%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨三棵树（ ） 603737.SH [Table_Title] 现金流全面改善，渠道优化再启程 报告要点 [三Ta棵bl树e_发Su布m2m0a2r3y]年报：实现收入125亿元，同比增长10%，归属净利润1.7亿元，同比下降 47%，扣非净利润0.4亿元，同比下降80%。同时发布2024年一季报：实现收入21亿元，同 比增长1%，归属净利润0.5亿元，同比增长78%，扣非净利润-0.8亿元。 ...

证券代码：603737 证券简称：三棵树 公告编号：2024-031 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： ● 被担保人名称：三棵树涂料股份有限公司（以下简称"公司"）全资子 公司安徽三棵树涂料有限公司（以下简称"安徽三棵树"）、河北三棵树涂料有 限公司（以下简称"河北三棵树"）； ● 本次担保金额及已实际为其提供的担保余额：公司本次为安徽三棵树担 保本金金额为3,000万元，为河北三棵树担保本金金额为11,000万元。截至本公告 披露日，已实际为安徽三棵树提供的担保余额为60,459.34万元，为河北三棵树提 供的担保余额为30,303.61万元（以上担保余额数据均不含本次）； ● 本次担保是否有反担保：否； ● 对外担保逾期的累计金额：公司无逾期对外担保的情况； ● 特别风险提示：经2022年年度股东大会审议通过的公司及子公司对外担 保总额超过公司最近一期经审计净资产100%，本次被担保对象河北三棵树最近 一期经审计资产负债率以及最近一期资产负债 ...

[Table_MainInfo] 公司研究/建材/建筑材料 证券研究报告 三棵树（603737）公司年报点评 2024年04月24日 [Table_InvestInfo] 投资评级 优于大市 维持 应收压降、现金流优异，减值拖累业绩 股票数据 [Table_Summary] 0[4Ta月b2le3_日S收to盘ck价（In元fo）] 31.80 投资要点： 52周股价波动（元） 29.33-108.73 总股本/流通A股（百万股） 527/527 总市值/流通市值（百万元） 16759/16759  事件：公司公布 2023 年年报和 2024 年一季报，2023 年实现营业收入 125 相关研究 亿元、同比增长10.03%，归母净利润约1.7亿元、同比下降47.33%，扣非 [《Ta Qb 2l收e_入R提ep速o，rt现In金fo流] 优异》2023.07.31 归母净利润约 4403 万元元、同比下降 80.13%；2023Q4 营收 31 亿元、同 比下降 9.62%，归母净利润亏损 3.8 亿元、扣非归母净利润亏损 3.9 亿元； 《收入疲软、原材料高价、信用减值三座大山 均望移除》2023.04 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown steady revenue growth and improved operational quality, with a projected increase in net profit for 2024-2026 [7] - The first quarter of 2024 saw a significant increase in net profit, primarily due to government subsidies and the reversal of bad debt provisions [1] - The company is focusing on enhancing operational efficiency and expanding its retail and engineering channels [7] Financial Performance Summary - **Revenue**: The company achieved a revenue of 12,476 million yuan in 2023, a year-on-year increase of 10.03%, with projections of 14,111 million yuan for 2024 [1][6] - **Net Profit**: The net profit attributable to shareholders was 174 million yuan in 2023, a decrease of 47.33% year-on-year, but is expected to rebound to 726 million yuan in 2024, reflecting a growth of 318% [1][6] - **Gross Margin**: The gross margin for Q1 2024 was 28.38%, slightly down from the previous year, while the net margin improved to 2.29% [1] - **Cash Flow**: The operating cash flow for Q1 2024 showed a net outflow of 264 million yuan, but this was an improvement compared to the previous year [1] Product Performance Summary - **Sales Growth**: Key products such as home decoration wall paint and waterproof membranes showed positive sales growth in Q1 2024, with respective sales volumes increasing by 14.84% and 11.83% [1] - **Price Changes**: The average prices of most products decreased, impacting the overall revenue, while raw material prices showed mixed trends [1][6] Strategic Initiatives - The company has launched a "Quality Improvement and Efficiency Enhancement" action plan for 2024, focusing on channel development and cost reduction [7] - The retail segment is undergoing a transformation towards high-end retail, while the engineering segment is shifting towards integrated solution offerings [7]

Summary of Conference Call Company or Industry Involved - No specific company or industry mentioned in the provided content Core Points and Arguments - No core points or arguments presented in the provided content Other Important but Possibly Overlooked Content - The content only includes a brief introduction thanking participants for attending the meeting and indicating that the meeting will begin shortly, with no substantive information provided. Overall, the content does not contain any relevant information regarding a specific company or industry, nor does it present any key insights or data.

电话会议那我们今天也是非常荣幸的邀请到了两位大家都非常熟悉的领导一位是公司的董秘秘总另外一位的话是公司的IR总监顾总来和大家进行这个业绩解读还有近期经营情况的一些分享和交流那公司昨天晚上也是披露了这个年报虽然最近几年这个地盘的这个链条的需求的环境是比较艰难和复杂大多数的这个企业也面临了这个不同程度上的这个压力 但是可以看到就是我们公司还是在这个渠道的转型啊零售业务的增长还有部分的这个新闻赛道上的增长方面都取得了这个亮眼的这个成果那下面我们先请顾总跟我们简单介绍一下这个年报和一级报的一些数据的情况然后我们有什么问题再跟顾总和米总这边请教和交流那下面先把时间交给顾总谢谢顾总好的各位投资人这个上午好那我先简单给大家总结一下整个公司这个采报的一个情况 大家也看到其实这两年整个国内外环境其实复杂多变的那么涂料其实我们也看到了迎来了一个新的增长的一个机遇点包括国家的一些新基建工程新型的城镇化旧城改造包括城市更新保障房的建设那么尤其是乡村振兴美丽中国建设这块我们看到了都会成为未来整个涂料需求的一些新的增长点那么我们看到整个公司我们收入的话我们看到整体体量我们看到二三年收入 整体是124.76亿同比增长超过10个百分点那么这 ...

Investment Rating - The report maintains a "Buy - A" rating for the company with a 6-month target price of 36.3 CNY, corresponding to a 2024 PE of 30 times [5]. Core Views - The company achieved a steady revenue growth of 10.03% year-on-year in 2023, with total revenue reaching 12.476 billion CNY. However, the net profit declined significantly by 47.33% year-on-year to 174 million CNY due to increased expenses and impairment losses [1][6]. - The first quarter of 2024 showed a revenue of 2.066 billion CNY, a slight increase of 0.62% year-on-year, with net profit rising by 78.20% year-on-year to 47 million CNY, largely due to government subsidies [1][6]. Revenue and Product Performance - In 2023, the company’s revenue from home decoration wall paint was 2.632 billion CNY (up 2.58% year-on-year), while engineering wall paint revenue was 4.676 billion CNY (up 9.52% year-on-year). Adhesives and base materials saw significant growth, with revenues of 761 million CNY (up 29.49%) and 2.424 billion CNY (up 41.02%) respectively [2]. - The company optimized its channel structure, with revenue from distribution models increasing by 18.29% year-on-year to 10.169 billion CNY, while direct sales revenue decreased by 10.87% [2]. Profitability and Cash Flow - The overall gross margin improved to 31.51%, up 2.61 percentage points year-on-year, attributed to lower raw material costs and product mix optimization. The gross margin for home decoration wall paint was 47.69%, while engineering wall paint was 38.12% [3]. - Operating cash flow for 2023 was 1.408 billion CNY, a significant increase of 47.29% year-on-year, primarily due to a shorter collection cycle from distribution business [6]. Future Outlook - The company is expected to achieve revenues of 14.103 billion CNY, 15.990 billion CNY, and 18.150 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.04%, 13.39%, and 13.50% [7]. - Net profit forecasts for the same period are 639 million CNY, 795 million CNY, and 998 million CNY, reflecting substantial growth rates of 249.26%, 25.33%, and 27.16% respectively [7].

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][18]. Core Views - The company is expected to benefit from the gradual release of existing demand, which will boost consumer (C-end) paint demand. The company has significant advantages in C-end branding and channels, which are likely to sustain good growth. Additionally, adjustments in the B-end structure are anticipated to mitigate the impact of new housing declines [4][6]. Financial Performance Summary - In 2023, the company achieved a net profit attributable to shareholders of 173.54 million yuan, a decrease of 47.33% year-on-year. Revenue for the same year was 12,475.68 million yuan, reflecting a growth of 10.03% year-on-year [5][12]. - The company's gross margin improved to 31.51% in 2023, up by 2.61 percentage points year-on-year. The gross margins for home decoration paint, engineering paint, and waterproof materials were 47.69%, 38.12%, and 15.25%, respectively [3][12]. - Operating cash flow for 2023 was a net inflow of 1,408.06 million yuan, an increase of 4.52 million yuan year-on-year, primarily due to an improvement in cash collection [3][13]. Revenue and Profit Forecast - The company’s revenue is projected to grow to 14,927.42 million yuan in 2024, representing a growth rate of 19.65%. The net profit attributable to shareholders is expected to rebound to 700.43 million yuan in 2024, reflecting a growth rate of 303.61% [5][12][14]. - The report has adjusted the profit forecasts for 2024 and 2025 to 700.43 million yuan and 1,172.80 million yuan, respectively, while introducing a new forecast for 2026 at 1,344.20 million yuan [4][5]. Market Position and Strategy - The company continues to optimize its channel structure, focusing on high-end retail transformation and expanding its customer base in the small business (B-end) sector. The C-end wall paint revenue accounted for 36% of total revenue in 2023, indicating a strong market presence [2][4]. - The company is diversifying its product offerings, with significant growth in waterproof materials and base materials, achieving revenues of 1,260 million yuan and 2,420 million yuan, respectively, in 2023 [2][4].

[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 ...