研报掘金丨平安证券：三棵树业绩持续修复，维持“推荐”评级

Core Viewpoint - The report from Ping An Securities highlights that Sankeshu achieved a net profit attributable to shareholders of 740 million yuan in the first three quarters, representing a year-on-year increase of 81.2% [1] Company Performance - In Q3 2025, the net profit attributable to shareholders is projected to be 310 million yuan, with a year-on-year growth of 53.6% [1] - The company plans to distribute a cash dividend of 0.50 yuan per share (tax included) for the first three quarters, without capital reserve conversion or bonus shares [1] - Despite a relatively weak demand in the architectural coatings industry, the company maintained resilient revenue in the first three quarters, with net profit growth significantly outpacing revenue growth [1] Financial Forecast - The profit forecasts for 2025-2027 are 870 million yuan, 1.09 billion yuan, and 1.27 billion yuan respectively, with corresponding price-to-earnings ratios of 39.4, 31.3, and 26.9 [1] Industry Analysis - The architectural coatings sector is considered a high-quality segment within the building materials industry, characterized by a short repainting cycle and strong consumer attributes [1] - Long-term demand for coatings is expected to increase due to the renovation of existing homes and the upgrading of consumer preferences towards high-end products [1] - Although the industry has faced pressure from a downturn in real estate, leading to thin profit margins, the market is undergoing rapid consolidation with the exit of smaller companies [1] Competitive Position - As a leading domestic paint brand, Sankeshu is leveraging its small B business in the architectural coatings market to mitigate the impact of the real estate downturn [1] - The company is also penetrating first- and second-tier cities through its "Immediate Move-In" initiative and expanding into rural markets with its imitation stone paint business, contributing to steady market share growth and performance recovery [1] - The future growth potential of the company is viewed positively, maintaining a "recommended" rating [1]