立邦中国2025年一季报点评：收入维持稳健，竞争缓和盈利回升

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8]. Core Insights - Nippon Paint China achieved a sales revenue of 127.6 billion JPY (approximately 6.1 billion CNY) in Q1 2025, representing a year-on-year growth of 4%. The operating profit was 19.3 billion JPY (approximately 930 million CNY), with a year-on-year increase of 13% [2][6]. - The revenue growth target for Nippon Paint China in 2025 remains consistent with the previous year, aiming for a 5-10% increase, with retail revenue expected to grow by 10% and engineering revenue by 5% [10]. Summary by Sections Revenue Performance - Nippon Paint China's Q1 2025 sales revenue was approximately 6.1 billion CNY, with a 4% year-on-year increase. The architectural coatings segment generated about 5.3 billion CNY, growing by 3% year-on-year. Automotive coatings saw an 18% increase, while industrial coatings declined by 5% [10]. - The revenue growth for Nippon Paint's architectural coatings has been positive over the past five quarters, with year-on-year growth rates of 13%, 6%, 2%, 5%, and 3% respectively [10]. Profitability - The operating profit margin for Nippon Paint China in Q1 2025 was 14.8%, an increase of 2.0 percentage points year-on-year, attributed to a higher proportion of retail business and a reduction in price competition [10]. - The operating profit margin for the competitor, San Ke Tree, was approximately 5.7%, with a year-on-year increase of 3.8 percentage points [10]. Market Strategy - Nippon Paint China is optimistic about the potential of the Chinese architectural coatings market, noting that per capita paint consumption is only 50-60% of that in developed countries, indicating significant long-term growth potential [10]. - The company aims to expand its market share in lower-tier cities while maintaining healthy profit margins, avoiding growth at the expense of profitability [10].