SKSHU(603737) 中邮证券·2025-04-30 02:30Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company has shown resilience with a revenue of 12.105 billion yuan in 2024, a slight decline of 2.97% year-on-year, while the net profit attributable to shareholders increased significantly by 91.27% to 0.332 billion yuan [5] - The retail business is rapidly growing, with a notable improvement in product structure and profitability, particularly in the home decoration wall paint segment [7] - The company is expected to achieve revenues of 13.7 billion yuan and 15.5 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 0.752 billion yuan and 0.949 billion yuan, indicating substantial growth [7] Financial Performance - In 2024, the company reported a gross margin of 29.6%, a decrease of 1.9 percentage points year-on-year, attributed to price declines in engineering wall paints [6] - The company’s total assets are projected to grow from 140 billion yuan in 2024 to 177 billion yuan by 2027, reflecting a steady increase in operational capacity [12] - The earnings per share (EPS) is expected to rise from 0.63 yuan in 2024 to 2.25 yuan in 2027, indicating strong profitability growth [12]