墙面涂料

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三棵树股价下跌3.72% 方正证券上调评级至“强烈推荐”
Jin Rong Jie· 2025-08-26 16:58
截至2025年8月26日15时,三棵树股价报49.11元,较前一交易日下跌1.90元,跌幅3.72%。当日开盘价 为51.00元,最高触及51.02元,最低下探至48.29元,成交量为68155手,成交金额达3.35亿元。 三棵树属于装修建材行业,公司主营业务为建筑涂料的研发、生产和销售。作为国内领先的涂料企业, 三棵树产品涵盖墙面涂料、木器涂料、胶粘剂等多个品类,广泛应用于房地产、家居装修等领域。 消息面上,方正证券近期将三棵树评级由"推荐"上调至"强烈推荐"。这是8月以来券商对28只个股上调 评级中的一例,显示出机构对公司发展前景的看好。 资金流向方面,8月26日三棵树主力资金净流入347.95万元,近五个交易日累计净流入3789.30万元。 风险提示:股市有风险,投资需谨慎。 ...
三棵树(603737):经营显著改善,体现战略高度
Changjiang Securities· 2025-08-17 23:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 5.8 billion yuan in the first half of 2025, representing a year-on-year growth of 1%. The net profit attributable to shareholders was 440 million yuan, up 108% year-on-year, while the non-recurring net profit was approximately 290 million yuan, reflecting a growth of 268% [2][4]. - In the second quarter, the company reported a revenue of 3.7 billion yuan, which remained flat year-on-year, with a net profit of 330 million yuan, marking a 103% increase year-on-year, and a non-recurring net profit of approximately 310 million yuan, up 96% [2][4]. - The company’s gross profit margin improved to approximately 32.3% in the first half of the year, an increase of 3.7 percentage points year-on-year, with the second quarter gross margin reaching 33.1% [9]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was 5.8 billion yuan, with a net profit of 440 million yuan and a non-recurring net profit of approximately 290 million yuan [2][4]. - The second quarter saw a revenue of 3.7 billion yuan, with net profits and non-recurring net profits of 330 million yuan and approximately 310 million yuan, respectively [2][4]. - The gross profit margin for the first half was approximately 32.3%, with a notable increase in the second quarter [9]. Business Segments - The home decoration business showed resilience with a revenue of approximately 1.57 billion yuan, growing by 8% year-on-year, while the average price increased by 3% to 5.9 yuan/kg [9]. - The engineering wall paint revenue was 1.8 billion yuan, down 2% year-on-year, with a price drop of 10% [9]. - The waterproof membrane revenue fell significantly by 29% to approximately 460 million yuan, indicating competitive challenges in this segment [9]. Strategic Outlook - The company is positioned as a high-growth representative in the consumer building materials sector, with both revenue and operating net profit reaching new highs [9]. - The company is expected to generate over 2 billion yuan from three new business models by 2025, contributing approximately 15% to total revenue and 35-40% to profits [9]. - Forecasted net profits for 2025-2027 are projected at 1.01 billion yuan, 1.42 billion yuan, and 1.68 billion yuan, respectively [9].
三棵树(603737):经营拐点愈加明确
Changjiang Securities· 2025-04-29 23:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved an annual revenue of 12.1 billion yuan in 2024, a year-on-year decrease of 3%. However, the net profit attributable to shareholders was 330 million yuan, representing a year-on-year increase of 91%. The non-recurring net profit was approximately 150 million yuan, showing a significant year-on-year growth of 234% [3][4]. - In the first quarter, the company reported a revenue of 2.1 billion yuan, which is a year-on-year increase of 3%. The net profit attributable to shareholders reached 110 million yuan, up 123% year-on-year, while the non-recurring net profit was approximately -10 million yuan, indicating a substantial improvement [3][4]. Summary by Sections Revenue and Profitability - The company’s total revenue for 2024 was 12.1 billion yuan, down 3% year-on-year. The core business of wall coatings saw a 4% decline, accounting for 58% of total revenue. However, the revenue from home decoration wall paint grew by 13% [8]. - The first quarter of 2025 showed a revenue growth of 3%, with wall coatings generating 1.25 billion yuan, a 9% increase year-on-year. The engineering wall coatings also saw a 9% increase in revenue [8]. Market Performance - The company’s retail revenue continued to grow positively, while the engineering business faced challenges due to price wars. The retail revenue showed double-digit growth, contrasting with a 13% decline in engineering wall coatings revenue [8]. Cost and Margin Analysis - The gross margin for 2024 was approximately 29.6%, a decrease of 1.9 percentage points year-on-year, but showed a quarterly improvement to 31.0% in Q1 2025, up 2.7 percentage points year-on-year. The operating expense ratio also improved, with a decrease in the period expense ratio to 25.7% for 2024 [8]. Cash Flow and Financial Health - The company maintained a strong operating cash flow, with a cash collection ratio of 1.11, 1.18, and 1.15 over the past three years. The net cash flow from operating activities for 2024 was approximately 1 billion yuan, with Q1 2025 achieving a positive cash flow of 110 million yuan, marking the first positive cash flow in Q1 in history [8]. Future Outlook - The company is positioned as a core player in the stock market, adapting to the new era of renovation. The projected net profits for 2025 and 2026 are approximately 1 billion yuan and 1.31 billion yuan, respectively, with corresponding valuations of 26 and 20 times [8].