近年来，中信银行绍兴分行充分发挥中信集团"金融全牌照、实业广覆盖"的资源禀赋，持续优化金融服 务，探索创新金融产品，奋力做好产城人文融合发展大文章。 聚焦先进制造业强市建设，中信银行绍兴分行开展"服务实体 揭榜挂帅 做好五篇大文章"攻坚行动，因 地制宜赋能新质生产力。截至一季度末，该行各项贷款余额652.82亿元，较年初增长47.28亿元；绿色和 战略性新兴产业贷款余额分别较年初增长18.25亿元、10.10亿元；区域国家级"专精特新"企业服务覆盖 率超过70%。 老有所养，是民生大事。绍兴某基层护理院承接了当地10个乡镇的居家养老服务，并计划于2025年承接 居家养老长护险上门服务，但在资金问题上遇到困难。中信银行绍兴分行运用"医保贷"产品为该护理院 发放200万元贷款，破解了基层医疗机构缺少抵押物的融资难点，以金融"活水"托举幸福养老。 中信银行绍兴分行以文旅融合为切入点，金融赋能文旅融合促进乡村振兴、共同富裕。诸暨白塔湖国家 湿地公园内散布着78个小岛，每个小岛上种植着不同的植被花卉，一岛一特色、一季一美景。当地文旅 部门计划对区域水系及沿岸进行综合开发和景观提升，推动农文旅深度融合，打造"生态+""旅 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 42.96 [8][9]. Core Views - The company is expected to benefit from the resilience of the retail market due to the expansion of home decoration subsidies and the improving channel structure, leading to a potential recovery in profit margins and operational flexibility [1]. - The "Immediate Living" and "Beautiful Countryside" initiatives are anticipated to accelerate the company's presence in the stock renovation and third- and fourth-tier markets, with a projected demand for stock renovation of approximately 11 to 12 million units per year from 2024 to 2026, reflecting a CAGR of 5% [2]. - The company is undergoing a channel transformation towards engineering distribution, maintaining a leading market share despite a decline in direct sales revenue, which is expected to stabilize in the coming years [3]. - The retail sales of construction and decoration materials reached RMB 53 billion in the first four months of 2025, showing a year-on-year increase of 2.3%, with a significant monthly increase of 9.7% in April [4]. Summary by Sections Financial Forecasts and Valuation - The company’s net profit forecasts for 2025 to 2027 are RMB 651.4 million, RMB 847.05 million, and RMB 1.09 billion respectively, indicating a CAGR of 48.7% [5]. - The company is assigned a PEG ratio of 0.75x for 2025, with a target price based on a PEG of 1.0x, reflecting the expected growth in the "Immediate Living" business and stable market share in engineering [5]. - The projected revenue for 2025 is RMB 13.203 billion, with a year-on-year growth of 9.07% [7]. Market Position and Competitive Landscape - The company is positioned to capture growth opportunities in the renovation market, with its brand strength gradually being validated against competitors like Nippon Paint [2]. - The engineering business is expected to maintain its leading market share while reducing impairment risks, with accounts receivable turnover improving to 3.6 in 2024 [3]. Operational Insights - The company is actively managing costs and improving operational efficiency, with expectations for continued profit elasticity due to effective expense control measures [4]. - The average price of titanium dioxide, a key raw material, has decreased by 9.6% year-on-year, which may limit further price declines in products [4].