东鹏控股（003012） 2025 年中报点评：瓷砖零售渠道逆势增长， 经营质量稳步提升 证券研究报告·公司点评报告·家居用品 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,773 | 6,469 | 6,158 | 6,452 | 6,765 | | 同比（%） | 12.16 | (16.77) | (4.82) | 4.79 | 4.84 | | 归母净利润（百万元） | 720.43 | 328.46 | 438.93 | 537.99 | 596.01 | | 同比（%） | 256.63 | (54.41) | 33.63 | 22.57 | 10.78 | | EPS-最新摊薄（元/股） | 0.62 | 0.28 | 0.38 | 0.46 | 0.52 | | P/E（现价&最新摊薄） | 11.53 | 25.29 | 18.93 | 15.44 | 13.94 | [Table_Tag ...

Core Viewpoint - Marco Polo Holdings Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) for its initial public offering (IPO) registration, allowing it to issue shares and list on the main board of the Shenzhen Stock Exchange [2][3]. Company Overview - Marco Polo Holdings is a leading manufacturer and seller of building ceramics in China, focusing on the research, production, and sales of ceramic tiles, with major brands including "Marco Polo Tiles" and "Weimei L&D Ceramics" [5]. - The company ranks first in the domestic building ceramics industry in terms of revenue from 2022 to 2024 and has been recognized as the top supplier for eleven consecutive years with a brand preference index of 22.00% [6]. Financial Performance - The company's revenue for the reporting periods was 866,092.92 million yuan, 892,475.01 million yuan, and 732,430.90 million yuan, with net profits of 151,434.61 million yuan, 135,293.72 million yuan, and 132,690.66 million yuan respectively [7]. - For the first nine months of 2025, the company expects revenue between 485,000.00 million yuan and 510,000.00 million yuan, reflecting a year-on-year decline of 11.79% to 7.25% [7]. - In the first half of 2025, the company reported revenue of 321,820.43 million yuan, a year-on-year decrease of 11.82%, and a net profit of 65,467.61 million yuan, down 7.90% year-on-year [10]. IPO Details - The expected fundraising amount from the IPO is approximately 23.7656 billion yuan [5]. - The funds raised will be allocated to five projects, including the construction of intelligent ceramic home industry parks and upgrades to green intelligent manufacturing lines [9]. Market Context - The company's performance is closely linked to the real estate market, which has seen a decline in investment from 13.29 trillion yuan in 2022 to 10.03 trillion yuan in 2024, negatively impacting product demand [9]. - The competitive landscape in the building ceramics industry is intensifying, with a downward trend in product sales prices, which were 41.62 yuan/sqm, 39.48 yuan/sqm, and 37.72 yuan/sqm over the reporting periods [9].

Group 1 - The China Securities Regulatory Commission has approved Marco Polo Holdings Co., Ltd.'s application for an initial public offering (IPO) on the Shenzhen Stock Exchange, with a fundraising target of 2.37656 billion yuan [1] - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, focusing on the research, production, and sales of ceramic tiles [4] - The company owns two major brands: "Marco Polo Tiles" and "Weimei L&D Ceramics," and has established five production bases in Guangdong, Jiangxi, Chongqing, and Tennessee, USA [4] Group 2 - Marco Polo's main products include glazed and unglazed tiles, with glazed tiles comprising polished tiles, antique tiles, rock slabs, porcelain tiles, and cultural ceramics, while unglazed tiles mainly consist of polished tiles [4] - The products are widely used in residential and public building decoration, with major customers being large building material distributors and well-known real estate developers [4]