DEHUA TB(SZ:002043) Xin Lang Cai Jing·2025-05-04 14:50Group 1: Decorative Materials Business Performance - The decorative materials business achieved revenue of 7.404 billion in 2024, representing a year-on-year increase of 7.99% [1] - The revenue from board products was 4.77 billion, up 7.57% year-on-year, while brand usage fees for board products reached 493 million, increasing by 14.18% [1] - The number of rural stores expanded significantly from 739 at the beginning of 2024 to 2,152 by the end of the year, with sales in rural channels doubling [1] Group 2: Custom Home Business Challenges - The custom home business reported revenue of 1.72 billion in 2024, a decline of 18.73% year-on-year, with the Qingdao Yufeng Hantang engineering business experiencing a significant drop of 46.81% to 610 million [2] - The growth in the custom home segment was driven by the Rabbit Baby full-house customization, which generated 707 million, up 18.49% year-on-year, supported by a focus on mid-to-high-end positioning and the introduction of the UNICO light high-end series [2] - By the end of 2024, the number of custom home specialty stores reached 848 [2] Group 3: Financial Performance and Cash Flow - The company recorded asset impairment and credit impairment of 145 million and 280 million respectively in 2024, with the majority attributed to goodwill impairment related to the acquisition of Qingdao Yufeng Hantang [3] - The adjusted net profit, excluding goodwill impairment, was 811 million, reflecting a year-on-year increase of 23.36% [3] - The company proposed a cash dividend of 3.2 per 10 shares, totaling 493 million, with a dividend payout ratio of 84.21% [3] Group 4: Q1 2025 Performance Insights - In Q1 2025, the decorative materials business generated revenue of 1.068 billion, down 13.02% year-on-year, while the board business revenue fell by 22.53% to 588 million [4] - The high-margin brand usage fee business increased to 99.85 million, up 0.91% year-on-year, contributing to a 3 percentage point increase in gross margin [4] - The company expects revenues for 2025-2027 to be 9.934 billion, 10.921 billion, and 11.86 billion respectively, with corresponding net profits of 728 million, 868 million, and 940 million [4]