production capacity utilization rates vary significantly across different products and regions, with the highest utilization rate of 129% for packaging cans at the Henan plant and the lowest at 0% for wall coatings at the Fujian plant[96] - The company's production facilities are spread across multiple regions in China, with significant capacities in wall coatings, wood coatings, adhesives, and waterproofing materials, with some facilities like the Anhui plant having a wall coating capacity of 820,000 tons per year[96] - The company's production capacity for adhesive and interface agents increased from 48,200 tons/year in 2022 to 95,500 tons/year in 2023, a 98.1% increase[97] - Waterproof coating production capacity rose from 115,000 tons/year in 2022 to 210,000 tons/year in 2023, an 82.6% increase[97] - Waterproof membrane production capacity grew from 34 million m²/year in 2022 to

2024 年第一季度报告 证券代码：603737 证券简称：三棵树 三棵树涂料股份有限公司 2024 年第一季度报告 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。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 | --- | --- | --- | |-----------------------------------------------|------------------|-------------------------------------| | | | 单位：元 币种：人民币 | | 项目 | 本报告期 | 本报告期比上年同期增 减变动幅度 (%) | | 营业收入 | 2,065,894,745.90 | 0.62 | | ...

2023 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 2023 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 | --- | --- | --- | --- | --- | |-----------------------------|------------------|-------------------------------------------|------------------|------------------------------------------------ ...

2023 年半年度报告 公司代码：603737 公司简称：三棵树 三棵树涂料股份有限公司 2023 年半年度报告 1 / 229 2023 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人洪杰、主管会计工作负责人朱奇峰及会计机构负责人（会计主管人员）刘清国声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配或资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划等前瞻性陈述，不构成公司对任何投资者及相关人士的实质承 诺，敬请广大投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提 ...

证券代码：603737 证券简称：三棵树 公告编号：2023-031 三棵树涂料股份有限公司 关于参加福建辖区上市公司2023年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，三棵树涂料股份有限公司（以下简称"公司"） 将参加由福建证监局、福建省上市公司协会与深圳市全景网络有限公司联合举办的 "2023 年福建辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互 动交流，活动时间为 2023 年 5 月 15 日（周一）16:00-17:30。届时，公司高管将在线就 公司 2022 年度业绩、公司治理、发展战略、经营状况、融资计划和可持续发展等投资 者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 三棵树涂料股份有限公司董事会 2023 年 5 月 9 日 ...

公司代码：603737 公司简称：三棵树 2022 年年度报告 三棵树涂料股份有限公司 2022 年年度报告 1 / 265 2022 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，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。 二、 公司全体董事出席董事会会议。 三、 致同会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人洪杰、主管会计工作负责人朱奇峰及会计机构负责人（会计主管人员）刘清国声 明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 考虑到公司当前处于发展关键阶段，有较大的资金支出需求，公司董事会结合公司近年盈利 水平和现金流情况，拟定公司2022年度以实施权益分派股权登记日登记的总股本为基数进行资本 公积金转增股本，每10股转增4股，不派发现金红利，不送红股。 以公司目前最新总股本376,437,486股为基数计算，预计转增150,574,995股，转增后公司的 总股本为527,012,481股。 六、 前瞻性 ...

2023 年第一季度报告 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 2023 年第一季度报告 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。 第一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 | --- | --- | --- | |----------------------------------------|------------------|-------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增 减变动幅度 (%) | | 营业收入 | 2,053,207,278.54 | 20.92 | | ...