研报掘金丨平安证券：维持兔宝宝“推荐”评级，股息率具备一定吸引力

Company Performance - The company achieved a net profit attributable to shareholders of 270 million yuan in the first half of the year, representing a year-on-year increase of 9.7% [1] - In the second quarter, the net profit attributable to shareholders was 170 million yuan, showing a year-on-year growth of 7.1% [1] - The company plans to distribute a cash dividend of 2.8 yuan (including tax) for every 10 shares in the first half of 2025 [1] Industry Outlook - The domestic artificial board market has significant growth potential, with future renovations of existing homes expected to strongly support demand for artificial boards [1] - The competitive landscape in the domestic market is fragmented, and the increasing environmental awareness among consumers, along with the shift of board demand from the C-end to the B-end market, is likely to accelerate industry concentration [1] Strategic Initiatives - The company has established strong brand barriers and deeply integrated with suppliers and distributors, achieving stable profit margins and cash flow over the long term [1] - Recent efforts have focused on channel transformation, significantly developing furniture factories and rural channels, and expanding into the custom home business, enhancing growth attributes [1] - The company emphasizes employee incentives and returns to investors, being generous with dividends and conducting multiple share buybacks, which provides a certain level of attractiveness in terms of dividend yield [1]