SKSHU(SH:603737) Ge Long Hui·2025-10-22 06:48Core Viewpoint - Huayuan Securities report indicates that Sankeshu achieved a net profit attributable to shareholders of 744 million yuan in the first three quarters, representing a year-on-year increase of 81.22% [1] - The third quarter net profit attributable to shareholders was 308 million yuan, up 53.64% year-on-year [1] Group 1: Financial Performance - The sales volume of the paint business is performing well, while the waterproof business continues to decline [1] - Cost reduction has driven an overall improvement in gross margin [1] - The net cash flow from operating activities for the first three quarters of the year was 1.088 billion yuan, an increase of 18.73% compared to the same period last year [1] Group 2: Industry Context - The real estate sector has undergone deep adjustments, and the marginal drag on the home decoration industry may be gradually easing [1] - The paint industry, being closely related to consumer attributes and the second-hand housing market, is showing signs of competitive advantages [1] - The previous judgment that "leading companies' performance bottoms out ahead of the industry" suggests that Sankeshu, as an industry leader, is likely to experience a "Davis Double Hit" opportunity [1]