研报掘金丨国盛证券：首予三棵树“买入”评级，后续有望保持较高成长性

Core Viewpoint - The domestic architectural coatings market is expected to stabilize and grow, driven by the demand for repainting, with significant growth potential for leading brands like SanKeTree [1] Company Analysis - SanKeTree is experiencing rapid growth, with substantial room for expansion in both channel and product dimensions [1] - There remains an objective gap between SanKeTree and Nippon in terms of sales volume, channel scale, and single-store revenue [1] - SanKeTree has become a leader in the imitation stone paint sector, achieving sales of 1.13 billion yuan and a market share of 5.2% by 2024, which is double that of Nippon and greater than the combined sales of the second to fourth ranked companies in the industry [1] - The architectural coatings segment is one of the most consumer-oriented categories in building materials, showing strong demand resilience with the advent of the repainting era for existing homes [1] - As a leading domestic paint brand, SanKeTree is expected to maintain high growth potential by leveraging its brand, channel, and product synergies [1] - The company's cash flow is performing well, with projected net profits for the parent company of 0.853 billion yuan, 1.159 billion yuan, and 1.413 billion yuan for the years 2025-2027, representing a compound annual growth rate of over 60% [1]