兔宝宝（002043）：业绩稳健增长，中期高分红展现价值

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][7]. Core Views - The company demonstrates steady revenue growth and high interim dividends, showcasing its value [7]. - The company is a leading player in the decorative materials sector, focusing on furniture panels and has effectively diversified its product offerings [7]. Financial Performance Summary - Revenue: The company is projected to achieve revenues of CNY 9,063 million in 2023, with a slight growth to CNY 9,189 million in 2024, and further growth to CNY 11,057 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8% from 2024 to 2027 [1][8]. - Net Profit: The net profit is expected to reach CNY 689 million in 2023, with a forecasted increase to CNY 985 million by 2027, indicating a growth rate of 10.7% in 2027 compared to 2026 [1][8]. - Return on Equity (ROE): The ROE is projected to remain strong, with values of 21.2% in 2023 and stabilizing around 20.9% by 2027 [1][8]. - Earnings Per Share (EPS): The EPS is expected to grow from CNY 0.83 in 2023 to CNY 1.19 in 2027 [1][8]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is projected to decrease from 12.7 in 2023 to 8.9 by 2027, indicating an attractive valuation over time [1][8]. Business Segment Performance - Custom Home Revenue: The custom home segment showed a revenue increase of 4.46% year-on-year, while the decorative materials segment experienced a decline of 9.05% [1][2]. - Gross Margin Improvement: The gross margin for decorative materials improved to 17.59%, driven by effective cost control and a focus on high-margin products [1][2]. - Sales Growth in Channels: The company reported a 46.5% increase in sales through home decoration company channels, indicating successful channel expansion efforts [1][2]. Dividend Policy - The company plans to distribute a cash dividend of CNY 2.8 per share, totaling CNY 2.29 billion, which represents 85% of the net profit attributable to shareholders [7].