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].

证券代码：603737 证券简称：三棵树 公告编号：2024-062 三棵树涂料股份有限公司 关于对外提供担保的公告 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： ●被担保人：符合融资资质条件的三棵树涂料股份有限公司（以下简称"公 司"）下游非关联经销商（以下简称"经销商"）。 ●本次担保金额及已实际为其提供的担保余额：公司或公司指定的子公司为 经销商代偿金额不高于福建华通银行股份有限公司（以下简称"华通银行"）已批 复的所有经销商贷款额度的10%，且代偿累计金额不得高于人民币4,000万元。截 至2024年10月28日，公司及子公司已实际为经销商提供的担保余额为人民币 7,945.19万元。 ●被担保人是否为上市公司关联人：否。 ●对外担保是否有反担保：是。 ●对外担保逾期的累计数量：无。 一、担保情况概述 公司于2024年4月18日、2024年5月10日分别召开了第六届董事会第十二次会 议和2023年年度股东大会，审议并通过了《关于对外提供担保的议案》，同意公 司及子公司以连带责任保证方式对银行等金融机构 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,385,322,286.81, a decrease of 7.87% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥200,327,380.16, down 17.89% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥170,094,305.13, a decline of 20.38% compared to the previous year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 9,145,606,838.66, a decrease of 2.82% compared to CNY 9,410,359,408.18 in the same period of 2023[11]. - Operating profit for the first three quarters of 2024 was CNY 414,237,013.56, down 40.54% from CNY 696,338,794.97 in the previous year[11][12]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 410,336,003.21, a decrease of 26.0% compared to CNY 554,542,861.06 in the same period of 2023[12]. - The company's total comprehensive income for Q3 2024 was CNY 406,032,260.33, a decrease of 27.06% compared to CNY 557,043,106.06 in the same period of 2023[12]. - The basic earnings per share for Q3 2024 was CNY 0.78, down from CNY 1.05 in Q3 2023, reflecting a decrease of 25.71%[12]. Assets and Liabilities - The total assets at the end of Q3 2024 reached ¥15,361,322,947.13, reflecting an increase of 8.65% from the end of the previous year[3]. - As of September 30, 2024, current assets totaled CNY 8,166,914,175.20, an increase from CNY 7,375,193,037.15 as of December 31, 2023, reflecting a growth of approximately 10.7%[8]. - Non-current assets amounted to CNY 7,194,408,771.93, compared to CNY 6,762,997,402.06 at the end of 2023, showing a growth of around 6.4%[9]. - Total liabilities increased to CNY 12,285,854,700.18 in Q3 2024 from CNY 11,434,832,455.63 in Q3 2023, representing an increase of 7.44%[10]. - The total liabilities increased to CNY 8,166,914,175.20, compared to CNY 7,375,193,037.15, indicating a rise of approximately 10.7%[9]. - The company's total equity rose to CNY 3,075,468,246.95 in Q3 2024, up from CNY 2,703,357,983.58 in Q3 2023, reflecting an increase of 13.76%[10]. Cash Flow - The cash flow from operating activities for the year-to-date period increased by 53.24% to ¥916,126,466.13[2]. - The cash inflow from operating activities for the first three quarters of 2024 was CNY 11,118,425,492.57, an increase of 7.25% compared to CNY 10,366,460,310.61 in the same period of 2023[13]. - The net cash flow from operating activities was CNY 916,126,466.13, up from CNY 597,850,086.36 in the previous year, representing a growth of 53.36%[13]. - The cash outflow for purchasing goods and services decreased to CNY 5,953,305,711.72 from CNY 6,318,944,879.10, a reduction of 5.78%[13]. - The cash inflow from other operating activities significantly increased to CNY 1,567,909,509.85 from CNY 274,102,754.90, marking a growth of 471.36%[13]. - The net cash flow from investing activities was -CNY 753,350,603.83, worsening from -CNY 636,286,791.66 in the previous year[14]. - Cash inflow from financing activities totaled CNY 3,634,287,244.17, slightly up from CNY 3,631,263,947.43 in the same period last year[14]. - The net cash flow from financing activities was CNY 170,112,302.63, down from CNY 237,353,397.85 in the previous year[14]. - The ending balance of cash and cash equivalents increased to CNY 1,099,147,420.98, compared to CNY 653,283,980.10 at the end of the previous year[14]. Shareholder Information - The company reported a total of 20,726 common shareholders at the end of the reporting period[6]. - The largest shareholder, Hong Jie, holds 67.02% of the shares, with 60,674,000 shares pledged[6]. Government Subsidies and Non-recurring Gains - The company received government subsidies amounting to ¥39,277,225.88 during the reporting period[4]. - The total non-recurring gains and losses for the year-to-date period amounted to ¥30,233,075.03, significantly lower than the previous year's figure[4]. Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 194,348,768.61, slightly up from CNY 191,623,369.23 in the same period of 2023[11]. Operating Costs - The company’s total operating costs increased to CNY 8,787,257,217.59 in the first three quarters of 2024, compared to CNY 8,666,684,533.50 in the same period of 2023, an increase of 1.39%[11]. Financial Expenses - The company reported a financial expense of CNY 124,900,888.77, down from CNY 144,396,914.36 in the previous year, indicating a decrease of 13.48%[11].

2024 年 1-9 月公司营业收入为 914,560.68 万元，其中主营业务收入为 898,507.27 万元，其他业务收入为 16,053.41 万元。公司主要产品产销情况如下： 证券代码：603737 证券简称：三棵树 公告编号：2024-059 三棵树涂料股份有限公司 2024 年 1-9 月主要经营数据的公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第十三 号——化工》有关规定和披露要求，现将三棵树涂料股份有限公司（以下简称"公 司"）2024 年 1-9 月主要经营数据披露如下： 一、主要产品的产量、销量及收入情况 三、主要原材料的采购价格变动情况 | 类别 | 2024 年 1-9 月平均 | | 2023 年 1-9 月平均 | | 1-9 月同比 | 第三季度环 | | --- | --- | --- | --- | --- | --- | --- | | | 采购单价（元/千克） | | 采购单价（元/千克） | | 变化幅度 | 比 ...

证券代码：603737 证券简称：三棵树 公告编号：2024-060 三棵树涂料股份有限公司 2024年度"提质增效重回报"行动方案 半年度评估报告 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。 公司积极进行渠道结构和收入结构的调整，取得了显著成效，零售业务规模 稳步增长，占比提升显著。产品研发不断创新，新品销售收入提升，零售销量动 能储备支持力度加大，新招商量、质均取得亮眼成绩，网点布局逐步深化。通过 业务结构持续优化，公司高质量发展迈出坚实步伐。大客户中心招商达成大幅增 长，家居新材料、国际事业部上半年销量翻倍增长，工业涂料、制罐销量快速增 长，成长初具规模。公司通过技改推进产能提升，供应链产量创新高。 2、渠道拓展，高端转型 在零售业务方面，公司致力于提供极致健康的产品及服务，升级经营方式， 精耕渠道，并在大力发展新经销商客户的同时不断探索公司高端零售转型新模式， 持续推进全渠道营销网络建设，坚持零售高端化、年轻化、服务化和线上化。公 司坚定不移推行高端零售战略，坚持差异化发展，以家居卖场体验店、艺术涂料 体验店等模式 ...