Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but managed to improve its PVC gross margin through enhanced product and service offerings [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 2.078 billion, 271 million, and 268 million yuan, respectively, representing year-on-year declines of 11.33%, 20.25%, and 21.06% [1]. - In Q2 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.183 billion, 157 million, and 154 million yuan, respectively, with year-on-year declines of 12.16%, 15.55%, and 22.25% [1]. - The company’s PPR business gross margin was 57.5% in H1 2025, a decrease of 1.6 percentage points year-on-year, indicating stable performance despite competitive pressures [2]. Group 2: Product and Service Development - The company focused on deepening its product and service model, leading to a gross margin increase for PVC products to 23.5%, up 2.6 percentage points year-on-year, attributed to systematic sales and enhanced service value [1]. - The waterproof business showed steady growth in H1 2025, with an increase in service users and matching rates, while the net water business is undergoing a strategic transition and is expected to face ongoing pressure [2]. Group 3: Cash Flow and Dividends - The company achieved a record high in net cash from operating activities of 580 million yuan in H1 2025, an increase of 290 million yuan year-on-year, primarily due to reduced raw material expenditures [2]. - The company proposed a mid-term dividend of 160 million yuan, with a dividend payout ratio of 58% [2]. Group 4: Future Outlook and Recommendations - The company is expected to see net profits attributable to shareholders of 732 million, 864 million, and 950 million yuan for 2025-2027, with corresponding year-on-year changes of -23.13%, +17.98%, and +10.00% [3]. - Given the company's strong barriers to entry, expected earnings elasticity, and high dividend yield, a "strong buy" rating is recommended [3].

盈利预测与投资评级：预计25-27 年营收分别为62.8、67.8、74.99 亿，分别同比+0.22%、+7.95%、 +10.61%，归母净利润分别为10.24、11.67、12.92亿，分别同比+7.53%、+13.88%、+10.77%，对应PE 分别为19.12、16.79、15.15。考虑到公司壁垒深厚，股息率高，维持"强烈推荐"评级。 坚持布局与投入，为高质量成长埋伏笔。24 年公司收入规模持稳，但利润有较大幅度下滑，一是销售 费用同比+1.17 亿，其中主要是职工薪酬同比+0.6 亿和市场推广宣传费同比+0.58 亿；二是减值有所增 多，资产减值损失0.86 亿，主要是此前并购公司商誉减值准备增加0.74 亿（广州合信0.21亿+浙江可瑞 0.53 亿）。24 年公司新聘请刘诗诗为水生态品牌代言人，同时加大了对销售人员的激励力度，内生培 育的防水业务和外延并购的浙江可瑞逐步融入公司核心体系，为打造以PPR 为核心，包含防水、净水 和舒适家系统在内的系统集成模式蓄力。 事件：公司发布24 年年报，报告期内实现营收、归母净利润和扣非归母净利润分别为62.67、9.53、9.17 亿，分别同比-1. ...