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].

[盈利预测与财务指标 Table_Forcast] 人造板市场企业出清，平均产能提升：人造板主要产品包括胶合板、纤维板、刨 花板等，可用于家具制造、建筑装饰和地板等行业。从 2020 年起，人造板行业 呈现企业数量大幅减少，企业或生产线平均产能持续增长的态势。 定制家居从单品向整家定制升级：定制家居具有高设计性、柔性化定制等优势， 能及时响应不同需求，吸引并增强客户粘性，市场规模快速增长。23 年定制家居 渗透率发展到 50%以上，高增长阶段逐步结束，新周期将更考验企业的品牌力、 渠道力和设计生产力。 家居建材市场前景向好：城镇化加深，改善性消费需求提升，贝壳研究院保守估 计我国家装市场规模 2024 年将在 3.9 万亿元左右。地产存量时代到来，全国二 手房装修需求提升，2024 年存量房装修市场占比将达 60%。 [Table_Author] 兔宝宝(002043)/建筑建材 1.4 地产链高红利标的 … 兔宝宝（002043.SZ）深度报告 家居新势力，现金奶牛、弯道超车 2024 年 07 月 31 日 ➢ 多渠道布局，供应链协同 分析师 李阳 执业证书： S0100521110008 邮箱： liy ...

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]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 首 次 覆 盖 证 券 研 究 报 告 渠道拓展成效日见，股东回报优势明显 | --- | --- | |--------------------------------|---------------| | | 建材 / 原材料 | | [Table_Invest] | 首次覆盖 | | 评级 | 增持 | | 目标价格 | 15.00 | | [ 当前价格： Table_CurPrice] | 10.33 | [Table_Industry] 兔宝宝(002043) | --- | --- | --- | --- | |-----------------|---------------------|---------------------|---------------------------| | [table_Authors] | 鲍雁辛 ( 分析师 ) | 花健祎 ( 分析师 ) | 巫恺洋 ( 研究助理 ) | | | 0755-23976830 ...

公司深度 | --- | --- | --- | --- | |-----------|-------------------------------------------------------------------|-----------------|---------------------------------------------------------------| | 表 年份 | 8：近年绿色低碳相关政策陆续推出 政策名称 | 发布部门 | 相关内容 | | 2024 年 | 《推动大规模设备更新和消费品以旧换新行动方案》 | 国务院 | 鼓励更换使用智能型、绿色型、低碳型消费 | | 2022 年 | 《科技支撑碳达峰碳中和实施方案》 | 发改委等 | 品 研发天然固碳建材等新型建材 | | 2022 年 | 《关于开展 2022 年绿色建材下乡活动的通知》 | 工信部等 | 加快节能低碳绿色建材应用 | | 2021 年 | 《人造板及其制品甲醛释放量分级》 | 市场监管总 | 将人造板的甲醛释放量分为 3 个等级 | | | | 局、国家标 准委 | | | 2021 年 | 《 ...

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 ...

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 ...