德邦证券维持三棵树买入评级，价格下行叠加减值拖累业绩表现，零售维持韧性销量持续增长

每日经济新闻08-01

德邦证券08月01日发布研报称，维持三棵树（603737.SH，最新价：31.02元）买入评级。评级理由主要包括：1）零售销量增长带动整体收入微增，零售及工程价格下降影响毛利率表现；2）费用率增长+计提减值影响业绩，剔除政府补助后经营进一步承压。风险提示：经济景气度下降；原材料价格大幅波动；新业务整合不及预期。AI点评：三棵树近一个月获得5份券商研报关注，买入2家，增持2家，平均目标价为38.75...

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