Investment Rating - The industry is rated as "Leading the Market - A" indicating an expected investment return that will exceed the CSI 300 Index by 10% or more over the next six months [3]. Core Insights - The real estate policy is expected to remain accommodative, which is likely to improve the operating conditions for the building materials sector. Recent initiatives, such as Shanghai's acquisition of second-hand housing for rental projects, signal a positive shift in the market [1]. - The transaction volume of second-hand homes continues to grow, with prices showing signs of stabilization. In January 2026, second-hand home transactions in Shanghai reached approximately 22,000 units, marking a year-on-year increase of about 25% [1]. - The consumption building materials sector is anticipated to see improved performance, with several companies initiating price increases across various product categories, including coatings and waterproof materials [2][7]. Summary by Sections Real Estate Policy and Market Conditions - Recent real estate policies across multiple regions, including adjustments in loan-to-value ratios for commercial properties, aim to stabilize the market and boost housing consumption [1]. - The sales area of new homes is projected to decline at a slower rate, supporting the demand for building materials [1]. Performance of Consumption Building Materials - The revenue of the consumption building materials sector declined by 6.21% year-on-year in the first three quarters of 2025, but there are signs of improvement in the latter part of the year [2]. - Companies like Oriental Yuhong and Sanke Tree have announced price increases, indicating a potential end to the intense price competition in the industry [7]. Retail Channel Development - Companies are actively expanding their retail channels, which is expected to enhance profitability and cash flow. For instance, Sanke Tree's revenue from retail has increased significantly, demonstrating resilience in a challenging market [8]. - The shift towards retail and small B-end channels is becoming more pronounced, with companies like Oriental Yuhong and Beixin Building Materials benefiting from this trend [8]. Investment Recommendations - The report suggests a positive outlook for leading companies in the consumption building materials sector, particularly those involved in coatings, waterproofing, gypsum boards, and panels. Key companies to watch include Sanke Tree, Oriental Yuhong, Beixin Building Materials, and Rabbit Baby [9].

2026 年 02 月 02 日 三棵树(603737.SH) 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 公司快报 | | 证券研究报告 | | --- | --- | | | 涂料油墨颜料 | | 投资评级 | 买入-A | | | 维持评级 | | 12 个月目标价 | 66.6 元 | | 股价 (2026-01-30) | 56.86 元 | | 交易数据 | | | 总市值(百万元) | 41,952.30 | | 流通市值(百万元) | 41,952.30 | | 总股本(百万股) | 737.82 | | 流通股本(百万股) | 737.82 | 2025 年归母净利润同比高增，高端零 售战略转型卓有成效 事件：公司发布 2025 年业绩预增公告，预计 2025 年归母净利 润 7.6 亿元-9.6 亿元，同比增加 128.96%-189.21%；预计 2025 年 扣非归母净利润 5.5 亿元-7.5 亿元之间，同比增加 273.57%- 409.42%。 2025 年归母净利润同比高增，2026 年盈利能力改善有望持续。 2025 年公司归母净利润预计 7.6 亿元- ...

1月29日，三棵树涨5.22%，截至发稿，报56.61元/股，成交1.03亿元，换手率0.25%，总市值417.68亿 元。 资料显示，三棵树涂料股份有限公司位于福建省莆田市荔城区荔园北大道518号，成立日期2003年7月17 日，上市日期2016年6月3日，公司主营业务涉及建筑涂料(墙面涂料)、木器涂料及防水材料、地坪材 料、保温材料、一体化板、基辅材的研发、生产和销售。主营业务收入构成为：工程墙面漆30.87%， 基材与辅材29.79%，家装墙面漆27.07%，防水卷材7.91%，其他(补充)2.32%，装饰施工2.04%。 从三棵树十大流通股东角度 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓三棵树。鹏华领航一年持有期混合A（011574）四季度减持3.59万 股，持有股数7.66万股，占基金净值比例为8.24%，位居第一大重仓股。根据测算，今日浮盈赚取约 21.52万元。 鹏华领航一年持有期混合A（011574）成立日期2021年6月22日，最新规模2208.1万。今年以来收益 13.93%，同类排名1113/8866；近一年收益46.54%，同类排名2637/8126；成立以来收益56. ...

Summary of Key Points from Conference Call Records Industry Overview Fiberglass Industry - The fiberglass industry is benefiting from the growth in demand for wind power and new energy vehicles, with both roving and electronic yarn showing structural demand improvement and simultaneous price increases. Companies have issued price increase notices, and it is expected that performance will reflect this in 2026. Leading company China Jushi has a cost advantage and is likely to benefit from an increase in the proportion of mid-to-high-end products [1][2][3] Construction Materials - Consumer building materials companies are transforming channels and focusing on small B-end and C-end markets, leading to significant improvements in cash flow and profitability. Companies like Sanke Tree are focusing on home decoration wall paint, while Rabbit Baby is steadily developing the small B-end market. Price increases have been announced, and market supply is gradually easing [1][2][3] Cement Industry - The cement industry is expected to see a decline in demand in 2026, but there are positive supply-side factors such as government production limits, market consolidation, and increased investment in western infrastructure. The overseas market demand is strong, particularly for companies like Conch Cement and Huaxin Cement, which are expected to show growth [1][2][3] Coal Market - The thermal coal market is currently experiencing weak price fluctuations due to sufficient port coal stocks and imports. The new safety regulations will raise compliance costs and delay capacity release for some companies, while the demand for coking coal remains supported by pre-holiday stockpiling [1][4][5] Electricity and Power Sector - China's electricity consumption continues to grow, with a significant investment plan of 4 trillion yuan announced by the State Grid to promote the intelligent and digital transformation of the distribution network. Companies like Dongfang Electric are highlighted as key players in the power automation sector [1][6][8] Key Insights and Arguments Demand and Price Trends - The construction materials sector has seen a notable increase in prices, driven by structural demand improvements and channel transformations. The fiberglass sector, particularly in roving and electronic yarn, is expected to perform well in both volume and price [2][3] Market Dynamics - The dye industry is experiencing price increases due to rising costs of key intermediates, benefiting integrated producers like Zhejiang Longsheng and Runtu. Stricter environmental policies are expected to increase industry concentration, favoring leading companies [2][11][12][13][14] Real Estate Market - The real estate market recovery is driven more by supply-side factors, with cities like Dalian, Changchun, and Shenyang showing signs of price increases due to reduced land supply and new project sales [9][10] Additional Important Information - The coal market is entering a traditional weak supply-demand period as production slows down due to holidays, leading to a potential for weaker price fluctuations in the short term [4][5] - The electricity sector is projected to see a significant increase in demand, with a focus on renewable energy development and infrastructure investment [6][8] - The dye market is expected to undergo consolidation as smaller companies face financial pressures due to rising costs, leading to a more concentrated and competitive market landscape [12][14]

Core Viewpoint - The stock of Sankeshu increased by 5.02% on January 21, reaching a price of 50.81 yuan per share, with a trading volume of 538 million yuan and a turnover rate of 1.49%, resulting in a total market capitalization of 37.489 billion yuan [1] Company Overview - Sankeshu Co., Ltd. is located in Putian City, Fujian Province, and was established on July 17, 2003. The company was listed on June 3, 2016. Its main business includes the research, production, and sales of architectural coatings (wall coatings), wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials [1] - The revenue composition of the main business is as follows: engineering wall paint 30.87%, base and auxiliary materials 29.79%, home decoration wall paint 27.07%, waterproof membranes 7.91%, others 2.32%, and decorative construction 2.04% [1] Shareholder Information - Among the top ten circulating shareholders of Sankeshu, a fund under Penghua Fund ranks as a significant shareholder. The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) entered the top ten circulating shareholders in the third quarter, holding 4.4417 million shares, which accounts for 0.6% of the circulating shares. The estimated floating profit today is approximately 10.7933 million yuan [2] - The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) was established on March 8, 2022, with a latest scale of 728.091 million yuan. Year-to-date return is 8.68%, ranking 1218 out of 5542 in its category; the one-year return is 52.83%, ranking 1024 out of 4243; and since inception, the return is 0.44% [2] Fund Performance - The fund manager of the Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) is Yan Dong. As of the report date, Yan Dong has a cumulative tenure of 6 years and 311 days, with total fund assets of 21.796 billion yuan. The best fund return during his tenure is 456.3%, while the worst return is -43.26% [3] - Another fund under Penghua, the Penghua Leading One-Year Holding Mixed A (011574), holds Sankeshu as its second-largest heavy stock, with 112,400 shares held in the third quarter, unchanged from the previous period, accounting for 9.46% of the fund's net value. The estimated floating profit today is approximately 273,200 yuan [4] - The Penghua Leading One-Year Holding Mixed A (011574) was established on June 22, 2021, with a latest scale of 22.081 million yuan. Year-to-date return is 7.93%, ranking 1734 out of 8844; the one-year return is 40.36%, ranking 2839 out of 8091; and since inception, the return is 48.16% [4] Fund Manager Information - The fund manager of the Penghua Leading One-Year Holding Mixed A (011574) is Liu Yujiang. As of the report date, Liu has a cumulative tenure of 4 years and 309 days, with total fund assets of 4.2997 million yuan. The best fund return during his tenure is 39.41%, while the worst return is -27.87% [5]

1月19日，三棵树盘中上涨2.01%，截至14:07，报43.59元/股，成交1.33亿元，换手率0.42%，总市值 321.61亿元。 资金流向方面，主力资金净流入182.34万元，特大单买入391.24万元，占比2.93%，卖出465.77万元，占 比3.49%；大单买入1701.47万元，占比12.75%，卖出1444.60万元，占比10.82%。 责任编辑：小浪快报 三棵树今年以来股价跌5.79%，近5个交易日跌4.13%，近20日跌3.52%，近60日跌1.69%。 分红方面，三棵树A股上市后累计派现11.02亿元。近三年，累计派现6.22亿元。 资料显示，三棵树涂料股份有限公司位于福建省莆田市荔城区荔园北大道518号，成立日期2003年7月17 日，上市日期2016年6月3日，公司主营业务涉及建筑涂料(墙面涂料)、木器涂料及防水材料、地坪材 料、保温材料、一体化板、基辅材的研发、生产和销售。主营业务收入构成为：工程墙面漆30.87%， 基材与辅材29.79%，家装墙面漆27.07%，防水卷材7.91%，其他(补充)2.32%，装饰施工2.04%。 机构持仓方面，截止2025年9月30日，三棵树十大 ...

Group 1 - The stock price of Sankeshu has declined for three consecutive days, with a total drop of 5.03% during this period, currently trading at 44.73 CNY per share [1] - Sankeshu Co., Ltd. specializes in the research, production, and sales of construction coatings, wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials, with its main revenue sources being engineering wall paint (30.87%), base and auxiliary materials (29.79%), home decoration wall paint (27.07%), waterproof membranes (7.91%), and others (2.32%) [1] Group 2 - Guotai Fund holds a significant position in Sankeshu through its Guotai CSI All Index Building Materials ETF, which increased its holdings by 609,300 shares to a total of 1,260,600 shares, representing 5.48% of the fund's net value [2] - The fund has incurred a floating loss of approximately 932,900 CNY today and a total floating loss of 2,987,700 CNY during the three-day decline [2] - The Guotai CSI All Index Building Materials ETF was established on June 9, 2021, with a current size of 1.102 billion CNY and has reported a year-to-date return of 4.34% [2]

Group 1 - The core viewpoint of the news is that SanKeTree Co., Ltd. has shown a modest increase in stock price and trading volume, with low financing and margin trading balances indicating a cautious market sentiment [1] - As of January 6, SanKeTree's financing balance is 49.77 million yuan, accounting for 0.14% of its market capitalization, which is below the 20th percentile level over the past year, indicating a low financing level [1] - The company reported a total revenue of 9.392 billion yuan for the first nine months of 2025, representing a year-on-year growth of 2.69%, while the net profit attributable to shareholders increased by 81.22% to 744 million yuan [2] Group 2 - SanKeTree's main business includes the research, production, and sales of architectural coatings, wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials [1] - The company has a diverse revenue composition, with engineering wall paint contributing 30.87%, base and auxiliary materials 29.79%, home decoration wall paint 27.07%, waterproof membranes 7.91%, and others 2.32% [1] - As of September 30, 2025, the number of shareholders increased to 14,200, with an average of 51,849 circulating shares per person, a slight decrease of 0.50% [2]

Core Viewpoint - The stock of Sankeshu has shown a significant increase in price and performance metrics, indicating a positive trend in the company's financial health and market position [1][2]. Group 1: Stock Performance - As of December 26, Sankeshu's stock price increased by 2.04%, reaching 45.91 CNY per share, with a total market capitalization of 33.873 billion CNY [1]. - Year-to-date, the stock price has risen by 54.58%, with a slight increase of 0.26% over the last five trading days and a 3.87% increase over the last 20 days [1]. - The stock has experienced a decline of 1.06% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Sankeshu reported a revenue of 9.392 billion CNY, reflecting a year-on-year growth of 2.69% [2]. - The net profit attributable to shareholders for the same period was 744 million CNY, showing a substantial increase of 81.22% compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Sankeshu increased to 14,200, marking a 0.50% rise from the previous period [2]. - The average number of circulating shares per shareholder decreased by 0.50% to 51,849 shares [2]. - The company has distributed a total of 1.102 billion CNY in dividends since its A-share listing, with 622 million CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 19.3144 million shares, an increase of 5.9453 million shares from the previous period [3]. - The Penghua CSI Sub-Segment Chemical Industry Theme ETF is a new entrant among the top ten circulating shareholders, holding 4.4417 million shares [3]. - The Southern CSI 500 ETF has reduced its holdings by 86,600 shares, while other funds have exited the top ten list [3].

Core Viewpoint - The stock of Sankeshu experienced a decline of 2.01% on December 2, with a current price of 44.86 CNY per share and a total market capitalization of 33.098 billion CNY. The company has seen a year-to-date stock price increase of 51.04% but has faced fluctuations in the short term [1]. Financial Performance - For the period from January to September 2025, Sankeshu reported a revenue of 9.392 billion CNY, reflecting a year-on-year growth of 2.69%. The net profit attributable to shareholders reached 744 million CNY, marking a significant increase of 81.22% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sankeshu increased to 14,200, up by 0.50%. The average number of circulating shares per shareholder decreased by 0.50% to 51,849 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 19.3144 million shares, an increase of 5.9453 million shares from the previous period. New shareholder Penghua Zhongzheng Fine Chemical Industry Theme ETF has entered as the seventh-largest shareholder with 4.4417 million shares [3]. Dividend Distribution - Since its A-share listing, Sankeshu has distributed a total of 1.102 billion CNY in dividends, with 622 million CNY distributed over the past three years [3].