2024 年 08 月 28 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 张艺露 S0350523110003 zhangyl01@ghzq.com.cn [Table_Title] 板材主业表现亮眼，加码中期分红 ——兔宝宝（002043）2024 年中报点评 最近一年走势 事件: 2024 年 8 月 27 日，兔宝宝发布 2024 年半年报：2024H1，公司实现营 业收入/归母净利润/扣非归母净利润 39.1/2.4/2.3 亿元，分别同比 +19.8%/-15.4%/+7.5%；2024Q2，公司实现营业收入/归母净利润/扣非 归母净利润 24.3/1.6/1.5 亿元，分别同比+12.7%/-27.3%/-3.7%。 投资要点: 板材收入增长亮眼，工程业务有所承压：2024H1 装饰材料业务/定 制家居业务收入为 32.8/5.9 亿元，同比+29.0%/-11.4%；收入占比为 84.0%/15.2%，同比+6.0/-5.4pct；毛利率分别为 16.7%/20.7%，同 比-3.1/-0.3pct。装饰材料中，板材产品/板材品牌使用费（含易装品 牌使用费）/其他装饰材料收入为 ...

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：2024-004 | --- | --- | --- | --- | |--------------------|----------------|-------|-------| | 投资者关系活动类别 | | | | | □特定对象调研 | □分析师会议 | | | | □媒体采访 | □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 长江证券股份有限公司、广发证券股份有限公司、国泰君安证券股份有限公司、天 风证券股份有限公司、西部证券股份有限公司、国信证券股份有限公司、财通证券 股份有限公司、德邦证券股份有限公司、国联证券股份有限公司、中国银河证券股 份有限公司、工银瑞信基金管理有限公司、鹏华基金管理有限公司、华宝基金管理 有限公司、中国国际金融股份有限公司、海富通基金管理有限公司、国泰基金管理 有限公司、易方达基金管理有限公司、汇添富基金管理股份有限公司、富国基金管 理有限公司、华富基金管理有限公 ...

公司报告 | 半年报点评 兔宝宝（002043） 证券研究报告 | --- | --- | |----------------------------|-------------------------------| | | 2024 年 08 月 28 日 | | 投资评级 | | | 行业 | 建筑材料 / 装修建材 | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 9.2 元 | | | 目标价格 元 | | 基本数据 | | | A 股总股本 ( 百万股 | 832.06 | | 流通 A 股股本 ( 百万股 | ) 733.47 | | A 股总市值 ( 百万元 | 7,654.94 | | 流通 A 股市值 ( 百万元 | ) 6,747.97 | | 每股净资产 ( 元 ) | 3.53 | | 资产负债率 (%) | 47.22 | | 一年内最高 / 最低 ( | 13.00/8.40 | 作者 鲍荣富 分析师 SAC 执业证书编号：S1110520120003 baorongfu@tfzq.com 王涛 分析师 SAC 执业证书编号：S1110521010001 wangt ...

证券研究报告·公司点评报告·装修建材 兔宝宝（002043） 2024 年半年报点评：装饰板材稳健发展，中 期积极实施高分红 2024 年 08 月 28 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8917 | 9063 | 9696 | 10689 | 11616 | | 同比（ % ） | (5.40) | 1.63 | 6.98 | 10.25 | 8.67 | | 归母净利润（百万元） | 445.77 | 689.42 | 694.59 | 838.71 | 949.20 | | 同比（ % ） | (37.36) | 54.66 | 0.75 | 20.75 | 13.17 | | EPS- 最新摊薄（元 / 股） | 0.54 | 0 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][4] Core Views - The company demonstrated resilient revenue growth with a 20.0% year-on-year increase in H1 2024, achieving revenue of 3.91 billion yuan, while the net profit attributable to shareholders decreased by 15.4% to 244 million yuan [1][4] - The company plans to distribute a mid-term dividend of 2.8 yuan per 10 shares (including tax), reflecting a high dividend payout ratio of 94.2% [1][4] - The growth in revenue is attributed to the expansion in rural markets and small B channel development, while the custom home segment continues to grow against market trends [1][4][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 3.91 billion yuan, up 20.0% year-on-year, with a net profit of 244 million yuan, down 15.4% [1][4] - The adjusted net profit was 235 million yuan, reflecting a 7.5% increase year-on-year, with an EPS of 0.35 yuan per share [1][4] - Q2 2024 revenue was 2.43 billion yuan, a 12.7% increase year-on-year, while net profit decreased by 27.3% to 160 million yuan [1][4] Business Segments - The decorative materials and custom home businesses generated revenues of 3.28 billion yuan and 590 million yuan, respectively, with year-on-year growth of 29.0% and a decline of 11.4% [1][4][6] - The decorative materials segment saw significant growth in board materials, with revenue increasing by 41.5% to 2.15 billion yuan [1][4][6] Cost and Cash Flow Management - The overall gross margin for H1 2024 was 17.5%, down 2.9 percentage points year-on-year, primarily due to changes in revenue structure [1][4] - The operating cash flow for H1 2024 was 280 million yuan, a decrease of 44% year-on-year, but Q2 showed a significant improvement with a cash flow of 1.16 billion yuan, up 101% year-on-year [1][4][6] Future Outlook - The company is optimistic about the growth potential from channel expansion in rural markets and small B channels, which are expected to drive the board materials business [1][4][6] - The EPS forecast for 2024-2026 has been adjusted to 0.84, 1.01, and 1.16 yuan per share, with corresponding PE ratios of 10.9, 9.1, and 8.0 times [1][4][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][6]. Core Insights - The company reported a revenue of approximately 3.908 billion yuan for the first half of 2024, representing a year-on-year increase of 19.77%. However, the net profit attributable to shareholders decreased by 15.43% to about 244 million yuan [3][4]. - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, totaling 230 million yuan, which accounts for 94.21% of the net profit for the period [3][4]. - The company's decorative materials business showed strong growth, with revenue reaching approximately 3.282 billion yuan, up 29.01% year-on-year, while the custom home business saw a slight decline of 11.41% [3][4]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved revenue of about 2.425 billion yuan, a year-on-year increase of 12.74%, but the net profit attributable to shareholders fell by 27.34% to approximately 156 million yuan [3][4]. - The company’s operating cash flow showed significant recovery, with a net profit margin of 6.25%, down 2.60 percentage points year-on-year [4][6]. Business Segments - The decorative materials segment generated approximately 2.146 billion yuan in revenue, a 41.45% increase year-on-year, while the brand usage fee revenue decreased by 11.59% [4]. - The custom home segment reported revenue of about 300 million yuan, a 22.04% increase, with a focus on high-end positioning and regional brand development [4]. Cost Management - The company successfully reduced its expense ratio to 6.95%, down 2.81 percentage points year-on-year, with significant reductions in management and financial expenses [4][6]. - Despite the decrease in expense ratios, credit and asset impairment losses increased by 264.11% to approximately 79 million yuan, primarily due to receivables from a subsidiary [4]. Retail Strategy - The company is accelerating the construction of a new retail model, with over 2,000 stores adopting this model, enhancing online operations to attract customers [5][6]. - The focus on multi-channel operations and the development of small B-end channels is expected to drive future growth [6].

证券代码：002043 证券简称：兔宝宝 公告编号：2024-044 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开 第八届董事会第九次会议、第八届监事会第六次会议审议通过了《关于<2024 年半年度 利润分配预案>的议案》。现将相关情况公告如下： 一、2024 年半年度利润分配预案 根据公司 2024 年半年度财务报告（未经审计），公司 2024 年上半年合并报表归属 于上市公司股东的净利润为 244,132,865.90 元，截至 2024 年 6 月 30 日，母公司实现 净利润人民币 126,279,333.12 元，母公司可供分配利润为人民币 412,939,853.87 元。 公司自上市以来一直以稳定的分红方案持续回报广大股东。根据中国证监会鼓励企 业现金分红，以给予投资者稳定、合理回报的相关指导意见，在符合利润分配原则、保 证公司正常经营和长远发展的前提下，更好地兼顾股东的即期利益和长远利益，着眼于 公司的长远和可持续发展，以及《关于公司未来三年（2024-2026 年度）股东回报规划》 的要求，公司 2024 年半年度利润分配方案为：以公司 2024 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,907,849,448.17, representing a 19.77% increase compared to CNY 3,262,874,964.77 in the same period last year[11]. - Net profit attributable to shareholders decreased by 15.43% to CNY 244,132,865.90 from CNY 288,661,018.87 year-on-year[11]. - The net profit after deducting non-recurring gains and losses increased by 7.47% to CNY 234,638,661.12 compared to CNY 218,324,165.24 in the previous year[11]. - Basic earnings per share decreased by 14.29% to CNY 0.30 from CNY 0.35 year-on-year[11]. - The company achieved a revenue of 3.908 billion yuan in the first half of 2024, representing a year-on-year growth of 19.77%[27]. - The net profit attributable to shareholders was 244 million yuan, a decrease of 15.43% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, an increase of 7.47%[27]. - The revenue from the customized home business amounted to CNY 594 million, a decrease of 11.41% year-on-year, while the full-house customization business generated CNY 300 million, an increase of 22.04%[30]. - The operating costs increased by 24.11% to approximately CNY 3.23 billion, compared to CNY 2.60 billion in the previous year[30]. - The company reported a significant increase in financial expenses, with a decrease of 579.56% due to reduced interest expenses and increased interest income[30]. - The company’s total profit for the first half of 2024 was CNY 334,786,338.90, down from CNY 385,736,782.44 in the previous year[116]. Cash Flow and Assets - The net cash flow from operating activities was CNY 278,098,717.88, down 44.16% from CNY 497,998,254.23 in the same period last year[11]. - The company's cash and cash equivalents decreased to ¥1,672,625,562.89, accounting for 28.82% of total assets, down by 6.49% from the previous year[35]. - Inventory increased to ¥525,419,443.80, representing 9.05% of total assets, up by 2.24% year-on-year, indicating a rise in goods dispatched[35]. - The total assets at the end of the reporting period were CNY 5,804,035,866.99, a decrease of 9.01% from CNY 6,378,570,014.95 at the end of the previous year[11]. - The company's total equity decreased from CNY 3,344,767,401.22 to CNY 3,063,563,136.66, a decrease of approximately 8.4%[111]. - Cash received from investment activities was CNY 55,232,512.28, a decline of 41.0% compared to CNY 93,672,405.06 in the previous year[122]. - The ending cash and cash equivalents balance for H1 2024 was CNY 1,629,431,871.63, up from CNY 1,127,529,939.91 in H1 2023[122]. Business Segments and Operations - The company operates in two main business segments: decorative materials and custom home furnishings, with a focus on high-quality, environmentally friendly products[16]. - The decorative materials business generated revenue of 3.282 billion yuan, up 29.01% year-on-year, with board product revenue reaching 2.146 billion yuan, a growth of 41.45%[27]. - The custom home furnishings segment is positioned as a key focus area, reflecting consumer demand for personalized and efficient home space utilization[21]. - The company has established a comprehensive supply chain system, ensuring strict procurement and quality management processes[17]. - The company is actively expanding into the downstream industry, leveraging its environmental quality and product design capabilities in the custom home furnishing sector[26]. Environmental and Regulatory Compliance - The company has 13 emission outlets for air pollutants, with total emissions controlled within permitted limits, and no exceedances reported[61]. - The company’s wastewater emissions are compliant with the "Comprehensive Wastewater Discharge Standards" (GB8978-1996), with total COD emissions at 1.84 tons/year[61]. - The company is classified as a key pollutant discharge unit by environmental protection authorities, adhering to various environmental laws and standards[60]. - The company has implemented a comprehensive waste management strategy, ensuring that all wood powder and offcuts are utilized externally[64]. - The company has committed to continuous monitoring and improvement of its environmental performance, ensuring compliance with all applicable regulations[62]. Shareholder and Governance - The company plans to distribute a cash dividend of CNY 2.8 per 10 shares (including tax) to all shareholders[2]. - The company’s board of directors and senior management remained unchanged during the reporting period[53]. - The annual shareholders' meeting had a participation rate of 55.83% on May 21, 2024[52]. - The company has not engaged in any non-operating fund occupation by major shareholders or related parties during the reporting period[70]. - The company has not undergone any bankruptcy restructuring or significant litigation matters during the reporting period[70]. Research and Development - The company has applied for a total of 634 patents, including 327 invention patents, and has participated in the formulation of 306 standards, including 12 international standards[26]. - The company emphasizes the importance of R&D in developing new products while maintaining strict quality control over OEM production[18]. - Research and development expenses amounted to CNY 29,052,981.57, a decrease of 9.5% from CNY 32,168,881.46 in the previous year[116]. Strategic Initiatives - The company aims to enhance its market presence through strategic channel management and sales empowerment initiatives[19]. - The company is focusing on multi-channel operations, enhancing service capabilities, and has over 2,000 stores implementing the new retail business model[27]. - The company plans to continue focusing on market expansion and new product development to drive future growth[116]. - The company aims to deepen strategic cooperation with top 50 home decoration companies and expand its business in 12 core cities[28].

非经营性资金占用及其他关联资金往来情况汇总表 2024年1-6月 [注1]原系公司全资子公司 ，公司于2023年4月27日将持有的该公司 100%股权转让给徐州伟泰装饰新材料有限公司 ，自股权转让后12个月内仍为关联方 [注2]原系公司全资子公司 ，公司于2023年4月3日将持有的该公司 100%股权转让给上饶市绿洲装饰材料有限公司 ，自股权转让后12个月内仍为关联方 | 编制单位：德华兔宝宝装饰新材股份有限公司 | | | | | | | | | | 单位：人民币元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的 会计科目 | 2024年期初 占用资金余额 | 2024年1-6月占用累计 发生金额 （不含利息） | 2024年1-6月占用资金 的利息 （如有） | 2024年1-6月偿还累计 发生金额 | 2024年6月末 占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其附属 | | | | | ...

那今天为大家汇报的是我们兔宝宝的一个深度报告 我们这个系列电话会其实是专注于存量房时代的那么需求主要就是二次装修的需求销售渠道主要有这种零售2C的渠道还有家具厂、家装公司这种小b渠道那兔宝宝其实在我们提到的这几个存量房渠道的营收占比是达到80%以上所以我们觉得兔宝宝也是非常契合存量房时代的这个主题 总结一下公司的看点的话 我们觉得可以总结为以下几点首先第一个就是公司是板材行业的一个龙头企业在核心区域的基本盘是十分稳固的在历史上也是实现了非常稳健的一个增长 第二点公司也是在积极的契合消费习惯的一个转变持续的去推进渠道变革目前来看未来几年家具厂渠道和乡镇渠道将会成为未来几年的一个增长的抓手在板材业务这块还是有望实现稳健的一个增长然后第三点公司也是积极的从板材逐步的向下游去延伸全屋定制的这块业务也是在快速发展 然后第四点就是公司一直以来也是高分红目前股息率也是比较 我们预计公司24年的净利润大概是7.8个亿按照最新的收盘价去计算目前的PE只有10倍出头一点属于零售型建材企业里面估值非常低的一个标的目前也是公司历史上的一个估值低点股息率是在5.76%目前看投资的性价比还是非常高的 然后接下来我为大家展开介绍一下我们深 ...