兔宝宝（002043）：更新报告：经营展现韧性，高分红价值凸显

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 14.00 [6][12]. Core Views - The company demonstrates operational resilience in its board segment, while the non-board segment is shifting towards higher value products. The trend of cost reduction remains positive, and there is a concentrated risk of impairment at year-end. The value of high shareholder returns continues to be highlighted [2][12]. Financial Summary - The company is projected to achieve revenues of 9,063 million in 2023, with a slight increase to 9,189 million in 2024, and further growth to 11,555 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.2% from 2024 to 2027 [4][13]. - Net profit attributable to the parent company is expected to decrease from 689 million in 2023 to 585 million in 2024, before recovering to 1,003 million by 2027, indicating a significant growth of 54.7% in 2025 [4][13]. - Earnings per share (EPS) is forecasted to decline from 0.83 in 2023 to 0.70 in 2024, then rise to 1.21 by 2027 [4][13]. - The return on equity (ROE) is projected to decrease from 21.5% in 2023 to 19.2% in 2024, before increasing to 24.8% by 2027 [4][13]. Revenue Breakdown - The board segment is expected to maintain strong double-digit growth in 2024, while other decorative materials are projected to generate approximately 21.4 billion in revenue, reflecting a year-on-year increase of about 7.6% [12]. - The customized home segment is anticipated to decline by 18.73%, primarily due to the contraction of the Yufeng Hantang scale [12]. Cost Management - The company is expected to reduce management expenses by approximately 0.54 billion in 2024, with financial expenses also decreasing by about 0.21 billion [12]. - The trend of decreasing absolute costs is expected to continue into 2025, showcasing effective internal cost control [12]. Shareholder Returns - The company announced a profit distribution plan for the end of 2024, proposing a cash dividend of 3.2 yuan per 10 shares, amounting to a total cash dividend of 4.93 billion, which corresponds to a dividend yield of approximately 6% [12].