证券研究报告|行业研究周报 [Table_Date] 2025 年 03 月 16 日 [Table_Title] 行业旺季渐行渐近，关注提价背后投资机会 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）下游需求逐步恢复，叠加行业自律错峰生 产执行落地，推荐海螺水泥、华新水泥，塔牌集团等受益。（2） 风险逐步出清，推荐经营韧性超强的兔宝宝等；二手房交易数据 持续亮眼，叠加扩内需，促消费，推荐具备α属性的消费建材标的 三棵树、伟星新材等。（3）政府工作报告再提低空，推荐华设集 团、设计总院；深城交、苏交科、隧道股份等受益。（4）国家重 大工程雅鲁项目主体工程有望进入开工期，推荐重点工程中岩大 地。（5）推荐松井股份，汽车涂料国产替代需求旺盛，公司有望 放量；以机器人为代表的新型涂料潜在需求大。 ►第 11 周（03/09-03/15）新房交易逐步回温，二手房热度不 减。（1）30 城大中城市商品房交易数据：今年第 11 周，国内 30 大中城市商品房成交面积（新房）165.26 万㎡，同比+2%，环比 +14%；累计交易面积 1733.17 万㎡，同比+11%；从交 ...

兔宝宝 20250313 摘要 Q&A 兔宝宝在板材行业中的地位和发展情况如何？ 兔宝宝成立于 1992 年，经过三十多年的发展，已成为国内环保家居板材领域的 头部企业之一。公司于 2005 年上市，主要生产基地位于江浙地区。目前，公司 业务主要包括装饰材料和定制家居，其中装饰材料占比超过七成。公司通过经 销商模式进行销售，渠道涵盖国内零售家装公司、家具厂及工装渠道。产品种 类丰富，包括家具板材、金属板材、石膏板和科技木皮等配套辅材。此外，公 • 兔宝宝以装饰材料和定制家居为主，装饰材料占比超七成，通过经销商模 式覆盖零售家装、家具厂及工装渠道，产品包括家具板材、金属板材、石 膏板和科技木皮等，并涉足智能家居和大宗业务。 • 公司主要采用 OEM 代工生产模式，自主生产部分高端板材，严格把控产品 研发、标准及质量。销售以经销商模式为主，辅以品牌授权和部分直销。 • 2005 年上市后，受益于渠道扩张和地产市场红利，收入保持两位数增长。 2018-2019 年受定制家居和精装房冲击增速放缓，2019 年收购裕丰汉唐切 入成品家居领域，虽受地产下行影响，2024 年前三季度收入仍增长 12.8%。 • 2024 ...

股价：11.13 元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.tubaobao.com | | 大股东/持股 | 德华集团控股股份有限公司/36.15% | | 实际控制人 | 丁鸿敏 | | 总股本(百万股) | 832 | | 流通 A 股(百万股) | 733 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 93 | | 流通 A 股市值(亿元) | 82 | | 每股净资产(元) | 3.55 | | 资产负债率(%) | 45.7 | | 行情走势图 | | 建材 2025 年 3 月 12 日 兔宝宝(002043.SZ) 板材行业领军者，变革渠道续写成长 推荐（首次） 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | -- ...

建材 2025 年 3 月 12 日 兔宝宝(002043.SZ) 板材行业领军者，变革渠道续写成长 推荐（首次） 股价：11.13 元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.tubaobao.com | | 大股东/持股 | 德华集团控股股份有限公司/36.15% | | 实际控制人 | 丁鸿敏 | | 总股本(百万股) | 832 | | 流通 A 股(百万股) | 733 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 93 | | 流通 A 股市值(亿元) | 82 | | 每股净资产(元) | 3.55 | | 资产负债率(%) | 45.7 | | 行情走势图 | | 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | -- ...

Investment Rating - The report assigns a "Buy" rating for the company, Tubaobao, for the first time [1]. Core Views - Tubaobao is a leading player in the domestic artificial board industry, with a strong focus on channel transformation and growth in the custom home segment. The company has maintained generous dividends and has a solid cash flow [5][7]. - The domestic artificial board market is valued at over 700 billion, with significant applications in furniture manufacturing and building decoration. The market is expected to see an increase in concentration due to rising environmental awareness and changes in consumer demand [5][7]. - Tubaobao has established strong brand barriers and is deepening its relationships with suppliers and distributors, ensuring stable profit margins and cash flow. The company is actively expanding its distribution channels, particularly in rural areas, and is focusing on the custom home market [5][7]. Summary by Sections Company Overview - Tubaobao, founded in 1992, has become one of the largest producers of high-end eco-friendly furniture boards in China. The company operates primarily in decorative materials and custom home segments, utilizing a dealer model for sales [13][15]. - The company has a production model that includes both self-manufacturing and OEM outsourcing, with a focus on high-end customized furniture boards and related products [15][17]. Financial Performance - The company has shown resilience in its financial performance, with revenue growth even amidst industry challenges. For the first three quarters of 2024, Tubaobao achieved revenue of 6.46 billion, a year-on-year increase of 12.8% [19][20]. - The average net profit margin and ROE over the past decade have been 7% and 19%, respectively, indicating stable profitability [22][24]. Industry Landscape - The artificial board market in China has seen steady growth, with production increasing from 27.37 million cubic meters in 2014 to 33.6 million cubic meters in 2023, reflecting a CAGR of approximately 2.3% [36][37]. - The market is characterized by a high degree of fragmentation, with over 10,100 production enterprises, but is expected to consolidate as consumer preferences shift towards environmentally friendly products [45][46]. Growth Strategy - Tubaobao is capitalizing on the channel transformation trend, increasing its focus on furniture factory channels and rural markets. The company has expanded its decorative materials stores significantly, with 4,322 stores by mid-2024 [5][7]. - The company is also enhancing its custom home offerings, leveraging its core materials advantages to drive business growth [5][7].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company's performance has been impacted by credit and asset impairments, but its core business remains stable. The revenue for 2024 is projected to be 9.197 billion yuan, with a year-on-year growth of 1.5%. However, the net profit is expected to decline by 14.6% to 588 million yuan due to significant impairment losses [5][6]. - The company is undergoing structural adjustments in its sales strategy, which has led to a decrease in revenue, particularly in the fourth quarter. This is attributed to a focus on cash quality and operational risks, resulting in a contraction of certain business segments [5]. - Despite the impairments, the company has shown improvements in cost management and internal controls, leading to a positive contribution to its performance [5]. Financial Data and Profit Forecast - Total revenue for 2023 is reported at 9.063 billion yuan, with projections of 9.197 billion yuan for 2024, 9.992 billion yuan for 2025, and 11.065 billion yuan for 2026, reflecting a steady growth trajectory [2][7]. - The net profit for 2023 is recorded at 150 million yuan, with forecasts of 588 million yuan for 2024, 775 million yuan for 2025, and 945 million yuan for 2026. The profit growth rates show a decline in 2024 but a recovery in subsequent years [2][5]. - The company's gross margin is expected to improve from 17.0% in 2024 to 19.2% by 2026, indicating better cost management and operational efficiency [2]. Market Position and Industry Outlook - The company operates in the engineered wood products industry, which is characterized by a shift towards OEM operations and an increasing importance of online sales channels. This industry is experiencing significant changes that may mitigate the impact of declining real estate sales [5]. - The company maintains a strong cash flow and a high dividend payout ratio, making it an attractive investment option in the current market environment [5].

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、本次拟计提资产减值准备情况 证券代码：002043 证券简称：兔宝宝 公告编号：2025-006 德华兔宝宝装饰新材股份有限公司 关于2024年度拟计提资产减值准备的公告 | 4 | 商誉减值 | 11,855.90 | 13,177.03 | | | | 25,032.93 | 公司对收购青岛裕丰汉 唐木业有限公司所形成 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 准备 | | | | | | | | | | | | | | | | | 的商誉计提减值准备。 | | | | | | | | | | 公司对为回收应收账款 | | | 其他非流 | | | | | | | 抵入房产所支付的房款 | | 5 | 动资产减 | 714.79 | 1,038.73 | | | 236.10 | 1,517.43 | ，根据期末可收回金额 | | | 值准备 | | | | | | | 低于账面价值的差额， | | | | | | | | ...

德华兔宝宝装饰新材股份有限公司 第八届董事会第十三次会议决议公告 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。 经全体董事讨论，公司本次计提资产减值准备事项符合《企业会计准则》等相关规 定，体现了会计谨慎性原则，符合公司资产实际情况，公允地反映了公司资产状况，使 公司关于资产价值的会计信息更加真实可靠，具有合理性，不存在损害公司及全体股东 特别是中小股东利益的情况，同意公司关于计提资产减值准备的有关事项。 证券代码：002043 证券简称：兔宝宝 公告编号：2025-005 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）第八届董事会第十三次会 议于2025年2月19日以书面或电子形式发出会议通知，于2025年2月24日以现场结合通讯 方式召开。会议应出席董事9名，实际出席董事9名。本次会议出席人数、召开程序、议 事内容均符合《公司法》和《公司章程》的规定。会议以投票表决的方式通过如下决议： 以赞成票9票，反对票0票，弃权票0票，审议通过了《关于2024年度拟计提资产减 值准备的议案》。 董 事 会 2025年2月26日 具体内容详见《关于2024年度拟计 ...

Financial Performance - The total operating revenue for 2024 reached 919.71 million yuan, an increase of 1.48% compared to the previous year[5]. - The net profit attributable to shareholders decreased by 14.67% to 588.27 million yuan, while the net profit after deducting non-recurring gains and losses fell by 17.76% to 479.79 million yuan[5][7]. - Basic earnings per share decreased by 14.29% to 0.72 yuan, and the weighted average return on equity dropped by 4.97% to 18.82%[5]. Assets and Equity - Total assets at the end of the reporting period were 590.96 million yuan, down 7.35% from the beginning of the period[5]. - The company's equity attributable to shareholders decreased by 4.79% to 3.05 billion yuan[5]. Expenses and Management - The company reported a decrease in financial expenses by 20.83 million yuan due to improved management of working capital[7]. - Management expenses decreased by 54.14 million yuan, attributed to better internal cost control and reduced equity incentive costs[7]. Impairment Losses - Credit impairment losses increased by 53.95 million yuan, primarily due to changes in the real estate market affecting receivables[7]. - Asset impairment losses rose by 136.37 million yuan, mainly due to the impact of the real estate market and the company's risk control considerations[7]. Performance Forecast - The company did not provide prior performance forecasts for 2024[8].

Summary of the Conference Call for Rabbit Baby Company Company Overview - **Company**: Rabbit Baby - **Industry**: Wood-based panel and home furnishing industry Key Points and Arguments 2024 Performance - Rabbit Baby's overall business maintained a relatively stable growth of approximately 10% in the panel business despite intensified market competition [3] - The home furnishing segment also achieved similar growth, around 10%, with the whole-house customization segment growing about 15% [3] - The subsidiary Yufeng Hantang performed poorly, with revenue declining approximately 40% compared to 2023 due to the real estate sector's ongoing downturn [3] Market Expansion and Sales Goals - In 2024, sales in the rural market reached 910 million yuan, a year-on-year increase of 110%, with 1,413 new stores opened [4] - The target for 2025 is to open an additional 1,800 stores and achieve sales of 1.4 billion yuan, a growth of 54% [4] - The furniture factory channel's sales in 2024 were 4.878 billion yuan, with a target growth of 20% for 2025 [4] Sales Channel Insights - Rabbit Baby's four core sales channels accounted for: Retail distribution 46.7%, Furniture factories 39.5%, Home decoration companies 10%, and Engineering channels 3.9% [14] - The company plans to enhance its competitiveness in the furniture factory channel, where its market penetration is approximately 3% [15][16] Strategies to Address Market Challenges - To combat overcapacity, Rabbit Baby is implementing strategies such as price reduction to increase volume and collective procurement to lower costs [24] - The company anticipates that 30%-40% of factories will exit the market in the next three years, providing opportunities for resource consolidation [25] Financial Management - Accounts receivable have decreased from 1.894 billion yuan in 2021 to over 600 million yuan in 2024, with annual impairments of 200-300 million yuan [27] - The expected impairment scale for 2025 is anticipated to shrink, depending on the repayment situation of major clients like Vanke and Longfor [27] Future Outlook - Rabbit Baby aims for continued growth in the panel business, targeting around 10% growth, and a 15% growth in the home furnishing segment for 2025 [5][7] - The company is viewed as a key investment opportunity due to its strong growth potential and solid dividend foundation, suggesting it is undervalued [28] Industry Trends - The panel industry is experiencing a shift from traditional manual processing to equipment-based production, leading to increased product standardization and growth in the particleboard sector [22] - The market for particleboard is expected to face intense competition, but Rabbit Baby's advanced automated production lines and compliance with environmental standards provide a competitive edge [18] Competitor Landscape - Major competitors include Fenglin Group and Wanhua Hexiang Ecology, both facing operational pressures [23] - Rabbit Baby plans to implement aggressive pricing strategies to capture market share, with a sales target of 15 million particleboards in 2025, nearly doubling from 2024 [23] Additional Important Insights - The company is focusing on optimizing its supply chain and production processes to maintain competitiveness while managing costs effectively [26] - The rural market is seen as a significant growth area, with strong purchasing power and potential for increased sales [9]