【三棵树：前三季度净利润同比增长81.22%】智通财经10月17日电，三棵树(603737.SH)发布2025年第 三季度报告，前三季度实现营业收入93.92亿元，同比增长2.69%，归属于上市公司股东的净利润为7.44 亿元，同比增长81.22%。 转自：智通财经 ...

三棵树公告，第三季度营收为35.75亿元，同比增长5.62%；净利润为3.08亿元，同比增长53.64%。前三 季度营收为93.92亿元，同比增长2.69%；净利润为7.44亿元，同比增长81.22%。 ...

Core Viewpoint - The favorable policies for the photovoltaic industry are expected to help eliminate excessive competition and support long-term healthy development, benefiting the entire industry chain, including the company's photovoltaic glass anti-reflective coatings and photovoltaic frame coatings business [1] Industry Summary - The photovoltaic industry is poised for growth due to supportive policies that promote sustainable development and reduce competition [1] - The entire industry chain is expected to benefit from these policies, indicating a positive outlook for related businesses [1] Company Summary - The company is developing its energy storage coatings business, which has already established product technology and a continuous supply of customers [1] - The company is actively expanding its customer base and is closely monitoring industry dynamics to seize market opportunities for proactive deployment [1]

Group 1 - The core viewpoint of the article is that 麦加芯彩 (Megachip) is currently focusing its power industry coatings primarily on transformers [1] Group 2 - The company responded to investor inquiries on October 16 regarding its applications in the power industry [1]

Core Viewpoint - The company has successfully applied its existing leading-edge protection products, demonstrating reliability under various climate conditions and extreme working environments [1] Group 1 - The company is continuously improving its wind turbine blade leading-edge protection products [1] - Research and development of coatings for arid regions and other special conditions are progressing as planned [1] - The development and testing of marine coatings for deep-sea complex environments are also on schedule [1]

Core Viewpoint - The company is expanding its business in photovoltaic, energy storage, and marine coatings, with each sector at different stages of development [1] Group 1: Business Expansion - The marine coatings segment has completed major product certifications from three classification societies and has begun sales of repair paints to overseas shipowners [1] - The photovoltaic production line has been completed, with products, production lines, and R&D/sales/technical service teams in place, and initial sales have commenced [1] - The energy storage coatings business has been supplying a leading new energy company for a Middle Eastern project, which involves small batch continuous sales, helping the company gain experience and expand its customer base [1]

Core Viewpoint - The company has nearly completed the transfer of its photovoltaic glass coating patent, with production line construction finished and a sales and technical service team actively expanding its customer base [1] Group 1 - The photovoltaic glass coating has begun limited shipments [1] - The company has hired former Covestro R&D team members for continuous product improvement and development [1]

Core Viewpoint - The company is expanding its business in photovoltaic, energy storage, and marine coatings, with different stages of development for each segment [1] Group 1: Marine Coatings - The marine coatings segment has completed major product certifications from three classification societies [1] - The company has achieved sales of repair paints to overseas shipowners [1] - The company aims to enhance customer coverage in the marine coatings market [1] Group 2: Photovoltaics - The production line for photovoltaic products has been completed [1] - The company has established its product, production line, and R&D/sales/technical service teams [1] - The sales team has initiated market promotion, resulting in a small amount of product shipments [1] Group 3: Energy Storage Coatings - The company has been supplying energy storage coatings to a leading new energy company for a project in the Middle East [1] - This project involves small batch continuous sales, which will help the company accumulate experience [1] - The experience gained will assist in expanding new customer relationships and securing new projects [1]

国盛证券研报指出，重涂需求占据主导后国内建筑涂料市场体量有望企稳增长，头部品牌份额提升空间 广阔。三棵树成长势头迅猛，渠道、产品两端仍有较大发力空间。三棵树与立邦在销售体量、渠道规模 及单店收入等维度上客观差距仍存。后续来看，三棵树主要依靠渠道端和产品端的双重发力实现高速增 长，加快缩小差距。三棵树在仿石漆领域已成长为头部，截至2024年公司美丽乡村销售额11.3亿元、市 占率达5.2%，是第二名立邦销售体量的两倍，是行业2-4名的销售总和。建筑涂料系建材中消费属性最 强的品种之一，伴随存量房重涂时代的到来，需求韧性较强，三棵树作为国产涂料龙头，依托品牌、渠 道、产品三大维度协同发力，后续有望保持较高成长性，现金流亦表现优秀，预计公司2025-2027年归 母净利润分别为8.53亿元、11.59亿元、14.13亿元，三年复合增速超60%，首次覆盖，给予"买入"评级。 ...

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