--- title: "由於原油成本上升，油漆行業巨頭面臨短期利潤壓力" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280653125.md" description: "塗料公司正面臨由於原油和天然氣價格上漲而導致的利潤壓力，這促使它們提高價格。亞洲塗料公司已宣佈自四月中旬起價格上漲 6-8%，而百樂公司等其他公司也提高了價格。分析師預計儘管價格上漲，需求將保持穩定，亞洲塗料公司在 2026 財年第三季度報告了 4% 的收入增長。關西塗料在汽車和工業領域的增長速度更快。百樂公司預計在 2027 財年將實現雙位數的銷量增長。相反的觀點認為，塗料行業可能存在潛在的買入機會，因為競爭強度可能會減弱" datetime: "2026-03-26T06:49:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280653125.md) - [en](https://longbridge.com/en/news/280653125.md) - [zh-HK](https://longbridge.com/zh-HK/news/280653125.md) --- # 由於原油成本上升，油漆行業巨頭面臨短期利潤壓力 Paints are among the many industries affected by high crude and gas prices. Paint companies have announced price hikes, with Asian Paints announcing hikes of 6–8 per cent effective mid-April and another hike on a different product line in late April. Asian Paints’ industrial joint venture has also hiked prices. Berger Paints also announced a price hike of about 1 per cent on its decorative portfolio effective this week and more hikes could follow. Akzo Paints also announced a hike from March 16 and Kansai Nerolac has also announced some hikes. At current levels, price hikes would need to be double-digit to protect gross margins. The impact on margins will be felt in Q1FY27 and beyond, given that inventory should cover Q4FY26 production. From the consumers’ point of view, the cost of paint is roughly 50 per cent of the total cost of painting and hence, these hikes may not impact demand much. There could be consolidation as larger players have deeper pockets to ride out a sustained period of expensive crude. The equations are simple. Crude oil will stay elevated due to the Iran war. This will trigger price hikes by paint companies to protect gross margins. However, hikes may be staggered, giving the market time to adjust. Timelines are uncertain since nobody can predict how and when this conflict ends. Historically, paint companies have always hiked in a staggered fashion when crude prices have climbed. While this may negatively impact gross margins since the hikes do not fully compensate for rising raw material costs, demand is less affected, ensuring volume stability. Right now, analysts say demand is stable, with value growth in mid-single digits. Economy sales are running faster than premium sales. Driven by larger dealer incentives, the Birla Opus brand has picked up in the South and Central regions of the country and is stable in the West and North, but it has low traction in the East. In Q3FY26, Asian Paints reported 4 per cent year-on-year (Y-o-Y) growth in consolidated revenue. Domestic volumes rose 8 per cent Y-o-Y. International business grew 6.3 per cent Y-o-Y (4.2 per cent in constant currency). Gross margin expanded 200 basis points Y-o-Y to 44.4 per cent, operating profit margins rose 90 basis points Y-o-Y to 20.1 per cent, leading to 9 per cent Y-o-Y growth in operating profit to ₹1,780 crore. Management expects volume growth in the 8–10 per cent range and value growth of 5 per cent in the near term, with an operating profit margin guidance of 18–20 per cent. Asian Paints expects competitive intensity to stay elevated with gradual demand improvement. Kansai Nerolac says growth in its auto and industrial paints segments is faster than the market, while in decorative paints it is trying to maintain share given higher competitive intensity. Management sees investments across infrastructure, along with goods and services tax and interest rate cuts, as macro-positives. In decorative paints (about 47 per cent of sales), retail delivers 85 per cent of business. In auto paints (about 36 per cent of sales), Kansai has grown its share from around 56 per cent to 61 per cent, with over 50 per cent share in cars and over 70 per cent in two/three-wheelers. India is now an export hub for major OEMs, which will further drive Kansai’s auto volumes. In industrial paints (about 17 per cent of sales), growth at double the market growth rate is led by powder and liquid coatings. Management is hoping to raise operating profit margin by 200 basis points over the medium term. Berger Paints reported muted revenue growth of 0.3 per cent Y-o-Y in Q3FY26. Management expects recovery with double-digit volume growth in FY27 and value growth at 7–8 per cent, retaining an operating profit margin target of 15–17 per cent. Management says demand improved through November–January. It expects double-digit volume growth of 10 per cent in Q4FY26 with a 6 per cent volume-value gap. For FY27, volumes are set to grow at 12–13 per cent with value growth at 7–8 per cent. Capex of ₹1,800–2,000 crore is planned for new factories in West Bengal and Odisha over the next two to three years. Management is confident of sustaining operating profit margins in the range of 15–17 per cent. A contrarian view may indicate a buy on the paint industry. Competitive intensity will ease due to the circumstances, and given that demand looks stable, the paint majors could come out stronger. ### 相關股票 - [4613.JP](https://longbridge.com/zh-HK/quote/4613.JP.md) - [4621.JP](https://longbridge.com/zh-HK/quote/4621.JP.md) - [4617.JP](https://longbridge.com/zh-HK/quote/4617.JP.md) - [4615.JP](https://longbridge.com/zh-HK/quote/4615.JP.md) ## 相關資訊與研究 - [中東和平前景不明 西德州原油漲回 100 美元關卡](https://longbridge.com/zh-HK/news/287231435.md) - [和泰車：國瑞觀音廠 10 月生產豐田 Noah 及 Voxy 車款](https://longbridge.com/zh-HK/news/287238061.md) - [花旗喊 Brent 原油上看 120 美元 油市低估中東風險](https://longbridge.com/zh-HK/news/286971527.md) - [【外圍經濟】日本 4 月出口按年增 14.8%，原油進口暴跌 64%](https://longbridge.com/zh-HK/news/287146128.md) - [有片丨中海油：油價高企有利原油生產 海南封關對公司業務影響不大](https://longbridge.com/zh-HK/news/286839793.md)