证券代码：002043 证券简称：兔宝宝 公告编号：2025-025 德华兔宝宝装饰新材股份有限公司 关于参加 2025 年浙江辖区上市公司投资者网上集体接待日 暨 2024 年度业绩说明会的公告 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。 为进一步加强与投资者的互动交流，德华兔宝宝装饰新材股份有限公司（以下简称 "公司"）将参加由浙江证监局指导，浙江省上市公司协会主办，深圳市全景网络有限 公司承办的"2025年浙江辖区上市公司投资者集体接待日暨2024年度业绩说明会"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参与本 次互动交流，活动时间为2025年5月13日（周二）15:00-17:00。届时公司高管将在线就 公司2024年度业绩、公司治理、发展战略、经营状况、可持续发展等投资者关心的问题， 与投资者进行沟通与交流。 欢迎广大投资者踊跃参与！ （问题征集专题页面二维码） 特此公告。 德华兔宝宝装饰新材股份有限公司 ...

风险提示：地产竣工下滑；品牌形象受损；工程业务需求下滑和信用风险。 减值对24 年利润仍有一定拖累，但现金流和分红水平依然保持在高位。24年公司计提资产减值和信用 减值分别为1.45、2.8 亿，其中资产减值主要是公司对收购的青岛裕丰汉唐商誉新计提1.31 亿减值准 备，信用减值主要是在下游房企资金持续紧张的情况下，控股子公司青岛裕丰汉唐工程业务回款受影响 所导致。24 年兔宝宝本部在剔除商誉减值影响后的扣非利润为8.11 亿（同比+23.36%），稳健经营业绩 之下公司24 年经营活动净现金为11.52 亿，大幅超越净利润规模，24 年公司拟向全体股东每10 股派发 现金3.2 元，如预案获得通过，24 年累计分红总额4.93 亿，分红率达到84.21%。 25Q1 装饰材料品牌使用费占比增加推动盈利稳健增长。25Q1 装饰材料业务实现收入10.68 亿（同 比-13.02%），其中板材业务实现收入5.88 亿（同比-22.53%），其他装饰材料业务实现收入3.8 亿（同 比+2.8%），装饰材料品牌使用费9985 万元（同比+0.91%）。定制业务方面，兔宝宝全屋定制业务完 成收入1.25 亿元（同比-2 ...

收入增长保持韧性，信用减值及商誉计提拖累全年业绩。2024 年公司实现营 收 91.9 亿元，同比+1.39%，归母净利润 5.9 亿元，同比-15.11%，扣非归母 净利 4.9 亿元，同比-16.01%，EPS 为 0.71 元/股，并拟 10 派 3.2 元（含税）， 2024 年累计分红 4.93 亿元，分红率 84.2%，同时公告 2025 年中期分红规划。 收入增长保持韧性，装饰材料业务和全屋定制业务同比均实现稳健增长，利 润承压主因裕丰汉唐控规模降风险、收入同比下滑，同时计提信用减值损失 和商誉减值增加（信用减值损失增加 0.53 亿元，商誉减值增加 1.3 亿元）。 2025Q1实现营收1.27亿元，同比-14.3%，归母净利润1.01亿元，同比+14.2%， 扣非归母净利润 0.87 亿元，同比+7.9%，收入下滑受 A 类收入占比下降影响， A+B 折算后总体仍保持相对韧性，利润增长受公允价值同比变动影响，上年 同期为-0.1 亿元。 乡镇下沉+小 B 拓展推动板材增长，全屋定制逆势继续提升。2024 年公司装 饰材料/定制家居业务分别实现营收 74.04/17.2 亿元，同比+8.0%/ ...

证券代码：002043 证券简称：兔宝宝 公告编号：2025-024 德华兔宝宝装饰新材股份有限公司 关于公司 2021 年限制性股票激励计划第三个解除限售期 解锁股份上市流通的提示性公告 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。 重要内容提示： 1、德华兔宝宝装饰新材股份有限公司（以下简称"公司"）2021 年限制性股票激 励计划（以下简称"《激励计划》"、"本激励计划"）授予的限制性股票第三个解除 限售期解除限售条件已经部分成就，第三个限售期可解除限售条件的激励对象为263名， 可解除限售条件的限制性股票数量为 2,822,557 股，占目前公司股本总额的 0.34%； 2、本次解除限售的限制性股票上市流通日期为：2025 年 5 月 7 日。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）及《激励计划》 的相关规定及公司 2021 年第三次临时股东大会对董事会的授权，公司办理了本激励计 划第三个解除限售期涉及的股份上市流通手续，符合解除限售条件的 263 名激励对象共 计可解除限售 2,822,557 股限制性股票。现将有关事项说明如 ...

装饰板材稳健增长，加速推进渠道下沉。24 年公司装饰材料业务实现收入74.04 亿元，同比+7.99%，其 中板材产品收入为47.7 亿元，同比+7.57%，板材品牌使用费（含易装品牌使用费）4.93 亿元，同比 +14.18%。 经营性现金流有所下滑，继续保持高分红。2024 年公司经营活动现金净流量11.52 亿元，上年同期为 +19.1 亿元，现金流净额的下降主要系购买商品和劳务支付的现金增加。2024 年报拟每10 股派发现金 红利3.2 元（含税），叠加2024 年中期分红，2024 年合计分红率达到84%。 盈利预测与投资评级：公司是装饰板材行业龙头，公司在巩固经销渠道优势的同时，应对行业趋势变化 公司积极拓展家具厂、家装公司等渠道，并积极进行乡镇市场的渠道下沉，定制家居业务零售业务坚持 中高端定位、工程业务优化客户结构稳健经营。我们调整公司2025-2026 年并新增2027 年归母净利润预 测为7.54/8.77/9.58 亿元（2025-2026 年前值为8.39/9.49 亿元），对应PE 分别为12.2X/10.5X/9.6X，考虑 到公司装饰材料业务稳健发展，维持"增持"评级。 风险提 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company is characterized by stable operations, high dividends, and low valuation. In 2024, it achieved operating revenue of 9.19 billion, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 585 million, a decrease of 15.1% [2][3]. - The company’s main business growth remains evident, with the decorative materials segment generating revenue of 7.404 billion, up 7.99% year-on-year, while the custom home business saw a revenue decline of 18.73% [9]. - The company is expected to maintain a high dividend payout ratio, with a projected dividend of 493 million for 2024, corresponding to a dividend rate of 84.21% and a dividend yield of 5.3% [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 9.189 billion and a gross profit of 1.663 billion, resulting in a gross margin of 18% [14]. - For Q1 2025, the company achieved revenue of 1.271 billion, a decrease of 14.3% year-on-year, but net profit attributable to shareholders increased by 14.2% to 101 million [2][3]. Business Segments - The decorative materials business showed resilience with a revenue increase, while the custom home segment faced challenges, particularly with a significant decline in revenue from the Yufeng Hantang brand [9]. - The company’s operational cash flow for 2024 was 1.152 billion, indicating strong cash generation capabilities [14]. Valuation and Future Outlook - The company is considered undervalued with a projected PE ratio of 11 and 10 for 2025 and 2026, respectively, suggesting potential for valuation expansion [9]. - Future profit forecasts indicate net profits of 810 million and 910 million for 2025 and 2026, respectively [9].

Investment Rating - The report maintains an "Accumulate" rating for the company, Rabbit Baby (002043) [2][8]. Core Views - The company achieved a slight revenue increase of 1.39% year-on-year, reaching 9.189 billion yuan, while the net profit attributable to shareholders decreased by 15.11% to 585 million yuan due to impairment provisions [5][6]. - The company's revenue from decorative materials, which constitutes 80.58% of total revenue, grew by 7.99%, while the custom home business saw a significant decline of 18.73% [5][6]. - Management and financial expenses decreased significantly, indicating improved cost control and operational efficiency [5][6]. Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 9.189 billion yuan, a 1.39% increase year-on-year, and a net profit of 585 million yuan, down 15.11% [5][6]. - The fourth quarter saw a revenue drop of 18.21% year-on-year, with a net profit decrease of 55.75% [5][6]. - Basic earnings per share for 2024 were 0.71 yuan, with a proposed cash dividend of 3.2 yuan per 10 shares [5][6]. Business Segments - Decorative materials revenue was 7.404 billion yuan, up 7.99%, while custom home revenue fell to 1.720 billion yuan [5][6]. - The custom home segment's retail business grew by 18.49%, but the engineering business saw a decline of 46.81% [5][6]. Cost Management - Sales, management, and financial expenses were reported as 316 million, 204 million, and -34 million yuan respectively, with management expenses decreasing by 23.04% [5][6]. - The overall expense ratio was 5.99%, reflecting a decrease of 0.74 percentage points [5][6]. Profitability Metrics - The company's gross margin remained stable at 18.18%, with a slight decrease of 0.32 percentage points from the previous year [5][6]. - The asset-liability ratio at the end of 2024 was 46.59%, down 0.98 percentage points year-on-year [5][6]. Future Outlook - The company is expected to achieve earnings per share of 0.94 yuan and 1.10 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 11.7 and 10 [6][7].

Core Insights - The company,兔宝宝, achieved a revenue of 9.189 billion yuan in 2024, representing a year-on-year growth of 1.39%, with a net profit of 585 million yuan, demonstrating resilience amid industry challenges [1] - In Q1 2025, the company reported a net profit growth of 14.22%, indicating strong operational resilience [1] - The company aims to deepen its dual-driven strategy of decorative materials and custom home furnishings, focusing on channel expansion and product innovation to maintain its industry leadership [1] Business Performance - The core business segment, decorative materials, generated a revenue of 7.404 billion yuan in 2024, up 7.58%, accounting for 70.89% of total revenue [2] - Revenue from board products reached 4.770 billion yuan, a 7.57% increase, while brand usage fees amounted to 493 million yuan, growing by 14.18% [2] - The company has established a complete industrial chain from resource cultivation to production and sales of various products, with a focus on optimizing resource allocation across regions [2] Channel Expansion - By the end of 2024, the company had 2,152 township stores and 959 易装 stores, with over 20,000 cooperative furniture factory clients [3] - The "1+N" model enhances store efficiency, and the company has over 600 stores implementing a new retail model combining online and offline sales [3] - The company supports distributors in expanding business and seeks partnerships with large decoration companies to drive growth [3] Research and Development - The company has established various research platforms and has applied for 674 patents, including 352 invention patents [4] - It has participated in the formulation of numerous national and industry standards, enhancing its competitive edge through innovation [4] - The company focuses on high-quality, environmentally friendly products and aims to be a leading comprehensive service operator in the decorative materials sector [4] Shareholder Returns - Since its listing in 2005, the company has prioritized investor returns, repurchasing shares for a total of 100 million yuan in 2024 and introducing mid-term dividends [5] - The company plans to enhance its core competitiveness through technological innovation and business development, aiming for sustainable growth [5] - In 2025, the company will continue to focus on its main business, strengthen channel operations, and optimize product structures to increase market share [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6] Core Views - The company achieved a revenue of 1.27 billion in Q1 2025, a year-on-year decrease of 14.3%, while the net profit attributable to the parent company increased by 14.22% to 101 million [1] - The company plans to distribute a total cash dividend of 493 million for the year, resulting in a dividend payout ratio of 84% and a dividend yield of 5.4% based on the closing price on April 24 [1] - The projected net profit for the company from 2025 to 2027 is estimated at 750 million, 870 million, and 1 billion respectively, with corresponding P/E ratios of 12.2, 10.6, and 9.1 [1] Revenue and Profit Analysis - In 2024, the company reported a revenue of 9.189 billion, a slight increase of 1.39% year-on-year, while the net profit attributable to the parent company decreased by 15.11% to 585 million [5] - The Q4 2024 revenue was 2.725 billion, down 18.2% year-on-year, with a significant decline in net profit due to increased impairment losses [1][5] Business Segment Performance - The decorative materials and custom home business segments generated revenues of 7.4 billion and 1.7 billion respectively in 2024, with year-on-year growth of 8% and a decline of 18.7% [2] - The overall gross margin for the company in 2024 was 18.1%, a decrease of 0.32 percentage points year-on-year, but improved to 20.9% in Q1 2025, an increase of 2.99 percentage points [2] Distribution and Market Strategy - The company has accelerated its expansion into rural markets, with a total of 5,522 decorative materials stores, including 2,152 in rural areas as of 2024 [3] - The company has established partnerships with over 20,000 local custom furniture factories to enhance its distribution network [3] Cost Management and Financial Health - The company successfully reduced its expense ratio to 5.99% in 2024, down 0.79 percentage points year-on-year, primarily due to improved cost control [4] - The net profit margin for 2024 was 6.48%, a decrease of 1.36 percentage points year-on-year, while the net profit margin for Q1 2025 improved to 7.98% [4]

Financial Performance - In 2024, the company achieved revenue of CNY 9.189 billion, a year-on-year increase of 1.39% [4] - Net profit attributable to shareholders was CNY 585 million, a decline of 15.11% year-on-year; excluding goodwill impairment, net profit was CNY 716 million, an increase of 3.72% [4] - In Q1 2025, revenue was CNY 1.271 billion, a year-on-year decrease of 14.30%, while net profit was CNY 101 million, an increase of 14.22% [5] Business Segment Performance - In Q1 2025, the decorative materials segment generated revenue of CNY 1.068 billion, down 13.02% year-on-year; board materials revenue was CNY 588 million, down 22.53% [6] - The company’s main business, the Rabbit Baby division, achieved revenue of CNY 8.579 billion in 2024, an increase of 8.38% [4] Market Dynamics - Retail distribution channels accounted for 47% of sales in 2024, while furniture factories contributed 39%, and home decoration companies 10% [7] - The company established a rural channel operation center, resulting in a doubling of sales in rural areas in 2024 [7] Product Strategy - The company’s auxiliary materials business, including impregnated paper and edge banding strips, saw significant revenue and margin growth, stabilizing overall profit margins despite declining board business margins [8] - The company is focusing on a diversified product system to mitigate the impact of excess supply in the particle board market [9] Future Outlook - The Qingdao Yufeng Hantang company plans to stabilize its business in the real estate sector, which has been affected by declining sales and new construction starts [10] - The company aims to manage risks by ensuring new contracts have clear payment expectations and reasonable profit margins [10]