建材 2025 年 3 月 12 日 兔宝宝(002043.SZ) 板材行业领军者，变革渠道续写成长 推荐（首次） 股价：11.13 元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.tubaobao.com | | 大股东/持股 | 德华集团控股股份有限公司/36.15% | | 实际控制人 | 丁鸿敏 | | 总股本(百万股) | 832 | | 流通 A 股(百万股) | 733 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 93 | | 流通 A 股市值(亿元) | 82 | | 每股净资产(元) | 3.55 | | 资产负债率(%) | 45.7 | | 行情走势图 | | 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | -- ...

Investment Rating - The report assigns a "Buy" rating for the company, Tubaobao, for the first time [1]. Core Views - Tubaobao is a leading player in the domestic artificial board industry, with a strong focus on channel transformation and growth in the custom home segment. The company has maintained generous dividends and has a solid cash flow [5][7]. - The domestic artificial board market is valued at over 700 billion, with significant applications in furniture manufacturing and building decoration. The market is expected to see an increase in concentration due to rising environmental awareness and changes in consumer demand [5][7]. - Tubaobao has established strong brand barriers and is deepening its relationships with suppliers and distributors, ensuring stable profit margins and cash flow. The company is actively expanding its distribution channels, particularly in rural areas, and is focusing on the custom home market [5][7]. Summary by Sections Company Overview - Tubaobao, founded in 1992, has become one of the largest producers of high-end eco-friendly furniture boards in China. The company operates primarily in decorative materials and custom home segments, utilizing a dealer model for sales [13][15]. - The company has a production model that includes both self-manufacturing and OEM outsourcing, with a focus on high-end customized furniture boards and related products [15][17]. Financial Performance - The company has shown resilience in its financial performance, with revenue growth even amidst industry challenges. For the first three quarters of 2024, Tubaobao achieved revenue of 6.46 billion, a year-on-year increase of 12.8% [19][20]. - The average net profit margin and ROE over the past decade have been 7% and 19%, respectively, indicating stable profitability [22][24]. Industry Landscape - The artificial board market in China has seen steady growth, with production increasing from 27.37 million cubic meters in 2014 to 33.6 million cubic meters in 2023, reflecting a CAGR of approximately 2.3% [36][37]. - The market is characterized by a high degree of fragmentation, with over 10,100 production enterprises, but is expected to consolidate as consumer preferences shift towards environmentally friendly products [45][46]. Growth Strategy - Tubaobao is capitalizing on the channel transformation trend, increasing its focus on furniture factory channels and rural markets. The company has expanded its decorative materials stores significantly, with 4,322 stores by mid-2024 [5][7]. - The company is also enhancing its custom home offerings, leveraging its core materials advantages to drive business growth [5][7].

Investment Rating - The report indicates a positive investment outlook for the building materials industry, emphasizing price increases and improved shipping conditions as key drivers for growth in 2025 [1][3]. Core Insights - Price increases are the main theme for the building materials industry in spring 2025, signaling a return to rational competition after a period of aggressive price wars [3][32]. - The cement sector is experiencing price hikes driven by low inventory levels, with a consensus among companies to avoid destructive competition, leading to a gradual recovery in profitability [3][11]. - The consumer building materials segment is witnessing price increases across various categories, indicating a potential turning point for the industry [3][32]. - The fiberglass industry is seeing multiple rounds of price increases, suggesting a recovery in profitability, while the glass sector faces challenges related to construction completions [3][32]. Summary by Sections Cement - Low inventory levels are driving price increases, with significant hikes reported in various regions starting from March 2025 [7][8]. - The industry has reached a consensus to prevent destructive competition, which is expected to lead to a gradual recovery in profitability [11][12]. - Major companies such as Conch Cement are highlighted for their cost and scale advantages, with profitability expected to improve [18][19]. Consumer Building Materials - The demand for consumer building materials is improving due to active second-hand housing transactions, which are expected to boost shipments [36][49]. - Price increases in categories like gypsum board and coatings are signaling a shift towards profitability recovery [36][39]. - Companies such as Beixin Building Materials and Weixing New Materials are recommended for their strong market positions and growth potential [37][40]. Fiberglass - The fiberglass sector is experiencing a recovery in prices, with electronic yarn and cloth prices showing upward trends [52][53]. - The industry is expected to continue benefiting from new application scenarios and sustained demand growth [53][54]. Glass - The flat glass sector is under pressure due to declining construction completions, necessitating close monitoring of supply-side adjustments [32][49]. - Companies like Qibin Group and South Glass A are recommended for their market positions amid these challenges [32][49].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company's performance has been impacted by credit and asset impairments, but its core business remains stable. The revenue for 2024 is projected to be 9.197 billion yuan, with a year-on-year growth of 1.5%. However, the net profit is expected to decline by 14.6% to 588 million yuan due to significant impairment losses [5][6]. - The company is undergoing structural adjustments in its sales strategy, which has led to a decrease in revenue, particularly in the fourth quarter. This is attributed to a focus on cash quality and operational risks, resulting in a contraction of certain business segments [5]. - Despite the impairments, the company has shown improvements in cost management and internal controls, leading to a positive contribution to its performance [5]. Financial Data and Profit Forecast - Total revenue for 2023 is reported at 9.063 billion yuan, with projections of 9.197 billion yuan for 2024, 9.992 billion yuan for 2025, and 11.065 billion yuan for 2026, reflecting a steady growth trajectory [2][7]. - The net profit for 2023 is recorded at 150 million yuan, with forecasts of 588 million yuan for 2024, 775 million yuan for 2025, and 945 million yuan for 2026. The profit growth rates show a decline in 2024 but a recovery in subsequent years [2][5]. - The company's gross margin is expected to improve from 17.0% in 2024 to 19.2% by 2026, indicating better cost management and operational efficiency [2]. Market Position and Industry Outlook - The company operates in the engineered wood products industry, which is characterized by a shift towards OEM operations and an increasing importance of online sales channels. This industry is experiencing significant changes that may mitigate the impact of declining real estate sales [5]. - The company maintains a strong cash flow and a high dividend payout ratio, making it an attractive investment option in the current market environment [5].

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。 一、本次拟计提资产减值准备情况 证券代码：002043 证券简称：兔宝宝 公告编号：2025-006 德华兔宝宝装饰新材股份有限公司 关于2024年度拟计提资产减值准备的公告 | 4 | 商誉减值 | 11,855.90 | 13,177.03 | | | | 25,032.93 | 公司对收购青岛裕丰汉 唐木业有限公司所形成 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 准备 | | | | | | | | | | | | | | | | | 的商誉计提减值准备。 | | | | | | | | | | 公司对为回收应收账款 | | | 其他非流 | | | | | | | 抵入房产所支付的房款 | | 5 | 动资产减 | 714.79 | 1,038.73 | | | 236.10 | 1,517.43 | ，根据期末可收回金额 | | | 值准备 | | | | | | | 低于账面价值的差额， | | | | | | | | ...

德华兔宝宝装饰新材股份有限公司 第八届董事会第十三次会议决议公告 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。 经全体董事讨论，公司本次计提资产减值准备事项符合《企业会计准则》等相关规 定，体现了会计谨慎性原则，符合公司资产实际情况，公允地反映了公司资产状况，使 公司关于资产价值的会计信息更加真实可靠，具有合理性，不存在损害公司及全体股东 特别是中小股东利益的情况，同意公司关于计提资产减值准备的有关事项。 证券代码：002043 证券简称：兔宝宝 公告编号：2025-005 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）第八届董事会第十三次会 议于2025年2月19日以书面或电子形式发出会议通知，于2025年2月24日以现场结合通讯 方式召开。会议应出席董事9名，实际出席董事9名。本次会议出席人数、召开程序、议 事内容均符合《公司法》和《公司章程》的规定。会议以投票表决的方式通过如下决议： 以赞成票9票，反对票0票，弃权票0票，审议通过了《关于2024年度拟计提资产减 值准备的议案》。 董 事 会 2025年2月26日 具体内容详见《关于2024年度拟计 ...

Financial Performance - The total operating revenue for 2024 reached 919.71 million yuan, an increase of 1.48% compared to the previous year[5]. - The net profit attributable to shareholders decreased by 14.67% to 588.27 million yuan, while the net profit after deducting non-recurring gains and losses fell by 17.76% to 479.79 million yuan[5][7]. - Basic earnings per share decreased by 14.29% to 0.72 yuan, and the weighted average return on equity dropped by 4.97% to 18.82%[5]. Assets and Equity - Total assets at the end of the reporting period were 590.96 million yuan, down 7.35% from the beginning of the period[5]. - The company's equity attributable to shareholders decreased by 4.79% to 3.05 billion yuan[5]. Expenses and Management - The company reported a decrease in financial expenses by 20.83 million yuan due to improved management of working capital[7]. - Management expenses decreased by 54.14 million yuan, attributed to better internal cost control and reduced equity incentive costs[7]. Impairment Losses - Credit impairment losses increased by 53.95 million yuan, primarily due to changes in the real estate market affecting receivables[7]. - Asset impairment losses rose by 136.37 million yuan, mainly due to the impact of the real estate market and the company's risk control considerations[7]. Performance Forecast - The company did not provide prior performance forecasts for 2024[8].

Summary of the Conference Call for Rabbit Baby Company Company Overview - **Company**: Rabbit Baby - **Industry**: Wood-based panel and home furnishing industry Key Points and Arguments 2024 Performance - Rabbit Baby's overall business maintained a relatively stable growth of approximately 10% in the panel business despite intensified market competition [3] - The home furnishing segment also achieved similar growth, around 10%, with the whole-house customization segment growing about 15% [3] - The subsidiary Yufeng Hantang performed poorly, with revenue declining approximately 40% compared to 2023 due to the real estate sector's ongoing downturn [3] Market Expansion and Sales Goals - In 2024, sales in the rural market reached 910 million yuan, a year-on-year increase of 110%, with 1,413 new stores opened [4] - The target for 2025 is to open an additional 1,800 stores and achieve sales of 1.4 billion yuan, a growth of 54% [4] - The furniture factory channel's sales in 2024 were 4.878 billion yuan, with a target growth of 20% for 2025 [4] Sales Channel Insights - Rabbit Baby's four core sales channels accounted for: Retail distribution 46.7%, Furniture factories 39.5%, Home decoration companies 10%, and Engineering channels 3.9% [14] - The company plans to enhance its competitiveness in the furniture factory channel, where its market penetration is approximately 3% [15][16] Strategies to Address Market Challenges - To combat overcapacity, Rabbit Baby is implementing strategies such as price reduction to increase volume and collective procurement to lower costs [24] - The company anticipates that 30%-40% of factories will exit the market in the next three years, providing opportunities for resource consolidation [25] Financial Management - Accounts receivable have decreased from 1.894 billion yuan in 2021 to over 600 million yuan in 2024, with annual impairments of 200-300 million yuan [27] - The expected impairment scale for 2025 is anticipated to shrink, depending on the repayment situation of major clients like Vanke and Longfor [27] Future Outlook - Rabbit Baby aims for continued growth in the panel business, targeting around 10% growth, and a 15% growth in the home furnishing segment for 2025 [5][7] - The company is viewed as a key investment opportunity due to its strong growth potential and solid dividend foundation, suggesting it is undervalued [28] Industry Trends - The panel industry is experiencing a shift from traditional manual processing to equipment-based production, leading to increased product standardization and growth in the particleboard sector [22] - The market for particleboard is expected to face intense competition, but Rabbit Baby's advanced automated production lines and compliance with environmental standards provide a competitive edge [18] Competitor Landscape - Major competitors include Fenglin Group and Wanhua Hexiang Ecology, both facing operational pressures [23] - Rabbit Baby plans to implement aggressive pricing strategies to capture market share, with a sales target of 15 million particleboards in 2025, nearly doubling from 2024 [23] Additional Important Insights - The company is focusing on optimizing its supply chain and production processes to maintain competitiveness while managing costs effectively [26] - The rural market is seen as a significant growth area, with strong purchasing power and potential for increased sales [9]

中信建投证券作为公司2021年非公开发行A股股票的保荐人，原指派牟思安先生和 蹇新华先生担任保荐代表人负责保荐工作及持续督导工作，持续督导期至2024年12月31 日止。因前述法定持续督导期届满后，中信建投证券暂未出具2024年度保荐工作报告、 保荐总结报告等相关文件，中信建投证券将就相关事项继续履行持续督导义务。现因牟 思安先生工作变动，不再担任公司持续督导的保荐代表人，为保证持续督导工作的有序 进行，中信建投证券委派魏尚骅先生接替牟思安先生担任公司保荐代表人，继续履行持 续督导职责。 证券代码：002043 证券简称：兔宝宝 公告编号：2025-004 德华兔宝宝装饰新材股份有限公司 关于变更持续督导保荐代表人的公告 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。 本次保荐人代表变更后，公司2021年非公开发行A股股票持续督导保荐代表人为魏 尚骅先生和蹇新华先生。 公司对牟思安先生担任公司保荐代表人期间做出的贡献表示衷心的感谢！ 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）近日收到中信建投证券股 份有限公司（以下简称"中信建投证券"）出具的《关于变更 ...

Summary of the Conference Call Company Overview - The conference call primarily discusses **Chuangguo Company**, which operates in the **furniture board materials** industry, focusing on sales through a franchise model and environmental branding. Key Points and Arguments - **Core Growth Logic**: Chuangguo's growth is driven by **channel penetration and expansion**, achieving significant growth beyond industry averages. In 2023, the company reported revenues of **64 billion** CNY from basic board materials, accounting for **70%** of total revenue, while the whole-house customization business contributed approximately **1 billion** CNY, representing **6%-7%** of total revenue [3][4]. - **Business Model**: The company employs a **light asset OEM** model, resulting in a relatively low gross margin of **16%-24%**. However, brand strength and strict quality control mitigate risks and maintain a high **ROE** of **15%-20%** [4][5]. - **Competitive Advantage**: Chuangguo's competitive edge lies in its **environmental brand recognition**. Despite pressures in the real estate market, product prices and dealer profitability have remained stable, showcasing the brand's premium pricing ability [4][7][8]. - **Future Growth Drivers**: The company anticipates growth from expanding its **furniture factory channels** and penetrating **township markets**. Revenue growth is expected to exceed **10%** in 2025, with a high dividend yield projected to be over **6%** and a valuation below **10 times** earnings [4][11][21]. - **Financial Health**: Chuangguo maintains a robust financial position with ample cash flow, high asset turnover, and a strong capacity for sustained dividends. The controlling shareholder is actively repurchasing shares to increase ownership [4][22]. - **Challenges and Opportunities**: The Yifantang business faces impairment pressures, but with improved receivables management, the impairment amount is expected to decrease significantly in 2025, contributing positively to overall performance [4][20]. Additional Important Insights - **OEM Model Justification**: The choice of the OEM model is strategic, allowing for rapid channel expansion without the need for significant capital investment in production facilities. This approach has proven effective in managing quality and avoiding systemic risks [6]. - **Market Dynamics**: Despite a challenging real estate environment in 2024, Chuangguo's pricing and dealer profitability have remained stable, indicating strong brand resilience [8]. - **Channel Development**: The company is actively expanding its **furniture factory channels**, which have grown from **8%** in 2018 to **31%** in 2023, with expectations to exceed **35%** in 2024. This channel is seen as a key growth area due to the increasing demand for customized furniture [11][12]. - **Township Market Strategy**: Chuangguo has established over **700** new stores in township markets in 2023, with plans to add more than **1,000** stores annually, contributing an estimated **4-5%** to revenue growth each year [13][14]. - **Franchise Market Potential**: The franchise market is projected to generate around **30 billion** CNY in revenue, representing a potential **30%** increase in the company's current revenue base [15]. - **Valuation and Investment Appeal**: The company's current valuation is considered low, with a projected dividend yield exceeding **60%** based on 2025 forecasts, indicating strong investment potential [23]. - **Stability Factors**: Key factors supporting Chuangguo's stable development include channel expansion, new product launches, excellent cash flow, and a commitment to high dividends from the controlling shareholder [24].