中邮证券：给予三棵树买入评级

Core Viewpoint - The report highlights significant improvements in the profitability of SanKeTree (三棵树) due to structural enhancements in its product offerings and effective cost control measures, despite facing challenges in revenue growth and competition in the waterproofing sector [1][2][3][4]. Financial Performance - In the first half of the year, the company achieved revenue of 5.816 billion yuan, a year-on-year increase of 0.97%, and a net profit attributable to shareholders of 436 million yuan, up 107.53% [2]. - The second quarter saw revenue of 3.686 billion yuan, a slight decline of 0.24% year-on-year, while net profit reached 331 million yuan, reflecting a growth of 102.97% [2]. Product Performance - Revenue from various product segments in the first half included: home decoration wall paint (1.574 billion yuan, +8.43%), engineering wall paint (1.795 billion yuan, -2.26%), base materials (1.733 billion yuan, +10.40%), and waterproofing membranes (460 million yuan, -28.62%) [3]. - The average price of home decoration wall paint increased by 3% to 5.9 yuan/kg, while the average price of engineering wall paint decreased by 8.5% to 3.4 yuan/kg [3]. Profitability and Cost Control - The company's gross margin improved to 32.35%, an increase of 3.7 percentage points year-on-year, with specific margins for product segments being: home decoration wall paint (49.41%, +5.5), engineering wall paint (35.42%, +2.9), base materials (20.62%, +5.3), and waterproofing membranes (13.8%, -0.9) [3]. - The net profit margin for the first half was 7.48%, up 3.85 percentage points year-on-year, with Q2 net profit margin at 8.94% [4]. - The company effectively controlled its expenses, with a total expense ratio of 23.67%, down 1.57 percentage points year-on-year [4]. Future Outlook - Revenue projections for 2025 and 2026 are estimated at 13.19 billion yuan and 14.89 billion yuan, representing year-on-year growth of 9.0% and 12.9%, respectively [4]. - Expected net profits for 2025 and 2026 are forecasted at 1.03 billion yuan and 1.18 billion yuan, with significant growth rates of 210.9% and 14.0% [4].