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研报掘金丨方正证券:首予东鹏控股“推荐”评级,建陶龙头蓄势待发

Research Reports Gold Digging丨Founder Securities: Initiating a "Recommended" rating for Guangdong Dongpeng Holdings, the leading ceramics company is poised for takeoff.

Gelonghui Finance ·  Dec 10 23:42

Fangzheng Securities' research report points out that Guangdong Dongpeng Holdings (003012.SZ) is a leading enterprise in building ceramics, with tiles being the main contributor to its performance. In the first half of 2024, the revenue proportions for tiles, bathrooms, and Other main businesses are 83.34%, 14.12%, and 2.55% respectively, with gross margins of 87.1%, 10.0%, and 2.9% respectively. The company's sales gross margin for the first three quarters of 2024 is 31.23%, maintaining a high level. The Industry of building ceramics is trending towards concentration, and the company's market share continues to increase. The company's marketing network spans the country, with both retail and engineering channel advantages, making it easier to reach users and respond quickly to them. In addition, the company continues to repurchase shares, boosting market confidence. This is the initial coverage with a "recommended" rating.

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