Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight revenue increase but a significant decline in net profit for 2024, while Q1 2025 net profit improved due to higher gross margins. Financial Performance - In 2024, the company achieved revenue of 9.189 billion yuan, a year-on-year increase of 1.39%, while net profit attributable to shareholders was 585 million yuan, a decrease of 15.11% [1][2] - For Q1 2025, the company reported revenue of 1.271 billion yuan, a year-on-year decline of 14.30%, but net profit attributable to shareholders increased by 14.22% to 101 million yuan [1][4] - The company plans to distribute a cash dividend of 3.2 yuan per 10 shares, with a total cash dividend payout ratio of approximately 84.21% of the net profit for 2024 [1] Business Segments - The decorative materials segment generated revenue of 7.404 billion yuan in 2024, up 7.99% year-on-year, while the custom home segment saw revenue decline by 18.73% to 1.720 billion yuan [2] - The decline in the custom home segment was primarily due to a significant drop in revenue from the engineering side, which fell by 46.81% [2] Profitability Metrics - The overall gross margin for 2024 was 18.10%, with Q4 showing an improvement to 19.95% [3] - The net profit margin for 2024 was 6.48%, down 1.36 percentage points year-on-year, impacted by increased asset and credit impairments [3] Cash Flow and Expenses - Operating cash flow for 2024 was 1.152 billion yuan, a decrease of 39.68% year-on-year, primarily due to mismatched payment schedules [3] - The company’s expense ratio for 2024 was 5.99%, with a notable reduction in management expenses by 23.04% [3] Market Strategy - The company is focusing on expanding its presence in rural markets and furniture factories, with a total of 5,522 decorative materials stores by the end of 2024, including 2,152 in rural areas [5] - The custom home segment is optimizing its structure, with 848 dedicated stores by the end of 2024, including 341 comprehensive home stores [6] Future Outlook - The company is expected to achieve revenues of 9.981 billion yuan, 10.779 billion yuan, and 11.688 billion yuan for 2025-2027, with respective year-on-year growth rates of 8.62%, 8.00%, and 8.43% [6]

Investment Rating - The investment rating for the company is "Buy" 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 cash dividend of 263 million for 2024, resulting in an annual cash dividend of 493 million, with a dividend payout ratio of 84% [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 revenues of 9.189 billion, a slight increase of 1.39% year-on-year, with a net profit of 585 million, down 15.11% [5] - The Q4 2024 revenue was 2.725 billion, a decrease of 18.2% year-on-year, with net profits showing a significant decline due to increased impairment losses [1][5] Business Segment Performance - The decorative materials and custom home business generated revenues of 7.4 billion and 1.7 billion respectively in 2024, with gross margins of 17% and 21.3% [2] - The engineering customization business saw a revenue drop of 46.81% to 610 million, indicating a strategic focus on risk management [2] Cost Management and Financial Health - The company effectively reduced its expense ratio to 5.99%, down 0.79 percentage points year-on-year, with a notable decrease in management expenses [4] - The net profit margin for 2024 was 6.48%, a decrease of 1.36 percentage points, while the Q1 2025 net profit margin improved to 7.98% [4] Market Expansion and Distribution - The company accelerated its market expansion in rural areas, increasing the number of decorative material stores to 5,522, with 2,152 located in rural towns [3] - The distribution network now includes over 20,000 cooperative furniture factory clients, enhancing the company's market presence [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.75 CNY over the next six months [4][13]. Core Views - The company reported a revenue of 9.189 billion CNY in 2024, a year-on-year increase of 1.39%, but the net profit attributable to shareholders decreased by 15.11% to 585 million CNY due to increased asset and credit impairments [2][11]. - The company plans to distribute a cash dividend of 3.2 CNY per 10 shares, resulting in a high dividend payout ratio of approximately 84.21% of the net profit for 2024 [1][11]. - The company is focusing on expanding its market presence in rural areas and optimizing its custom home business structure, which is expected to drive long-term growth [10][11]. Revenue and Profitability - In 2024, the company achieved a revenue of 91.89 billion CNY, with a breakdown showing that decorative materials generated 74.04 billion CNY and custom home services generated 17.20 billion CNY [2][10]. - The gross profit margin for 2024 was 18.10%, with a notable improvement in Q4, where the margin reached 19.95% [3][9]. - The company’s operating cash flow for 2024 was 11.52 billion CNY, reflecting a year-on-year decrease of 39.68% due to mismatched payment schedules [8][11]. Future Projections - The company is projected to achieve revenues of 99.81 billion CNY, 107.79 billion CNY, and 116.88 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 709 million CNY, 856 million CNY, and 1.032 billion CNY [11][14]. - The expected growth rates for revenue and net profit from 2025 to 2027 are 8.62%, 8.00%, and 8.43% for revenue, and 21.16%, 20.74%, and 20.50% for net profit [11][14]. Market Position and Strategy - The company is a leading player in the decorative materials sector, with a strong brand influence and a focus on optimizing channel operations [10][11]. - The company has expanded its retail channels significantly, with 5,522 stores by the end of 2024, including 2,152 in rural areas [10][11]. - The custom home segment is being optimized to focus on high-quality real estate clients while reducing risks associated with project scale [10][11].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is benefiting from channel optimization and industry transformation, with a focus on enhancing its distribution network [6] - The company reported a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%, while the net profit attributable to shareholders decreased by 15.11% to 585 million yuan [6] - The company is expected to continue its high dividend payout, with a projected dividend of 263 million yuan for 2024, representing 84.21% of the net profit attributable to shareholders [6] Financial Data and Profit Forecast - Total revenue is projected to reach 9.99 billion yuan in 2025, with a year-on-year growth rate of 8.7% [5] - The net profit attributable to shareholders is expected to be 775 million yuan in 2025, reflecting a significant increase of 32.4% [5] - The company’s gross margin is forecasted to be 18.7% in 2025, with a return on equity (ROE) of 24.4% [5][6] - The company plans to achieve net profits of 945 million yuan and 1.086 billion yuan in 2026 and 2027, respectively, with corresponding price-to-earnings ratios of 10 and 8 [5][6]

Investment Rating - The investment rating for the company is "Recommended" [4][13]. Core Views - The company reported a revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.4%, but the net profit attributable to shareholders decreased by 15.1% to 590 million yuan due to increased impairment losses [4][7]. - In Q1 2025, the company achieved a revenue of 1.27 billion yuan, a year-on-year decline of 14.3%, while the net profit attributable to shareholders increased by 14.2% to 100 million yuan [4][7]. - The company plans to distribute a cash dividend of 3.2 yuan per 10 shares (tax included) for 2024 [4]. Summary by Sections Financial Performance - In 2024, the company experienced a revenue of 91.9 billion yuan, with a gross margin of 18.1%, slightly down by 0.3 percentage points [7]. - The net profit for 2024 was 5.9 billion yuan, reflecting a significant decline due to increased impairment losses totaling 430 million yuan [7][9]. - The company’s revenue is projected to grow to 99.3 billion yuan in 2025, with a net profit of 7.5 billion yuan expected for 2025 [10][11]. Business Segments - The decorative materials segment generated 74.0 billion yuan in revenue, up 7.99% year-on-year, with a gross margin of 17.04% [7]. - The custom home segment reported a revenue of 17.2 billion yuan, down 18.73%, primarily due to challenges in the engineering business [7]. - The company has significantly expanded its rural store network, with 1,413 new stores established, bringing the total to 5,522 [7]. Cash Flow and Financial Ratios - The net cash flow from operating activities for 2024 was 1.15 billion yuan, down from 1.91 billion yuan in the previous year [9][12]. - The company’s total assets are projected to reach 6.37 billion yuan in 2025, with a debt-to-asset ratio of 46.1% [10][11]. - The return on equity (ROE) is expected to be 22.7% in 2025, indicating strong profitability [11]. Market Outlook - The domestic engineered wood market is expected to grow, supported by the demand for home renovations [9]. - The company has established strong brand barriers and is focusing on channel transformation, particularly in rural markets [9].

Investment Rating - The investment rating for the company is "Recommended" [4][12]. Core Views - The company reported a revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.4%, but the net profit attributable to shareholders decreased by 15.1% to 590 million yuan due to increased impairment losses [4][7]. - In Q1 2025, the company achieved a revenue of 1.27 billion yuan, a year-on-year decline of 14.3%, while the net profit attributable to shareholders increased by 14.2% to 100 million yuan [4][7]. - The company plans to distribute a cash dividend of 3.2 yuan per 10 shares (including tax) for 2024 [4]. Summary by Sections Financial Performance - In 2024, the company experienced a revenue of 9.19 billion yuan, with a slight decrease in gross margin to 18.1% [7]. - The net profit for 2024 was 590 million yuan, reflecting a significant decline due to impairment losses totaling 430 million yuan [7]. - The company’s revenue for Q1 2025 was 1.27 billion yuan, with a gross margin increase to 20.9% [7]. Business Segments - The decorative materials segment generated 7.4 billion yuan in revenue, a year-on-year increase of 7.99%, with a gross margin of 17.04% [7]. - The custom home segment reported a revenue of 1.72 billion yuan, a decrease of 18.73%, primarily due to challenges in the engineering business [7]. Cash Flow and Financial Health - The net cash flow from operating activities for 2024 was 1.15 billion yuan, down from 1.91 billion yuan in the previous year [8]. - The company’s total assets were 5.92 billion yuan in 2024, with a debt-to-asset ratio of 46.6% [9][10]. Future Projections - The company is projected to achieve net profits of 749 million yuan in 2025, 883 million yuan in 2026, and 957 million yuan in 2027 [8][10]. - The expected P/E ratios for the upcoming years are 12.3 for 2025, 10.4 for 2026, and 9.6 for 2027 [8][10]. Market Position and Strategy - The company is expanding its rural store network significantly, with 1,413 new stores established, bringing the total to 5,522 [7]. - The company is focusing on channel transformation and has strengthened its partnerships with suppliers and distributors [8].

公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派3.2元（含税） | 2.63 | 2.97 | | 2024.06.30 | 10派2.8元（含税） | 2.30 | 2.69 | | 2023.12.31 | 10派5.5元（含税） | 4.56 | 4.46 | | 2022.12.31 | 10派5元（含税） | 4.22 | 4.91 | | 2021.12.31 | 10派4.7元（含税） | 3.63 | 4.55 | | 2020.12.31 | 10派2元（含税） | 1.47 | 2.11 | | 2019.12.31 | 10派2.5元（含税） | 1.87 | 4.00 | | 2018.12.31 | 10派2.5元（含税） | 1.94 | 2.96 | | 2017.12.31 | 10派2.349351元（含税） | 1.98 | 1.78 | | 2016.12.31 | 10派0.5元（含税） | 0.43 | 0.43 | | 20 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2025-013 德华兔宝宝装饰新材股份有限公司 关于2025年度公司日常关联交易的公告 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。 重要内容提示： ●是否需要提交股东大会审议：是 ●日常关联交易对上市公司的影响：有利于公司更好开拓地区市场，实现双方优 势互补，互惠双赢，不损害上市公司及股东的利益。 一、日常关联交易基本情况 本次关联交易是预计德华兔宝宝装饰新材股份有限公司（以下简称"公司"或"本 公司"）2025 年度日常关联交易的基本情况，主要包括公司与关联方之间采购、销售 商品及接受、提供劳务等。 根据公司日常经营需要，2025 年度公司及下属子公司预计与浙江豪鼎实业集团有 限公司及下属子公司（以下简称"浙江豪鼎实业"）发生日常关联交易 71,150 万元； 与德华集团控股股份有限公司及下属子公司（以下简称"德华集团"）发生日常关联 交易 1,000 万元，与浙江德清农村商业银行股份有限公司（以下简称"农商银行"） 发生日常关联交易 1,500 万元。2025 年 4 月 23 日，公司第八届董事会 ...

德华兔宝宝装饰新材股份有限公司 关于 2024 年度会计师事务所履职情况的评估报告 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）聘请天健会计师事务所（特 殊普通合伙）（以下简称"天健会计师事务所"或"天健所"）作为公司 2024 年度审 计机构。根据财政部、国资委及中国证监会颁布的《国有企业、上市公司选聘会计师事 务所管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》和《公司章程》等要求，结合公司董事会审计委员会对天健所 2024 年度履职情 况评估报告及其对天健所履行监督职责情况报告，公司对天健所在 2024 年审计过程中 的履职情况进行了综合评估。具体情况如下： 一、2024 年年审会计师事务所基本情况 (一) 基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 7 月 组织形式 | 年 | 18 | 日 | | | 特殊普通合伙 | | | | 注册地址 | 浙江省杭 ...

数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.7100 | 0.8400 | -15.48 | 0.5900 | | 每股净资产（元） | 3.67 | 3.82 | -3.93 | 3.04 | | 每股公积金(元) | 0.73 | 0.78 | -6.41 | 0.35 | | 每股未分配利润(元) | 1.86 | 1.98 | -6.06 | 1.82 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 91.89 | 90.63 | 1.39 | 89.17 | | 净利润(亿元) | 5.85 | 6.89 | -15.09 | 4.46 | | 净资产收益率(%) | 18.80 | 23.79 | -20.98 | 19.93 | | 名称 | 持有数量(万股) | 占总股本比例 (%) | 增减情况(万 股) | | --- | -- ...