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三棵树(603737):2025年秋季策略会速递:新业态加速推进,经营拐点显现
HTSC· 2025-08-28 04:59
证券研究报告 三棵树 (603737 CH) 2025 年秋季策略会速递— 新业态加速推进,经营拐点显现 2025 年 8 月 28 日│中国内地 其他建材 8 月 27 日三棵树出席了我们组织的 2025 年秋季策略会,会上公司就 1H25 经营、三大新业态推进情况进行了回顾分析,对涂料行业需求与竞争格局进 行了展望与讨论。考虑到过去 2 年二手房成交景气,叠加今年家装补贴扩围, 我们认为存量零售市场需求韧性,而公司渠道日益完善,"马上住"、"美 丽乡村"业务模式快速复制,支撑公司收入盈利快速增长,上半年公司利润 率修复、经营拐点显现,维持"买入"评级。 核心亮点: 1、1H25 价格竞争暂歇,零售稳健增长拉动毛利率改善。1H25 公司家装墙 面漆/工程墙面漆/基辅材/防水卷材分别实现收入 15.74/17.95/17.33/4.6 亿 元,同比+8.4%/-2.3%/+10.4%/-28.6%,零售新业态快速复制下,公司家装 墙面漆维持稳健增长。1H25 公司综合毛利率 32.35%,同比+3.7pct,其中 家装墙面漆 / 工 程 墙 面 及 / 基辅材 / 防 水 卷 材 毛 利 率 分 别 为 49 ...
三棵树(603737):零售持续放量,品牌价值凸显
CAITONG SECURITIES· 2025-08-16 07:18
Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing continuous retail growth, with brand value becoming increasingly prominent. The retail segment is driving up average prices, while the engineering segment maintains stable volume and pricing [8][9] - The company is positioned in a recovering paint industry, with a focus on high-margin products and services, which is expected to enhance profitability [9] Financial Performance Summary - For 1H2025, the company reported revenue of 5.816 billion yuan, a year-on-year increase of 0.97%, and a net profit attributable to shareholders of 436 million yuan, up 107.53% year-on-year [9] - The company’s gross margin increased by 3.70 percentage points to 32.35% due to a 13% decrease in raw material costs and an increase in the proportion of high-margin home decoration paint [8][9] - The net profit margin rose by 3.85 percentage points to 7.49%, supported by cost reductions and improved pricing strategies [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.081 billion, 1.335 billion, and 1.591 billion yuan, respectively, with corresponding EPS of 1.47, 1.81, and 2.16 yuan [7][9] - The projected PE ratios for 2025-2027 are 30.99x, 25.10x, and 21.06x, respectively [9] Market Performance - The company’s stock has shown a significant performance compared to the market, with a 66% increase over the last 12 months, outperforming the Shanghai Composite Index and the construction materials sector [4][9]
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
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 3.8-4.6 billion RMB in the first half of 2025, representing a year-on-year increase of 80.94%-119.04% [2]. - The company’s retail business continues to grow against the backdrop of a declining real estate market, with revenue growth rates for home decoration wall paint projected at 18.2%, 2.6%, and 12.8% from 2022 to 2024 [3]. - Gross margin is recovering, with a gross margin of 32.5% in Q4 2024, up 0.44 percentage points year-on-year, and 31.05% in Q1 2025, up 2.67 percentage points year-on-year [4]. - The company is expected to achieve net profits of 9.0 billion RMB and 12.5 billion RMB for 2025 and 2026, respectively, with corresponding P/E ratios of 31.0 and 22.3 [5]. Performance Summary - The company reported a historical high in total profit for the first half of 2025, with a net profit forecast midpoint of 4.2 billion RMB [2]. - The company has effectively reduced expenses through improved operational efficiency, with a 2024 expense ratio of 25.7%, down 0.5 percentage points year-on-year [4]. - The revenue forecast for the company shows a slight decline in 2024, followed by a recovery with growth rates of 8.00% and 12.49% in 2025 and 2026, respectively [10]. Financial Projections - The projected diluted earnings per share for 2025 is 1.221 RMB, with a significant increase in net profit growth rate expected at 171.32% [10]. - The return on equity (ROE) is expected to rise to 27.92% in 2025 and stabilize around 30.91% by 2027 [10]. Market Sentiment - The report indicates a favorable competitive landscape in the incremental market segments, with sustained demand despite the overall industry challenges [3]. - The company’s strategic focus on consumer-oriented growth and product structure optimization is expected to drive profitability and market share [4].
三棵树:2025年中期策略会速递新业态发力,盈利弹性有望显现-20250606
HTSC· 2025-06-06 02:35
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].