DEHUA TB(SZ:002043) NORTHEAST SECURITIES·2025-08-23 14:45Investment Rating - The report maintains a "Buy" rating for the company, emphasizing the value of dividends [5][13]. Core Insights - The company reported a revenue of 3.63 billion yuan for H1 2025, a year-on-year decrease of 7%, while the net profit attributable to the parent company was 270 million yuan, reflecting a year-on-year increase of 10% [2][3]. - The net profit margin for H1 2025 was 7.4%, an increase of 0.9 percentage points compared to the full year of 2024. The gross profit margin for H1 2025 was 18.3%, up by 0.8 percentage points year-on-year [3]. - The company’s decorative materials business saw a revenue of 2.99 billion yuan in H1 2025, down 9% year-on-year, with a significant decline in board product revenue, which fell by 16% [3][4]. - The custom home business remained stable, achieving a revenue of 620 million yuan in H1 2025, a year-on-year increase of 4% [4]. - The company announced a mid-term dividend of 230 million yuan, with a payout ratio of 87% for H1 2025 [4]. Financial Summary - The projected net profit for the company from 2025 to 2027 is estimated at 660 million yuan, 740 million yuan, and 820 million yuan, respectively, with year-on-year growth rates of 13%, 12%, and 10% [5]. - The company’s revenue for 2025 is expected to be 8.45 billion yuan, reflecting a decrease of 8.1% compared to 2024 [6]. - The earnings per share (EPS) for 2025 is projected to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 13 times [6].