证券代码：002043 证券简称：兔宝宝 公告编号：2024-044 德华兔宝宝装饰新材股份有限公司（以下简称"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》。现将相关情况公告如下： 一、2024 年半年度利润分配预案 根据公司 2024 年半年度财务报告（未经审计），公司 2024 年上半年合并报表归属 于上市公司股东的净利润为 244,132,865.90 元，截至 2024 年 6 月 30 日，母公司实现 净利润人民币 126,279,333.12 元，母公司可供分配利润为人民币 412,939,853.87 元。 公司自上市以来一直以稳定的分红方案持续回报广大股东。根据中国证监会鼓励企 业现金分红，以给予投资者稳定、合理回报的相关指导意见，在符合利润分配原则、保 证公司正常经营和长远发展的前提下，更好地兼顾股东的即期利益和长远利益，着眼于 公司的长远和可持续发展，以及《关于公司未来三年（2024-2026 年度）股东回报规划》 的要求，公司 2024 年半年度利润分配方案为：以公司 2024 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,907,849,448.17, representing a 19.77% increase compared to CNY 3,262,874,964.77 in the same period last year[11]. - Net profit attributable to shareholders decreased by 15.43% to CNY 244,132,865.90 from CNY 288,661,018.87 year-on-year[11]. - The net profit after deducting non-recurring gains and losses increased by 7.47% to CNY 234,638,661.12 compared to CNY 218,324,165.24 in the previous year[11]. - Basic earnings per share decreased by 14.29% to CNY 0.30 from CNY 0.35 year-on-year[11]. - The company achieved a revenue of 3.908 billion yuan in the first half of 2024, representing a year-on-year growth of 19.77%[27]. - The net profit attributable to shareholders was 244 million yuan, a decrease of 15.43% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, an increase of 7.47%[27]. - The revenue from the customized home business amounted to CNY 594 million, a decrease of 11.41% year-on-year, while the full-house customization business generated CNY 300 million, an increase of 22.04%[30]. - The operating costs increased by 24.11% to approximately CNY 3.23 billion, compared to CNY 2.60 billion in the previous year[30]. - The company reported a significant increase in financial expenses, with a decrease of 579.56% due to reduced interest expenses and increased interest income[30]. - The company’s total profit for the first half of 2024 was CNY 334,786,338.90, down from CNY 385,736,782.44 in the previous year[116]. Cash Flow and Assets - The net cash flow from operating activities was CNY 278,098,717.88, down 44.16% from CNY 497,998,254.23 in the same period last year[11]. - The company's cash and cash equivalents decreased to ¥1,672,625,562.89, accounting for 28.82% of total assets, down by 6.49% from the previous year[35]. - Inventory increased to ¥525,419,443.80, representing 9.05% of total assets, up by 2.24% year-on-year, indicating a rise in goods dispatched[35]. - The total assets at the end of the reporting period were CNY 5,804,035,866.99, a decrease of 9.01% from CNY 6,378,570,014.95 at the end of the previous year[11]. - The company's total equity decreased from CNY 3,344,767,401.22 to CNY 3,063,563,136.66, a decrease of approximately 8.4%[111]. - Cash received from investment activities was CNY 55,232,512.28, a decline of 41.0% compared to CNY 93,672,405.06 in the previous year[122]. - The ending cash and cash equivalents balance for H1 2024 was CNY 1,629,431,871.63, up from CNY 1,127,529,939.91 in H1 2023[122]. Business Segments and Operations - The company operates in two main business segments: decorative materials and custom home furnishings, with a focus on high-quality, environmentally friendly products[16]. - The decorative materials business generated revenue of 3.282 billion yuan, up 29.01% year-on-year, with board product revenue reaching 2.146 billion yuan, a growth of 41.45%[27]. - The custom home furnishings segment is positioned as a key focus area, reflecting consumer demand for personalized and efficient home space utilization[21]. - The company has established a comprehensive supply chain system, ensuring strict procurement and quality management processes[17]. - The company is actively expanding into the downstream industry, leveraging its environmental quality and product design capabilities in the custom home furnishing sector[26]. Environmental and Regulatory Compliance - The company has 13 emission outlets for air pollutants, with total emissions controlled within permitted limits, and no exceedances reported[61]. - The company’s wastewater emissions are compliant with the "Comprehensive Wastewater Discharge Standards" (GB8978-1996), with total COD emissions at 1.84 tons/year[61]. - The company is classified as a key pollutant discharge unit by environmental protection authorities, adhering to various environmental laws and standards[60]. - The company has implemented a comprehensive waste management strategy, ensuring that all wood powder and offcuts are utilized externally[64]. - The company has committed to continuous monitoring and improvement of its environmental performance, ensuring compliance with all applicable regulations[62]. Shareholder and Governance - The company plans to distribute a cash dividend of CNY 2.8 per 10 shares (including tax) to all shareholders[2]. - The company’s board of directors and senior management remained unchanged during the reporting period[53]. - The annual shareholders' meeting had a participation rate of 55.83% on May 21, 2024[52]. - The company has not engaged in any non-operating fund occupation by major shareholders or related parties during the reporting period[70]. - The company has not undergone any bankruptcy restructuring or significant litigation matters during the reporting period[70]. Research and Development - The company has applied for a total of 634 patents, including 327 invention patents, and has participated in the formulation of 306 standards, including 12 international standards[26]. - The company emphasizes the importance of R&D in developing new products while maintaining strict quality control over OEM production[18]. - Research and development expenses amounted to CNY 29,052,981.57, a decrease of 9.5% from CNY 32,168,881.46 in the previous year[116]. Strategic Initiatives - The company aims to enhance its market presence through strategic channel management and sales empowerment initiatives[19]. - The company is focusing on multi-channel operations, enhancing service capabilities, and has over 2,000 stores implementing the new retail business model[27]. - The company plans to continue focusing on market expansion and new product development to drive future growth[116]. - The company aims to deepen strategic cooperation with top 50 home decoration companies and expand its business in 12 core cities[28].

非经营性资金占用及其他关联资金往来情况汇总表 2024年1-6月 [注1]原系公司全资子公司 ，公司于2023年4月27日将持有的该公司 100%股权转让给徐州伟泰装饰新材料有限公司 ，自股权转让后12个月内仍为关联方 [注2]原系公司全资子公司 ，公司于2023年4月3日将持有的该公司 100%股权转让给上饶市绿洲装饰材料有限公司 ，自股权转让后12个月内仍为关联方 | 编制单位：德华兔宝宝装饰新材股份有限公司 | | | | | | | | | | 单位：人民币元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的 会计科目 | 2024年期初 占用资金余额 | 2024年1-6月占用累计 发生金额 （不含利息） | 2024年1-6月占用资金 的利息 （如有） | 2024年1-6月偿还累计 发生金额 | 2024年6月末 占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其附属 | | | | | ...

那今天为大家汇报的是我们兔宝宝的一个深度报告 我们这个系列电话会其实是专注于存量房时代的那么需求主要就是二次装修的需求销售渠道主要有这种零售2C的渠道还有家具厂、家装公司这种小b渠道那兔宝宝其实在我们提到的这几个存量房渠道的营收占比是达到80%以上所以我们觉得兔宝宝也是非常契合存量房时代的这个主题 总结一下公司的看点的话 我们觉得可以总结为以下几点首先第一个就是公司是板材行业的一个龙头企业在核心区域的基本盘是十分稳固的在历史上也是实现了非常稳健的一个增长 第二点公司也是在积极的契合消费习惯的一个转变持续的去推进渠道变革目前来看未来几年家具厂渠道和乡镇渠道将会成为未来几年的一个增长的抓手在板材业务这块还是有望实现稳健的一个增长然后第三点公司也是积极的从板材逐步的向下游去延伸全屋定制的这块业务也是在快速发展 然后第四点就是公司一直以来也是高分红目前股息率也是比较 我们预计公司24年的净利润大概是7.8个亿按照最新的收盘价去计算目前的PE只有10倍出头一点属于零售型建材企业里面估值非常低的一个标的目前也是公司历史上的一个估值低点股息率是在5.76%目前看投资的性价比还是非常高的 然后接下来我为大家展开介绍一下我们深 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2024-040 德华兔宝宝装饰新材股份有限公司 关于 2021 年限制性股票激励计划部分已授予但尚未解锁的限制性股票 回购注销完成的公告 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。 特别提示： 1、德华兔宝宝装饰新材股份有限公司（以下简称"公司"或"兔宝宝"）本次回购 注销 2021 年限制性股票已获授但尚未解除限售的股票 7,087,449 股，占回购注销前公司 总股本比例为 0.84%，涉及激励对象 381 名。 2、公司已于 2024 年 8 月 9 日在中国证券登记结算有限责任公司深圳分公司办理完 成上述限制性股票的回购注销手续。本次回购注销完成后，公司总股本由 839,146,372 股减少为 832,058,923 股。 一、2021 年激励计划已履行的相关程序 1、2021 年 11 月 22 日，公司第七届董事会第十二次会议审议通过了《关于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2021 年限制性股票激励 计划实施考核办法>的议案》和《关于提请股东大会授 ...

Summary of Conference Call Company and Industry - The company discussed in the conference call is兔宝宝 (Tu Bao Bao), which operates in the consumer building materials sector. The company is considered a stable investment target within this industry [1]. Core Points and Arguments - The company has been actively expanding its multi-channel layout, which includes: - Development of channels in rural and township areas - Establishment of new online channels - Engagement with furniture manufacturers based on consumer value logic [1]. Other Important Content - The focus on multi-channel strategies indicates a proactive approach to market penetration and customer engagement, which may enhance the company's competitive position in the consumer building materials market [1].

Investment Rating - The report maintains a "Recommended" rating for the company, with projected net profits for 2024-2026 at 726 million, 874 million, and 1 billion yuan respectively, corresponding to PE ratios of 10, 9, and 8 times [25][68]. Core Insights - The company is positioned as a leader in the artificial board industry, with significant value highlighted due to its comprehensive supply chain and multi-channel layout [24][25]. - The custom home furnishing market is evolving from single-item offerings to full-home customization, with a penetration rate exceeding 50% in 2023, indicating a shift towards brand strength, channel capability, and design productivity [11][25]. - The home building materials market outlook is positive, driven by urbanization and increasing demand for home improvement, with estimates suggesting a market size of approximately 3.9 trillion yuan by 2024 [11][25]. Summary by Sections 1. Artificial Board Market - The artificial board market has seen a significant reduction in the number of enterprises since 2020, leading to increased average production capacity [65][78]. - The main products include plywood, fiberboard, and particleboard, which are essential for furniture manufacturing and construction [70][72]. 2. Custom Home Furnishing - The custom home furnishing sector is experiencing rapid growth, with a market shift towards integrated solutions that include various home components [86][102]. - The company has established a strong presence in the custom home market, with revenue from this segment reaching 2.117 billion yuan in 2023, accounting for 23.35% of total revenue [125][126]. 3. Financial Performance - The company reported a revenue of 9.063 billion yuan in 2023, a year-on-year increase of 1.63%, despite a challenging industry environment [49][68]. - The net profit for 2023 was 689 million yuan, reflecting a substantial growth of 54.66% compared to the previous year, attributed to improved internal controls and cost management [38][49]. 4. Supply Chain and Channel Strategy - The company has developed a robust supply chain and multi-channel strategy, with over 4,000 specialized stores established across various product lines by the end of 2023 [25][131]. - The focus on rural and online markets, along with partnerships with furniture manufacturers, has strengthened the company's distribution network [25][131]. 5. Market Trends and Consumer Behavior - The report highlights a shift in consumer preferences towards environmentally friendly and high-quality materials, with a growing demand for personalized home solutions [121][122]. - The urbanization rate in China has increased significantly, leading to evolving consumer demands for home decoration and improvement [106][122].

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:2024-003 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 大成基金:戴军、谢树铭;永赢基金:杨啸宇、朱怡丞;海通资管:张钰;茂典资 产:王晓璇;鹏华基金:朱睿;广发证券:谢璐、张乾;兴业全球:余明强等 10 位 投资者。 时间 2024 年 7 月 23 日 14:00-16:00 地点 公司会议室 上市公司接待人员姓名 副总经理、董事会秘书丁涛、副总经理兼装饰材料销售公司总经理赵建锋 投资者关系活动主要内容介绍 一、参观企业展厅 二、交流环节 1、装饰材料业务情况。 面对家装消费承压和需求减弱的市场环境下,今年装饰材料业务主要在渠道运 营上持续发力。为应对市场需求变化,去年公司成立了专业的渠道运营公司和运营 中心,同时也对销售团队和经销商队伍提出扶商、增商和换商的 ...

Summary of Conference Call Company Overview - The conference call discusses a leading listed company in the building materials sector, specifically focusing on a decorative panel manufacturer named "土宝宝" (Tu Baobao) which operates primarily through a distribution system [1] Core Insights and Arguments - The company is characterized by a relatively stable fundamental performance, indicating resilience in its business model [1] - It demonstrates excellent cash flow performance, which is a critical factor for its operational sustainability and growth [1] - The company possesses strong dividend-paying capabilities, reflecting its financial health and commitment to returning value to shareholders [1] Additional Important Content - The analysis emphasizes the significance of the distribution system in the company's operations, suggesting that this model contributes to its market leadership in the decorative panel segment [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.18 CNY per share [3] - The current price is 9.81 CNY, and the target price implies a potential upside of 34.4% [3] - The company's P/E ratio for 2024E is 11.17x, and for 2025E, it is 9.59x [7] Core Views - The company's core business is decorative panels, with significant growth potential in furniture factory and rural distribution channels [1] - The company's market share is entering an accelerated growth phase due to its strong competitive advantages in channel transformation [1] - The company's asset-light business model has resulted in a high ROE, averaging over 25% in the past five years [6] - The company has a stable and high dividend payout and share repurchase policy, with historical dividends and repurchases totaling 3.5 billion CNY, accounting for 86% of cumulative net profit from 2005 to 2023 [6] Industry Analysis - The global demand for wood-based panels is stable, with Europe and China being the two largest markets [145] - In Europe, the demand for wood-based panels is driven by renovation and replacement, with new housing accounting for only 10% of the demand [131] - The European wood-based panel industry is highly concentrated, with the top 3 companies accounting for 55% of the market share in 2021 [158] - In China, the wood-based panel industry has entered a mature stage, with the market size stabilizing at around 200 billion CNY, and the top 3 companies accounting for only 13% of the market share in 2023, indicating significant room for further consolidation [5] Company Analysis Decorative Panels Business - The company's decorative panels business has shown strong growth resilience, with revenue expected to grow by 10.1% in 2024E and 8.7% in 2025E [7] - The company's market share in the decorative panels segment is expected to accelerate, driven by its furniture factory and rural distribution channels [1] - The company's gross margin for decorative panels is expected to remain stable at around 11.5% from 2024E to 2026E [99] Customized Home Furnishing Business - The company's customized home furnishing business is expected to enter a stable growth phase, with revenue expected to grow by 20.0% in 2024E and 16.4% in 2025E [7] - The company's gross margin for customized home furnishing is expected to improve gradually, reaching 25.0% by 2026E [99] Asset-Light Business Model - The company's asset-light business model has resulted in a high ROE, averaging over 25% in the past five years [6] - The company's ROE is expected to remain stable at around 22% from 2024E to 2026E [7] Shareholder Returns - The company has a stable and high dividend payout and share repurchase policy, with historical dividends and repurchases totaling 3.5 billion CNY, accounting for 86% of cumulative net profit from 2005 to 2023 [6] - The company plans to maintain a dividend payout ratio of at least 50% from 2024 to 2026 [82] Financial Projections - The company's revenue is expected to grow by 10.1% in 2024E and 8.7% in 2025E, reaching 10.84 billion CNY in 2025E [7] - The company's net profit is expected to grow by 6.9% in 2024E and 16.4% in 2025E, reaching 858 million CNY in 2025E [7] - The company's EPS is expected to be 0.88 CNY in 2024E and 1.02 CNY in 2025E [7]