DEHUA TB(SZ:002043) Guoxin Securities·2025-05-01 01:00Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][30] Core Views - The company demonstrated resilient revenue growth with a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%. However, the net profit attributable to shareholders decreased by 15.11% to 590 million yuan due to credit impairment and goodwill impairment [8][24] - The company plans to distribute a cash dividend of 3.2 yuan per share (before tax), with a total dividend payout of 493 million yuan in 2024, resulting in a dividend payout ratio of 84.2% [8][24] - The company is focusing on expanding its market presence in rural areas and small B channels, which is expected to drive growth in the board materials segment and continue the upward trend in the whole-house customization business [12][24] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 9.19 billion yuan, with a net profit of 590 million yuan, and an EPS of 0.71 yuan per share. The first quarter of 2025 saw a revenue of 127 million yuan, a decrease of 14.3% year-on-year, while the net profit increased by 14.2% to 101 million yuan [8][24] - The overall gross margin for 2024 was 18.1%, slightly down by 0.32 percentage points year-on-year. The operating cash flow for 2024 was 1.15 billion yuan, a decrease of 39.7% [19][24] Business Segments - The decorative materials and custom home segments generated revenues of 7.404 billion yuan and 1.72 billion yuan respectively in 2024, with the decorative materials segment growing by 8.0% while the custom home segment declined by 18.7% [12][24] - The board materials segment within decorative materials saw revenues of 4.77 billion yuan, an increase of 7.57% year-on-year, driven by multi-channel operations and expansion into rural markets [12][24] Future Outlook - The company is expected to maintain a high dividend payout and continue to focus on shareholder returns. The earnings per share (EPS) forecast for 2025-2027 is projected to be 0.96, 1.04, and 1.14 yuan respectively, with corresponding price-to-earnings (PE) ratios of 11.0, 10.1, and 9.2 [24][28]