装修建材

Search documents
兔宝宝(002043):2025年中报点评:持续优化渠道产品结构,高分红延续
Guoxin Securities· 2025-08-21 08:29
证券研究报告 | 2025年08月21日 投资建议:持续优化渠道产品结构,高分红价值持续,维持"优于大市" 公司持续完善多渠道布局、优化产品结构,通过多品类板材及辅料产品,提 升客单值和盈利能力,继续看好渠道下沉及小 B 渠道持续拉动,市占率提升 空间依旧巨大。考虑现阶段整体需求持续偏弱,下调盈利预测,预计 25-27 年 EPS 为 0.87/1.01/1.15 元/股(前值 0.96/1.04/1.14 元/股),对应 PE 为 11.9/10.3/9.1x,公司持续重视股东回报,积极实施中期分红,分红率达 86.7%,高分红价值持续,维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 9,063 | 9,189 | 8,867 | 9,503 | 10,092 | | (+/-%) | 1.6% | 1.4% | -3.5% | 7.2% | 6.2% | | 净利润(百万元) | 689 | 585 | 728 | 841 ...
银河证券:反内卷政策通过提高毛利率、产能利用率促进业绩改善 提升相关板块中长期投资价值
Di Yi Cai Jing· 2025-08-21 00:11
(文章来源:第一财经) 中国银河证券认为,2025年7月以来,反内卷板块涉及的大宗商品价格多数上涨,直接驱动板块指数行 情。7月1日-8月15日,沪深300指数上涨6.76%,而钢铁、水泥、玻璃玻纤、工程机械、光伏设备、能源 金属、工业金属等均涨超10%;此外,装修建材、电池也跑赢沪深300指数。在交易拥挤度方面,受反 内卷政策影响,2025年7月中上旬,煤炭、钢铁、水泥、玻璃玻纤、装修建材、建筑装饰、工程机械、 光伏设备、电池等板块成交额占全A指数成交额比例显著提升。但7月下旬以来,上述板块成交额占比 陆续冲高回落。此外,短期内,随着一系列旨在缓解行业内卷的政策密集出台,市场对相关板块的业绩 改善预期迅速升温,大量资金涌入,交投活跃度快速攀升,反内卷板块估值明显提升。中长期来看,反 内卷政策通过提高毛利率、产能利用率促进业绩改善,提升相关板块中长期投资价值。 ...
中源家居股价震荡下行 盘中一度快速反弹2%
Jin Rong Jie· 2025-08-20 19:15
Group 1 - The stock price of Zhongyuan Home on August 20 closed at 14.58 yuan, down 2.28% from the previous trading day [1] - The opening price on that day was 14.60 yuan, with a highest point of 14.92 yuan and a lowest point of 14.26 yuan, resulting in an intraday volatility of 4.42% [1] - There was a brief rebound in the stock price, reaching 14.78 yuan at 9:37 AM, with a gain of over 2% within 5 minutes [1] Group 2 - Zhongyuan Home primarily engages in the research, production, and sales of home products, including sofas and mattresses, and operates within the renovation and building materials sector [1] - The company is also involved in cross-border e-commerce [1] - On August 20, the net inflow of main funds was 1.6926 million yuan, with a cumulative net inflow of 12.8078 million yuan over the past five trading days [1] - The trading volume on that day was 71,349 lots, with a transaction amount of 104 million yuan and a turnover rate of 5.70% [1]
东方雨虹股价微跌0.40% QFII持仓市值居前
Jin Rong Jie· 2025-08-20 17:34
Group 1 - The core viewpoint of the article highlights the recent stock performance of Dongfang Yuhong, which closed at 12.41 yuan on August 20, experiencing a decline of 0.05 yuan or 0.40% from the previous trading day [1] - Dongfang Yuhong operates in the construction materials industry, primarily focusing on the research, production, and sales of building waterproof materials, which are widely used in housing construction, infrastructure projects, and special engineering [1] - The Kuwait Investment Authority holds shares in Dongfang Yuhong, positioning the company among the top stocks in terms of QFII holdings market value among listed companies that have disclosed their semi-annual reports [1] Group 2 - On August 20, Dongfang Yuhong saw a net inflow of main funds amounting to 22.703 million yuan, representing 0.1% of its circulating market value [1] - Over the past five days, the main funds experienced a net outflow of 66.7486 million yuan, accounting for 0.28% of its circulating market value [1]
装修建材板块8月20日涨1.08%,瑞泰科技领涨,主力资金净流出7727.09万元
Zheng Xing Xing Ye Ri Bao· 2025-08-20 08:44
证券之星消息,8月20日装修建材板块较上一交易日上涨1.08%,瑞泰科技领涨。当日上证指数报收于 3766.21,上涨1.04%。深证成指报收于11926.74,上涨0.89%。装修建材板块个股涨跌见下表: | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002066 | 瑞泰科技 | 14.63 | 10.00% | 10.84万 | 1.56亿 | | 603038 | 华立股份 | 17.49 | 10.00% | 25.64万 | 4.41亿 | | 603737 | 三棵树 | 46.27 | 5.42% | 7.16万 | 3.26亿 | | 002392 | 北京利尔 | 7.68 | 2.95% | - 34.81万 | 2.66亿 | | 002785 | 万里石 | 29.98 | 2.60% | 9.03万 | 2.72亿 | | 300198 | ST纳川 | 2.40 | 2.13% | 31.45万 | 7577.48万 | | 300599 | 雄塑科技 | 8.9 ...
兔宝宝(002043):盈利能力有所改善,高分红仍具投资价值
Tianfeng Securities· 2025-08-20 08:42
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [6][17]. Core Insights - The company's revenue for the first half of 2025 (25H1) was 3.63 billion yuan, a year-on-year decline of 7.01%, while net profit attributable to shareholders increased by 9.71% to 268 million yuan [1]. - The company continues to implement a high dividend strategy, distributing 229 million yuan in cash dividends, which represents 95.13% of its distributable profits [1]. - The company is experiencing stable growth in its custom home business and rapid development in overseas markets, with overseas revenue increasing by 33.22% to 191 million yuan in 25H1 [2]. Financial Performance - The comprehensive gross profit margin for 25H1 was 18.27%, an increase of 0.80 percentage points year-on-year, while the net profit margin improved to 7.43%, up 1.07 percentage points [3]. - The company reported a decrease in operating cash flow, with a net inflow of 107 million yuan, down from 171 million yuan year-on-year [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 650 million, 760 million, and 870 million yuan respectively, reflecting a cautious outlook amid industry challenges [4]. Business Segments - In terms of product revenue, decorative materials accounted for 2.8 billion yuan, a decline of 8.58%, while cabinet business revenue grew by 5.72% to 441 million yuan [2]. - The company has successfully completed the recruitment of 847 township stores and has upgraded its retail model to adapt to market trends [4]. Valuation Metrics - The projected earnings per share (EPS) for 2025 is 0.79 yuan, with a price-to-earnings (P/E) ratio of 13.20 [5][11]. - The company’s total market capitalization is approximately 8.74 billion yuan, with a price-to-book (P/B) ratio of 2.83 [7][11].
蒙娜丽莎股价上涨2.4% 盘中振幅达8.58%
Jin Rong Jie· 2025-08-19 17:48
Group 1 - The latest stock price of Mona Lisa is 11.94 yuan, an increase of 0.28 yuan from the previous trading day [1] - The stock opened at 11.85 yuan, reached a high of 12.32 yuan, and a low of 11.32 yuan, with an overall volatility of 8.58% [1] - The trading volume was 329,400 hands, with a total transaction amount of 387 million yuan [1] Group 2 - Mona Lisa operates in the renovation and building materials industry, primarily engaged in the research, production, and sales of building ceramic products [1] - The company's product range includes ceramic tiles and ceramic slabs, widely used in residential and commercial buildings [1] Group 3 - On August 19, the stock experienced a rapid rebound, with a price increase of over 2% within 5 minutes, reaching 11.61 yuan at 9:39 AM [1] - The net outflow of main funds on that day was 4.55 million yuan, accounting for 0.17% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 235 million yuan, representing 8.98% of the circulating market value [1]
北新建材(000786):石膏板景气承压,静待需求改善
GOLDEN SUN SECURITIES· 2025-08-19 09:43
Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The gypsum board business is under pressure, while the waterproof and paint segments continue to grow, and international expansion is ongoing. The company is expected to face challenges in its main gypsum board business due to industry competition and demand pressure [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 13.56 billion yuan, a year-on-year decline of 0.3%, and a net profit attributable to shareholders of 1.93 billion yuan, down 12.8%. In Q2 alone, revenue was 7.31 billion yuan, down 4.5%, with a net profit of 1.09 billion yuan, down 21.9% [1]. - The lightweight building materials segment generated revenue of 8.90 billion yuan, down 8.7%, with a gross margin of 33.1%, and a net profit of 1.64 billion yuan, down 17.3% [2]. - The waterproof materials segment saw revenue of 2.49 billion yuan, up 6.0%, with a net profit of 140 million yuan, an increase of 5.9% [2]. - The paint segment, following the consolidation of Jiaboli, achieved revenue of 2.16 billion yuan, a growth of 44.4%, with a net profit of 170 million yuan, up 32.2% [2]. Profitability and Costs - The overall gross margin for the first half of 2025 was 30.3%, down 0.6 percentage points year-on-year, while the net margin was 14.6%, down 2.0 percentage points [3]. - The company has maintained stable costs, with a period expense ratio of 13.4%, up 0.6 percentage points year-on-year [3]. Debt and Cash Flow - As of June 30, 2025, the company had total receivables of 6.39 billion yuan, up 6.0% year-on-year, and interest-bearing debt of 1.30 billion yuan, down 1.30 billion yuan from the end of 2024 [3]. - The net cash position was 1.53 billion yuan, with operating cash flow for the first half of 2025 at 960 million yuan, down 52.9% year-on-year [3]. Future Outlook - The company is expected to achieve revenues of 26.91 billion yuan, 29.09 billion yuan, and 31.42 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.07 billion yuan, 4.35 billion yuan, and 4.81 billion yuan [4]. - The report anticipates a three-year compound annual growth rate (CAGR) of 8.6% for earnings, with corresponding price-to-earnings (P/E) ratios of 11, 10, and 9 times for the respective years [4].
装修建材板块8月19日涨0.71%,华立股份领涨,主力资金净流入4809.82万元
Zheng Xing Xing Ye Ri Bao· 2025-08-19 08:33
证券之星消息,8月19日装修建材板块较上一交易日上涨0.71%,华立股份领涨。当日上证指数报收于 3727.29,下跌0.02%。深证成指报收于11821.63,下跌0.12%。装修建材板块个股涨跌见下表: 从资金流向上来看,当日装修建材板块主力资金净流入4809.82万元,游资资金净流出545.05万元,散户 资金净流出4264.77万元。装修建材板块个股资金流向见下表: 以上内容为证券之星据公开信息整理,由AI算法生成(网信算备310104345710301240019号),不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603038 | 华立股份 | 15.90 | 10.03% | 33.54万 | 5.20亿 | | 002392 | 北京利尔 | 7.46 | 6.57% | 38.57万 | 2.82亿 | | 300599 | 雄塑科技 | 8.81 | 4.38% | 11.79万 | 1.03亿 | | 002718 | 友邦吊顶 | 18.50 | 3.8 ...
三棵树(603737):上半年业绩同比高增,利润率进入修复通道
Tianfeng Securities· 2025-08-19 06:12
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][22]. Core Insights - The company achieved a significant year-on-year increase in net profit of 107.5%, reaching 440 million yuan in the first half of the year, with a revenue of 582 million yuan, reflecting a 1.0% growth [1]. - The strategic transformation of the company is showing positive results, particularly in the retail segment, with notable growth in home decoration paint and a stable performance in the engineering paint sector [2]. - The gross margin improved to 32.3%, up 3.7 percentage points year-on-year, driven by a decrease in raw material prices and an optimized revenue structure [3]. - The company is expected to continue benefiting from its C-end business growth and profitability recovery, with revised profit forecasts for 2025-2027 [4]. Financial Performance Summary - The company reported a net profit of 440 million yuan in the first half of the year, with a significant increase in the non-recurring net profit of 268.5% [1]. - The revenue from home decoration paint and engineering paint was 1.574 billion yuan and 1.795 billion yuan respectively, with home decoration paint showing an 8.4% increase [2]. - The gross margin for Q2 was 33.1%, reflecting a year-on-year increase of 4.3 percentage points [3]. - The operating cash flow turned positive with a net inflow of 350 million yuan, indicating improved operational quality [3]. Financial Data and Valuation - The projected revenue for 2023 is approximately 12.48 billion yuan, with a growth rate of 10.03% [5]. - The estimated net profit for 2025 is 902.12 million yuan, reflecting a growth rate of 171.77% compared to 2024 [5]. - The company’s price-to-earnings ratio (P/E) is projected to decrease from 193.11 in 2023 to 24.09 by 2027 [5].