【聚焦】9家涂料及防水上市公司业绩预告：最高净赚9.6亿，最高亏损12.5亿

Industry Overview - The overall demand for the paint market in China is expected to weaken in 2025 due to intensified supply-demand conflicts, a declining real estate market, severe price competition, and weak demand in multiple industrial end markets [1] - According to the China Coatings Industry Association, the total paint production in China from January to November 2025 is projected to be 31.723 million tons, a year-on-year decrease of 7.7% [1] - The main operating revenue is expected to be 352.403 billion yuan, down 3.2% year-on-year, while total profit is expected to increase significantly by 15.7% to 27.271 billion yuan due to declining raw material prices [1] Company Performance - Seven listed paint companies, along with two waterproof companies, have released their performance forecasts for 2025, with five companies reporting losses, the highest being 1.25 billion yuan [1] - Six companies are expected to see a decline in net profit attributable to shareholders, while five companies are projected to be profitable, with the highest net profit expected to be 960 million yuan [1] Individual Company Insights - Sankeshu: Expected net profit between 760 million to 960 million yuan, a year-on-year increase of 128.96% to 189.21% [2] - Yasichuangneng: Projected net loss of 830 million to 1.25 billion yuan, compared to a net loss of 329.3 million yuan in the same period last year [2] - Jinlitai: Expected net profit between 10 million to 15 million yuan, a decline of 51% to 68% year-on-year [2] - Songji Co.: Expected net profit between 20 million to 30 million yuan, a decrease of 65.28% to 76.85% year-on-year [2] - Feilu Co.: Projected net loss of 160 million to 220 million yuan, compared to a loss of 139.8 million yuan in the previous year [2] - Jitai Co.: Expected net loss of 19 million to 28 million yuan, a year-on-year decline of 198.55% to 245.23% [2] - Guangxin Materials: Expected net profit between 13.5 million to 20 million yuan, compared to a loss of 32.0692 million yuan in the same period last year [2] - Keshun Co.: Projected net loss of 380 million to 570 million yuan, compared to a profit of 44.071 million yuan in the previous year [2] - Kailun Co.: Expected net profit between 16.8 million to 22.8 million yuan, compared to a loss of 53.86 million yuan in the same period last year [2] Performance Variability Reasons - Companies are experiencing stable revenue due to optimized sales systems and product layouts, which have driven sales volume and established a solid revenue foundation [2] - Increased investment in new technologies and products has led to higher sales, management, and R&D expenses, contributing to profit declines [2] - Non-recurring gains and losses are expected to impact net profit attributable to shareholders by approximately 1 million yuan, mainly from investment dividends and equity sales [2] Strategic Outlook - Songji Co.: Short-term profitability is under pressure due to accelerated business development and strategic layout, with a focus on long-term growth in high-end manufacturing and new product markets [3] - Jitai Co.: The company is undergoing strategic transformation and capacity upgrades, facing pressure from traditional businesses while experiencing growth in new key areas [4][5]