Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][30] Core Views - The company demonstrated resilient revenue growth with a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%. However, the net profit attributable to shareholders decreased by 15.11% to 590 million yuan due to credit impairment and goodwill impairment [8][24] - The company plans to distribute a cash dividend of 3.2 yuan per share (before tax), resulting in a total dividend payout of 493 million yuan for 2024, with a dividend payout ratio of 84.2% [8][24] - The company is focusing on expanding its market presence in rural areas and small B channels, which is expected to drive growth in its board materials and custom home furnishing segments [24] Revenue and Profitability - In 2024, the decorative materials and custom home furnishing businesses generated revenues of 7.404 billion yuan and 1.72 billion yuan, respectively, with year-on-year growth rates of 8.0% and a decline of 18.7% [12][24] - The overall gross margin for 2024 was 18.1%, slightly down by 0.32 percentage points year-on-year, while the operating cash flow was 1.15 billion yuan, reflecting a decrease of 39.7% [19][24] Financial Forecasts - The company expects earnings per share (EPS) to be 0.96, 1.04, and 1.14 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 11.0, 10.1, and 9.2 [24][28] - The projected net profit for 2025 is 798 million yuan, representing a significant recovery of 36.4% compared to 2024 [4][28]

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 ...

Group 1 - The company reported a revenue of 9.189 billion yuan for 2024, a year-on-year increase of 1.39%, while the net profit attributable to shareholders was 585 million yuan, a decrease of 15.11% [1] - In Q1 2025, the company achieved a revenue of 1.271 billion yuan, a year-on-year decrease of 14.3%, with a net profit of 101 million yuan, an increase of 14.22% [1] - The decorative materials business generated a revenue of 7.404 billion yuan in 2024, a year-on-year increase of 7.99%, with board products contributing 4.77 billion yuan, a year-on-year increase of 7.57% [1] Group 2 - The company continued to expand its retail channels, focusing on the rural market, with 1,413 new rural stores established in 2024, bringing the total to 2,152 by year-end [1] - The custom home business achieved a revenue of 707 million yuan in 2024, a year-on-year increase of 18.49%, while Yufeng Hantang reported a revenue of 610 million yuan, a decrease of 46.81% [1] - The company's gross profit margin for 2024 was 18.1%, a year-on-year decrease of 0.32 percentage points, with the custom home business gross margin declining by 2.29 percentage points [2] Group 3 - The company reported a net cash flow from operating activities of 1.152 billion yuan in 2024, down from 1.91 billion yuan in the previous year, primarily due to increased cash payments for goods and services [2] - The proposed cash dividend for 2024 is 3.2 yuan per 10 shares (including tax), resulting in a total dividend payout ratio of 84% for the year [2] - The company is a leader in the decorative board industry, actively expanding its channels to furniture factories and home decoration companies while optimizing its customer structure for steady operations [3]

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

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]

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]