Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.634 billion yuan in the first half of 2025, a year-on-year decrease of 7.01%, while the net profit attributable to the parent company was 268 million yuan, an increase of 9.71% year-on-year [8] - The decorative panel business faced pressure, with a revenue of 2.985 billion yuan in the first half of 2025, down 9.05% year-on-year, and a significant decline in panel product revenue by 16.45% [8] - The company is actively expanding its distribution channels, particularly in rural markets, with 2,481 rural stores established by the end of the reporting period, an increase of over 300 stores since the beginning of the year [8] - The gross profit margin improved year-on-year to 18.27%, with a slight increase in the gross margin of decorative materials by 0.85 percentage points [8] - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares (including tax), maintaining a high dividend payout ratio of approximately 86% [8] - The company is expected to achieve net profits of 754 million yuan, 877 million yuan, and 958 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.61X, 9.98X, and 9.15X [8] Financial Summary - Total revenue for 2023 is projected at 9.063 billion yuan, with a year-on-year growth of 1.63% [1] - The net profit attributable to the parent company for 2023 is estimated at 689.42 million yuan, reflecting a year-on-year increase of 54.66% [1] - The latest diluted EPS for 2023 is expected to be 0.83 yuan per share [1] - The company’s total assets are projected to reach 6.279 billion yuan by 2025, with a debt-to-asset ratio of 44.23% [6][9]
兔宝宝(002043):2025年中报点评:装饰板材收入承压,盈利能力同比改善