证券代码：002043 证券简称：兔宝宝 公告编号：2024-045 一、股东大会授权董事会审议通过分配方案等情况 1、公司于2024年5月21日召开2023年年度股东大会，审议通过了《2023年度利润分 配预案及2024年中期现金分红规划》，同意授权董事会在满足现金分红条件下，综合考 虑各种因素制定2024 年具体的中期现金分红方案。中期派发现金红利总额应不超过相 应期间归属于上市公司股东的净利润。 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》，本次2024年半年度利润分配方 案在公司2023年度股东大会决议授权董事会的范围内，无需提交股东大会审议。相关决 议公告已刊登在2024年8月28日的《证券时报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）。 德华兔宝宝装饰新材股份有限公司 2024年半年度权益分派实施公告 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。 特别提示： 1、根据《公司法》《深圳证券交易所上市公司自律监管指引第9号——回购股份》 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 29 日 兔宝宝(002043.SZ) 公司快报 板材营收增速亮眼，扣非归母业绩增长 稳健，高比例分红彰显投资价值 事件：公司发布 2024 年半年报，2024H1 实现营业收入 39.08 亿 元，yoy+19.77%；实现归母净利润 2.44 亿元，yoy-15.43%；扣非 归母净利润为 2.35 亿元，yoy+7.47%。实施 2024 年中期分红，每 10 股派息 2.8 元（含税），现金分红比例约 94.21%。 营业收入快速增长，投资收益影响归母业绩增速，扣非归母业 绩增长稳健。2024H1 实现营业收入 39.08 亿元（yoy+19.77%）， Q1、Q1 各季度公司营收分别同比+33.37%、+12.74%，Q2 公司整体 营收实现稳健增长。2024H1 公司归母净利润 2.44 亿元（yoy15.43%），期内公司非经常性损益大幅减少 6084 万元，剔除此项 影响，公司扣非归母净利润为 2.35 亿元（yoy+7.47%），公司主营 业绩增长稳健，其中 Q1、Q2 各季度公司扣非归母净利润增速分别 +38.3 ...

建筑材料 证 券 研 究 报 告 2024 年 08 月 28 日 兔宝宝 (002043) ——装饰材料稳健增长，中期分红增强回报 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 9.20 | | 一年内最高/最低（元） | 13.00/8.40 | | 市净率 | 2.4 | | 息率（分红/股价） | 5.98 | | 流通 A 股市值（百万元） | 6,748 | | 上证指数/深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 3.53 | | 资产负债率 % | 47.22 | | 总 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company achieved a revenue of 3.908 billion yuan in H1 2024, representing a year-on-year increase of 19.77%. The net profit attributable to shareholders was 244 million yuan, down 15.43% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, up 7.47% year-on-year [3]. - The company is focusing on multi-channel operations, including rural areas, online platforms, and small businesses, with a total of 4,322 decoration material stores by the end of H1 2024, an increase of 557 stores from the beginning of the year [4]. - The company is actively expanding its custom home furnishing business while controlling risks in its engineering business, with custom home furnishing revenue of 594 million yuan, down 11.41% year-on-year [5]. - The company reported a high dividend payout ratio, with a mid-term dividend of 0.28 yuan per share, totaling 230 million yuan, reflecting its status as a stable dividend stock in the real estate chain [6]. Financial Performance - In H1 2024, the gross profit margin was 17.47%, down 2.89 percentage points year-on-year, while the net profit margin was 6.36%, down 2.69 percentage points year-on-year [3]. - The company expects net profits attributable to shareholders to be 700 million yuan in 2024, 863 million yuan in 2025, and 1.003 billion yuan in 2026, with corresponding PE ratios of 11, 9, and 8 times [7][9]. - The total revenue is projected to reach 9.905 billion yuan in 2024, with a growth rate of 9.3% [8][9]. Business Segmentation - The decoration materials business generated 3.282 billion yuan in revenue, accounting for 83.98% of total revenue, with a year-on-year increase of 29.01%. The custom home furnishing business generated 594 million yuan, accounting for 15.20% of total revenue, with a year-on-year decrease of 11.41% [3][4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Insights - The company, Tubaobao (兔宝宝), demonstrated strong performance in its core board business while facing challenges in its engineering segment. The revenue from decorative materials and custom home business showed a significant increase, with decorative materials revenue rising by 29.0% year-on-year [2][3]. - The company plans to enhance its mid-term dividend distribution, aiming for a cash dividend of no less than 50% of the distributable profit for the years 2024-2026, with a projected dividend yield of 6.3% based on current price estimates [5][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 3.91 billion yuan, a year-on-year increase of 19.8%. However, the net profit attributable to shareholders decreased by 15.4% to 240 million yuan [2][3]. - The second quarter of 2024 saw operating revenue of 2.43 billion yuan, with a year-on-year growth of 12.7%, but net profit dropped by 27.3% [2][3]. Business Segments - The revenue from the decorative materials business reached 3.28 billion yuan, up 29.0% year-on-year, while the custom home business revenue fell by 11.4% to 590 million yuan [3]. - The board products segment showed a remarkable growth of 41.5%, contributing significantly to the overall revenue [3]. Market Position and Strategy - The company has established 5,122 specialized stores nationwide, with a focus on expanding into rural markets. This includes 4,322 stores for board products and 800 for custom furniture [3][5]. - The company maintains a strong cash flow and profitability, with a plan to sustain high dividend payouts even during periods of demand downturn [5][3]. Earnings Forecast - The projected operating revenue for 2024-2026 is estimated at 10.15 billion, 11.20 billion, and 12.31 billion yuan, respectively, with net profits expected to be 690 million, 830 million, and 980 million yuan [6][8]. - The earnings per share (EPS) is forecasted to be 0.8, 1.0, and 1.2 yuan for the same period, with corresponding price-to-earnings (P/E) ratios of 11.0, 9.2, and 7.8 [6][8].

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].