仿石漆

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三棵树(603737):中报大幅预增,受益新业态高增+利润率修复
SINOLINK SECURITIES· 2025-07-06 07:35
业绩简评 2025 年 7 月 4 日,公司披露 2025 年半年度业绩预增公告,上半年 实现归属于上市公司股东的净利润 3.8-4.6 亿元,同比增加 80.94%-119.04%,实现扣非后归母净利润 2.3-3.1 亿元,同比增 加 190.04%-290.92%;上半年归母净利润预告中枢在 4.2 亿元, 推测单 Q2 归母净利润中枢值 3.15 亿元,上半年及单 Q2 的利润总 额为历史新高表现,净利率显著修复。 经营分析 成长逻辑不变:地产景气向下阶段,公司零售业务持续逆势增长, 家装墙面漆 2022-2024 年的收入增速分别为 18.2%、2.6%、12.8%, 25Q1 收入增速维持 8.0%。马上住、仿石漆、艺术漆新招客户均增 长显著,C 端多模块形成高利润、高增长态势,快速复制。各增量 细分市场竞争格局友好,行业需求存量阶段、公司去地产化和新消 费的成长逻辑不变。 毛利率继续修复:根据业绩预告,结合市场环境及需求变化,公司 积极调整和优化产品结构,毛利率同比保持增长。从最近两个财报 季度来看,24Q4 毛利率 32.5%,同比+0.44pct,环比+3.82pct,开 始企稳回升,25Q ...
三棵树仿石漆何以连续5年市占率第一?
Ren Min Ri Bao· 2025-05-22 03:31
Core Viewpoint - The architectural coating industry is undergoing a significant transformation towards low-carbon and environmentally friendly solutions, driven by China's "dual carbon" strategy and green building standards. The company, Sankeshu, has established itself as a leader in the market, particularly in the imitation stone paint segment, reflecting the resilience of China's manufacturing sector and serving as a model for the new building materials industry [1][2]. Group 1: Market Position and Strategy - Sankeshu has maintained the top market share in imitation stone paint for five consecutive years, leveraging its early strategic positioning in this niche market [1][2]. - The company has developed a unique path by aligning its product offerings with government policies, particularly in the context of the "dual carbon" goals [1][2]. - In 2024, Sankeshu's imitation stone paint sales are projected to exceed 100,000 tons, capturing over 7% of the market share and expanding into Southeast Asian markets [2]. Group 2: Technological Innovations - The company has addressed traditional challenges in imitation stone paint, such as short lifespan and fading, by utilizing nano self-repair technology and a super weather-resistant resin system, significantly enhancing product durability [1][2]. - The new product formulations have achieved over 4,000 hours of UV aging resistance, surpassing the national standard of 2,000 hours, and have been included in the revised draft of the "Green Building Evaluation Standard" [1][2]. Group 3: Environmental and Cultural Impact - The shift towards green building practices is essential for achieving carbon neutrality in urban construction, with Sankeshu's products being used in low-energy urban buildings and renovations of old neighborhoods [2][3]. - The company has introduced a series of imitation stone paints inspired by traditional palace culture, merging cultural heritage with modern aesthetics, making its products popular in high-end villas and cultural tourism projects [3]. - Sankeshu's commitment to social responsibility is evident through initiatives like the "National Coating Competition," which aims to cultivate skilled craftsmen and promote the integration of traditional craftsmanship with modern needs [3][5].
三棵树(603737):逐步兑现利润
Xin Lang Cai Jing· 2025-04-27 02:40
Core Viewpoint - The company reported a revenue of 12.11 billion yuan in 2024, a year-on-year decrease of 3.0%, while the net profit attributable to shareholders was 330 million yuan, an increase of 91.3% [1] Financial Performance - In Q1 2025, the company achieved a revenue of 2.13 billion yuan, a year-on-year increase of 3.1%, and a net profit of 110 million yuan, a year-on-year increase of 123.3%. The non-recurring net profit was -15 million yuan, a reduction in losses by 63 million yuan year-on-year [1] - The 2024 annual report reclassified categories such as wood coatings and adhesives into basic materials, affecting revenue growth rates for the year and Q1 2025 [1] Operational Analysis - The retail new business model showed strong growth, with home decoration and engineering wall paint revenues of 2.97 billion yuan and 4.08 billion yuan in 2024, reflecting year-on-year increases of 12.8% and a decrease of 12.7%, respectively. In Q1 2025, revenues were 650 million yuan and 590 million yuan, with year-on-year increases of 8.0% and 9.4% [2] - The gross margin stabilized and improved, with a gross margin of 32.5% in Q4 2024, an increase of 0.44 percentage points year-on-year, and 31.05% in Q1 2025, an increase of 2.67 percentage points year-on-year [2] Cost Management - The expense ratio decreased to 25.7% in 2024, down 0.5 percentage points year-on-year, with the sales expense ratio decreasing by 0.8 percentage points. In Q1 2025, the expense ratio was 31.4%, down 2.4 percentage points year-on-year [3] - The company reduced its workforce to 8,996 employees by the end of 2024, a decrease of 836 employees year-on-year, including a reduction of 516 sales personnel [3] Cash Flow and Growth Strategy - The company achieved positive cash flow for the first time in Q1, with operating cash flow of 1.1 billion yuan, compared to -260 million yuan in the same period last year. The operating cash flow for 2024 was 1.01 billion yuan [4] - The shift from large B to C and small B channels has led to stable cash flow performance, highlighting the retail focus and true "consumption" attributes [4] Profit Forecast and Valuation - The company is expected to maintain stable profitability in its new growth phase, with revised net profit forecasts for 2025 and 2026 at 900 million yuan and 1.25 billion yuan, respectively [5] - The current stock price corresponds to a PE ratio of 28.5 and 20.5 times for 2025 and 2026, respectively, maintaining a "buy" rating [5]
国金证券:给予三棵树买入评级
Zheng Quan Zhi Xing· 2025-04-27 01:35
国金证券股份有限公司李阳,陈伟豪近期对三棵树进行研究并发布了研究报告《逐步兑现利润》,给予三 棵树买入评级。 三棵树(603737) 首次Q1现金流转正。2024年经营性现金流10.1亿,且2022-2023年分别为9.6、14.1亿,随着大B转向C端 +小B,渠道结构调整后的现金流表现稳定。25Q1经营性现金流1.1亿,去年同期-2.6亿,历史首次Q1现金 流转正,零售优先体现真正的"消费"属性。 盈利预测、估值与评级 我们看好公司在新成长阶段,盈利能力更加稳定,一季度新业态保持高成长、且已逐步兑现利润,我们上 调公司2025-2026年归母净利润预测分别为9.0、12.5亿元(原为8.5、12.1亿元),当前股价对应PE为 28.5、20.5倍,维持"买入"评级。 风险提示 零售渠道拓展不及预期;其他建材和工业涂料等品类扩张不及预期;原材料价格波动和行业竞争超预期; 地产需求下行超预期。 证券之星数据中心根据近三年发布的研报数据计算,民生证券李阳研究员团队对该股研究较为深入,近三 年预测准确度均值为23.9%,其预测2025年度归属净利润为盈利7.31亿,根据现价换算的预测PE为35。 最新盈利预测明细如 ...