SKSHU(603737) 证券之星· Zheng Quan Zhi Xing·2025-05-01 05:34Core Viewpoint - The company has shown stable revenue and significant improvement in profitability, with a focus on high-quality development and market share growth in retail and industrial coatings [2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 12.105 billion yuan, a year-on-year decrease of 2.97%, while net profit attributable to shareholders was 332 million yuan, an increase of 91.27% [2]. - For Q1 2025, the company reported operating revenue of 2.130 billion yuan, a year-on-year increase of 3.12%, and net profit attributable to shareholders of 105 million yuan, a growth of 123.33% [2]. Industry Context - The coatings industry is experiencing strategic development opportunities, with market concentration increasing and a shift towards green transformation becoming a hard requirement [3]. - The total output of China's coatings industry in 2024 was 35.341 million tons, a year-on-year decrease of 1.60% [3]. Business Strategy - The company is committed to high-quality development, enhancing its retail market share, and improving the efficiency of its engineering business [3]. - The company is expanding from architectural coatings to industrial coatings, with rapid growth in new sectors such as industrial plants and hotel renovations [3]. Profit Forecast and Investment Rating - The company is expected to achieve operating revenues of 13.028 billion yuan, 14.405 billion yuan, and 15.967 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 771 million yuan, 994 million yuan, and 1.189 billion yuan [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 33.6, 26.0, and 21.7 for the years 2025, 2026, and 2027 respectively, with an initial coverage rating of "Buy" [4].