兔宝宝：24H1板材业务收入增速维持高韧性，费用率改善明显

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][6]. Core Insights - The company reported a revenue of approximately 3.908 billion yuan for the first half of 2024, representing a year-on-year increase of 19.77%. However, the net profit attributable to shareholders decreased by 15.43% to about 244 million yuan [3][4]. - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, totaling 230 million yuan, which accounts for 94.21% of the net profit for the period [3][4]. - The company's decorative materials business showed strong growth, with revenue reaching approximately 3.282 billion yuan, up 29.01% year-on-year, while the custom home business saw a slight decline of 11.41% [3][4]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved revenue of about 2.425 billion yuan, a year-on-year increase of 12.74%, but the net profit attributable to shareholders fell by 27.34% to approximately 156 million yuan [3][4]. - The company’s operating cash flow showed significant recovery, with a net profit margin of 6.25%, down 2.60 percentage points year-on-year [4][6]. Business Segments - The decorative materials segment generated approximately 2.146 billion yuan in revenue, a 41.45% increase year-on-year, while the brand usage fee revenue decreased by 11.59% [4]. - The custom home segment reported revenue of about 300 million yuan, a 22.04% increase, with a focus on high-end positioning and regional brand development [4]. Cost Management - The company successfully reduced its expense ratio to 6.95%, down 2.81 percentage points year-on-year, with significant reductions in management and financial expenses [4][6]. - Despite the decrease in expense ratios, credit and asset impairment losses increased by 264.11% to approximately 79 million yuan, primarily due to receivables from a subsidiary [4]. Retail Strategy - The company is accelerating the construction of a new retail model, with over 2,000 stores adopting this model, enhancing online operations to attract customers [5][6]. - The focus on multi-channel operations and the development of small B-end channels is expected to drive future growth [6].