从投入和产出视角看三棵树

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Insights - The company, SanKeTree, is a representative of high-growth consumer building materials, primarily engaged in wall coatings, with wall coating revenue accounting for approximately 60% of total revenue. In 2023, the company's revenue is estimated to be around 12.5 billion yuan, with a compound annual growth rate (CAGR) of approximately 29% from 2013 to 2023, and a CAGR of about 28% from 2018 to 2023, indicating continued growth even in challenging market conditions [4][12]. - The company has experienced a divergence between investment and output in recent years, making the enhancement of profitability a critical task [4]. - The company has a significant capital expenditure plan, with production capacity for building coatings and waterproof materials expected to reach 4.6 million tons and 278 million square meters by the end of 2023, potentially supporting revenue exceeding 27 billion yuan [4][17]. - The company has seen a substantial increase in sales personnel, with a compound growth rate of 43% from 2017 to 2021, but the revenue growth has not fully reflected this investment, indicating room for improvement in per capita output [4][24]. Summary by Sections Investment Rating - The investment rating is "Buy" and is maintained [4]. Company Overview - SanKeTree is a high-growth company in the consumer building materials sector, focusing on wall coatings and related products [4][12]. Financial Performance - The company achieved a revenue of approximately 12.5 billion yuan in 2023, with a CAGR of about 29% from 2013 to 2023 and 28% from 2018 to 2023 [4][12]. - The company has experienced a divergence between investment and output in recent years, making profitability enhancement a key focus [4]. Capital Expenditure and Capacity - The company plans to reach a production capacity of 4.6 million tons for building coatings and 278 million square meters for waterproof materials by the end of 2023, potentially supporting revenue exceeding 27 billion yuan [4][17]. Sales and Marketing - The company has significantly increased its sales personnel, with a compound growth rate of 43% from 2017 to 2021, but revenue growth has not fully reflected this investment, indicating potential for improvement in per capita output [4][24].