兔宝宝：信用减值与资产减值拖累业绩，主业表现仍稳定-20250228

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].