研报掘金丨华源证券：三棵树业绩初见锋芒，维持“增持”评级

格隆汇2025-08-19

华源证券研报指出，三棵树上半年实现归母净利润4.36亿元，同比增长107.53%，其中二季度归母净利润3.31亿元，同比增长102.97%。“赛道优势+内生调整”共振，业绩初见锋芒。目前房地产已经历深度调整，继续下行风险有限；在政策强力纠偏低价无序竞争的背景下，三棵树作为国民涂料领军企业，凭借稀缺的赛道优势、扎实的行业地位、高效的渠道战略升级，或正早于顺周期及消费建材板块呈现业绩触底，拐点或已来临...

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