Investment Rating - The report initiates coverage with a rating of "Buy" [1][4] - The target price is set at 15.00, with the current price at 10.33 [1] Core Insights - The company is positioned as a leading player in the high-end furniture board market, with steady growth expected from its board and custom home furnishing businesses as channels are refined and expanded [3][4] - The mature distribution and OEM model supports strong cash flow, indicating a sustainable high shareholder return and highlighting the investment value [4][14] - The report forecasts EPS for 2024-2026 to be 0.86, 1.05, and 1.15 respectively, with a target price based on comparable company valuations [4][19] Summary by Sections Business Overview - The company operates primarily in the decorative materials and custom home furnishing sectors, leveraging a distribution model that includes retail and engineering channels [28][31] - The custom home furnishing segment is driven by both retail and engineering, with significant growth in revenue attributed to brand strength and market penetration [13][14] Financial Performance - Revenue for 2024-2026 is projected to be 98.21 billion, 105.55 billion, and 113.09 billion respectively, with corresponding net profits of 7.25 billion, 8.83 billion, and 9.66 billion [15][16] - The company has maintained a strong cash flow, with a net operating cash flow of 19.1 billion in 2023, reflecting a 105% year-on-year increase [31][32] Market Position and Strategy - The report highlights a trend of increasing market concentration in the decorative board industry, with the company effectively capturing market share through a refined distribution strategy [13][49] - The company is expanding its OEM and brand authorization model, enhancing operational efficiency and market reach [42][43] Valuation - The valuation methods used include PE and PB approaches, with a target price of 15.00 derived from an average of these methods [19][20]

Investment Rating - The report does not explicitly state the investment rating for the company Core Insights - The company is positioned to benefit from recent government policies aimed at promoting green and low-carbon building materials, which are expected to enhance demand for its products [2][3] - The real estate support policies introduced in May 2024 are anticipated to improve the demand for panels, as they aim to boost home purchases and subsequently drive renovation needs [4][5] - The company has a strong focus on environmental sustainability, with a history of developing low-formaldehyde and eco-friendly products, which aligns with increasing consumer demand for green materials [45][46] Company Overview - The company has been actively involved in the OEM model, which allows it to expand its market reach while minimizing capital expenditure on production facilities [21][23] - The sales model is primarily based on distribution, accounting for approximately 60% of total revenue, with a significant increase in the number of retail stores from 1,971 in 2019 to 3,765 in 2023 [24][35] - The company has seen a substantial increase in partnerships with furniture manufacturers, growing from 5,800 to 16,000 between 2021 and 2023, indicating a strong market presence [38] Industry Trends - The artificial board industry is experiencing a shift in capacity structure, with increasing concentration in the production of plywood, fiberboard, and particleboard [8][16] - The plywood and fiberboard sectors are facing a supply-demand imbalance, while the particleboard sector is expected to see continued capacity growth, potentially exceeding 6,500 million cubic meters by the end of 2024 [16] - The industry is characterized by a trend towards consolidation, with a significant reduction in the number of manufacturers and an increase in average production capacity per company [8][10] Environmental Initiatives - The company has a long-standing commitment to environmental protection, having developed a range of green products that meet stringent standards [45][46] - The company invests significantly in R&D, with expenditures rising from 51.70 million to 69.51 million from 2019 to 2023, reflecting its focus on innovation and sustainability [49]

证券代码：002043 证券简称：兔宝宝 公告编号：2024-039 德华兔宝宝装饰新材股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 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。 一、通知债权人的原因 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）于2024年4月23日召开了公 司第八届董事会第八次会议，并于2024年5月21日召开了公司2023年度股东大会，审议通 过了《关于回购注销2021年限制性股票激励计划部分限制性股票的议案》、《关于变更公 司注册资本、修订<公司章程>并办理工商变更登记的议案》。同意对不符合激励条件的原 激励对象已获授但尚未解除限售的7,087,449股限制性股票进行回购注销并减少注册资本。 具体内 容详见2024 年4月25日披 露于中 国证监 会指定 信息 披露网 站巨潮 资讯 网 （www.cninfo.com.cn）上的《关于回购注销部分限制性股票的公告》（公告编号：2024-026）。 本次限制性股票回购注销完成后，公司总股本由 839,146,372 股减少至 832,058,923 股，公 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2024-038 德华兔宝宝装饰新材股份有限公司 2023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》 等相关规定，德华兔宝宝装饰新材股份有限公司（以下简称"公司"）通过回购专用证 券账户持有的本公司股份不享有参与利润分配的权利。公司2023年度权益分派方案为: 以实施分配方案时股权登记日的总股本，扣除公司回购账户股份数后为基数，向全体股 东每10股派5.50元人民币现金（含税）；本年度不进行公积金转增股本，不分红股。 2、因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减小，因 此，本次权益分派实施后除权除息价格计算时，按股权登记日的总股本折算每股现金红 利=实际现金分红总金额÷股权登记日的总股本，即0.5430305元/股=455,682,156.05÷ 839,146,372。 3、因此，在保证本次权益 ...

股票代码：002043 股票简称：兔宝宝 公告编号：2024-037 德华兔宝宝装饰新材股份有限公司 2023 年度股东大会决议公告 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。 特别提示： 1、本次股东大会采取现场会议和网络投票相结合的方式； 2、本次股东大会没有出现否决议案的情形； 3、本次股东大会没有涉及变更前次股东大会决议的情形； 4、本次会议审议的议案均需要对中小投资者的表决单独计票。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：公司董事会。 2、表决方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 3、会议召开时间：现场会议召开时间：2024 年 5 月 21 日（星期二）下午 14：30； 网络投票时间，其中：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 5 月 21 日上午 9:15 至 9:25，9:30-11:30，下午 13:00 至 15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为：2024 年 5 月 21 日上午 9:15 至当日下午 15:00 期 间的任意时间。 4、 ...

浙江天册律师事务所 关于 德华兔宝宝装饰新材股份有限公司 2023 年度股东大会的 法律意见书 浙江杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571 8790 1111 传真：0571 8790 1500 http://www.tclawfirm.com 法律意见书 浙江天册律师事务所 德华兔宝宝装饰新材股份有限公司 2023 年度股东大会的 法律意见书 编号：TCYJS2024H0762 号 致：德华兔宝宝装饰新材股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东大会规则》（以下简称"《股东大会规则》"）等法律、法规和其他有 关规范性文件的要求，浙江天册律师事务所（以下简称"本所"）接受德华兔宝 宝装饰新材股份有限公司（以下简称"兔宝宝"或"公司"）的委托，指派赵琰 律师、郑佳展律师参加兔宝宝 2023 年度股东大会（以下简称"本次股东大会"）， 并出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [77]. Core Insights - The company's brand service model has established a high return on equity (ROE), with a stable mid-point around 20% and a peak of approximately 30% [93]. - The company has successfully expanded its small B business, which targets local custom furniture enterprises, increasing its revenue share from 8% in 2018 to 31% in 2023 [78]. - The company is focusing on channel expansion and penetration into rural markets, with plans to add over 1,000 new stores in the coming years [83]. Summary by Sections Business Model - The company operates as a brand service provider, primarily selling engineered wood products and finished home furnishings, utilizing an OEM production model to facilitate rapid geographic expansion [12][107]. - The revenue recognition includes both A-class sales and B-class brand usage fees, enhancing revenue stability [12]. Financial Performance - The company reported a gross margin of 23.77% for its custom home business and 16.52% for its decorative materials business in 2023 [11]. - The projected net profit for 2024 and 2025 is estimated at 740 million and 900 million respectively, with corresponding price-to-earnings ratios of 14 and 12 [95]. Market Position - The company has established itself as a leader in the environmentally friendly home building materials sector, participating in the formulation of numerous national and international standards [16]. - The company’s brand strength allows it to command higher prices compared to competitors, resulting in better profit margins for its distributors [17]. Growth Strategy - The company is enhancing its product offerings by diversifying into various types of engineered wood products to meet the evolving needs of its customers [31]. - The focus on rural market penetration is expected to tap into a significant portion of the total market demand, estimated at around 20% [83]. Dividend Policy - The company has shifted from aggressive acquisitions to a focus on cash dividends, proposing a cash dividend of 456 million in 2023, reflecting a payout ratio of 66.2% [39].

Sales Performance - The company has a market share of approximately 5% in the high-end eco-friendly furniture board segment, making it one of the largest enterprises in China by sales scale [5] - In 2023, the revenue from the company's custom home business was 596 million, representing a year-on-year growth of 15.48% [7] - The decorative materials business saw a year-on-year revenue increase of 3.23%, while the cost of sales increased by 2.44% [6] Market Strategy - The company is focusing on multi-channel operations, targeting various markets including urban residential, public commercial buildings, and self-built houses in rural areas [5] - In 2024, the company plans to enhance its sales capabilities and service quality through team building in sales branches and channel operation centers [6] - The company aims to strengthen its market position by focusing on high-potential channels such as home decoration companies and furniture factories [6] Financial Management - The company considers liquidity and market risks in its financial operations, utilizing a mix of short-term and long-term financing methods to optimize its financing structure [5] - The company has received credit lines from multiple commercial banks to meet operational funding needs [5] - In 2023, the company faced challenges in cash flow due to significant outflows from financing activities, primarily for debt repayment and dividend distribution [8] Product Development - The company is investing in R&D projects focused on flame-retardant boards and environmentally friendly materials [8] - Future plans include launching new products and entering new markets to enhance revenue [8] Risk Management - The company has implemented measures to manage risks associated with raw material price fluctuations and has the ability to adjust product pricing accordingly [7] - The company is actively promoting the recovery of accounts receivable to mitigate potential risks [8]

[Table_Title] 业绩超预期，高分红低估值 [Table_Author] 范超 李浩 兔宝宝（002043.SZ） cjzqdt11111 2024-04-30 [Table_Summary2] 事件描述 事件评论 低估值高性价比。公司板材的持续增长已证明了成长α，未来看点一是小 B 渠道扩张仍有 空间；二是渠道下沉乡镇市场加速布局。此外成品家居有望利用基材品牌优势持续保持较 快增长。预计 2024、2025 年归属净利润 7.4、9.0 亿，对应 PE12、10 倍，估值弹性可 期。 2、渠道开拓速度低预期。 | --- | --- | |-------------------------------------------------|------------| | | | | 公司基础数据 | | | [Table_BaseData] 当前股价 ( 元 ) | 10.45 | | 总股本 ( 万股 ) | 83,915 | | 流通 A 股 /B 股 ( 万股 ) | 72,969/0 | | 每股净资产 ( 元 ) | 3.82 | | 近 12 月最高 / 最低价 ( 元 ) | 12.8 ...

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。 德华兔宝宝装饰新材股份有限公司近日接到控股股东德华集团控股股份有限公司（以 下简称"德华集团"）有关办理股权解除质押的通知，具体情况如下： | | | | 股东 | 是否为第一 | 本次解除质 | 占其所 | 占公 司总 | | 解除 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及 一致行动人 | 押股数(股) | 持股份 比例 | 股本 | 起始日 | 日期 | 质权人 | | | | | | 比例 | | | | | 德华 集团 | 是 | 8,000,000 | 2.66% | 0.95% | 2021-6- 29 | 2024-5- 6 | 上海浦东发展银 行股份有限公司 | | | | | | | | | 湖州德清支行 | 二、 股东股份累计被质押的情况 证券代码：002043 证券简称：兔宝宝 公告编号：2024-035 德华兔宝宝装饰新材股份有限公司 关于控股股东部分股份解除质押的公告 1、中国证券登记结算有限责任公 ...