Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company's Q3 2024 results show significant improvement in net profit margin year-on-year, with effective cost control [1][2] - For the first three quarters of 2024, the company achieved operating revenue of 6.46 billion, net profit attributable to shareholders of 480 million, and net profit excluding non-recurring items of 430 million, representing year-on-year growth of +12.79%, +5.55%, and +14.14% respectively [1][2] - In Q3 2024, the company reported operating revenue of 2.56 billion, net profit attributable to shareholders of 240 million, and net profit excluding non-recurring items of 190 million, with year-on-year growth of +3.56%, +41.50%, and +23.50% respectively [1][2] Summary by Sections Financial Performance - The gross margin, net profit margin, and net profit margin excluding non-recurring items for the first three quarters of 2024 were 17.3%, 7.5%, and 6.6%, showing year-on-year changes of -1.5, -0.5, and +0.1 percentage points respectively [2] - The company’s operating expenses ratio was 6.6%, down by 1.9 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 3.7%, 2.6%, 0.7%, and -0.4% respectively [2] - In Q3 2024, the gross margin, net profit margin, and net profit margin excluding non-recurring items were 17.1%, 9.3%, and 7.5%, with year-on-year changes of +0.2, +2.5, and +1.2 percentage points [2] Cash Flow and Assets - As of the end of Q3 2024, the company’s asset-liability ratio and interest-bearing debt ratio were 45.7% and 1.0%, down by 1.4 and 1.6 percentage points year-on-year [2] - The company’s operating cash flow for the first three quarters of 2024 was 420 million, down by 52.0% year-on-year, primarily due to an increase in cash paid for goods and services [2] Earnings Forecast - The company is expected to achieve operating revenues of 10.15 billion, 11.20 billion, and 12.31 billion for 2024, 2025, and 2026 respectively, with net profits attributable to shareholders of 690 million, 830 million, and 970 million [5][6] - The estimated EPS for 2024, 2025, and 2026 are 0.80, 1.00, and 1.20 respectively, with corresponding P/E ratios of 15.2, 12.7, and 10.9 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6]. Core Insights - The company reported a resilient revenue growth of 12.79% year-on-year for the first three quarters, with a significant increase in net profit attributable to the parent company by 42% in Q3 [1][4]. - The improvement in operating quality is highlighted by a reduction in expense ratios and an increase in investment income [1][2]. - The company has adjusted its profit forecast downwards due to slow recovery in real estate sales affecting board demand, projecting net profits of 660 million, 760 million, and 870 million for 2024-2026 [4][5]. Financial Performance Summary - For Q1-Q3, the company achieved a revenue of 6.46 billion, with net profits of 482 million and 427 million, reflecting year-on-year increases of 5.55% and 14.14% respectively [1]. - The gross margin for Q1-Q3 was 17.3%, a decrease of 1.54 percentage points year-on-year, while Q3 gross margin improved slightly to 17.07% [2]. - The net profit margin for Q1-Q3 was 7.62%, down 0.60 percentage points year-on-year, but Q3 saw a significant increase to 9.53% [3]. Financial Data and Valuation - The company’s projected revenue for 2024 is 10.06 billion, with a growth rate of 10.97% [5]. - The estimated net profit for 2024 is 655.77 million, with a corresponding P/E ratio of 16.05 [5]. - The company’s cash dividend for the first half of 2024 was 230 million, reflecting a high payout ratio of 94.21% [4].

Investment Rating - The investment rating for the company is "Buy - A" with a 12-month target price of 13.95 CNY [2][4]. Core Insights - The company reported a strong performance in Q3 2024, with a year-on-year revenue increase of 12.79%, reaching 6.464 billion CNY, and a net profit of 482 million CNY, up 5.55% year-on-year [1][2]. - The company's operating income growth has shown resilience despite industry headwinds, with a notable improvement in the main business profitability and an increase in investment income [4]. - The company has adjusted its profit forecast for 2024, expecting revenues of 10.053 billion CNY, 11.087 billion CNY, and 12.094 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 681.5 million CNY, 776.3 million CNY, and 882.4 million CNY [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 17.31%, a decrease of 1.54 percentage points year-on-year, attributed to a decline in high-margin brand revenue [2]. - The net profit margin for the first three quarters was 7.62%, down 0.59 percentage points year-on-year, but improved by 0.67 percentage points compared to the first half of 2024 [2]. - The company’s operating cash flow for the first three quarters was 420 million CNY, a significant decrease of 454 million CNY year-on-year, primarily due to increased cash payments for goods and services [2]. Revenue and Profit Forecast - The company expects to maintain steady revenue growth despite industry challenges, with projected revenues of 10.053 billion CNY in 2024, 11.087 billion CNY in 2025, and 12.094 billion CNY in 2026, reflecting year-on-year growth rates of 10.92%, 10.29%, and 9.08% respectively [4][5]. - The forecasted net profits for the same years are 681.5 million CNY, 776.3 million CNY, and 882.4 million CNY, with slight declines in 2024 followed by growth in subsequent years [4][5]. Market Position and Strategy - The company is positioned as a leader in the high-end retail panel market, with ongoing efforts to expand into township markets and enhance its small B channel strategy [4]. - The company is expected to benefit from favorable real estate policies, which may enhance its valuation and long-term growth prospects [4].

证券代码：002043 证券简称：兔宝宝 德华兔宝宝装饰新材股份有限公司 投资者关系活动记录表 编号：2024-005 | --- | --- | |---------------------------|-------------------------| | 投资者关系活动类别 | | | □特定对象调研 □媒体采访 | □分析师会议 □业绩说明会 | | | | | □新闻发布会 | □路演活动 | | □现场参观 | ☑ 电话交流会议 | 参与单位名称 广发证券、长江证券、国泰君安证券、天风证券、平安证券、兴业证券、西南证券、 德邦证券、东方证券、国投证券、富国基金、华夏基金、工银瑞信基金、大成基金、 鹏华基金、光大保德信基金、海富通基金、汇添富基金、交银施罗德基金、南方基 金、广发基金、鹏华基金、平安基金、长信基金、兴业基金、招商基金、西部利得 基金、信达澳亚基金、博远基金、新华养老、上银基金等 162 位投资者。 | --- | --- | |-------------------------------|-------| | 时间 | | | 2024 年 10 月 25 日 | | | 地点 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 11.82 yuan and projected PE ratios of 18x, 13x, and 11x for the years 2024, 2025, and 2026 respectively [1][3]. Core Views - The company reported a revenue of 6.464 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.79%, and a net profit attributable to shareholders of 482 million yuan, up 5.55% year-on-year [1]. - The revenue for Q3 2024 was 2.556 billion yuan, showing a year-on-year growth of 3.56%, while the net profit for the same period surged by 41.50% to 238 million yuan [1]. - The company has successfully implemented multi-channel sales strategies, particularly in rural areas, which have contributed to its revenue growth despite a general decline in the retail sector for building materials [1]. - Recent real estate policy changes and strong sales during the "Eleventh" holiday period have boosted confidence in the industry, which is expected to stabilize demand for home renovations [1]. - The company has effectively controlled costs, with a notable reduction in management expenses by 18.63% year-on-year in Q3 2024 [1]. - The cash flow remains healthy, with a net operating cash flow of 420 million yuan for the first three quarters of 2024, despite a 52% year-on-year decline [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 17.07%, a slight increase of 0.21 percentage points year-on-year, and a net margin of 9.53%, up 2.42 percentage points year-on-year [1]. - The report forecasts net profits of 551 million yuan, 776 million yuan, and 936 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of -20.1%, 40.8%, and 20.7% [2][4]. Cost Management - The company has maintained a focus on cost control, with sales, management, R&D, and financial expense ratios for Q3 2024 at 3.42%, 2.20%, 0.68%, and -0.34% respectively [1]. - The management expenses decreased by 12.86 million yuan year-on-year, while financial expenses also saw a reduction due to increased interest income and decreased interest expenses [1]. Cash Flow and Investments - The company reported a net cash flow from operating activities of 420 million yuan for the first three quarters of 2024, despite a significant year-on-year decline [1]. - The report highlights a healthy cash position, with a decrease in monetary funds of 677 million yuan since the beginning of the year, primarily due to dividends, fixed asset purchases, and share buybacks [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company's performance exceeded expectations, with projected revenues for 2024-2026 expected to be 92.9 billion, 100.9 billion, and 111.8 billion yuan respectively, reflecting year-on-year growth rates of 2.5%, 8.7%, and 10.8% [5]. - The net profit attributable to the parent company is forecasted to be 7.7 billion, 9.3 billion, and 10.8 billion yuan for the same period, with growth rates of 11.4%, 21.4%, and 15.2% [5]. - The company reported a significant increase in net profit margin, with a quarterly net profit margin of 9.53%, up 2.42 percentage points year-on-year [6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 64.6 billion yuan, a year-on-year increase of 12.8%, and a net profit of 4.8 billion yuan, up 5.6% year-on-year [6]. - The gross profit margin for the third quarter was reported at 17.07%, showing a slight year-on-year improvement [6]. - The company has maintained a strong cash flow and a high dividend payout ratio, enhancing its attractiveness to investors [7]. Market Position and Strategy - The company is deeply engaged in the engineered wood industry and is expanding its custom home solutions business, adapting to significant changes in the industry [7]. - The company has expanded its distribution channels, with a total of 4,322 stores, including 1,168 in rural areas, reflecting a strategic shift towards customized solutions [7]. - The report highlights the company's efforts to improve asset liquidity through the disposal of non-core assets, which has positively impacted its financial performance [6].

Financial Performance - The company's revenue for Q3 2024 reached ¥2,555,978,264.96, an increase of 3.56% year-over-year, while the year-to-date revenue was ¥6,463,827,713.13, up 12.79% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥238,303,586.32, representing a significant increase of 41.50% year-over-year, with a year-to-date net profit of ¥482,436,452.22, up 5.55%[2]. - The basic earnings per share for Q3 2024 was ¥0.29, reflecting a 31.82% increase compared to the same period last year[2]. - The total operating revenue for the current period reached ¥6,463,827,713.13, an increase of 12.8% compared to ¥5,731,081,782.29 in the previous period[14]. - The total operating costs amounted to ¥5,794,842,235.37, up 12.2% from ¥5,161,941,604.02 in the previous period[14]. - The net profit attributable to shareholders of the parent company was ¥482,436,452.22, representing an increase of 5.6% from ¥457,070,970.38 in the previous period[15]. - The company reported a basic earnings per share of ¥0.59, compared to ¥0.57 in the previous period[16]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥5,642,344,064.21, a decrease of 11.54% from the end of the previous year[2]. - Total assets decreased from CNY 6,378,570,014.95 to CNY 5,642,344,064.21, a decline of about 12%[12]. - Current liabilities decreased from CNY 2,963,848,963.21 to CNY 2,519,180,684.20, a reduction of approximately 15%[12]. - The total liabilities decreased to ¥2,579,397,025.06 from ¥3,033,802,613.73, indicating a reduction of approximately 15%[15]. - The total equity attributable to shareholders of the parent company decreased to ¥2,951,664,595.99 from ¥3,207,145,328.20, a decline of about 7.9%[15]. Cash Flow - The company's cash flow from operating activities showed a net decrease of 52.00% year-over-year, amounting to ¥419,572,194.15 year-to-date[2]. - The net cash flow from operating activities for Q3 2024 was CNY 419,572,194.15, a decrease of 52.1% compared to CNY 874,129,080.35 in Q3 2023[18]. - Total cash inflow from operating activities amounted to CNY 6,653,509,086.95, up 6.0% from CNY 6,275,917,724.65 in the previous year[18]. - Cash outflow from operating activities increased to CNY 6,233,936,892.80, compared to CNY 5,401,788,644.30 in Q3 2023, reflecting a rise of 15.4%[18]. - The net cash flow from investing activities was negative at CNY -183,257,264.70, a significant decline from CNY 53,909,044.65 in the same quarter last year[18]. - The net cash flow from financing activities was negative at CNY -910,673,361.21, worsening from CNY -103,222,422.64 in Q3 2023[19]. Assets Management - The company reported a significant increase in fixed assets by 31.84% year-to-date, totaling an increase of ¥152,151,900, primarily due to the acquisition of production facilities[5]. - The company experienced a 30.06% decrease in cash and cash equivalents compared to the beginning of the year, primarily due to dividend distributions and fixed asset purchases[5]. - The company’s short-term borrowings decreased by 48.46% year-to-date, reflecting improved liquidity[5]. - The company’s non-operating income increased by 34.52% year-over-year, amounting to ¥354,030,000, driven by various income sources[6]. - Accounts receivable decreased from CNY 1,129,690,275.47 to CNY 933,339,331.79, representing a reduction of about 17%[11]. - Inventory increased from CNY 434,589,857.50 to CNY 494,769,343.68, an increase of approximately 14%[11]. Shareholder Information - The total number of shares held by the top ten shareholders includes 229,344,885 shares held by Dehua Group, representing a significant portion of the company's equity[10]. - The company has a repurchase account holding 10,633,361 shares, accounting for 1.28% of total shares[8]. Strategic Focus - The company is focusing on expanding its market presence and developing new products, although specific figures were not disclosed in the report[11]. - The company has not reported any significant mergers or acquisitions during this period[11]. Research and Development - Research and development expenses for the current period were ¥46,530,710.35, slightly down from ¥49,425,304.45 in the previous period[15]. Audit Information - The company did not undergo an audit for the Q3 2024 report[20].

股票代码：002043 股票简称：兔宝宝 公告编号：2024-052 德华兔宝宝装饰新材股份有限公司 2024 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会采取现场会议和网络投票相结合的方式； 2、本次股东大会没有出现否决议案的情形； 3、本次股东大会没有涉及变更前次股东大会决议的情形； 4、本次会议审议的议案均需要对中小投资者的表决单独计票。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：公司董事会。 2、表决方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 3、会议召开时间：现场会议召开时间：2024 年 10 月 8 日（星期二）下午 14:30； 网络投票时间，其中：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 10 月 8 日上午 9:15 至 9:25，9:30-11:30，下午 13:00 至 15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为：2024 年 10 月 8 日上午 9:15 至当日下午 15:00 期 间的任意时间 ...

浙江天册律师事务所 关于 德华兔宝宝装饰新材股份有限公司 2024 年第一次临时股东大会的 法律意见书 浙江杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571 8790 1111 传真：0571 8790 1500 http://www.tclawfirm.com 浙江天册律师事务所 关于德华兔宝宝装饰新材股份有限公司 2024 年第一次临时股东大会的 法律意见书 编号：TCYJS2024H1564 号 致：德华兔宝宝装饰新材股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东大 会规则》（以下简称"《股东大会规则》"）等法律、法规和其他有关规范性文件的 要求，浙江天册律师事务所（以下简称"本所"）接受德华兔宝宝装饰新材股份 有限公司（以下简称"兔宝宝"或"公司"）的委托，指派赵琰律师、郑佳展律 师参加兔宝宝 2024 年第一次临时股东大会（以下简称"本次股东大会"），并出 具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2024-050 德华兔宝宝装饰新材股份有限公司 关于规范经营范围表述并修订《公司章程》相关条款的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 德华兔宝宝装饰新材股份有限公司（以下简称"公司"或"兔宝宝"）于 2024 年 9 月 19 日召开第八届董事会第十次会议，审议通过了《关于规范经营范围表述并修订<公 司章程>的议案》，按照国家市场监督管理机构关于企业经营范围登记规范化表述的要 求，参考经营范围规范表述查询系统内的表述，结合公司经营发展需要，公司拟对原经 营范围表述进行规范调整，同时对《公司章程》中相应的经营范围条款进行修订，具体 如下： 一、调整经营范围 原经营范围： 根据上述调整及增加的经营范围，以及根据《公司法》《证券法》等相关规定，拟 对《公司章程》中的部分条款进行修订，具体如下： 油漆、辅助材料的批发无储存经营（凭许可证经营），木制品检测（凭许可证经营）， 第二类增值电信业务中的信息服务业务（仅限互联网信息服务）（凭许可证经营），人 造板、装饰贴面板、木质地板（限分支机构生产）、其它 ...