兔宝宝：渠道拓展成效日见，股东回报优势明显

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]